Onewater Marine Inc. · NASDAQ:ONEW
Onewater Marine — Investor Presentation (February 2026)
19 slides from Onewater Marine's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
Investor Presentation Febr uar y 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 95 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 95 Retail locations across 17 states1 Revenue Contribution 3% 3% SC 3% Other 4% MD 3% 16% 16% OH 3% Growing presence in 18% 19% Finance & MA 4% 13 Insurance of the top 20 boating states2 $1.78B $1.87B
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 95 4,000+ $129 Stores as $123 $126 dealerships nationwide1 of February 2026 $91 $60 $23 $27 $30 $24 $20 3.0%3 Other Major Players <$1 <$1 2017 2018 2019 2020 2021 2022 2023 2
Slide 10: Proven Integration Playbook
Proven Integration Playbook POST-ACQUISITION IMPROVEMENTS 1 RECENT CASE STUDIES • Implement Finance & Insurance offerings • Integrate into ONEW inventory universe Acquired FY18 Acquired FY18 • Introduce new brands and boat types O PPO RT UNIT Y • Execute on synergies and best practices • Expansion i
Slide 11: Accelerating Organic Growth
Accelerating Organic Growth DRIVING SAME STORE SALES COMPREHENSIVE VIRTUAL MARINE RETAIL PLATFORM CRM INVENT O RY M AN AG EM E NT • Internally-developed software • Provides nationwide visibility 10% integrated with sales processes that allows for efficient lead of available and on order inventory ge
Slide 12: Growth Company with Proven Ability in Evolving Market
Growth Company with Proven Ability in Evolving Market REVENUE & ADJ. EBITDA 1 ($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 ~$2.2B 250 ~182K Avg. New Units Sold2 219 GROSS MARGIN 22.8% 24% - 25% New Boat Volume 202 201 (Thousands) 200 25% 179 EXPENSES Growth 18.3% 16.5% - 17.5% 155 177 to (
Slide 14: Financial Summary
; Financial Summary. 14
Slide 15: 1Q'26 Financial Summary
1Q’26 Financial Summary ($ in thousands) 1Q’26 1Q’25 % Change YoY 1Q’26 1Q’25 REVENUE % Contribution New Boat $233,265 $247,997 (5.9%) 61.3% 66.0% Pre-owned Boat 70,415 56,798 24.0% 18.5% 15.1% Finance and Insurance 8,892 9,400 (5.4%) 2.3% 2.5% Service, Parts and Other 67,989 61,619 10.3% 17.9% 16.4
Slide 16: Capital Structure
Capital Structure ($ in millions) Capitalization 9.30.2024 9.30.2025 Rate Refinanced Credit Facility $375 $367 7.3% Revolving Note Payable 51 47 7.6% Commercial Vehicle Notes Payable 3 2 4.4% Acquisition Notes Payable 1 - 4.0% Unamortized Debt Issuance Cost (7) (4) Total Debt $423 $412 Cash 17 52 Ne
Slide 17: Appendix
Appendix 17
Slide 18: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA ($ in thousands) TTM TTM 1Q’26 1Q’25 2025 2024 2023 2022 2021 2020 2019 2018 2017 DEC’2025 DEC’2024 Net Income (Loss) $(7,711) $(13,612) $(110,329) $(11,818) $(116,230) $(6,176) $(39,111) $152,611 $116,413 $48,508 $37,263 $1,946 $(4,258) Interest Expense – Other 8,6
Slide 19: Reconciliation of Adjusted Net Income & Adjusted EPS
Reconciliation of Adjusted Net Income & Adjusted EPS ($ in thousands) Three Months Ended December 31 2025 2024 Net income (loss) attributable to OneWater Marine Inc. $(7,711) $(11,971) Transaction costs 1,172 559 Intangible amortization 523 2,122 Change in fair value of contingent consideration 203
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