FIT EASY Inc (212A.T) Q3 2025 Earnings Report

FIT EASY Inc delivered a solid QQ3 2025 performance with a strong year-over-year top-line expansion and meaningful profitability metrics, underscoring the company's ability to scale its amusement‑fitness network. Revenue reached 2,642,034,000 JPY, up 62.75% year over year, while gross margin (37.10%) and EBITDA margin (27.89%) point to favorable unit economics as the platform scales. Net income of 461,467,000 JPY and an EPS of 29.04 JPY reflect disciplined cost management alongside leverage from higher activity levels and a measured depreciation/amortization profile.

On a sequential basis, revenue declined 39.17% quarter‑over‑quarter, which aligns with typical seasonality in consumer discretionary services and a challenging base effect from the prior quarter. Despite the quarterly revenue pullback, operating income rose to 689,467,000 JPY (operating margin ~26.1%), driven by strong gross profitability and controlled operating expenses (SG&A and selling costs totaling ~290.8m JPY). The quarter confirms FIT EASY's ability to generate meaningful profits at scale, but the absence of public balance-sheet and cash-flow data limits a full assessment of liquidity and leverage.

Looking ahead, the investment thesis hinges on sustaining the current growth cadence through store and franchise expansion, monetization of diverse FIT EASY product lines (e.g., fit aero, fit golf, sauna, etc.), and improvement in fixed-cost absorption as the network scales. Management commentary and explicit forward guidance are not provided in the data set, so investors should monitor capex intensity, same-store performance (where disclosed), and any updated capital allocation framework as the company progresses through the remainder of 2025.