OneWater Marine (NASDAQ: ONEW) posts Q2 2026 loss but keeps full-year outlook

Rhea-AI Filing Summary

OneWater Marine Inc. reported fiscal second quarter 2026 revenue of $442.3 million, down 8.5% from $483.5 million a year earlier, as the timing of the Palm Beach International Boat Show and the Ocean Bio-Chem divestiture weighed on sales. Same-store sales declined 8%.

Despite lower revenue, gross profit margin improved 110 basis points to 23.9%, helped by a richer new and pre-owned boat mix and margin-focused pricing. Gross profit was $105.5 million versus $110.4 million last year.

The company posted a net loss of $12.9 million, or $0.78 per diluted share, compared with a $0.4 million loss, largely due to lower sales, a $5.8 million non-cash trade name impairment and tax impacts from the OBCI sale. Adjusted diluted loss per share was $0.34 versus adjusted earnings of $0.13, and Adjusted EBITDA was $16.3 million, down from $17.9 million.

OneWater ended March 31, 2026 with $68.4 million in cash, $551.4 million of inventory and $353.6 million of long-term debt. Adjusted long-term net debt was $285.2 million, equal to 4.1 times trailing twelve-month Adjusted EBITDA of $70.3 million, after repaying $56.6 million of debt using OBCI sale proceeds and operating cash flow.

The company reaffirmed its fiscal 2026 outlook, guiding total revenue between $1.78 billion and $1.88 billion, Adjusted EBITDA of $60 million to $80 million and adjusted diluted earnings per share of $0.20 to $0.70, assuming a flat to slightly down industry and flat dealership same-store sales when accounting for exited brands and the OBCI divestiture.

Positive

• Maintained fiscal 2026 outlook with total revenue guided to $1.78–$1.88 billion, Adjusted EBITDA to $60–$80 million and adjusted diluted EPS to $0.20–$0.70, indicating confidence despite a weaker quarter.
• Improved gross profit margin by 110 basis points to 23.9% and repaid $56.6 million of debt, reducing adjusted long-term net debt to $285.2 million and net leverage to 4.1x trailing twelve-month Adjusted EBITDA.

Negative

• Fiscal Q2 2026 revenue declined 8.5% to $442.3 million, same-store sales fell 8%, and net loss widened to $12.9 million or $(0.78) per diluted share from a near-breakeven prior-year quarter.
• Trailing twelve-month results include a sizable $161.4 million in restructuring and impairment charges and a net loss of $122.9 million, highlighting ongoing operational and portfolio rationalization challenges.

Insights

Equity research analyst

Soft Q2 demand and higher losses offset margin gains and leverage reduction.

OneWater’s quarter shows a mixed picture: revenue fell 8.5% to $442.3M and same-store sales declined 8%, but gross margin expanded 110 bps to 23.9% on a more profitable boat mix and tighter pricing discipline.

Net loss widened sharply to $12.9M (from roughly breakeven), driven by lower sales, a $5.8M non-cash trade name impairment and tax effects from the Ocean Bio-Chem sale. Adjusted EBITDA slipped modestly to $16.3M, underscoring that underlying profitability remains pressured but not collapsing.

Balance sheet actions are notable: the company repaid $56.6M of debt and ended with an adjusted net leverage ratio of 4.1x on trailing twelve-month Adjusted EBITDA of $70.3M. Management maintained full-year 2026 guidance for revenue of $1.78B–$1.88B and Adjusted EBITDA of $60M–$80M, signaling confidence despite industry softness and recent volatility.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 total revenue: $442.3 million Q2 2026 gross margin: 23.9% Q2 2026 net loss: $12.9 million +5 more

8 metrics

Q2 2026 total revenue $442.3 million Fiscal second quarter 2026, down 8.5% year over year

Q2 2026 gross margin 23.9% Fiscal second quarter 2026, up 110 basis points year over year

Q2 2026 net loss $12.9 million Fiscal second quarter 2026 net loss, $(0.78) per diluted share

Q2 2026 Adjusted EBITDA $16.3 million Fiscal second quarter 2026 Adjusted EBITDA versus $17.9 million prior year

Debt repaid in quarter $56.6 million Fiscal second quarter 2026 debt repayment using OBCI sale proceeds and cash flow

Adjusted long-term net debt $285.2 million As of March 31, 2026; 4.1x trailing twelve-month Adjusted EBITDA

FY 2026 revenue guidance $1.78–$1.88 billion Fiscal full-year 2026 total revenue outlook

FY 2026 Adjusted EBITDA guidance $60–$80 million Fiscal full-year 2026 Adjusted EBITDA outlook

Key Terms

Adjusted EBITDA, same-store sales, floor plan, tax receivable agreement liability, +1 more

5 terms

Adjusted EBITDA financial

"Fiscal second quarter 2026 Adjusted EBITDA1 totaled $16.3 million compared to $17.9 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

same-store sales financial

"Same-store sales were down 8%."

