Onewater Marine Inc. · NASDAQ:ONEW
Onewater Marine — Investor Presentation (May 2026)
19 slides from Onewater Marine's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026 1
Slide 2: Disclaimer
Disclaimer Cautionary Statement Concerning Forward-Looking Statements Information in this presentation of OneWater Marine Inc. (“OneWater,” “ONEW,” the “Company,” “we,” or “us”), and any oral statements made in connection therewith, may contain “forward-looking statements” within the meaning of the
Slide 3: OneWater at a Glance
OneWater at a Glance KEY INVESTMENT HIGHLIGHTS One of the leading marine Multi-pronged growth Expanding margin Flexible operating model Experienced retailers of scale in a highly strategy; bolstered profile through able to react quickly to leadership team w/ 30+ fragmented market by proven M&A strat
Slide 4: OneWater's Evolution into a Market Leader
OneWater’s Evolution into a Market Leader KEY <5 Locations 5 – 10 locations 10+ locations Private Ownership Private Equity Backing Public Company 1987 - 2014 2015 - 2019 2020 - Present 1 store in 1987 to 15 by 2014 Expanded to 63 stores by 2019 94 retail and 6 warehouse locations today1 ACQUISITIONS
Slide 5: Diversified Income Streams Provide Resiliency
Diversified Income Streams Provide Resiliency VARIED ACROSS THE BOAT LIFE CYCLE STRATEGIC FOOTPRINT 94 Retail locations across 17 states1 Revenue Contribution 3% 3% SC 3% Other 4% MD 3% 16% 16% OH 3% Presence in 18% 19% Finance & MA 4% 13 Insurance of the top 20 boating states2 $1.78B $1.87B 63% GA
Slide 6: Broad Product Portfolio
Broad Product Portfolio #1 brand DIVERSIFICATION PROVIDES FLEXIBILITY TO MEET CUSTOMER DEMAND ACROSS ALL MARKETS accounts for 11% of New Boat sales Wake/Ski 4% 4% Pontoon #1 customer 5% for each of our top 5 brands 5% 3% 11% 33% All Other 6% Brands 37% BRAND BOAT Saltwater 7% 32% TYPE Fishing Top 3
Slide 7: Outperforming the Industry
Outperforming the Industry HISTORICAL PERFORMANCE VS. ONEWATER OUTPERFORMANCE Historical New Powerboat Market Performance2 ONEW New Boat Performance 250 7 6 200 5 Unit Sales 150 4 100 3 New Boats 2 • Market unit sales CAGR of -3% from 50 1 2017-2024 vs. ONEW CAGR of 6% 0 0 (K) 2017 2018 2019 2020 20
Slide 8: Large Addressable Market
Large Addressable Market SIGNIFICANT MARKET OPPORTUNITY 1 DRIVERS $56B Total U.S. Marine Retail Large Runway2 • 3.2 % total U.S market share $17B Total U.S. New Boat Retail • 6.7 % new U.S market share • 3.1 % pre-owned U.S. market share $10B Total U.S. Pre-Owned Retail Expanded Geography & Portfoli
Slide 9: Acquisition Driven Growth Strategy
Acquisition Driven Growth Strategy HIGHLY FRAGMENTED MARKET INVESTMENT RETURNS Returns by Vintage Year ($M) 5 $182 $176 2.4%2 94 4,000+ $129 Stores as $123 $126 dealerships nationwide1 of May 2026 $91 $60 $23 $27 $30 $24 $20 3.0%3 Other Major Players <$1 <$1 2017 2018 2019 2020 2021 2022 2023 2024 T
Slide 10: Proven Integration Playbook
Proven Integration Playbook POST-ACQUISITION IMPROVEMENTS 1 RECENT CASE STUDIES • Implement Finance & Insurance offerings • Integrate into ONEW inventory universe Acquired FY18 Acquired FY18 • Introduce new brands and boat types O PPO RT UNIT Y • Execute on synergies and best practices • Expansion i
Slide 11: Accelerating Organic Growth
Accelerating Organic Growth DRIVING SAME STORE SALES COMPREHENSIVE VIRTUAL MARINE RETAIL PLATFORM CRM INVENT O RY M AN AG EM E NT • Internally-developed software • Provides nationwide visibility 10% integrated with sales processes that allows for efficient lead of available and on order inventory ge
Slide 12: Growth Company with Proven Ability in Evolving Market
Growth Company with Proven Ability in Evolving Market REVENUE & ADJ. EBITDA 1 ($MM) 8-Year CAGR2 – Revenue: 22% & Adj. EBITDA: 19% Typical Cycle Covid Boost Return to Normalcy Normalized operating environment Normalizing sales and operating Managed through difficult supply chain to capture high dema
Slide 13: Mid-Cycle Opportunity
Mid-Cycle Opportunity NEW BOATS SOLD 1 W HAT DOES MID-CYCLE LOOK LIKE 3 300 FY25 FY26E Mid-Cycle 264 REVENUE ~$1.87B $1.78B - $1.88B ~$2.2B 250 ~182K Avg. New Units Sold2 219 GROSS MARGIN 22.8% 24% - 25% New Boat Volume 202 201 (Thousands) 200 25% 179 EXPENSES Growth 18.3% 16.5% - 17.5% 155 177 to (
Slide 14: Financial Summary
; Financial Summary. 14
Slide 15: 2Q'26 Financial Summary
2Q’26 Financial Summary ($ in thousands) 2Q’26 2Q’25 % Change YoY 2Q’26 2Q’25 REVENUE % Contribution New Boat $272,042 $309,500 (12.1%) 61.5% 64.0% Pre-owned Boat 94,367 89,728 5.2% 21.3% 18.6% Finance and Insurance 14,021 15,003 (6.5%) 3.2% 3.1% Service, Parts and Other 61,863 69,290 (10.7%) 14.0%
Slide 16: Capital Structure
Capital Structure ($ in millions) Capitalization 3.31.2025 3.31.2026 Rate Refinanced Credit Facility $375 $299 7.2% Revolving Note Payable 56 57 7.2% Commercial Vehicle Notes Payable 2 1 5.1% Acquisition Notes Payable - - Unamortized Debt Issuance Cost (6) (4) Total Debt $427 $353 Cash 67 68 Net Deb
Slide 17: Appendix
Appendix 17
Slide 18: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA ($ in thousands) TTM TTM 2Q’26 2Q’25 2025 2024 2023 2022 2021 2020 2019 2018 2017 MAR’2026 MAR’2025 Net Income (Loss) $(12,901) $(375) $(122,855) $(7,684) $(116,230) $(6,176) $(39,111) $152,611 $116,413 $48,508 $37,263 $1,946 $(4,258) Interest Expense – Other 7,345
Slide 19: Reconciliation of Adjusted Net Income & Adjusted EPS
Reconciliation of Adjusted Net Income & Adjusted EPS ($ in thousands) Fiscal Year Ended September 30, 2025 Net income (loss) attributable to OneWater Marine Inc. $(114,582) Transaction costs 1,547 Intangible amortization 8,067 Change in fair value of contingent consideration (2,133) Restructuring an