OneSpaWorld (OSW) 28th Annual ICR Conference 2026 summary

Financial performance and guidance

• Achieved record Q3 2025 performance, marking 18 consecutive quarters of year-over-year growth in total revenues and adjusted EBITDA.

• Preliminary Q4 results showed a minor revenue guide downtick due to weaker November, but December and New Year cruises were record-breaking, supporting strong Q4 and 2026 guidance.

• FY 2025 revenue guidance: $958.5m–$963.5m; adjusted EBITDA: $122m–$124m. FY 2026 revenue guidance: $1.01b–$1.03b; adjusted EBITDA: $128m–$138m.

• Fiscal 2025 guidance: total revenues expected to increase 8% and adjusted EBITDA to increase 10% from 2024.

• Exiting the Asia land-based operation and reorganizing European operations will reduce reported revenue but not impact EBITDA, as management fees replace revenue in Europe.

Consumer trends and service mix

• Wellness, med spa, and acupuncture are growing trends, with wellness and longevity offerings expected to expand in 2026.

• Med spa services, though only 8% of revenue, are growing at 10% annually but are limited by space and staffing on ships.

• Guest spend is at an all-time high, driven by longer, higher-priced services and strong demand across demographics.

• Ongoing rollout of medi-spa and innovative wellness services, with average spend up to 10x traditional services.

• New services and expanded offerings drive higher spend and utilization.

Technology and operational initiatives

• AI and machine learning pilots for revenue enhancement are expanding from 40 to 185 vessels by Q2, showing positive results.

• Dynamic price optimization for pre-booking is being developed, leveraging AI to manage 11,500 itineraries in real time.

• AI-powered virtual assistants now answer 80% of onboard manager queries instantly, improving efficiency and scalability.

• A steering committee prioritizes hundreds of tech projects based on ROI and organizational impact.