ESPA3: quote, dividends and indicators for Espaçolaser

Espaçolaser is a Brazilian aesthetic services company specialized in laser hair removal, founded in 2004 by Ygor Moura, Paulo Morais and Tito Pinto, with the goal of making this type of treatment more accessible in the country and structured under a scalable model. The company built its business based on a standardized clinic format, focused on health, well-being and the gradual replacement of traditional hair removal methods such as wax and razors. Expansion gained traction starting in 2014, when the chain already had 30 clinics and began pursuing nationwide scale. In 2015, the partnership with franchise holding company SMZTO and TV host Xuxa Meneghel resulted in the creation of EL Franchising, which drove the sale of around 120 franchises in one year, increasing the base from 46 to 126 stores between 2015 and 2016. The entry of private equity fund FIP Magnólia, managed by L Catterton in 2016, added capital for growth and strengthened corporate governance, as well as greater experience in consumer retail.

The evolution of Espaçolaser’s business model went through a strong cycle of opening company-owned units and acquiring franchisees. Between 2017 and 2018, approximately 290 new stores were opened, combining organic growth with the acquisition of franchise groups considered strategic, which allowed the company to internalize margins and strengthen control over certain regions. During this period, the company diversified its portfolio with the Estudioface brand, focused on facial aesthetic treatments, and began international expansion by opening its first unit outside Brazil, in Buenos Aires, in 2018. In the same year, Espaçolaser Operating System (ELOS) was developed, an information technology architecture that integrates operational processes across the entire network, both company-owned and franchised stores, enabling standardization, greater control and support for large-scale expansion.

Espaçolaser’s business model, traded on B3 under the ticker ESPA3, combines three main operational pillars: company-owned laser hair removal stores in Brazil, international operations and franchises. On December 31, 2025, the group had 810 laser hair removal units in Brazil, a number that remained at a similar level on March 31, 2026, with 809 units, distributed across all Brazilian states. Company-owned stores make up the “Laser” segment, which accounted for about 93% of net sales revenue in fiscal year 2025, highlighting the relevance of this arm for consolidated revenue. The “International” segment includes operations in Chile and Colombia, with 20 company-owned stores and 30 franchises as of March 31, 2026, while the “Franchisor” segment encompasses Espaçolaser-branded franchises, with 252 franchises in Brazil and 30 abroad at the end of 2025, and 248 franchises in Brazil in March 2026. Franchisor revenue comes mainly from royalties on sales of franchised units and brand licensing.

From a product and operations standpoint, the company offers laser hair removal services for men and women across a broad range of body areas, with up to 28 segmented areas for the male audience and 34 for the female audience. Treatments are sold in packages of up to ten sessions per area, with an average interval of 45 days between each session and an approximate duration of 11 months for each treated region. Services are provided exclusively by professionals with intensive training exceeding 100 hours at the so-called “Laser University”, which gathers technical content on skin, hair removal and laser application. Each unit typically operates with a lean team of sales and technical specialists and must have a technical manager registered with the Regional Council of Physical Therapy and Occupational Therapy (CREFITO) and/or the Regional Council of Biology and Biomedicine (CRBM). The company maintains an exclusivity agreement with Skintec, Candela Corporation’s distributor in Brazil, for the supply of the GentleLase equipment line and the mandatory cooling consumable, which standardizes the technology used across the units.

Espaçolaser’s commercial strategy is supported by strong physical capillarity combined with digital channels. In March 2026, there were 561 company-owned stores spread across high-traffic areas with good population density, located in shopping malls, commercial streets and convenience centers, in leased properties adapted to the business’s needs. Sales are made both in physical locations and via telesales, the company’s own app and website, integrated into an omnichannel approach that gained importance especially from the COVID-19 pandemic onward. In 2019, the company reached R$ 1 billion in system-wide sales, launched its e-commerce platform and new features in the app, and created “Laser University” as a training center. In 2020, even with a large part of the stores temporarily closed, the digitalization of sales made it possible to keep the network’s total sales volume at levels close to 50% of the pre-pandemic period in the most critical months. The customer base is fragmented, with no significant concentration: in 2025 and in the first quarter of 2026, there was no customer accounting for more than 10% of net sales revenue.

Regarding international presence, the company has consolidated its operations in Latin America. In Colombia, the first unit was organically opened in Bogotá in December 2020, reaching seven stores by the end of 2025. In January 2024, the Colombian operation began to be conducted under a franchise model after the announcement of a strategic partnership with F3L, a local group operating in several Latin American countries and Spain, which took over the seven existing units with the aim of accelerating the regional expansion plan. In Chile, since 2021 the company has controlled Centro Estético Láser Alemán (Cela), a chain created in 2005 and a pioneer in the use of Alexandrite technology in that country, which uses the same equipment as the Brazilian operation. At the end of 2025, Cela had 20 company-owned stores and 22 franchises, strengthening Espaçolaser’s international platform in the laser hair removal segment.

The initial public offering on February 1, 2021 marked an important milestone in the company’s corporate trajectory. With the listing of ESPA3 shares on B3’s Novo Mercado, a segment known for requiring higher governance standards, the company carried out a primary public offering of shares aimed mainly at acquiring remaining stakes in franchise groups already controlled and purchasing around 100 additional franchises. This move allowed for greater corporate consolidation and operational integration. In 2021 and 2022, the company also accessed the debt market through debenture issuances totaling R$ 250 million in the first issue and R$ 615 million in the second, aimed at extending the debt profile, acquiring franchisees and paying down previous debts. In 2022, there was also a capital increase of R$ 225 million, which strengthened cash, reduced leverage and led to an increase in FIP Magnólia’s stake in the capital, bringing it into the controlling shareholder group.

The regulatory environment is a central aspect of Espaçolaser’s operations. Aesthetic and laser hair removal service units depend on licenses and permits from different authorities, mainly sanitary licensing with local health surveillance agencies, with periodic renewal and inspections. Activities are classified as health services or services of interest to health, which defines the set of applicable sanitary regulations. The company is also subject to oversight by the professional councils of physical therapy, occupational therapy and biomedicine, which require corporate registration and the presence of qualified technical managers. A relevant portion of the equipment used is classified as medical devices, subject to ANVISA’s health surveillance and mandatory conformity certification, in line with specific regulations for medical and aesthetic equipment. In addition, the company operates within a regulatory framework that includes personal data protection and privacy rules, given the collection and processing of sensitive customer information within the scope of its operations.