Onsen Retreat and Spa Group Public Company Limited

Onsen Retreat and Spa Group Public Company Limited (ONSENS) reported a clear growth in the number of users and members. In the first half, average monthly users increased by 10% year-on-year, with some months hitting new record highs, benefiting from the trend of urban residents focusing on health and exercise, as well as HYROX sports, which increased the demand for body recovery. The company recently launched Yunomori MOVE, a Movement & Recovery studio that combines exercise such as Pilates, Barre, Strength Training, and Stretching with onsen and spa services, piloted at Sathorn and Pattaya branches, with a customer mix of 48.9% Thai and 50.1% foreign. The highest revenue-generating branches are Sukhumvit, Sathorn, and Pattaya. The second half is the high season, with Q4 typically seeing the highest performance. The company is confident that the development of the Wellness Ecosystem, covering onsen, spa, exercise, and hotel plans, will support revenue growth of 10-15% in 2026. Meanwhile, the Social Wellness Hotel project at Thonglor 17, valued at 400 million baht, is expected to open in the second half of 2027.

Onsen Retreat and Spa Group, or ONSENS, reported first-half 2026 results with total revenue of 142.0 million baht, up 4.1% from the same period last year, and net profit of 8.4 million baht, up 36.9%. In the second quarter of 2026, total revenue was 67.3 million baht, up 5.1%, and net profit was 1.3 million baht, up 49.5%. The company said growth came from a 10% increase in average monthly service users, an expanded customer base of both Thai and foreign clients, and new services following the wellness and longevity trend, while maintaining a gross profit margin of 42% and a net profit margin of 6%, with an interest-bearing debt to equity ratio of 0.1 times. For the third quarter of 2026, the company expects the wellness and spa business to continue growing and is moving forward with expanding its wellness ecosystem through the Yunomori brand into an everyday wellness destination, along with launching the new Yunomori MOVE movement and recovery studio and building business partnerships to expand its customer base over the long term.