Ww International, Inc. · NASDAQ:WW
Ww International — Q1 2026 Earnings Presentation
28 slides from Ww International's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Shareholder Letter
NAME: NAME: CODY DEVON progress: progress: † * -21 lbs -76 lbs prgogram: program: GLP-1 Success MED+ RESULTS NAME: kimberley progress: ** -32 lbs program: is what we do. points Q1 2026 Shareholder Letter May 7 2026
Slide 2: The global leader in science-backed weight management
The global leader in science-backed weight management, combining science and community, helping our millions of members live their healthiest lives. #1 most trusted Weight Loss Program in 2026 according to Newsweek / BrandSpark best Weight Loss Medication Program Overall according to Forbes (April 2
Slide 3: Business Update
Business Update Building Integrated Weight Health Platform: Continuing to execute on our strategy to provide industry-leading weight health care, which we expect to drive superior member health outcomes and lifetime value. Profitable Clinical Growth: Q1 2026 Clinical Subscription Revenue grew 32% ye
Slide 4: To Our Valued Shareholders
To Our Valued Shareholders Last quarter’s letter laid out Weight Watchers’ strategy to continue driving superior member outcomes and a return to growth through an integrated weight health ecosystem. We remain confident in this approach and are singularly focused on execution. Integrating groundbreak
Slide 5: Solid financial foundation
Solid financial foundation Our successful financial reorganization in mid 2025 has helped the Company establish and maintain a healthier financial position that can support long-term value creation. As we continue to execute against our strategy, we remain focused on durable cash generation to furth
Slide 6: Integrated Care Model
Integrated Care Model Our weight health offerings range from digital behavioral tools to personalized coaching and medical solutions, allowing us to meet members where they are on their weight health journey, while providing opportunities for ARPU expansion. 9:41 Behavioral Tools Points Progr am The
Slide 7: Superior Health Outcomes
Superior Health Outcomes Weight loss at 6 months4 Weight loss at 12 months4 14.1% 19.4% 11.9% 10.3% 15.8% 15.7% 15% 12.2% Calibrate Hims & Hers Ro Calibrate Form Health Hims & Hers Clinical Support, Including GLP-1 29.1% More weight loss for Med+ members prescribed a GLP-1 medication who regularly e
Slide 8: Q1 Financial Performance and 2026 Outlook
Q1 Financial Performance and 2026 Outlook 7
Slide 9: Subscribers and ARPU
Subscribers and ARPU i ARPU growth driven by mix shift to higher value membership tiers i Monthly Subscription Revenue Per Behavioral and Clinical ARPU i Average Subscriber (ARPU) +13% Y/Y A RPU increased 13% year-over-year, reflecting a mix shift towards our higher-value offerings. Foreign exchange
Slide 10: Revenue and Gross Margin
Revenue and Gross Margin Scaling Clinical growth while maintaining near record margin Strong Clinical performance was driven by increasing consumer interest in medical weight loss solutions, marketing investment, and the migration of existing members from Behavioral into our Clinical business. Behav
Slide 11: Operating Expenses
Operating Expenses Targeted growth investment with disciplined cost management Operating Expenses Adjusted Operating Expensesi % of Revenue % of Revenue Marketing expense in Q1 2026 was $93 million reflecting front-loaded investment in Q1 to drive awareness of our Med+ positioning, also coinciding w
Slide 12: Profitability
Profitability Balancing strategic investment with operational discipline i Q1 2026 Net Loss was $52.0 million. Adjusted EBITDA was a loss of $1.8 million reflecting marketing investment in peak season. Net Loss also reflects higher depreciation and amortization related to Fresh Start Accounting. Str
Slide 13: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Healthy liquidity and a restructured capital base Cash ($m) Cash from Operations ($m) Cash and Cash Equivalents were $121 million at the end of Q1 2026, compared to $160 million at the end of Q4 2025. The sequential change primarily reflects Q1 2026 Adjusted EBITDA, quart
