OneWater Marine Inc. Announces Fiscal Fourth Quarter and Full-Year 2025 Results

OneWater Marine Inc. Announces Fiscal Fourth Quarter and Full-Year 2025 Results Well-positioned Entering Fiscal Year 2026 with Healthy Inventory Levels Fiscal Year 2025 Highlights Revenue increased 6% to $1.9 billion Same-store sales increased 6%, significantly outpacing broader industry trends Gross profit margin of 22.8%, reflecting highly competitive environment as the market continued to normalize Recorded a $146 million non-cash goodwill and intangible asset impairment charge in the fourth quarter, resulting in a GAAP net loss of $(116) million, or $(7.22) per diluted share; adjusted diluted earnings per share1 was $0.44 Adjusted EBITDA1 of $70 million OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal fourth quarter and year ended September 30, 2025. “We delivered a solid finish to what was a challenging fiscal 2025 for our industry, outperforming the market and continuing to advance our strategic priorities. Amid heightened competition and elevated promotional activity, our teams executed with discipline, managing inventory to the cleanest levels we have seen in years. Supported by our flexible operating model, we effectively aligned costs with market demand and successfully navigated this dynamic environment,” commented Austin Singleton, Executive Chairman at OneWater. “With our strategic brand exits complete and industry inventories approaching healthier levels, we see opportunity for margin expansion in fiscal 2026 as we sharpen our focus on our portfolio of strong core brands. As the industry stabilizes and production trends normalize, we believe OneWater is well positioned to capitalize on growth opportunities, enhance profitability, and continue outperforming the broader marine industry.” For the Three Months Ended September 30 2025 2024 $ Change % Change Revenues (unaudited, $ in thousands) New boat $ 274,534 $ 216,740 $ 57,794 26.7 % Pre-owned boat 91,439 73,373 18,066 24.6 % Finance & insurance income 12,774 11,472 1,302 11.3 % Service, parts & other 81,388 76,270 5,118 6.7 % Total revenues $ 460,135 $ 377,855 $ 82,280 21.8 % Fiscal Fourth Quarter 2025 Results Revenue for fiscal fourth quarter 2025 was $460.1 million, an increase of 21.8% compared to $377.9 million in fiscal fourth quarter 2024. Same-store sales increased 23%. New boat revenue increased 26.7%, driven by an increase in units sold and average price per unit. Pre-owned boat revenue increased 24.6%, driven by the increase in units sold and average price per unit. Finance & insurance income decreased slightly as a percentage of total boat sales, and service, parts & other sales were up 6.7% compared to the prior year quarter. As a reminder, the fiscal fourth quarter 2024 was impacted by Hurricane Helene, which made landfall on the west coast of Florida in September of 2024, disrupting the Company’s ability to deliver boats. This negatively impacted revenue in the prior year period resulting in a more favorable year over year comparison for fourth quarter 2025 sales. Gross profit totaled $103.9 million for fiscal fourth quarter 2025, up $13.2 million from $90.7 million for fiscal fourth quarter 2024. Gross profit margin of 22.6% decreased 140 basis points compared to the prior year period, driven by new boat model mix, pricing on continuing brands, and the impact of select brands the Company exited. Fiscal fourth quarter 2025 selling, general and administrative expenses totaled $84.3 million, or 18.3% of revenue, compared to $79.5 million, or 21.0% of revenue, in fiscal fourth quarter 2024. The decrease in selling, general and administrative expenses as a percentage of revenue was driven by higher revenues and ongoing reductions in the Company’s expense structure. Net loss for fiscal fourth quarter 2025 totaled $(113.0) million, compared to net loss of $(10.4) million in fiscal fourth quarter 2024. The net loss in the period was driven by a $145.8 million non-cash impairment charge related to goodwill and certain intangible assets. The Company reported net loss per diluted share for fiscal fourth quarter 2025 of $(6.90), compared to net loss per diluted share of $(0.63) in 2024. Adjusted diluted earnings per share1 for fiscal fourth quarter 2025 was less than $0.01, compared to adjusted diluted loss per share1 of $(0.36) in 2024. Fiscal fourth quarter 2025 Adjusted EBITDA1 increased 123.0% to $17.5 million compared to $7.8 million for fiscal fourth quarter 2024. For the Twelve Months Ended September 30 2025 2024 $ Change % Change Revenues (unaudited, $ in thousands) New boat $ 1,158,165 $ 1,118,292 $ 39,873 