ONESPAWORLD HOLDINGS Ltd (NASDAQ: OSW)

OneSpaWorld Holdings Ltd is a global services company that operates health, wellness, aesthetics, and fitness centers on cruise ships and at destination resorts. It provides a comprehensive suite of services including body care, salon, skin care, fitness facilities, specialized fitness classes, personal training, pain management, body composition analysis, weight loss programs, detoxification, nutrition regimens, and advanced medi-spa treatments such as dermal fillers, skin tightening, and IV therapies. The company serves guests seeking to enhance their vacation experience through health and wellness offerings tailored to their lifestyle needs.

OneSpaWorld generates revenue primarily through long-term agreements with cruise line and destination resort partners, under which it has the exclusive right to offer services and sell complementary products onboard ships and at resorts. Revenue is derived from service fees and retail product sales, with product sales accounting for approximately 19% of total revenue in 2025. The company earns a share of gross receipts from its partners, who retain a specified percentage, creating an economically aligned partnership model.

The company operates through the following segments:

• Cruise Line Services: This segment manages health and wellness centers on cruise ships, providing services such as spa and aesthetics, medi-spa, health and pain management, fitness, nutrition, and thermal suites. It offers products from leading brands including ELEMIS®, Grown Alchemist®, Kérastase®, Dysport®, Restylane®, Thermage®, CoolSculpting®, truSculpt® 3D, truSculpt® iD, Good Feet®, Lightstim®, and Hyperice®, many of which are exclusively distributed by OneSpaWorld in the cruise market. As of December 31, 2025, it operated centers on 206 ships serving over 28 million guests annually.

• Destination Resort Services: This segment operates health and wellness centers at 48 land-based resort locations worldwide, including properties in the Maldives, United States, Malaysia, Bahamas, Russia, Indonesia, Palau, Japan, Aruba, Egypt, Oman, and Thailand. It delivers services such as spa treatments, fitness programs, medi-spa offerings, and nutritional counseling, utilizing branded products and tailored experiences to align with each resort’s hospitality strategy. The segment serves guests seeking wellness enhancements during stays at luxury and premium destination resorts.

OneSpaWorld holds a dominant position in the industry as the market leader in outsourced maritime health and wellness services, with an estimated market share exceeding 90%, more than 17 times the size of its closest competitor. It serves a captive audience of over 28 million cruise passengers annually and has established long-term relationships with major global cruise lines, including Carnival Cruise Line, Royal Caribbean Cruises, Princess Cruises, Norwegian Cruise Line, Celebrity Cruises, and Holland America, among others. Its competitive advantages stem from its global infrastructure, proprietary technology, exclusive brand partnerships, and proven ability to recruit and train a diverse, multilingual workforce across 88 nationalities.

The company’s customer base consists primarily of cruise line partners and destination resort operators, including Carnival Corporation, Royal Caribbean Group, Norwegian Cruise Line Holdings, Atlantis, Marriott, Hilton, Caesars Entertainment, Four Seasons, and Mohegan Sun. These partners represent a broad spectrum of contemporary, premium, luxury, and budget cruise operators, as well as leading hotel and resort brands worldwide. End consumers are guests seeking health, wellness, and aesthetic enhancements during their vacations at sea and on land.