OneSpaWorld Provides Preliminary Revenues for Q4 2021 Ahead of its Fireside Chat Presentation at the ICR Conference Today, January 10, 2022

OneSpaWorld Holdings Limited, OSW, the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, today is providing guidance for fourth quarter revenues and commentary on cash flow from operations. The Company is providing this update ahead of investor meetings and its fireside chat presentation at the 24^th Annual ICR Conference, held virtually today, Monday January 10, 2022.

On a preliminary basis, for the fourth quarter of the 2021 Fiscal Year (three months ended December 31, 2021), the Company expects:

• Total revenues in the range of $83 million to $86 million, representing significant sequential growth from $43.6 million in the third quarter of fiscal 2021; and
• Cash burn rate in the range of $5.0 million to $7.0 million, as compared to the Company's expectation of $8.0 million to $10.0 million provided with third quarter results on November 3, 2021.

Additionally, the Company noted that it achieved positive cash flow from operations in the month of December of 2021 and expects to continue to generate positive cash flow from operations in 2022.

Leonard Fluxman, Chief Executive Officer and Executive Chairman of OneSpaWorld, noted: "We ended Fiscal 2021 in a strengthened position with our continued flawless return to service, expected to result in fourth quarter revenues almost doubling from third quarter with positive cash flow from operations in December. As we look ahead, we continue to expect our vast infrastructure, strategic initiatives, exemplary staff and service model and continuous innovation in experience and product to delight cruise goers and destination resort spa guests where we operate and lead to elevated expansion in the future. We continue to believe our unwavering strategy throughout the global pandemic and the significant opportunity we see for further expansion ahead positions us to deliver long term revenue and earnings growth and meet our objective to enhance value for all OneSpaWorld stakeholders."

As previously announced, the Company is scheduled for a fireside chat presentation at the 24^th Annual ICR Conference, held virtually today, Monday, January 10, 2022, at 3:00 p.m. Eastern Time. The webcast of the presentation will be broadcast over the internet and can be accessed at the Company's investor relations website, www.onespaworld.com. The presentation is expected to conclude by 3:25 p.m. Eastern Time. A replay of the broadcast will remain on the Company's investor relations website for one year.

The Company is providing a preliminary range for fourth quarter fiscal 2021 revenues and commentary on cash flow to allow it to speak to these topics during its virtual fireside chat presentation scheduled at the ICR Conference today and at virtual investor meetings. Investors should not expect the Company to make updates to guidance ahead of regularly scheduled quarterly earnings dates in the future. The Company noted that its revenue expectations are estimated and preliminary and subject to quarter and year-end closing adjustments. As the Company has not completed its quarter and year-end fiscal close or the audit of its 2021 financial statements, the revenue expectation presented in this press release may change.

About OneSpaWorld

Headquartered in Nassau, Bahamas, OneSpaWorld is one of the largest health and wellness services companies in the world. OneSpaWorld's distinguished health and wellness centers offer guests a comprehensive suite of premium health, wellness, fitness and beauty services, treatments, and products currently onboard 170 cruise ships and at 52 destination resorts around the world. OneSpaWorld holds the leading market position within the historically fast-growing international leisure market and has been built upon its exceptional service standards, expansive global recruitment, training and logistics platforms, and a history of service and product innovation that has enhanced its guests' personal care experiences while vacationing for over 65 years.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the Company may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," or the negative or other variations thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to future performance of the Company, including projected financial information (which is not audited or reviewed by the Company's auditors), and the future plans, operations and opportunities for the Company and other statements that are not historical facts. These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on our business, operations, results of operations and financial condition, including liquidity for the foreseeable future; the demand for the Company's services together with the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors or changes in the business environment in which the Company operates; changes in consumer preferences or the market for the Company's services; changes in applicable laws or regulations; the availability or competition for opportunities for expansion of the Company's business; difficulties of managing growth profitably; the loss of one or more members of the Company's management team; loss of a major customer; and other risks and uncertainties included from time to time in the Company's reports (including all amendments to those reports) filed with the SEC. The Company cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication.

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