CURVES HOLDINGS Co., Ltd.

Business Details

The sole business segment of Curves Holdings Co., Ltd. Centered on its core business, Curves, 30-Minute Health Fitness for Women Only (2,005 domestic locations, 890 thousand members), the company also operates Men's Curves, 30-Minute No-Reservation Supported Gym for men (37 locations), the function-recovery-focused Pinto-Up Body Movement Recovery Center (47 locations), and the European Curves Franchise Business (126 locations). Revenue is composed of two pillars—franchise-related revenue and Merchandise Sales for Members (Subscription Delivery)—within a community-based business model that upholds the extension of healthy life expectancy as its social mission.

Recent Overview

Net sales and all profit items reached record highs for the cumulative third quarter, with membership reaching 890 thousand

For the cumulative nine months of FY2026 (ending March 2026) (September 2025 to May 2026), net sales were ¥31,570 million (+13.8% year on year) and operating profit was ¥6,150 million (+22.0% year on year), with all metrics reaching record highs. Even after the April membership fee revision, the impact on the churn rate was minor, and membership reached 890 thousand (a record high as of the end of the third quarter). For merchandise sales for members, subscription purchases of protein increased due to the effect of the 'Dietary Consultation Enhancement Month' campaign, and the number of subscription contract holders also reached a record high. As a subsequent event, the Board of Directors resolved on July 13, 2026 to acquire treasury shares up to a maximum of 3,000,000 shares and a total amount of ¥3,500,000,000 (acquisition period: July 14, 2026 to September 30, 2026). The full-year earnings forecast remains unchanged at net sales of ¥42,300 million and operating profit of ¥7,700 million.

Key Products

Growth Drivers

• Continued net increase in membership (890 thousand at the end of the third quarter, up 47 thousand year on year) and maintenance of a low monthly churn rate, as well as improved average membership fee revenue following the April fee revision
• Growth in merchandise sales for members (subscription delivery) driven by an increase in the number of subscription contract holders (record high at the end of the third quarter) and improved retention rate (up 14.8% year on year)
• Diversification of the earnings base through accelerated new store openings for the new formats Men's Curves (37 locations) and Pinto-Up (47 locations)
• Record-high sales and membership at existing European Curves stores and transition into a store-expansion phase (126 locations)
• Acquisition of new members through three new-enrollment campaigns per year combined with media-mix marketing incorporating TV commercials and web advertising

Risks

• Deterioration in the gross margin of merchandise sales for members due to rising prices of key raw materials such as protein and the progression of yen depreciation
• Risk of an increase in the churn rate following the membership fee revision (the impact has been minor so far, but continued monitoring is necessary)
• Cost increase pressure from expanded human capital investment (higher personnel expenses) and expanded system investment (SG&A expenses increased by ¥424 million year on year)
• Foreign exchange translation risk in overseas business (Europe) (trademark rights and goodwill from the acquisition of Curves International, Inc. increase with yen depreciation and decrease with yen appreciation) and geopolitical risk
• Seasonal decline in membership during the second quarter (December to February), consistent with the usual annual pattern