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INVESTOR PRESENTATION January 2026 The Global Health and Wellness Company
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DISCLOSURE & FORWARD-LOOKING STATEMENTS Forward-Looking Statements This Investor Presentation includes “forward -looking statements” within the meaning of Section 27A of the Securities Act of 1933 , as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the Company may di ffer from its actual results and consequently, you should not rely on these forward -looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “might,” “possible,” “would,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” or the negative or other variati ons thereof and similar expressions are intended to identify such forward -looking statements. These forward -looking statements include, without limitation, expectations with respect to future performance of the Company, including projected financial information (which is not audited or reviewed by the Company’s auditors), and the future plans, operations and opportunities for the Com pany and other statements that are not historical facts. These statements are based on the current expectations and beliefs of the Company’s management concerning future developments and their potential effects on us taking into account info rmation currently available to us and are not predictions of actual performance. There can be no assurances that future developments affecting us will be those that we have anticipated. These forward -looking statements involve significant risks and uncertainties that could cause the actual results to di ffer materially from the expected results. Factors that may cause such differences include, but are not limited to: the demand for the Company’s services together with the possibility that the Company may be adversely a ffected by other economic, business, and/or competitive factors or changes in the business environment in which the Company operates; changes in consumer preferences or the market for the Company’s services; changes in applicable laws or regulations; the availability of competition for opportunities for expansion of the Company’s business; difficulties of managing growth profitably; the loss of one or more members of the Company’s management team; and other risks and uncertainties described or incorporated by reference in the Company’s reports (including all amendments to those reports) filed from time to time with the SEC. The Company cautions that the foregoing list of factors i s not exclusive. You should not place undue reliance upon any forward -looking statements, which speak only as of the date made. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materiall y from the forward -looking statements. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward -looking statements to reflect any change in its expectations or any change in e vents, conditions, or circumstances on which any such statement is based or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this Investor Presentation. Use of Projections This Investor Presentation contains financial forecasts, including with respect to estimated Revenues, Net Income, Adjusted N et Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Unlevered After -Tax Free Cash Flow, Levered After -Tax Free Cash Flow and Unlevered After -Tax Free Cash Flow Conversion. OSW’s independent auditors did not audit, review, compile, or perfo rm any procedures with respect to the projections for the purpose of their inclusion in this Investor Presentation, and accordingly, did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Investor Presentation. These projections should not be relied upon as being necessarily indicative of future results. In this In vestor Presentation, certain of the above -mentioned estimated information has been repeated (subject to the qualifications presented h erein), for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, econom ic and competitive risks and uncertainties that could cause actual results to di ffer materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of OSW or that actual results will not di ffer materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Investor Presentation should not be regarded as a re presentation by any person that the results contained in the prospective financial information will be achieved. Use of Non-GAAP Financial Measures In addition to financial information prepared in accordance with generally accepted accounting principles in the United State s (“GAAP”), this Investor Presentation includes certain non -GAAP financial measures, such as EBITDA, Adjusted EBITDA, and Adjusted Net Income which may not be directly comparable to similarly titled measures of other companies. OSW believes that t he presentation of non -GAAP measures provides information that is useful to investors as it indicates more clearly the ability of OSW to meet capital expenditure and working capital requirements and provides an additional tool for investors to use in e valuating ongoing operating results and trends. These non -GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. There are certain limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could re duce the usefulness of our non -GAAP financial measures as tools for comparisons with other companies. Please see our most recent Form 10 -K for the year ended December 31, 2025, as well as our earnings press releases reporting our financial results for the year ended December 31, 2025 and the quarter ended December 31, 2025 for further details on how we define these non-GAAP financial measures and for reconciliations of the non -GAAP financial measures to their nearest GAAP equivalents. We are not providing a quantitative reconciliation of forward -looking non -GAAP financial measures to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significan t items that are uncertain, depend on various factors and could be material to our results computed in accordance with GAAP. Industry and Market Data In this Investor Presentation, OSW relies on and refers to information and statistics regarding market shares in the sectors in which it competes and other industry data. OSW obtained this information and statistics from third -party sources believed to be reliable, including reports by market research firms. OSW has supplemented this information where necessary with information from discussions with its customers and its own internal estimates, taking into account publicly available information about other industry participants and its management’s best view as to information that is not publicly available. OSW has not ind ependently verified the accuracy or completeness of any such third -party information.
