Regis Corporation posted a mixed Q2 FY2025 as the Alline Salon Group acquisition closed late in the quarter, delivering a meaningful uplift to EBITDA from the company-owned segment but pressuring overall topline due to continued store closures and a softer sales environment. Total quarterly revenue declined 8.5% year over year to $46.7 million, driven by no-margin franchise rental income reductions, fewer franchise locations, and a 1.6% same-store-sales (SSS) decline. The Alline acquisition contributed $2.7 million in revenue and $0.5 million of EBITDA in less than two weeks post-close, underscoring the strategic value of adding 314 salons to Regis’ mix and its potential for operating leverage and cash flow generation. On an adjusted basis, consolidated EBITDA rose 12.7% to $7.1 million, aided by lower G&A, sublease revenue dynamics, and the Alline contribution, though offset by lower royalty revenue and currency effects. Management signaled a disciplined path to cash generation going forward, with expectations to sustain positive operational cash flow for the remainder of fiscal 2025, ongoing G&A optimization (adjusted to exclude stock-based compensation from Q1 2025 onward), and a focused effort to operationalize Alline integration with a target of $1.5 million in synergies by 2026. Management also highlighted a broad brand-transformation program (notably Supercuts) and a nationwide loyalty initiative (Supercuts Rewards) aimed at expanding guest traffic, frequency, and younger demographics, supported by extended brand-excellence standards and digital enhancements. The near-term actions include additional store closures phased through fiscal 2025, a path to stabilize and eventually grow same-store metrics, and the prudent deployment of capital toward high-return opportunities while maintaining lender and stakeholder alignment.