OneSpaWorld Holdings Limited (OSW) reported preliminary results for the fourth quarter of fiscal 2025 that fall squarely within the ranges it had disclosed earlier in the year. Total revenue for the quarter is expected to be between $239.5 million and $244.5 million, while adjusted EBITDA is projected to be between $30 million and $32 million. The figures represent a 4.5% to 5.5% increase in revenue and a 3% to 4% rise in EBITDA compared with the $229 million and $28 million reported for Q4 2024, underscoring steady top‑line growth and margin resilience.
For the full fiscal year, OSW’s revenue is expected to be between $958.5 million and $963.5 million, and adjusted EBITDA between $122 million and $124 million. These results translate to a 7% to 8% year‑over‑year increase in revenue and a 9% to 10% rise in EBITDA versus the $895 million and $112 million reported for FY 2024, reflecting the company’s expanding onboard footprint and higher average spend per guest.
The company highlighted its balance‑sheet repair, noting that it has repaid more than $133 million of debt since 2022. As of the end of 2025, the net debt to EBITDA ratio stands at 0.82, a figure close to the one‑to‑one benchmark the company has targeted. The debt reduction has improved liquidity and positioned OSW to fund future growth initiatives.
Looking ahead, OSW set 2026 guidance of total revenue between $1.01 billion and $1.03 billion and adjusted EBITDA between $128 million and $138 million. The guidance reflects confidence in continued demand for its health‑and‑wellness services on new cruise‑ship builds, the rollout of AI‑driven yield‑optimization tools, and the company’s focus on high‑margin onboard operations.
CEO Leonard Fluxman emphasized that the 2025 results “represent another landmark year” and that the company is “strongly positioned to continue momentum” as it expands new ship builds and invests $15 million in debt reduction while maintaining positive cash flow. He added that the company’s exit from land‑based operations in Asia freed up resources to concentrate on the higher‑margin cruise‑ship segment.
The results were driven by a 12% increase in average guest spend, a 5% rise in the number of onboard guests, and the successful deployment of AI tools that improved yield on cabin and spa services. The company’s exit from legacy land‑based operations in Asia, which generated $23 million in 2025 revenue, further sharpened its focus on the more profitable cruise‑ship business. Together, these factors underpin the company’s robust revenue growth, margin expansion, and the confidence reflected in its 2026 outlook.
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