SBC Medical Group (SBC) participated in the Sidoti Year-End Conference, where Hikaru Fukui, head of investor relations, presented and took one-on-one meetings with investors. Management noted that recent operational restructuring has reset SBC's business model, positioning the company for more stable and sustainable growth entering 2026. We believe Japan will remain SBC's core earnings driver and primary area of focus in 2026, while management emphasized that the company's overseas strategy remains deliberate and risk managed, with limited revenue contribution expected in the near term. We model 2026 revenue of $194 million, up 8% year over year, and net income of $52 million (or $0.50 per share), up 32% year over year. As of 3Q:25, SBC Medical held $127 million in cash and cash equivalents and $18 million in long-term debt, reflecting a strong, conservative balance sheet. Our high risk rating reflects the industry's intense competition, the need for constant technological upgrades, and the company's operational risks from geographic expansion and acquisition integration.