OneSpaWorld (OSW) 28th Annual ICR Conference 2026 summary

Preliminary results and financial outlook

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

• Exiting the Asia land-based operation will impact 2026 revenue but not EBITDA, as the segment was not profitable.

• European reorganization shifts revenue to management fees, maintaining EBITDA and preserving tax status.

• 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.

Financial performance and capital allocation

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

• In 2025, $92.9M was returned to shareholders via buybacks and dividends, with debt reduction also prioritized.

• Returned $4.1 million to shareholders via dividends and $17.6 million through share repurchases in Q3 2025.

• Stock buybacks are the top priority, followed by dividends and further debt reduction.

Market position and industry dynamics

• Holds over 90% outsourced spa market share on cruise ships, nearly 20 times larger than the next competitor, with a captive audience of ~23 million annually.

• Demonstrates robust infrastructure, global network, and highly visible cruise capacity and occupancy.

• Multi-year contracts and published cruise ship order data support predictable growth.

• Maintains long-term agreements with major cruise lines, averaging 20+ years, with a 97% historical contract renewal rate.

• Fleet expansion through new builds in 2024 and 2025, including major ships like Icon of the Seas, Utopia of the Seas, and Norwegian Aqua.