Same-store sales measure the revenue generated by stores that have been open for a certain period, typically a year, comparing their sales over different time frames. It helps assess whether a business is growing due to increased customer activity at existing locations rather than new stores. For investors, this figure indicates the health and performance of a company's core operations, independent of expansion efforts.

floor plan financial

"Interest expense – floor plan | 6,611 | ..."

A floor plan is a short-term financing arrangement used by retailers and dealers to buy and carry inventory, where a lender pays for goods up front and the borrower repays as items are sold. Think of it like a credit line specifically for stock on the showroom floor: it keeps cash free for operations but adds interest and repayment obligations, so investors watch it to assess a company’s liquidity, borrowing costs, and inventory-related risk.

tax receivable agreement liability financial

"Current portion of tax receivable agreement liability | 2,637 | ..."

A tax receivable agreement liability is the recorded future obligation a company expects to pay under an agreement that shares tax savings generated after a corporate transaction. Think of it like promising to split a refund with a former owner: the company recognizes a future bill on its books that reduces cash available to shareholders and can affect valuation and debt capacity. Investors watch it because it represents a real, sometimes sizable, cash outflow tied to tax benefits realized over time.

non-GAAP financial measures financial

"This press release and our related earnings call contain certain non-GAAP financial measures..."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Revenue: $442.3 million · Guidance included

Fiscal second quarter 2026

Revenue $442.3 million -8.5% year over year

Net loss $12.9 million worse than $0.4 million loss prior year

Diluted EPS $(0.78) down from $(0.02) prior year

Adjusted EBITDA $16.3 million down from $17.9 million prior year

Gross margin 23.9% +110 basis points year over year

Same-store sales -8% decline versus prior year

Guidance

For fiscal 2026, OneWater guides revenue to $1.78–$1.88 billion, Adjusted EBITDA to $60–$80 million and adjusted diluted EPS to $0.20–$0.70.

Understanding 8-K Material Events →

0001772921false00017729212026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________

FORM 8-K

____________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 30, 2026

____________________________________________

OneWater Marine Inc.

(Exact name of registrant as specified in its charter)

____________________________________________

Delaware			001-39213			83-4330138
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

6275 Lanier Islands Parkway Buford, Georgia			30518
(Address of principal executive offices)			(Zip Code)

Registrant’s Telephone Number, including Area Code: (678) 541-6300

____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, par value $0.01 per share

ONEW

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02    Results of Operations and Financial Condition.

On April 30, 2026, OneWater Marine Inc. (the “Company”) issued a press release announcing the Company’s operating and financial results for the fiscal second quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated into this Item 2.02 by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act unless specifically identified therein as being incorporated therein by reference.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number						Description
*99.1						Press Release issued by OneWater Marine Inc., dated April 30, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						ONEWATER MARINE INC.
			By:			/s/ Jack Ezzell
			Name:			Jack Ezzell
			Title:			Chief Operating Officer and Chief Financial Officer
Dated: April 30, 2026

Exhibit 99.1

OneWater Marine Inc. Announces Fiscal Second Quarter 2026 Results

Driving Margin Expansion and Strengthening Balance Sheet

Fiscal Second Quarter 2026 Highlights

•Revenue decreased 9% to $442 million

•Same-store sales decreased 8%

•Gross profit margin of 23.9% increased 110 bps

•GAAP net loss of $(13) million, or $(0.78) per diluted share; adjusted diluted loss per share1 was $(0.34)

•Adjusted EBITDA1 of $16 million

•Repaid $57 million of debt, supported by proceeds from the sale of Ocean Bio-Chem Holdings, Inc. ("OBCI")

BUFORD, GA – April 30, 2026 – OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced results for its fiscal second quarter ended March 31, 2026.

“Our second quarter was highlighted by continued improvement in boat margins and a significant reduction in leverage,” said Austin Singleton, Executive Chairman of OneWater. “Margin expansion reflects the benefits of a more focused portfolio and the deliberate actions taken to reduce complexity, optimize inventory, and manage costs. In addition, proceeds from the sale of Ocean Bio-Chem and operating cash flows enabled a meaningful reduction in debt, further strengthening our balance sheet and maintaining progress toward our leverage target. As a result, we are well positioned for a market recovery, with greater focus and an improved ability to accelerate growth and drive higher profitability.”

