Curves Holdings Lifts FY2026 Forecast on Strong Margin Expansion and Membership Growth
Curves Holdings Co., Ltd. (株式会社カーブスホールディングス) reported robust full-year results for the fiscal year ending August 2026, with revenue and operating profit exceeding expectations. This performance was driven by strong membership growth and effective cost management. The company, which operates women-focused fitness facilities under the "Curves" brand and has a franchise presence in Europe and the U.S., has seen its financial performance outpace industry benchmarks.
Key Numbers (JPY bn)
| Metric | FY2026 (Actual) | YoY Change |
|---|---|---|
| Revenue | 20.0 | +9.8% |
| Operating Profit | 3.83 | +13.5% |
| Ordinary Income | 3.75 | +12.5% |
| Net Profit | 2.23 | +5.8% |
| Operating Margin | 19.2% | — |
| Equity Ratio | 56.4% | +5.0 pts |
Business Overview Curves Holdings operates a network of women-focused fitness centers in Japan and internationally, utilizing a franchise model in Europe and the U.S. The company spun off from Kosidaka Holdings and has since focused on expanding its brand and improving profitability through enhanced service offerings and cost control.
Analysis The company’s revenue growth of 9.8% year-over-year (YoY) was significantly above industry averages, reflecting strong demand for its targeted fitness services. The operating margin of 19.2%—well above the industry average of 6.0%—highlights the effectiveness of its cost management and the premium positioning of its services. This margin expansion was driven by increased membership numbers, higher satisfaction among existing members, and growth in ancillary sales, such as merchandise and premium fitness programs.
The equity ratio rose to 56.4%, up from 51.4% in the previous fiscal year, indicating a stronger balance sheet and reduced reliance on debt financing. This improvement in financial structure supports the company’s long-term stability and enhances its appeal to investors.
Management has also revised its earnings forecast, reflecting confidence in continued growth. The company’s guidance for the next fiscal year is notably aggressive, with revenue expected to more than double to JPY 42.3bn (+12.6% YoY) and operating profit to reach JPY 7.7bn (+21.4% YoY). These targets suggest a continuation of the current momentum, supported by expansion plans and the introduction of new services such as the "からだ動き回復センター ピント・アップ" (Pinto Up Body Recovery Center).
Next Year Guidance Curves Holdings has provided the following guidance for the next fiscal year:
| Metric | FY2027 (Forecast) | YoY Change vs. FY2026 Actual |
|---|---|---|
| Revenue | 42.3 | +12.6% |
| Operating Profit | 7.7 |