OneSpaWorld(OSW) - 2026 FY - Earnings Call Presentation

Company Performance & Financials - OneSpaWorld delivered a record third quarter in 2025, marking the 18th consecutive quarterly period of year-over-year growth in Total Revenues and Adjusted EBITDA[18] - The company expects fiscal 2025 annual Total Revenues to increase by 8% and Adjusted EBITDA to increase by 10% at the mid-point of the guidance ranges from actual fiscal 2024 annual results[18] - FY 2025 Revenue is projected to be between $958.5 million and $963.5 million, with Adjusted EBITDA between $122 million and $124 million[20] - FY 2026 Revenue is projected to be between $1.01 billion and $1.03 billion, with Adjusted EBITDA between $128 million and $138 million[21] - In Q3 2025, Passenger Cruise Days ("PCD"s) are at 116%+ of Q3 2019 levels, and bookings are ~55% above Q3 2019[39] Market Position & Growth Drivers - OneSpaWorld holds a >90% market share at sea in the outsourced health and wellness market[17] - The company is nearly 20x larger than its nearest maritime competitor[12] - The company has access to a ~23 million annual captive audience[12] - Cruise industry passenger bookings have rebounded, with 2025 expected to eclipse 2019 levels[34] - Onboard spend per PCD (Passenger Cruise Day) was up ~22% in 2024 vs 2019[39] Strategic Advantages - OneSpaWorld operates on 204 ships[17] and 49 resorts[17] - The company has long-term agreements with the largest and most reputable cruise lines, with an average cruise line relationship history of 20+ years and a ~97% historical contract renewal rate[25]