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EXAMPLES OF WORLD CLASS FACILITIES AT SEA, ON LAND
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 4 KEY INVESTMENT HIGHLIGHTS • 90+% outsourced spa market share on cruise ships • 20+ consecutive years of global passenger growth 1 • Robust infrastructure and global network • Cruise capacity and occupancy is highly visible • New services lead to higher spend PREEMINENT LEADER • 90+% outsourced spa market share on cruise ships • Nearly 20x larger than nearest maritime competitor • ~23M annual captive audience FAVORABLE INDUSTRY DYNAMICS • 20+ consecutive years of global passenger growth 1 • Strong population and demographic trends • Emphasis on health, wellness and luxury lifestyles DIFFICULT TO REPLICATE • Robust infrastructure and global network • Training and service model built over several decades • Staggered contracts with cruise line partners PREDICTABLE GROWTH • Cruise capacity and occupancy is highly visible • Published Cruise Ship order data • Multi-year contracts include new ships during term INNOVATION IN SERVICES & ENHANCED CAPABILITIES • New services lead to higher spend • Increased utilization from booking tools • Expansion in offerings to appeal to a broader customer base STRONG FCF & ASSET LIGHT • Attractive tax rate • Asset light with minimal capex • Cruise lines fund spa build -out and maintenance 1. Excludes COVID affe cte d years of 2020 -2022, with 2024 coming in 16% higher than 2019
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 5 ONESPAWORLD, THE PREEMINENT GLOBAL HEALTH & WELLNESS SERVICES COMPANY OneSpaWorld’s Board of Directors approved a quarterly dividend payment of $0.05 per common share payable on March 25, 2026 to shareholders of record as of the close of business on March 11, 2026. Note :Ship count and resort count as of D ember 31, 2025. 1. Outsourced health and wellness market, as of December 31, 2025. Record Breaking Performance in Q4 2025 • “We drove increases in key operating metrics during the quarter which produced double -digit growth in quarterly Total revenues and Adjusted EBITDA and our fourth consecutive year of record financial results.” • “Our balanced capital allocation strategy, fueled by our strong cash flow generation and positive outlook, enabled us to return $92.9 million to shareholders during the year - $17.5 million in quarterly dividends and $75.4 million from our repurchase of 3.9 million common shares, while repaying $15.0 million of our Term Loan Facility. We ended 2025 with a strong balance sheet, including $17.5 million in cash and $67.5 million of total liquidity.” • “We begin fiscal 2026 with strong momentum and confidence to deliver another record year. Based on our market outlook, outstanding team, proven strategies and execution, scaling innovations, new ship builds, and strong capitalization, we expect fiscal 2026 Total Revenues to exceed the one -billion -dollar mark and for Total Revenues, and Adjusted EBITDA, to deliver high -single digit growth at the mid -point of our guidance ranges from actual fiscal 2025 results, excluding revenues from exited and reorganized operations.” ONESPAWORLD OVERVIEW HI GHL IG HTS 206 SH IPS > 90% MARKET SHARE AT SEA 1 48 RESORTS ~ 17 x NEXT LA RGEST SEA COMPETITOR
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 6 ONESPAWORLD, THE PREEMINENT GLOBAL HEALTH & WELLNESS SERVICES COMPANY GUIDANCE $241M-$246M Revenue $30M-$32M Adjusted EBITDA 1 1. Ple ase see our most recent Form 10 -K for the year ended D ecember 31 , 2025 for further de tails on how we define Adjuste d EBITD A. $1.01B-$1.03B Revenue $128M-$138M Adjusted EBITDA 1 Q1 2026 FY 2026