For the Three Months Ended March 31						2026						2025						$ Change						% Change
Revenues						(unaudited, $ in thousands)
New boat						$	272,042					$	309,500					$	(37,458)					(12.1)		%
Pre-owned boat						94,367						89,728						4,639						5.2		%
Finance & insurance income						14,021						15,003						(982)						(6.5)		%
Service, parts & other						61,863						69,290						(7,427)						(10.7)		%
Total revenues						$	442,293					$	483,521					$	(41,228)					(8.5)		%

Fiscal Second Quarter 2026 Results

Revenue for fiscal second quarter 2026 was $442.3 million, a decrease of 8.5% compared to $483.5 million in fiscal second quarter 2025. The decrease was primarily driven by the timing of this year's Palm Beach International Boat Show, as well as the impact of the OBCI divestiture. Same-store sales were down 8%. New boat revenue decreased 12.1%, with approximately half of the decline attributable to the timing of the boat show, and the remainder driven by lower unit volumes, partially offset by higher average price per unit as the Company continued to prioritize margin discipline and product mix optimization. Pre-owned boat revenue increased 5.2%, driven by an increase in units sold and average price per unit. Finance & insurance income increased slightly as a percentage of total boat sales, and service, parts & other sales were down 10.7% compared to the prior year quarter. Service, parts & other sales were impacted by the OBCI divestiture.

Gross profit totaled $105.5 million for fiscal second quarter 2026, down $4.9 million from $110.4 million for fiscal second quarter 2025. Gross profit margin increased 110 basis points to 23.9%, driven by favorable new and pre-owned boat model mix and continued execution of strategic priorities to enhance boat gross profit.

Selling, general and administrative expenses for fiscal second quarter 2026 were $85.7 million, or 19.4% of revenue, compared to $87.8 million, or 18.2% of revenue, in fiscal second quarter 2025. Selling, general and administrative expenses declined 2.4% reflecting the impact of prior cost reduction actions and ongoing expense management. The increase as a percentage of revenue was primarily driven by lower revenue in the current period.

Net loss for fiscal second quarter 2026 totaled $(12.9) million, compared to net loss of $(0.4) million in fiscal second quarter 2025. The increase in net loss was primarily driven by lower sales, a $5.8 million non-cash charge related to a trade name impairment following an

internal realignment of certain retail locations under a different brand, and the tax impacts associated with the OBCI disposition. Net loss per diluted share for fiscal second quarter 2026 was $(0.78) compared to $(0.02) in fiscal second quarter 2025. Adjusted diluted loss per share1 for fiscal second quarter 2026 was $(0.34), compared to adjusted diluted earnings per share1 of $0.13 in fiscal second quarter 2025.

Fiscal second quarter 2026 Adjusted EBITDA1 totaled $16.3 million compared to $17.9 million for fiscal second quarter 2025.

As of March 31, 2026, the Company’s cash and cash equivalents balance was $68.4 million and total liquidity, including cash and availability under credit facilities, was $72.9 million. Total inventory as of March 31, 2026, decreased to $551.4 million, compared to $602.4 million on March 31, 2025, primarily reflecting disciplined inventory management and the sale of OBCI. Total long-term debt as of March 31, 2026, was $353.6 million, and adjusted long-term net debt (net of $68.4 million cash)1 was 4.1 times trailing twelve-month Adjusted EBITDA1. During the quarter, the Company repaid $56.6 million in debt, supported by proceeds from the sale of OBCI.

Fiscal Year 2026 Guidance

The Company is maintaining its previously issued fiscal full year 2026 outlook. For fiscal full-year 2026, OneWater anticipates the industry to be flat to down low single digits year over year based on recent industry trends. When factoring in the lost revenue from exited brands and the divestiture of OBCI, the Company expects dealership same-store sales to be flat year over year and total revenue to be in the range of $1.78 billion to $1.88 billion. Adjusted EBITDA2 is expected to be in the range of $60 million to $80 million and adjusted diluted earnings per share2 is expected to be in the range of $0.20 to $0.70.

Conference Call and Webcast

OneWater will host a conference call to discuss its fiscal first quarter earnings on Thursday, April 30th, at 8:30 am Eastern time. To access the conference call via phone, participants can dial (+1) 833 461 5787 (North America Toll Free) or (+1) 585 542 9983 (International) using access code 786171846.

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.

1.See reconciliation of Non-GAAP financial measures below.