3.6 % Pre-owned boat 363,906 312,193 51,713 16.6 % Finance & insurance income 54,959 51,494 3,465 6.7 % Service, parts & other 295,304 290,651 4,653 1.6 % Total revenues $ 1,872,334 $ 1,772,630 $ 99,704 5.6 % Fiscal Year Ended September 30, 2025 Results Revenue for the fiscal year ended September 30, 2025 increased 5.6% to $1,872.3 million from $1,772.6 million for the fiscal year ended September 30, 2024, driven by an increase in new and pre-owned average selling price compared to the prior year. Same-store sales increased 6% compared to the prior year. Finance & insurance sales remained flat as a percentage of total boat sales, and service, parts & other sales were up 1.6% compared to the prior year. Dealership service, parts, & other sales increased compared to the prior year while Distribution segment sales were lower due to reduced production by boat manufacturers. Gross profit totaled $427.0 million for fiscal year 2025, compared to $435.1 million for fiscal year 2024. Gross profit margin of 22.8% decreased 170 basis points compared to the prior year, primarily driven by new boat model mix, pricing on continuing brands, and the impact of select brands the Company exited. Fiscal year 2025 selling, general and administrative expenses totaled $343.3 million, or 18.3% of revenue, compared to $332.7 million, or 18.8% of revenue in fiscal year 2024. The decrease in selling, general and administrative expenses as a percentage of revenue was due primarily to higher revenues and ongoing reductions in the Company’s expense structure. Net loss for fiscal year 2025 totaled $(116.2) million compared to net loss of $(6.2) million in fiscal year 2024, a decrease of $110.1 million. The decrease was primarily due to a $145.8 million non-cash impairment charge related to goodwill and certain intangible assets during the fourth quarter of 2025. The Company reported a net loss per diluted share for fiscal year 2025 of $(7.22), compared to net loss per diluted share of $(0.39) in 2024. Adjusted diluted earnings per share1 for fiscal year 2025 was $0.44, compared to adjusted diluted earnings per share of $0.98 in 2024. Adjusted EBITDA1 decreased 15.0% to $70.1 million, compared to $82.5 million in fiscal year 2024. As of September 30, 2025, the Company’s cash and cash equivalents balance was $52.2 million and total liquidity, including cash and availability under credit facilities, was approximately $67 million. Total inventory as of September 30, 2025, decreased to $539.8 million, compared to $590.8 million on September 30, 2024. Inventory declined primarily as a result of the Company’s disciplined inventory management approach. Total long-term debt as of September 30, 2025 was $412.1 million, and adjusted long-term net debt (net of $52.2 million cash)1 was 5.1 times trailing twelve-month Adjusted EBITDA1. Fiscal Year 2026 Guidance For fiscal full-year 2026, OneWater anticipates industry-wide unit sales to be flat year over year. When factoring in the lost revenue from exited brands, the Company expects dealership same-store sales to be flat year over year and total revenue to be in the range of $1.83 billion to $1.93 billion. Adjusted EBITDA2 is expected to be in the range of $65 million to $85 million and adjusted diluted earnings per share2 is expected to be in the range of $0.25 to $0.75. Conference Call and Webcast OneWater will host a conference call to discuss its fiscal fourth quarter and full-year earnings on Thursday, November 13th, at 8:30 am Eastern time. To access the conference call via phone, participants can dial 1-646-564-2877 (US) or 1-800-549-8228 (North America Toll Free). Alternatively, a live webcast of the conference call can be accessed through the “Events” section of the Company’s website at https://investor.onewatermarine.com/ where it will be archived for one year. A telephonic replay will also be available through November 20th, 2025 by dialing 1-646-517-3975 (US) or 1-888-660-6264 (North America Toll Free) and entering access code 51563. See reconciliation of Non-GAAP financial measures below.See reconciliation of Non-GAAP financial measures below for a discussion of why reconciliations of forward-looking Adjusted EBITDA and adjusted diluted earnings per share are not available without unreasonable effort. ONEWATER MARINE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2025 2024 2025 2024 Revenues: New boat $ 274,534 $ 216,740 $ 1,158,165 $ 1,118,292 Pre-owned boat 91,439 73,373 363,906 312,193 Finance & insurance income 12,774 11,472 54,959 51,494 Service, parts & other 81,388 76,270 295,304 290,651 Total revenues 460,135 377,855 1,872,334 1,772,630 