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LONG-TERM AGREEMENTS WITH THE LARGEST AND MOST REPUTABLE CRUISE LINES Contemporary Luxury Premium BudgetAsia Australia Europe North America Other 20+ ~97% 5.5 YEARS AVERAGE CRUISE LINE RELATIONSHIP HISTORY HISTORICAL CONTRACT RENEWAL RATE YEAR AVERAGE CONTRACT LIFE We O perate on All Global Routes and Ship Classes 1 Long -Term C-Level Relationships Across our Entire Fleet 3 CRUISE LINE BANNER RELATIONSHIP TOTAL SHIPS OSW SHIPS 32 Years 29 29 32 Years 29 29 26 Years 20 20 23 Years 17 17 24 Years 14 14 25 Years 11 11 28 Years 11 11 21 Years 7 7 24 Years 7 7 Source: Cruise Industry News. 1. Represents 2025 2. Revenue at sea only. 3. As of 12/31/2025. Revenue by Geography 2 Revenue by Class PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 7
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NEW BUILDS 2025 The second half of 2025 proved strong for new builds, with four ships launched in Q3 and an additional two in Q4. OCEANIA ALLURA STAR PRINCESS CELEBRITY XCEL STAR SEEKER BRILLANT LADY NORWEGIAN AQUA STAR OF THE SEAS Q1 2025 Q2 2025 Q3 2025 Q4 2025
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 10 REVENUE SHARING CONTRACTS OFFER COMPELLING VALUE FOR ONESPAWORLD & CRUISE LINES Revenue sharing aligns incentives and affirms cruise lines as our economic partners, not fixed -rent landlords ONESPAWORLD CRUISE LINES RESPONSIBILITY Recruit, train and manage worldwide onboard staff Offer comprehensive and innovative services Curate exclusive selection of health and wellness products RESPONSIBILITY Fund multi -million -dollar buildouts Dependably fill ships with captive audience Market our onboard services BENEFITS Asset light Access to large captive audience Exclusive provider BENEFITS Maximized revenue yield No operating expenses Superior guest experience Onboard Health & Wellness Products and Services
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 11 ONESPAWORLD HAS THE ONLY PLATFORM WITH PROCESSES AND INFRASTRUCTURE NECESSARY TO MANAGE THE COMPLEXITY OF SERVING THE GLOBAL CRUISE MARKET Our sophisticated and comprehensive end-to-end platform is difficult to replicate at scale BACK-END PLATFORM & KNOW-HOW FRONT -END PLATFORM & KNOW -HOW Global recruiting, training and human logistics Product supply chain facility Design expertise Global maritime law compliance Yield and revenue management Exceptional pre - through post-cruise experience Exclusive relationships with leading global brands Timely trend identification and innovation of health & wellness products and services End -to-End Capabilities ENTERPRISE AI VALUE CREATION FRAMEWORK Revenue enhancement through machine learning engine Accelerate onboard operational efficiency through AI assistant Process automation focused on high ROI initiatives, reducing manual work & improving scalability
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 12 COMPREHENSIVE SERVICES AND CURATED BRANDS SOLD TO AN ATTRACTIVE CAPTIVE AUDIENCE SPA & BEAUTY SERVICES MEDI-SPA FITNESS HEALTH NUTRITION MIND-BODY SPIRITUAL Cruise Passengers an Attractive Demographic Sources: CLIA, Cruise Industry News. Note: Asterisk indicates brand is exclusive to OneSpaWorld at sea. OSW has exclusive distribution rights to Thermage® onboard vessels from non-Chinese cruise lines. 1. For FY 2025. 2. Represents 2025. 3. Represents 2025. UNMATCHED SERVICE AND PRODUCT BREADTH ONBOARD $114,000 AVERAGE INCOME 49 YEARS OLD 84% MARRIED 69% COLLEGE EDUCATED 2.3 CRUISES EVERY 3 YEARS REVENUE MIX 1 ~81% Services ~28M Annual Captive Audience ~19% Retail ~$305Average Guest Spend 2 3 * * * * T Broad Offering of Leading Brands
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 13 GLOBAL CRUISE OPERATIONS ARE HIGHLY COMPLEX Global Passenger Routes Source: MarineTraffic.com. In 2025, OneSpaWorld … PLACED 6,162 PURCHASE ORDERS TO VENDORS MADE 1,470 MANAGEMENT VISITS TO SHIPS IN PORT SENT STAFF ON MORE THAN 11,571 FLIGHTS GLOBALLY REQUIRED 6,600 STAFF TO FILL OPEN POSITIONS EMBARKED ON 9,568 VOYAGES VISITED 1,300 GLOBAL PORTS OF CALL
