# EDGAR Filing Document

**Accession Number:** 0001772921
**File Stem:** 0001772921-26-000034
**Filing Date:** 2026-4
**Character Count:** 32967
**Document Hash:** 8b9696c326651e64608a710010bfb163
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001772921-26-000034.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001772921-26-000034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260430

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OneWater Marine Inc.
- **CENTRAL INDEX KEY:** 0001772921
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-AUTO & HOME SUPPLY STORES [5531]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39213
- **FILM NUMBER:** 26920001

**BUSINESS ADDRESS:**
- **STREET 1:** 6275 LANIER ISLANDS PARKWAY
- **CITY:** BUFORD
- **STATE:** GA
- **ZIP:** 30518
- **BUSINESS PHONE:** (855) 208-4359

**MAIL ADDRESS:**
- **STREET 1:** 6275 LANIER ISLANDS PARKWAY
- **CITY:** BUFORD
- **STATE:** GA
- **ZIP:** 30518

?xml version='1.0' encoding='ASCII'? onew-20260430

**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)**

____________________________________________

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

---

---

| | |
|:---|:---|
| **6275 Lanier Islands Parkway**<br>**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:

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

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

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

□ 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:**

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| | | |
|:---|:---|:---|
| **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 □

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. □

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit <br>Number** | **Description** |
| <u>[\*99.1](onew-q226earningsreleasexe.htm)</u> | 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.

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**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.

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| | | |
|:---|:---|:---|
| | By: | **ONEWATER MARINE INC.**<br>/s/ Jack Ezzell |
| | Name: | Jack Ezzell |
| | Title: | Chief Operating Officer and Chief Financial Officer |
| Dated: April 30, 2026 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![onewlogoa.jpg](onewlogoa.jpg)

**OneWater Marine Inc. Announces Fiscal Second Quarter 2026 Results**

*Driving Margin Expansion and Strengthening Balance Sheet* 

**Fiscal Second Quarter 2026 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue decreased 9% to $442 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-store sales decreased 8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit margin of 23.9% increased 110 bps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss of $(13) million, or $(0.78) per diluted share; adjusted diluted loss per share<sup>1</sup> was $(0.34)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>1</sup> of $16 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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) | (unaudited, $ in thousands) | (unaudited, $ in thousands) | (unaudited, $ in thousands) |
| New boat | $272042 | $309500 | $(37458) | (12.1)% |
| Pre-owned boat | 94367 | 89728 | 4639 | 5.2% |
| Finance & insurance income | 14021 | 15003 | (982) | (6.5)% |
| Service, parts & other | 61863 | 69290 | (7427) | (10.7)% |
| Total revenues | $442293 | $483521 | $(41228) | (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 share<sup>1</sup> for fiscal second quarter 2026 was $(0.34), compared to adjusted diluted earnings per share<sup>1</sup> of $0.13 in fiscal second quarter 2025.

Fiscal second quarter 2026 Adjusted EBITDA<sup>1</sup> 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)<sup>1</sup> was 4.1 times trailing twelve-month Adjusted EBITDA<sup>1</sup>. 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 EBITDA<sup>2</sup> is expected to be in the range of $60 million to $80 million and adjusted diluted earnings per share<sup>2</sup> 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 30<sup>th</sup>, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.See reconciliation of Non-GAAP financial measures below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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<br>March 31,** | **Three Months Ended<br>March 31,** | **Six Months Ended<br>March 31,** | **Six Months Ended<br>March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Revenues: |  |  |  |  |
| New boat | $272042 | $309500 | $505307 | $557497 |
| Pre-owned boat | 94367 | 89728 | 164782 | 146526 |
| Finance & insurance income | 14021 | 15003 | 22913 | 24403 |
| Service, parts & other | 61863 | 69290 | 129852 | 130909 |
| Total revenues | 442293 | 483521 | 822854 | 859335 |
| Gross profit |  |  |  |  |
| New boat | 48459 | 50283 | 86767 | 87159 |
| Pre-owned boat | 17717 | 15851 | 32319 | 27067 |
| Finance & insurance | 14021 | 15003 | 22913 | 24403 |
| Service, parts & other | 25333 | 29274 | 52924 | 55836 |
| Total gross profit | 105530 | 110411 | 194923 | 194465 |
| Selling, general and administrative expenses | 85661 | 87791 | 167011 | 166851 |
| Depreciation and amortization | 4174 | 5518 | 8584 | 10833 |
| Transaction costs | 1464 | 377 | 2636 | 936 |
| Change in fair value of contingent consideration |  | 66 | 203 | 308 |
| Restructuring and impairment | 6594 | 388 | 14026 | 1239 |
| Income from operations | 7637 | 16271 | 2463 | 14298 |
| Other expense (income): |  |  |  |  |
| Interest expense – floor plan | 6611 | 7504 | 13767 | 14530 |
| Interest expense – other | 7345 | 9100 | 15981 | 18088 |
| Other expense (income), net | 1056 | 190 | 1181 | 1077 |
| Total other expense, net | 15012 | 16794 | 30929 | 33695 |
| Net loss before income tax expense (benefit) | (7375) | (523) | (28466) | (19397) |
| Income tax expense (benefit) | 5526 | (148) | (7854) | (5410) |
| Net loss | (12901) | (375) | (20612) | (13987) |
| Net loss attributable to non-controlling interests |  | 7 |  | 1648 |
| Net loss attributable to OneWater Marine Inc. | $(12901) | $(368) | $(20612) | $(12339) |
| 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 | 16614 | 15968 | 16574 | 15393 |
| Diluted weighted-average shares of Class A common stock outstanding | 16614 | 15968 | 16574 | 15393 |