Slide 14: 2026 Outlook
2026 Outlook We are reaffirming our previously provided 2026 guidance for Revenue to be $620 million - $635 million and Adjusted EBITDAi to be $105 million - $115 million. Revenue While we expect sequential Clinical Subscriber growth in the remaining quarters of the year, we expect sequential net ad
Slide 15: First Quarter Conference Call and Webcast; About Weight Watchers
First Quarter Conference Call and Webcast The Company has scheduled a conference call today at 8:30 a.m. ET to discuss results. The webcast of the conference call will be available on the Company’s corporate website, corporate.ww.com, under Events and Presentations. A replay of the webcast will be a
Slide 16: Sources, Definitions and Financial Details
New image FPO Sources, Definitions and Financial Details 15
Slide 17: Sources
Sources † Med+ members given the GLP-1 Companion Program lost 27 lbs, on average, after 6 months. Based on a 6-month clinical trial (n=180) of individuals who were enrolled between February–April 2024, with overweight or obesity taking semaglutide or tirzepatide for weight loss and related outcomes
Slide 18: Fresh Start Accounting and Predecessor and Successor Periods
Fresh Start Accounting and Predecessor and Successor Periods In connection with the Company’s emergence from its financial reorganization process on June 24, 2025, the Company’s second quarter ended June 30, 2025 includes a "Predecessor" period from March 30, 2025 to June 24, 2025, and a “Successor”
Slide 19: Definitions and Performance Indicators
Definitions and Performance Indicators “Behavioral” business refers to providing subscriptions to the Company’s digital product offerings with the option to add on unlimited access to the Company’s workshops. “Clinical” business refers to providing subscriptions to the Company’s clinical product off
Slide 20: Cautionary Note on Forward Looking Statements
Cautionary Note on Forward Looking Statements This shareholder letter includes “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, any statements about
Slide 21: Reconciliation to GAAP Measures of Non-GAAP Financial Measures
Reconciliation to GAAP Measures of Non-GAAP Financial Measures To supplement the Company’s consolidated results presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company has disclosed non-GAAP financial measures of operating results that exclude
Slide 22: Operational Statistics
Operational Statistics (In Thousands, Except Percentages and Monthly Subscription Revenue Per Average Subscriber) Unaudited Note: Totals may not sum due to rounding. (1) The “Incoming Subscribers” metric reports WW subscribers in Company-owned operations at a given period start. (2) The “End of Peri
Slide 23: Net (Loss) Income to Adjusted EBITDA
Net (Loss) Income to Adjusted EBITDA (In Thousands, Except Percentages); Unaudited Note: Totals may not sum due to rounding. (1) The Company's franchise rights acquired impairment charge related to its United States unit of account. (2) The net reorganization gain related to the Company's emergence
Slide 24: Gross Profit, Marketing Expenses, SG&A, Product Development Expenses
Gross Profit, Marketing Expenses, Selling, General & Administrative (SG&A), Product Development Expenses (In Thousands, Except Percentages); Unaudited Note: Totals may not sum due to rounding. (1) Certain non-recurring transaction costs related to strategic alternatives and the Company's Chapter 11
Slide 25: Consolidated Balance Sheets
Consolidated Balance Sheets (In Thousands); Unaudited 24
Slide 26: Consolidated Statement of Operations
Consolidated Statement of Operations (In Thousands, Except Per Share Amounts); Unaudited Note: Totals may not sum due to rounding. (1) “Subscription revenue, net” consists of the aggregate of: (a) net “Behavioral Subscription Revenue”, the fees associated with subscriptions for the Company’s Behavio
Slide 27: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (In Thousands); Unaudited 26
Slide 28: Contact Information
Contact Information Investors Media John Mills or Anna Kate Heller Lizzy Levitan WeightWatchers@icrinc.com WW@hunt-gather.com 27