2.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 March 31,												Six Months Ended March 31,
			2026						2025						2026						2025
Revenues:
New boat			$	272,042					$	309,500					$	505,307					$	557,497
Pre-owned boat			94,367						89,728						164,782						146,526
Finance & insurance income			14,021						15,003						22,913						24,403
Service, parts & other			61,863						69,290						129,852						130,909
Total revenues			442,293						483,521						822,854						859,335
Gross profit
New boat			48,459						50,283						86,767						87,159
Pre-owned boat			17,717						15,851						32,319						27,067
Finance & insurance			14,021						15,003						22,913						24,403
Service, parts & other			25,333						29,274						52,924						55,836
Total gross profit			105,530						110,411						194,923						194,465
Selling, general and administrative expenses			85,661						87,791						167,011						166,851
Depreciation and amortization			4,174						5,518						8,584						10,833
Transaction costs			1,464						377						2,636						936
Change in fair value of contingent consideration			—						66						203						308
Restructuring and impairment			6,594						388						14,026						1,239
Income from operations			7,637						16,271						2,463						14,298
Other expense (income):
Interest expense – floor plan			6,611						7,504						13,767						14,530
Interest expense – other			7,345						9,100						15,981						18,088
Other expense (income), net			1,056						190						1,181						1,077
Total other expense, net			15,012						16,794						30,929						33,695
Net loss before income tax expense (benefit)			(7,375)						(523)						(28,466)						(19,397)
Income tax expense (benefit)			5,526						(148)						(7,854)						(5,410)
Net loss			(12,901)						(375)						(20,612)						(13,987)
Net loss attributable to non-controlling interests			—						7						—						1,648
Net loss attributable to OneWater Marine Inc.			$	(12,901)					$	(368)					$	(20,612)					$	(12,339)
Net loss per share of Class A common stock – basic			$	(0.78)					$	(0.02)					$	(1.24)					$	(0.80)
Net loss per share of Class A common stock – diluted			$	(0.78)					$	(0.02)					$	(1.24)					$	(0.80)
Basic weighted-average shares of Class A common stock outstanding			16,614						15,968						16,574						15,393
Diluted weighted-average shares of Class A common stock outstanding			16,614						15,968						16,574						15,393

ONEWATER MARINE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

			March 31, 2026						March 31, 2025
ASSETS
Cash			$	68,362					$	67,461
Restricted cash			8,160						8,092
Accounts receivable, net			60,661						91,639
Inventories			551,354						602,364
Prepaid expenses and other current assets			44,073						64,147
Total current assets			732,610						833,703
Property and equipment, net			57,958						92,100
Operating lease right-of-use assets			119,674						135,811
Financing lease right-of-use assets			1,020						—
Other long-term assets			2,926						2,437
Deferred tax assets, net			80,172						41,160
Intangible assets, net			122,502						201,851
Goodwill			258,954						336,602
Total assets			$	1,375,816					$	1,643,664
LIABILITIES
Accounts payable			$	40,457					$	45,269
Other payables and accrued expenses			37,267						47,056
Customer deposits			38,406						49,667
Notes payable – floor plan			473,067						509,025
Current portion of operating lease liabilities			16,742						16,474
Current portion of financing lease liabilities			99						—
Current portion of long-term debt, net			23,606						26,708
Current portion of tax receivable agreement liability			2,637						2,578
Total current liabilities			632,281						696,777
Other long-term liabilities			1,067						4,156
Tax receivable agreement liability			34,858						38,245
Long-term operating lease liabilities			107,338						122,386
Long-term financing lease liabilities			877						—
Long-term debt, net			329,978						400,485
Total liabilities			1,106,399						1,262,049
STOCKHOLDERS’ EQUITY
Total stockholders’ equity attributable to OneWater Marine Inc.			269,417						381,615
Equity attributable to non-controlling interests			—						—
Total stockholders’ equity			269,417						381,615
Total liabilities and stockholders’ equity			$	1,375,816					$	1,643,664

ONEWATER MARINE INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except per share data)

(Unaudited)

