WW International (WW) investor relations material

Executive summary

• Exited Chapter 11, eliminated $1.1 billion in debt, and repositioned strategy to lead in a GLP-1-driven weight health market.

• Achieved Q4 and full year 2025 results above prior revenue and adjusted EBITDA guidance, signaling strong execution despite industry transformation.

• Rebuilt leadership, refreshed brand, and modernized technology to support growth and member engagement.

• Significant momentum in Med+ clinical offering, with clinical subscribers up 42% year-over-year to 130,000 and member acquisition reaching new highs into Q1 2026.

• Rapid shift toward integrated clinical and behavioral solutions, leveraging GLP-1 medications and structured support for competitive advantage.

Financial highlights

• Full year 2025 combined revenue was $710.6 million, down 9.6% year-over-year; Q4 revenue was $163 million, down 12% year-over-year, with clinical revenue up 32% and behavioral revenue down 17%.

• Adjusted gross margin near record highs at 74.4% in Q4; Q4 gross profit margin was 70.1%; full year gross profit margin was 71.2%.

• Adjusted EBITDA was $18 million (11.1% margin) in Q4; full year 2025 Adjusted EBITDA margin was 18.8%.

• Monthly ARPU increased 8% year-over-year to $18.73 in Q4; monthly subscription revenue per average subscriber was $18.74 for 2025.

• Ended Q4 with $160 million in cash and $465 million in term loan debt maturing in 2030.

Outlook and guidance

• Fiscal 2026 revenue expected between $620 million and $635 million; adjusted EBITDA between $105 million and $115 million.

• Q1 2026 end of period subscribers estimated at 2.65 million, with clinical subscribers at 200,000, driven by concentrated Q1 marketing.

• Expect sequential clinical subscriber growth, but seasonally lower demand and marketing spend after Q1.

• Capital expenditures and net cash taxes for 2026 expected to return toward historical levels and be $5–$10 million, respectively.

• Guidance reflects a shift toward higher ARPU clinical offerings and recalibrated marketing spend for the remainder of the year.