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MORE THAN 20 CONSECUTIVE YEARS OF GLOBAL PASSENGER GROWTH The global cruise industry has proven resilient through recessions with passenger counts growing consistently for more than 20 years, until March 2020, with the Covid-19 pandemic having an unprecedented impact on the industry So urces: CLIA, Cruise Industry News,Management. Note1985-2014 fro m CLIA Legacy North America Cruise Passenger Database, Pre-One reSource DB. CLIA-member cruise lines only (ocean-going vessels; does not include river cruise vessels) 2015 was a transition year wherein a new , refined data collection template was issued glo bally. Higher compliance and more precise reporting account for the relatively high YOY bump from 2014 2016 through 2023 data fro m CLIA One reSource, w hich is a global, standardized passenger DB , offering source countries (and source States for USA, Canada, and Australia), destination regions, durations, and ages of guests. One reSource also contains global non-CLIA o cean-going passenger data on an annually-aggregated basis, thus accounting for another relatively high Y OY bump fro m 2015 to 2016 PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 17 Recession Recession GLOBAL CRUISE SHIP PASSENGERS (M) Covid 4.8 5.1 5.5 6.1 6.6 7.7 7.6 8.7 9.6 10.6 11.3 12 12.6 13 13.4 14.8 16.3 16.9 17.5 18.4 21.6 25.2 26.7 28.5 29.7 5.8 4.8 20.4 31.7 34.6 0 5 10 15 20 25 30 35 40 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Passengers (Millions)
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 18 UNIQUELY VISIBLE AND PREDICTABLE GROWTH Growth and Capital Allocation Strategy Built on the Following Key Drivers: Curated indigenous services specific to global geographies and precise demographics Cruise capacity growth is highly visible and predictable with published global orderbooks reflecting 5+ years of growth 1 Capture Highly Visible New Ship Growth with Current Cruise Line Partners OneSpaWorld’s ~5-year, fleet-wide contracts entitle it to operate on new ships launched during the contract term Continue Launching Higher Value Services and Products Expand higher-ticket medi-spa services to all appropriate ships within our fleet 2 Focus on Enhancing Health and Wellness Center Productivity Increase pre-booking and pre-payment capture rate as pre-booked appointments yield ~30% more revenue than services booked onboard Expand targeted marketing and promotion initiatives Utilize technology to increase utilization and enhance service mix Extend retail beyond the ship Enhance our Capital Structure and Strengthen our Balance Sheet Continue to pay down debt to reduce interest expense 5 Introduce exciting products and services, including IV therapy and immunity protocols and facial toning services, and have begun the rollout of Cryo-body services, as well as introducing new Cryo and LED facial services, as part of the new Elemis Biotec2.0 offering. Continued R&D to always promote retail offerings specific to our environment Expand Market Share By Adding New Potential Cruise Line Partners Room to continue to grow 90%+ market share in the outsourced maritime health and wellness market as evidenced by recent new contract wins with Aroya Cruises and Mitsui Ocean Cruises 3 4 Utilize Board authorized $75M share repurchase plan to opportunistically repurchase shares Explore opportunities within the health and wellness space to expand footprint
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 19 GLOBAL TRENDS TO DRIVE SECTOR GROWTH Global Cruise Capacity Growth: 20 20– 2027 2020 2027 29.5M 38.7M ROBUST CAPACITY GROWTH IN CRUISING ACROSS GEOGRAPHIESMULTIPLE MEGA TRENDS DRIVE POSITIVE OUTLOOK AGING GLOBAL POPULATIONS + PERSISTENT HEALTH & WELLNESS TRENDS + MILLENNIALS AND GEN Z AROUND THE WORLD SEEKING LUXURY EXPERIENCES + LONG-TERM EXPANSION IN ASIA Multiple long-term mega trends underpin a compelling growth outlook, driving the continued expansion of onboard health and wellness centers.