			Three Months Ended March 31,												Six Months Ended March 31,
			2026						2025						2026						2025
Net loss attributable to OneWater Marine Inc.			$	(12,901)					$	(368)					$	(20,612)					$	(12,339)
Transaction costs			1,464						377						2,636						936
Intangible amortization			583						2,148						1,106						4,270
Change in fair value of contingent consideration			—						66						203						308
Restructuring and impairment			6,594						388						14,026						2,286
Other expense (income), net			1,056						190						1,181						1,077
Net loss attributable to non-controlling interests of One Water Marine Holdings, LLC (1)			—						(54)						—						(568)
Adjustments to income tax expense (benefit) (2)			(2,424)						(716)						(4,788)						(1,911)
Adjusted net (loss) income attributable to OneWater Marine Inc.			(5,628)						2,031						(6,248)						(5,941)
Net loss per share of Class A common stock - diluted			$	(0.78)					$	(0.02)					$	(1.24)					$	(0.80)
Transaction costs			0.09						0.02						0.16						0.06
Intangible amortization			0.04						0.13						0.07						0.28
Change in fair value of contingent consideration			—						—						0.01						0.02
Restructuring and impairment			0.40						0.02						0.84						0.15
Other expense (income), net			0.06						0.01						0.07						0.07
Net loss attributable to non-controlling interests of One Water Marine Holdings, LLC (1)			—						—						—						(0.04)
Adjustments to income tax expense (benefit) (2)			(0.15)						(0.04)						(0.29)						(0.12)
Adjustment for dilutive shares (3)			—						0.01						—						—
Adjusted (loss) earnings per share of Class A common stock - diluted			$	(0.34)					$	0.13					$	(0.38)					$	(0.38)
(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 statutory tax rate, which may vary from the Company's 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 March 31,												Trailing twelve months ended March 31,
			2026						2025						2026
Net loss			$	(12,901)					$	(375)					$	(122,855)
Interest expense – other			7,345						9,100						34,076
Income tax expense (benefit)			5,526						(148)						(37,745)
Depreciation and amortization			4,453						6,171						21,675
Stock-based compensation			2,805						2,088						11,182
Change in fair value of contingent consideration			—						66						(2,238)
Transaction costs			1,464						377						3,247
Restructuring and impairment			6,594						388						161,418
Other expense (income), net			1,056						190						1,533
Adjusted EBITDA			$	16,342					$	17,857					$	70,293
Long-term debt (including current portion)															$	353,584
Less: cash															(68,362)
Adjusted long-term net debt															$	285,222
Adjusted net debt leverage ratio															4.1		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 94 retail locations, 6 distribution centers / warehouses and multiple online marketplaces in 18 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

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 fiscal year 2026 outlook, the sale of certain of our assets and the use of proceeds therefrom, 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 Iran conflict and 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, 2025 and in our subsequently filed Quarterly Reports on Form 10-Q, each of which is on file with the SEC and available from OneWater's website at www.onewatermarine.com under the “Investors” tab, and in other documents OneWater 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 (Loss) Attributable to OneWater Marine Inc., Adjusted Diluted Earnings (Loss) 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 (loss) 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

IR@OneWaterMarine.com

FAQ

How did OneWater Marine (ONEW) perform in fiscal Q2 2026?

OneWater Marine reported fiscal Q2 2026 revenue of $442.3 million, down 8.5% year over year, with same-store sales down 8%. The company posted a $12.9 million net loss, or $(0.78) per diluted share, while Adjusted EBITDA was $16.3 million.

What drove OneWater Marine’s margin expansion in fiscal Q2 2026?

Gross margin improved to 23.9%, up 110 basis points, mainly from favorable new and pre-owned boat model mix and continued focus on margin discipline. Management cited actions to optimize inventory, reduce complexity, manage costs and emphasize higher-margin products across the portfolio.

Why did OneWater Marine’s net loss increase in fiscal Q2 2026?

Net loss rose to $12.9 million from $0.4 million, primarily due to lower sales, a $5.8 million non-cash trade name impairment after retail brand realignment, and tax impacts related to the Ocean Bio-Chem disposition, partially offset by cost controls and margin gains.

How much debt did OneWater Marine repay and what is its leverage?

During fiscal Q2 2026, OneWater repaid $56.6 million of debt using Ocean Bio-Chem sale proceeds and operating cash flow. As of March 31, 2026, adjusted long-term net debt was $285.2 million, equal to an adjusted net debt leverage ratio of 4.1x trailing twelve-month Adjusted EBITDA.

What are OneWater Marine’s fiscal 2026 guidance targets?

For fiscal 2026, OneWater expects total revenue between $1.78 billion and $1.88 billion, Adjusted EBITDA of $60–$80 million, and adjusted diluted earnings per share of $0.20–$0.70, assuming a flat to low single-digit decline in the industry and flat same-store sales after portfolio changes.

How did the Ocean Bio-Chem divestiture affect OneWater Marine’s results?

The Ocean Bio-Chem divestiture reduced service, parts and other sales and contributed to the 10.7% decline in that category. However, proceeds from the sale, combined with operating cash flow, supported repayment of $56.6 million in debt, strengthening OneWater’s balance sheet and lowering leverage.

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