Here are 1-2 brief analogies for OneSpaWorld (OSW):

• The Starbucks of cruise ship spas.
• HMSHost for cruise ship wellness.

• Spa & Wellness Treatments: Provides a range of therapeutic and relaxation services, including massages, facials, and body treatments, primarily on cruise ships and in destination resorts.
• Beauty & Salon Services: Offers professional hair styling, nail care, and other aesthetic services to guests.
• Fitness & Health Programs: Manages fitness centers, provides personal training, and conducts group exercise classes.
• Medi-Spa Services: Delivers non-invasive cosmetic and aesthetic treatments, such as injectables and laser therapies.
• Retail Products: Sells a variety of premium beauty, skincare, and wellness products to complement their service offerings.

OneSpaWorld (OSW) primarily sells its services to other companies, specifically cruise lines and destination resort operators, rather than directly to individual consumers. OSW operates spas, fitness centers, and salons onboard cruise ships and in hotels/resorts, contracting with the owners and operators of these venues to provide their services to guests.

Based on their public filings, the major customer companies for OneSpaWorld are:

• Carnival Corporation & plc (Symbol: CCL) - This includes brands such as Princess Cruises, Holland America Line, Cunard, Seabourn, Costa Cruises, AIDA Cruises, and others.
• Royal Caribbean Group (Symbol: RCL) - This includes brands such as Royal Caribbean International, Celebrity Cruises, and Silversea.
• Norwegian Cruise Line Holdings Ltd. (Symbol: NCLH) - This includes brands such as Norwegian Cruise Line, Regent Seven Seas Cruises, and Oceania Cruises.
• Marriott International, Inc. (Symbol: MAR) - This includes the Marriott and Ritz-Carlton brands, among others.
• Hilton Worldwide Holdings Inc. (Symbol: HLT)
• Caesars Entertainment, Inc. (Symbol: CZR)
• **MSC Cruises** (Part of MSC Group, which is a privately held company)

Leonard Fluxman, President, Executive Chairman & CEO

Mr. Fluxman has served as OneSpaWorld's Executive Chairman and Chief Executive Officer since March 2021, and as President since June 2021. He previously served as CEO of Steiner Leisure Limited from 2001 to March 2019, and held various other roles at Steiner Leisure, including President, COO, and CFO. He joined Steiner Leisure in 1994 when it acquired Coiffeur Transocean (Overseas), Inc. ("CTO"), where he had served as Vice President—Finance and later as Chief Operating Officer. A certified public accountant, Mr. Fluxman was employed by Laventhol and Horwath from 1986 to 1989. He holds a Bachelor of Commerce from the University of Witwatersrand and an Honors Bachelor of Accounting Science from the University of South Africa. Steiner Leisure, a company Mr. Fluxman led for many years, was acquired by Catterton Partners, a private equity firm.

Stephen B. Lazarus, President, Chief Financial Officer and Chief Operating Officer

Mr. Lazarus serves as OneSpaWorld's President, Chief Financial Officer, and Chief Operating Officer, positions he also held for Steiner Leisure Limited since 2015. Prior to this, he was Executive Vice President and CFO (2006-2014) and Senior Vice President and CFO (2003-2006) at Steiner Leisure. Before joining Steiner, Mr. Lazarus was Division Vice President and CFO for Rayovac Corporation's Latin America Division starting in 1999.

Charles Rivera, Chief Information Officer and Senior Vice President

Mr. Rivera has served as Chief Information Officer (CIO) and Senior Vice President for OneSpaWorld for over 20 years, leading the IT organization in deploying and managing innovative technologies across numerous vessels globally and their supporting shore-side systems. Before joining the team, Mr. Rivera held an executive position at a boutique IT consulting company and was a software and deployment engineer with AT&T.

Tim Dux, Executive Vice President of Maritime Operations

Mr. Dux has served as Executive Vice President of Maritime Operations since 2021, having previously been Senior Vice President since 2013 and Director of Spa Operations from 2010 to 2013. He joined the team in 2005 as Manager of Fitness Operations.

Eduardo Chamia, Senior Vice President, Sales and Revenue

Mr. Chamia serves as Senior Vice President of Sales and Revenue, a role he has held since 2015 after his tenure with Steiner Leisure Limited. He is responsible for leading a global team of spa managers, driving profitability, and enhancing guest satisfaction across the cruise spa fleet.