Gross profit New boat 44,105 35,403 183,214 196,886 Pre-owned boat 15,943 14,060 65,545 64,125 Finance & insurance 12,774 11,472 54,959 51,494 Service, parts & other 31,072 29,718 123,304 122,558 Total gross profit 103,894 90,653 427,022 435,063 Selling, general and administrative expenses 84,296 79,511 343,285 332,680 Depreciation and amortization 5,208 5,216 21,634 19,401 Transaction costs 436 564 1,547 1,530 Change in fair value of contingent consideration (2,585 ) 330 (2,133 ) 4,248 Restructuring and impairment 146,666 539 148,139 12,386 (Loss) income from operations (130,127 ) 4,493 (85,450 ) 64,818 Other expense (income): Interest expense – floor plan 6,599 8,460 28,469 34,087 Interest expense – other 9,054 9,698 36,183 37,050 Other expense (income), net 576 (875 ) 1,429 14 Total other expense, net 16,229 17,283 66,081 71,151 Net income (loss) before income tax expense (benefit) (146,356 ) (12,790 ) (151,531 ) (6,333 ) Income tax expense (benefit) (33,398 ) (2,379 ) (35,301 ) (157 ) Net income (loss) (112,958 ) (10,411 ) (116,230 ) (6,176 ) Net (income) attributable to non-controlling interests — — — (119 ) Net loss attributable to non-controlling interests — 1,162 1,648 590 Net income (loss) attributable to OneWater Marine Inc. $ (112,958 ) $ (9,249 ) $ (114,582 ) $ (5,705 ) Net earnings (loss) per share of Class A common stock – basic $ (6.90 ) $ (0.63 ) $ (7.22 ) $ (0.39 ) Net earnings (loss) per share of Class A common stock – diluted $ (6.90 ) $ (0.63 ) $ (7.22 ) $ (0.39 ) Basic weighted-average shares of Class A common stock outstanding 16,372 14,628 15,869 14,585 Diluted weighted-average shares of Class A common stock outstanding 16,372 14,628 15,869 14,585 ONEWATER MARINE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 30, 2025 September 30, 2024 ASSETS Cash $ 52,166 $ 16,849 Restricted cash 12,654 10,488 Accounts receivable, net 60,885 73,269 Inventories 539,793 590,838 Prepaid expenses and other current assets 53,715 85,922 Total current assets 719,213 777,366 Property and equipment, net 91,576 93,224 Operating lease right-of-use assets 128,988 138,829 Other long-term assets 2,309 1,299 Deferred tax assets, net 72,587 37,278 Intangible assets, net 130,198 205,391 Goodwill 258,954 336,602 Total assets $ 1,403,825 $ 1,589,989 LIABILITIES Accounts payable $ 43,758 $ 32,106 Other payables and accrued expenses 41,429 42,116 Customer deposits 29,280 63,955 Notes payable – floor plan 419,682 443,386 Current portion of operating lease liabilities 16,615 15,704 Current portion of long-term debt, net 41,557 7,874 Current portion of tax receivable agreement liability 2,637 2,578 Total current liabilities 594,958 607,719 Other long-term liabilities 2,544 12,563 Tax receivable agreement liability 34,858 38,019 Long-term operating lease liabilities 115,977 126,001 Long-term debt, net (1) 370,535 414,934 Total liabilities 1,118,872 1,199,236 STOCKHOLDERS’ EQUITY Total stockholders’ equity attributable to OneWater Marine Inc. 284,953 360,810 Equity attributable to non-controlling interests — 29,943 Total stockholders’ equity 284,953 390,753 Total liabilities and stockholders’ equity $ 1,403,825 $ 1,589,989 (1) See Cautionary Statements below. ONEWATER MARINE INC. Reconciliation of Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2025 2024 2025 2024 Net income (loss) attributable to OneWater Marine Inc. $ (112,958 ) $ (9,249 ) $ (114,582 ) $ (5,705 ) Transaction costs 436 564 1,547 1,530 Intangible amortization 1,629 2,099 8,067 7,842 Change in fair value of contingent consideration (2,585 ) 330 (2,133 ) 4,248 Restructuring and impairment 146,666 3,471 149,678 15,318 Other expense (income), net 576 (875 ) 1,429 14 Net income attributable to non-controlling interests of One Water Marine Holdings, LLC (1) — (503 ) (568 ) (2,606 ) Adjustments to income tax expense (2) (33,746 ) (1,170 ) (36,345 ) (6,060 ) Adjusted net income (loss) attributable to OneWater Marine Inc. 18 (5,333 ) 7,093 14,581 Net income (loss) per share of Class A common stock - diluted $ (6.90 ) $ (0.63 ) $ (7.22 ) $ (0.39 ) Transaction costs 0.03 0.04 0.10 0.10 Intangible amortization 0.10 0.14 0.51 0.54 Change in fair value of contingent consideration (0.16 ) 0.02 (0.13 ) 0.29 Restructuring and impairment 8.96 0.24 9.43 1.05 Other expense (income), net 0.04 (0.06 ) 0.09 — Net income attributable to non-controlling interests of One Water Marine Holdings, LLC (1) — (0.03 ) (0.04 ) (0.18 ) Adjustments to income tax expense (2) (2.06 ) (0.08 ) (2.29 ) (0.42 ) Adjustment for dilutive shares (3) (0.01 ) — (0.01 ) (0.01 ) Adjusted earnings (loss) per share of Class A common stock - diluted $ — $ (0.36 ) $ 0.44 $ 0.98 (1) Represents an allocation of the impact of reconciling items to our non-controlling interest. (2) Represents an adjustment of all reconciling items at an estimated effective tax rate. (3) Represents an adjustment for shares that are anti-dilutive for GAAP earnings per share but are dilutive for adjusted earnings per share. ONEWATER MARINE INC. Reconciliation of Non-GAAP Financial Measures (In thousands, except ratios) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2025 2024 2025 2024 Net income (loss) $ (112,958 ) $ (10,411 ) $ (116,230 ) $ (6,176 ) Interest expense – other 9,054 9,698 36,183 37,050 Income tax expense (benefit) (33,398 ) (2,379 ) (35,301 ) (157 ) Depreciation and amortization 5,930 5,932 24,440 22,187 Stock-based compensation 3,782 1,518 10,499 8,443 Change in fair value of contingent consideration (2,585 ) 330 (2,133 ) 4,248 Transaction costs 436 564 1,547 1,530 Restructuring and impairment 146,666 3,471 149,678 15,318 Other expense (income), net 576 (875 ) 1,429 14 Adjusted EBITDA $ 17,503 $ 7,848 $ 70,112 $ 82,457 Long-term debt (including current portion) $ 412,092 $ 422,808 Less: cash (52,166 ) (16,849 ) Adjusted long-term net debt $ 359,926 $ 405,959 Pro forma adjusted net debt leverage ratio 5.1 x 4.9 x About OneWater Marine Inc. OneWater Marine Inc. is one of the largest and fastest-growing premium marine retailers in the United States. OneWater operates a total of 95 retail locations, 9 distribution centers / warehouses and multiple online marketplaces in 19 different states, several of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, finance and insurance products, parts and accessories, maintenance, repair and other services. Cautionary Statements The summary financial results and other information included in this press release are preliminary, unaudited, and subject to completion of the Company’s financial closing and audit processes. These preliminary summarized results represent management’s current estimates based on information available as of the date hereof, include assumptions regarding the anticipated completion of the Company’s debt refinancing, and are subject to change. Accordingly, these results should not be viewed as a substitute for the complete audited financial statements to be included in the Company’s Annual Report on Form 10-K, once filed with the Securities and Exchange Commission. Actual results may differ materially from these estimates. This press release and statements made during the above referenced conference call may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding our strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and its expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management’s current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: changes in demand for our products and services, the seasonality and volatility of the boat industry, effects of industry wide supply chain challenges including a heightened inflationary environment and our ability to maintain adequate inventory, fluctuation in interest rates, adverse weather events, our acquisition and business strategies, the inability to comply with the financial and other covenants and metrics in our credit facilities, cash flow and access to capital, effects of a global health concern on the Company’s business, geopolitical risks, including the imposition of or changes in tariffs, duties, or other taxes affecting international trade, risks related to the ability to realize the anticipated benefits of any proposed acquisitions, including the risk that proposed acquisitions will not be integrated successfully, the timing of development expenditures, and other risks. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and in our subsequently filed Quarterly Reports on Form 10-Q, each of which is on file with the SEC and available from OneWater Marine’s website at www.onewatermarine.com under the “Investors” tab, and in other documents OneWater Marine files with the SEC. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. Non-GAAP Financial Measures and Key Performance Indicators This press release and our related earnings call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income Attributable to OneWater Marine Inc., Adjusted Diluted Earnings Per Share and Adjusted Long-Term Net Debt, as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of the Company’s ongoing operations and how management views the business. Reconciliations of reported GAAP measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. Because our non-GAAP financial measures may be defined differently by other companies, our definition of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. We have not reconciled non-GAAP forward-looking measures, including Adjusted EBITDA and adjusted diluted earnings per share guidance, to their corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to change in fair value of contingent consideration and transaction costs. Change in fair value of contingent consideration and transaction costs are affected by the acquisition, integration and post-acquisition performance of our acquirees which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA and adjusted diluted earnings per share are not available without unreasonable effort. Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest expense – other, income tax (benefit) expense, depreciation and amortization and other (income) expense, further adjusted to eliminate the effects of items such as the change in fair value of contingent consideration, restructuring and impairment, stock-based compensation and transaction costs. See reconciliation above. Our board of directors, management team and lenders use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and other items (such as the change in fair value of contingent consideration, income tax (benefit) expense, restructuring and impairment, stock-based compensation and transaction costs) that impact the comparability of financial results from period to period. We present Adjusted EBITDA because we believe it provides useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Adjusted EBITDA is not a financial measure presented in accordance with GAAP. We believe that the presentation of this non-GAAP financial measure will provide useful information to investors and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. and Adjusted Diluted (Loss) Earnings Per Share We define Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. as Net (Loss) Income Attributable to OneWater Marine Inc. before transaction costs, intangible amortization, change in fair value of contingent consideration, restructuring and impairment and other expense (income), all of which are then adjusted for an allocation to the non-controlling interest of OneWater Marine Holdings, LLC. Each of these adjustments are subsequently adjusted for income tax at an estimated effective tax rate. Management also reports Adjusted Diluted (Loss) Earnings Per Share which presents all of the adjustments to Net (Loss) Income Attributable to OneWater Marine Inc. noted above on a per share basis. See reconciliation above. Our board of directors, management team and lenders use Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. and Adjusted Diluted (Loss) Earnings Per Share to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of unusual or one time charges and other items (such as the change in fair value of contingent consideration, intangible amortization, restructuring and impairment, transaction costs and other expense (income)) that impact the comparability of financial results from period to period. We present these metrics because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. and Adjusted Diluted (Loss) Earnings Per Share are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures will provide useful information to investors and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Adjusted Long-Term Net Debt We define Adjusted Long-Term Net Debt as long-term debt (including current portion) less cash. We consider, and we believe certain investors and analysts consider, adjusted long-term net debt, as well as adjusted long-term net debt divided by trailing twelve-month Adjusted EBITDA, to be an indicator of our financial leverage. Same-Store Sales We define same-store sales as sales from our Dealership segment, excluding new and acquired stores. New and acquired stores become eligible for inclusion in the comparable store base at the end of the store’s thirteenth month of operations under our ownership and revenues are only included for identical months in the same-store base periods. Stores relocated within an existing market remain in the comparable store base for all periods. Additionally, amounts related to closed or sold stores are excluded from each comparative base period. We use same-store sales to assess the organic growth of our Dealership segment revenue. We believe that our assessment on a same-store basis represents an important indicator of comparative financial results and provides relevant information to assess our performance. Investor or Media Contact: Jack Ezzell Chief Operating Officer and Chief Financial Officer [email protected] Source: OneWater Marine Inc.