OSW · OneSpaWorld Holdings Limited

OneSpaWorld delivered record Q1 2026 results, with total revenues up 13% to $247.6 million driven by 4% higher revenue days, 2% increased average guest spend, and $1.2 million from new ship builds, including $5.4 million from pre-booked services. Maritime revenues grew while destination resorts declined $1.2 million due to hotel closures and Asian exit. Income from operations surged 36% to $22.9 million, aided by non-recurrence of $2.5 million severance from Q1 2025. Net income rose 40% to $21.3 million ($0.21/share), with Adjusted EBITDA up 21% to $32.2 million. Administrative expenses increased to $6.2 million from third-party fees post-restructuring, offset by lower salaries after transitioning services externally and prior severance. CEO Leonard Fluxman highlighted 20 consecutive record quarters, staff delivering exceptional guest experiences via innovation, and six new ship builds in 2026. CFO Stephen Lazarus noted AI integration for revenue growth, strong cash flow enabling $5.1 million dividend and $1.3 million debt paydown, ending with $17.3 million cash and $67.3 million liquidity. Q2 guidance implies 10% growth at midpoint over Q2 2025 (exited operations), while FY2026 guidance raised from prior $1.010-1.030 billion revenues/$128-138 million EBITDA. Share repurchase program has $37.5 million remaining. Operational expansion: cruise ships to 208 (average 202), staff to 4,585; resorts down to 36 (average 37) amid Asia exit.