High Dependency on Cruise Industry and Travel Disruptions

Regulatory Risks and Compliance Issues

Executive Share Sales

OneSpaWorld (OSW) primarily operates within the global spa services market, with a significant focus on cruise ship and destination resort spas. The company holds a dominant position in the outsourced maritime health and wellness industry, with over 90% market share. Their services cater to a captive audience of cruise ship passengers and global travelers at premier destination resorts.

Addressable Market Sizes:

• Global Spa Services Market: The global spa services market was estimated at USD 96.51 billion in 2024 and is projected to reach USD 147.11 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.5% from 2025 to 2030. Another estimate values the global spa market at USD 208.52 billion in 2025, with a projection to reach USD 512.56 billion by 2032, exhibiting a CAGR of 13.7%.
• Global Cruise Tourism Market: The global cruise market size was valued at USD 7.67 billion in 2022 and is projected to reach USD 18.30 billion by 2030, growing at a CAGR of 11.5% from 2023 to 2030. The global cruise tourism market size is also reported as USD 5.47 billion in 2025 and is predicted to increase to approximately USD 8.99 billion by 2034. In 2024, the global cruise industry welcomed 34.6 million passengers, with 37.7 million expected in 2025. OneSpaWorld served approximately 26 million cruise passengers annually across global cruise lines as of December 31, 2024.
• Global Health and Wellness Industry: The broader global health and wellness market, which encompasses OneSpaWorld's offerings, is projected to reach USD 1.35 trillion in 2028.

Expected Drivers of Future Revenue Growth for OneSpaWorld (OSW)

• Fleet Expansion and New Ship Builds: OneSpaWorld anticipates continued revenue growth through the expansion of its operating footprint on cruise ships. The company plans to open health and wellness centers on several new ship builds in 2025, including an additional eight new ship builds. This strategy involves exclusive long-term partnerships with major cruise lines, enabling OneSpaWorld to operate on new vessels launched during the agreement terms. For example, the company entered into a new exclusive agreement with Royal Caribbean and Celebrity Cruises for their existing 40 ships and future ships, and added Aroya Cruises as a partner starting late 2024.
• Expansion of High-Value Services: The company is focused on increasing its offerings of high-margin wellness services, particularly its Medi-Spa services. By the end of fiscal year 2024, Medi-Spa services were available on 147 ships, with plans to expand to 151 ships in fiscal year 2025. This expansion includes services such as IV therapy, acupuncture, cryotherapy, and LED facial treatments, which contribute to higher guest spending and strong double-digit sales growth.
• Increased Guest Spending and Onboard Penetration: OneSpaWorld has observed and continues to drive growth through increased guest spending and higher onboard penetration rates for its services. This is further enhanced by pre-booking initiatives, where pre-booked passengers tend to spend significantly more than non-pre-booked guests. Improved penetration rates and better facility utilization are also key focuses.
• Leveraging Technology and AI Initiatives: OneSpaWorld is investing in strategic technology and AI-driven initiatives to enhance operational efficiency, service personalization, and overall guest experience. While these efforts are in their early stages, they are expected to boost productivity, operational scalability, and further increase key operating metrics, with an anticipated impact on operations by the second quarter of 2026.

Share Repurchases

• In the third quarter of fiscal year 2025, OneSpaWorld repurchased 816,028 common shares for $17.6 million, with an additional $15.0 million used to repurchase 721,663 shares subsequent to quarter-end.
• As of September 30, 2025, $57.4 million remained available under the $75 million share repurchase authorization, with $42.4 million remaining after subsequent repurchases.
• During fiscal year 2024, the company repurchased approximately 745,000 common shares under a $50 million share repurchase program, returning $11.2 million to shareholders. The company also repurchased approximately 1.4 million shares from Steiner Leisure Limited in 2024.

Share Issuance

• In April 2020, OneSpaWorld entered into an agreement for a $75 million equity financing, which included the issuance of approximately 18.8 million common shares and 5 million warrants to Steiner Leisure Limited and other existing investors.

Inbound Investments

• In April 2020, Steiner Leisure Limited, an L Catterton-led investor group, along with other existing investors and management, made a $75 million investment in OneSpaWorld through the issuance of common shares and warrants.

Capital Expenditures

• OneSpaWorld operates with an "asset-light" business model, where cruise line and destination resort partners typically fund the construction, maintenance, and refurbishment of health and wellness centers.
• Capital expenditures are projected to be around 2% of revenues for the next two years. In the second quarter of fiscal year 2025, capital expenditures were $2.7 million.
• Recent capital expenditures have focused on strategic investments in AI initiatives and the rollout of additional Medispa equipment to enhance service offerings and operational efficiencies.