OneSpaWorld (OSW) investor relations material

Executive summary

• Achieved record Q4 and fiscal year 2025 performance, with total revenues of $961.0 million and adjusted EBITDA of $123.3 million, driven by innovation, operational efficiency, and expansion of health and wellness centers on cruise ships.

• Returned $92.9 million to shareholders in 2025 through dividends and share repurchases, while repaying $15 million of term loan facility.

• Ended 2025 with $17.5 million in cash and $67.5 million in total liquidity, and joined the S&P SmallCap 600® Index at the start of fiscal 2026.

• Holds over 90% outsourced spa market share on cruise ships, operating on 206 ships and 48 resorts as of December 31, 2025.

• Staff retention improved by four percentage points, with experienced staff generating higher revenue per day.

Financial highlights

• Q4 2025 total revenue increased 11% year-over-year to $242.1 million; fiscal year revenue rose 7% to $961 million.

• Adjusted EBITDA for Q4 2025 was $31.2 million (up 17%); fiscal year Adjusted EBITDA rose 10% to $123.3 million.

• Adjusted net income for Q4 2025 was $24.2 million ($0.24 per share), up from $21.4 million ($0.20 per share); fiscal year adjusted net income rose 15% to $102.9 million ($0.99 per share).

• Net income for Q4 2025 was $12.1 million ($0.12 per share), down from $14.4 million ($0.14 per share) due to $5.7 million in restructuring and impairment charges.

• EBITDA margin reached 12.8% in 2025.

Outlook and guidance

• Fiscal 2026 total revenues expected to exceed $1 billion, with guidance range of $1.01–$1.03 billion, representing high single-digit growth at midpoint, excluding exited and reorganized operations.

• Adjusted EBITDA guidance for 2026 is $128–$138 million, also a high single-digit increase.

• Q1 2026 revenue expected at $241–$246 million, Adjusted EBITDA at $30–$32 million.

• Guidance excludes potential impact from AI initiatives and exited/reorganized operations.

• Strong momentum anticipated for 2026, supported by new ship builds, scaling innovations, and robust capitalization.