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EXCLUSIVE & HIGHLY ATTRACTIVE GLOBAL CHANNEL FOR HIGH MARGIN SPA SERVICES As of December 31tst OSW has rolled out Medi-Spa to 153 vessels. Introduction of High -Value Services Drives Revenue Growth Across Existing Footprint Average Spend Up To 10x-plus Traditional Services 10 22 34 47 55 62 66 75 86 86 94 99 128 139 148 153 - 20 40 60 80 100 120 140 160 180 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2022 2023 2024 2025 OneSpaWorld Medi-Spa Rollout: Vessel Count by Year ACUPUNCTURE 1ST VESSEL 2005 SERVICE & PRODUCT INNOVATION 153 VESSELS BY 2025 ANNUAL REVENUE ~$70M ANNUAL REVENUE CATEGORY CREATION: MEDI-SPA FLEET ROLLOUT 110 VESSELS BY 2010 SERVICE BRANDS AVG. SPEND Cryolipolysis ~$2,500 Injectables ~$500 Skin Tightening ~$2,800 Fillers ~$1,200 Bamboo ~$160 Acupuncture ~$150 • Radio Frequency • Permanent Fat Reduction • Injectables • IV Therapy • Microneedling
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$5.8 $14.6 2013 2025 CRUISE LINES ARE INCREASINGLY ALIGNED WITH US TO DRIVE ONBOARD REVENUE Historical Collaboration New Areas of Collaboration ISOLATED SHORE- SIDE ENGAGEMENT UNIFIED SHORE-SIDE AND ONBOARD COLLABORATION Health & Wellness Center Branding & Design Signage & Limited Marketing Weekly Budgeting & KPI Review Targeted Marketing & Passenger Databases Enhanced Website Visibility & Design Dynamic Pricing and Price Increases Operational Sail Support (Onboard Training) Onboard Spend 1 Source: SEC Filings, Independent Consultant Studies , W all Street Research 1. Bas ed on the two largest cruise operators . $9 Billion Incremental Spend Cruise lines focus more and more on onboard spend and increasingly collaborate with OneSpaWorld to grow revenue PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 21 “…Cruise lines have turned their attention to onboard revenues to drive top line growth…New Ships are now being designed with onboard revenue in mind.” — Wall Street Research, July 2017
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Historical Revenue ($M, FYE Dec.) Historical PF Adj. EBITDA 1 ($M, FYE Dec.) $45 $49 $53 $56 $59 -$43 -$19 $50 $89 $112 $123 -$60 -$40 -$20 $0 $20 $40 $60 $80 $100 $120 $140 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +10% $453 $476 $507 $541 $562 $121 $144 $546 $794 $895 $961 $0 $200 $400 $600 $800 $1,000 $1,200 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +7% Pandemic Ship Count 152 156 157 163 170 163 170 179 193 199 206 EBITDA Margin 9.9 % 10.3 % 10.5 % 10.4 % 10.5 % NM NM 9.2 % 11.2 % 12.5 % 12.8 % Asset Lite Business Model ($M, FYE Dec.) $123M 2025 CAPEX SPEND $15M STRONG, VISIBLE AND CONSISTENT REVENUE & ADJUSTED EBITDA GROWTH 1. 2015A-18A EBITDA adjusted for public company cos ts of $2.9mm. . 2025 ADJ. EBITDA PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 22
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PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 23 SUSTAINABILITY AND SOCIAL RESPONSIBILITY Planet, People, Integrity We strive to impart a positive impact on the environment and the lives of our employees, our guests, and the people and cultures of the communities we visit, where we operate, and where we call home. To achieve this, our strategic priorities include programs that promote responsible practices throughout our business, assure a respectful and equitable workplace, enhance our employees' personal and career development, strengthen our data privacy and cybersecurity, and support local communities and organizations. In so doing, we are affecting long -term sustainable growth of the Company and creating long-term value for our cruise line and destination resort partners and our shareholders. Please visit our OSW Website for more information: https://onespaworld.com /our-world/corporate - social-awareness
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ONESPAWORLD, THE PREEMINENT GLOBAL HEALTH AND WELLNESS SERVICES COMPANY U NDI SPU TED LEA DER I N A HIG HLY AT TRACTI VE I NDU S TRY G LO BA L MEG A TREND S D RIV ING RO BU ST S ECTOR GRO WTH CO MPLEX B US I NESS MO DEL NO T EAS ILY REPLI CATED HI GHLY V IS I BLE, UNI Q U ELY PRED ICT ABLE G ROW TH ENHAN CED CAPA BI LIT IES AD D TO SA LES PRO DU CTI VIT Y EX CEPT IO NAL FREE CASH FLOW PRIVILEGED, PROPRIETARY, AND CONFIDENTIAL 24
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THANK YOU