ONEW · OneWater Marine Inc.

OneWater Marine's fiscal second quarter 2026 results reflect a challenging retail environment, with total revenue declining 8.5% to $442.3 million. The decrease was primarily attributed to the timing of the Palm Beach International Boat Show and the divestiture of Ocean Bio-Chem Holdings (OBCI). Same-store sales fell 8%. Despite the top-line pressure, gross profit margin expanded 110 basis points to 23.9%, driven by favorable new and pre-owned boat model mix and disciplined inventory management. This margin improvement underscores the company's strategic focus on profitability over volume. Selling, general and administrative expenses declined 2.4% year-over-year, reflecting cost reduction actions, though as a percentage of revenue they increased to 19.4% due to lower revenue. Net loss widened to $(12.9) million from $(0.4) million, impacted by a $5.8 million non-cash trade name impairment charge and tax effects from the OBCI disposition. Adjusted EBITDA was $16.3 million, down from $17.9 million. On the balance sheet, the company repaid $56.6 million in debt using proceeds from the OBCI sale, reducing adjusted net debt leverage to 4.1x. Management maintained its full-year fiscal 2026 guidance, expecting total revenue of $1.78-$1.88 billion, adjusted EBITDA of $60-$80 million, and adjusted diluted EPS of $0.20-$0.70. The company remains positioned for a market recovery with a stronger balance sheet and a more focused portfolio.