OneSpaWorld (OSW) investor relations material

Executive summary

• Q3 revenue rose 7% to $276.5M and adjusted EBITDA increased 12% to $39.2M, marking the 22nd consecutive quarter of record year-over-year growth in both metrics.

• Strong first-nine-month results and Q4 momentum prompted higher FY2026 guidance; management expects a fourth consecutive year of record results.

• Nine-month revenue increased 9% to $785.4M, net income rose to $72.8M, and operating cash flow reached $88.2M.

Financial highlights

• Q3 total revenue was $276.5M versus $258.5M; service revenue grew 9% to $226.4M, while product revenue declined 1% to $50.2M.

• Q3 operating income increased to $30.0M from $26.3M; net income was $28.2M versus $24.3M, and diluted EPS was $0.28 versus $0.23.

• Adjusted net income was $34.8M, or $0.34 adjusted diluted EPS, versus $30.7M and $0.30; adjusted EBITDA was $39.2M versus $35.0M.

• Nine-month operating income was $77.3M versus $65.3M, net income was $72.8M versus $59.6M, and adjusted EBITDA was $105.8M versus $92.0M.

• Nine-month operating cash flow was $88.2M versus $63.6M, including a $9.8M favorable year-over-year working-capital change.

Outlook and guidance

• FY2026 revenue guidance is $1.033B–$1.038B and adjusted EBITDA guidance is $138M–$140M; midpoints increased by $7.5M and $4M, respectively.

• At guidance midpoints, FY2026 revenue growth is 10% and adjusted EBITDA growth is 13% versus FY2025, excluding exited and reorganized operations.

• Q4 2026 guidance is revenue of $248M–$253M and adjusted EBITDA of $32M–$34M; year-end footprint is expected to be 208 ships and 12 destination resorts.

• MediSpa is expected on 159 ships by year-end 2026; dynamic AI-influenced pricing could launch no earlier than Q4 2027, initially for pre-booking.