Proven demand at the first studio

• Approximately €176,000 in revenue excluding VAT between January and September 2026, and monthly revenue of close to €24,000 during the third quarter. The Barcelona studio provides a real basis on which to validate the model and build out the network.

Sustained commercial growth

• Monthly revenue excluding VAT rose from €12,403 in January to €23,350 in July 2026, a growth of 88%. August and September held a similar level, confirming the strength of demand through the summer months as well.

Customers who come back

• The repeat rate remains above 20%, with customers already reaching their third, fourth and fifth session. This repetition supports the shift of teeth whitening from a one-off treatment towards a smile maintenance routine.

Customer acquisition and activity

• In July and August, more than 1,200 bookings a month were generated and 575 and 576 treatments were carried out respectively, exceeding 21 treatments a day on average per trading day. In September the average stood at 23.3 a day. Digital acquisition, influencer collaborations and user- and creator-generated content make it possible to build recurring, scalable demand.

Unit economics with potential

• The financial plan projects approximately €308,000 in revenue and €80,000 in operating EBITDA for each new studio in its first full year. At maturity, the model expects to reach around €700,000 in revenue and €325,000 in operating EBITDA per year per studio, before central overheads.

Low CAPEX and ease of rollout

• Each new studio requires an estimated investment of approximately €66,000. The format is based on compact premises, a relatively simple fit-out, a permit that is straightforward to obtain with no healthcare authorisation requirements, standardised equipment and replicable operating processes, which makes it possible to plan openings within a few months and supports the gradual growth of the network.

An internationally awarded brand

• Glow White's brand identity, developed together with Karmina, received an Award of Distinction at the Communicator Awards 2026, in the General – Logo – Corporation or Business category.

Creating a new beauty routine

• Glow White aims to bring smile aesthetics into everyday beauty and wellness routines. Just as categories such as nails, waxing, tanning, lashes, brows, lip treatments and aesthetic medicine have evolved from occasional purchases into recurring services, Glow White proposes turning teeth whitening and its upkeep into an affordable, simple and regular habit.

An expansion with clear priorities

• The model is built on owned studios, shared training and centralised management of the brand, customer acquisition and processes. The next stage combines new openings with continuous optimisation of occupancy, AI-assisted customer service and commercial conversion.