---

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**ONEWATER MARINE INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| **ASSETS** | | |
| Cash | $68362 | $67461 |
| Restricted cash | 8160 | 8092 |
| Accounts receivable, net | 60661 | 91639 |
| Inventories | 551354 | 602364 |
| Prepaid expenses and other current assets | 44073 | 64147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 732610 | 833703 |
| Property and equipment, net | 57958 | 92100 |
| Operating lease right-of-use assets | 119674 | 135811 |
| Financing lease right-of-use assets | 1020 |  |
| Other long-term assets | 2926 | 2437 |
| Deferred tax assets, net | 80172 | 41160 |
| Intangible assets, net | 122502 | 201851 |
| Goodwill | 258954 | 336602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1375816 | $1643664 |
| **LIABILITIES** |  |  |
| Accounts payable | $40457 | $45269 |
| Other payables and accrued expenses | 37267 | 47056 |
| Customer deposits | 38406 | 49667 |
| Notes payable – floor plan | 473067 | 509025 |
| Current portion of operating lease liabilities | 16742 | 16474 |
| Current portion of financing lease liabilities | 99 |  |
| Current portion of long-term debt, net | 23606 | 26708 |
| Current portion of tax receivable agreement liability | 2637 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 632281 | 696777 |
| Other long-term liabilities | 1067 | 4156 |
| Tax receivable agreement liability | 34858 | 38245 |
| Long-term operating lease liabilities | 107338 | 122386 |
| Long-term financing lease liabilities | 877 |  |
| Long-term debt, net | 329978 | 400485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1106399 | 1262049 |
| **STOCKHOLDERS' EQUITY** |  |  |
| Total stockholders' equity attributable to OneWater Marine Inc. | 269417 | 381615 |
| Equity attributable to non-controlling interests |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 269417 | 381615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1375816 | $1643664 |

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**ONEWATER MARINE INC.**

**Reconciliation of Non-GAAP Financial Measures**

**(In thousands, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Six Months Ended<br>March 31,** | **Six Months Ended<br>March 31,** |
| | **2026** | **2025** | **2026** | **2025** |
| Net loss attributable to OneWater Marine Inc. | $(12901) | $(368) | $(20612) | $(12339) |
| Transaction costs | 1464 | 377 | 2636 | 936 |
| Intangible amortization | 583 | 2148 | 1106 | 4270 |
| Change in fair value of contingent consideration |  | 66 | 203 | 308 |
| Restructuring and impairment | 6594 | 388 | 14026 | 2286 |
| Other expense (income), net | 1056 | 190 | 1181 | 1077 |
| Net loss attributable to non-controlling interests of One Water Marine Holdings, LLC (1) |  | (54) |  | (568) |
| Adjustments to income tax expense (benefit) (2) | (2424) | (716) | (4788) | (1911) |
| Adjusted net (loss) income attributable to OneWater Marine Inc. | (5628) | 2031 | (6248) | (5941) |
| 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. | (1) Represents an allocation of the impact of reconciling items to our non-controlling interest. | (1) Represents an allocation of the impact of reconciling items to our non-controlling interest. | (1) Represents an allocation of the impact of reconciling items to our non-controlling interest. | (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. | (2) Represents an adjustment of all reconciling items at an estimated statutory tax rate, which may vary from the Company's effective tax rate. | (2) Represents an adjustment of all reconciling items at an estimated statutory tax rate, which may vary from the Company's effective tax rate. | (2) Represents an adjustment of all reconciling items at an estimated statutory tax rate, which may vary from the Company's effective tax rate. | (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. | (3) Represents an adjustment for shares that are anti-dilutive for GAAP earnings per share but are dilutive for adjusted earnings per share. | (3) Represents an adjustment for shares that are anti-dilutive for GAAP earnings per share but are dilutive for adjusted earnings per share. | (3) Represents an adjustment for shares that are anti-dilutive for GAAP earnings per share but are dilutive for adjusted earnings per share. | (3) Represents an adjustment for shares that are anti-dilutive for GAAP earnings per share but are dilutive for adjusted earnings per share. |

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**ONEWATER MARINE INC.**

**Reconciliation of Non-GAAP Financial Measures**

**(In thousands, except ratios)**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Trailing twelve months ended March 31,** |
| | **2026** | **2025** | **2026** |
| Net loss | $(12901) | $(375) | $(122855) |
| Interest expense – other | 7345 | 9100 | 34076 |
| Income tax expense (benefit) | 5526 | (148) | (37745) |
| Depreciation and amortization | 4453 | 6171 | 21675 |
| Stock-based compensation | 2805 | 2088 | 11182 |
| Change in fair value of contingent consideration |  | 66 | (2238) |
| Transaction costs | 1464 | 377 | 3247 |
| Restructuring and impairment | 6594 | 388 | 161418 |
| Other expense (income), net | 1056 | 190 | 1533 |
| Adjusted EBITDA | $16342 | $17857 | $70293 |
| Long-term debt (including current portion) |  |  | $353584 |
| Less: cash |  |  | (68362) |
| Adjusted long-term net debt |  |  | $285222 |
| Adjusted net debt leverage ratio |  |  | 4.1 x |

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**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

<u>IR@OneWaterMarine.com</u>

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