Financial Analysis

Commitments and Contingencies Employment Agreements The Company is party to employment agreements with certain executives, which provide for compensation, other benefits and severance payments under certain circumstances. The Company also has consulting and noncompete agreements in place with previous owners of acquired companies. Claims and Litigation The Company is involved in various legal proceedings as either the defendant or plaintiff. Due to their nature, such legal proceedings involve inherent uncertainties including, but not limited to, court rulings, negotiations between the affected parties and other actions. Management assesses the probability of losses or gains for such contingencies and accrues a liability and/or discloses the relevant circumstances as appropriate. In the opinion of management, it is not reasonably probable that the pending litigation, disputes or claims against the Company, as of September 30, 2025 , will have a material adverse effect on its financial condition, results of operations or cash flows. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on the Companys financial condition, liquidity or results of operations. Risk Management The Company is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions and natural disasters for w …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Notes Payable Floor Plan The Company maintains an ongoing wholesale marine products inventory financing program with a syndicate of banks. The program is administered by Wells Fargo Commercial Distribution Finance, LLC (Wells Fargo) as set forth in the Eighth Amended and Restated Inventory Financing Agreement entered into by the Company and certain of its subsidiaries with Wells Fargo and the other financial institutions party thereto on November 14, 2023 (as amended from time to time, the Inventory Financing Facility). On November 13, 2024, the Company and certain of its subsidiaries entered into the Consent, Waiver and Second Amendment to the Eighth Amended and Restated Inventory Financing Agreement with Wells Fargo and other lenders party thereto which, among other things, (i) modified certain definitions, terms and conditions, (ii) adjusted the minimum fixed charge coverage ratio, (iii) adjusted the maximum funded debt to EBITDA ratio, (iv) established a new minimum liquidity measure, (v) allowed for certain swap transactions to mitigate risk in the ordinary course of business, and (vi) reduced the maximum borrowing capacity from $650.0 million to $595.0 million . As of September 30, 2025, t he Inventory Financing Facility was scheduled to expire on March 1, 2026. The outstanding balance of the facility was $419.7 million and $443.4 million, as of September 30, 2025 and 2024, respectively. On November 17, 2025, the Company entered into the Third Amendment to Eighth Amend …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table sets forth percentages on the timing of revenue recognition for the years ended September 30, 2025, 2024 and 2023: 2025 2024 2023 Goods and services transferred at a point in time 93.8 % 93.8 % 93.8 % Goods and services transferred over time 6.2 % 6.2 % 6.2 % Total Revenue 100.0 % 100.0 % 100.0 %

DisaggregationOfRevenueTableTextBlock

Fair Value Measurements In determining fair value, the Company uses various valuation approaches including market, income and/or cost approaches. FASB standard Fair Value Measurements (Topic 820) establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are those that reflect the Companys expectation of the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Assets utilizing Level 1 inputs include marketable securities that are actively traded. Level 2 Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating fair value of …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Our acquisitions have resulted in the recording of goodwill and other identifiable intangible assets. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets consist of internally developed software, domain names and other identifiable intangible assets such as, trade names, developed technologies, and customer relationships related to the acquisitions the Company has completed. The changes in goodwill and intangible assets are as follows: ($ in thousands) Goodwill Trade Names Developed Technologies Customer Relationships Domain Names Internally Developed Software Total Intangible Assets, net Unamortized Unamortized Amortized Amortized Amortized Amortized Net balance as of September 30, 2023 $ 336,602 $ 149,921 $ 4,419 $ 52,114 $ 2,387 $ 3,483 $ 212,324 Acquisitions during the year ended September 30, 2024 909 909 Amortization expense for the year ended September 30, 2024 (455) (5,711) (637) (1,039) (7,842) Net balance as of September 30, 2024 336,602 149,921 3,964 46,403 1,750 3,353 205,391 Acquisitions during the year ended September 30, 2025 1,188 1,188 Impairment recorded during the year ended September 30, 2025 (77,648) (23,913) (3,470) (40,813) (68,196) Other adjustments during the year ended September 30, 2025 (119) (119) Amortization expense for the year ended Septembe …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The Company is a corporation and, as a result is subject to U.S. federal, state and local income taxes. OneWater LLC is treated as a pass-through entity for U.S. federal tax purposes and in most state and local jurisdictions. As such, OneWater LLCs members, including the Company, are liable for federal and state income taxes on their respective shares of OneWater LLCs taxable income. The components of income tax (benefit) expense are: ($ in thousands) Year Ended September 30, 2025 Year Ended September 30, 2024 Year Ended September 30, 2023 Current: Federal $ 93 $ (424) $ 16,184 State 457 601 3,434 Foreign 550 177 19,618 Deferred: Federal (30,411) (152) (19,171) State (5,440) (182) (3,859) Foreign (35,851) (334) (23,030) Income tax (benefit) expense $ (35,301) $ (157) $ (3,412) A reconciliation of the United States statutory income tax rate to the Companys effective income tax rate is as follows: For the Years Ended September 30, 2025 2024 2023 Statutory federal tax rate 21.0 % 21.0 % 21.0 % Income attributable to non-controlling interests and nontaxable income (0.2) (1.3) (0.2) State income taxes, net of federal benefit 3.4 (2.4) 3.3 Non-deductible items (1.1) (23.3) Federal and state credits 0.4 10.1 Loss on impairment (11.4) Other (0.1) (1.7) (4.7) Effective income tax rate 23.4 % 2.4 % 8.0 % Details of the Companys deferred tax assets and liabilities are as follows: ($ in thousands) September 30, 2025 September 30, 2024 Deferred tax assets: Investment in partn …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases real estate and equipment under operating lease agreements. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. For leases with terms in excess of 12 months, we record a right-of-use (ROU) asset and lease liability based on the present value of lease payments over the lease term. We do not have any significant leases that have not yet commenced that create significant rights and obligations for us. The Company has elected the practical expedient not to separate lease and non- lease components for all leases that qualify. Our real estate and equipment leases often require payment of maintenance, real estate taxes and insurance. These costs are generally variable and based on actual costs incurred by the lessor. These amounts are not included in the consideration of the contract when determining the ROU asset and lease liability but are reflected as variable lease payments. Most leases include one or more options to renew, with renewal terms that can extend the lease from one to ten or more years. The exercise of the lease renewal option is typically at our sole discretion. If it is reasonably certain that we will exercise the option to renew, the period covered by the options are included in the lease term and are recognized as part of our ROU assets and lease liabilities. Certain leases include the option to purchase the lease …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-term Debt and Line of Credit On August 9, 2022, the Company and certain of its subsidiaries entered into the Amended and Restated Credit Agreement (the A&R Credit Facility) with Truist Bank. The A&R Credit Facility provides for a $65.0 million revolving credit facility (the A&R Revolving Facility) that may be used for revolving credit loans (including up to $5.0 million in swingline loans and up to $5.0 million in letters of credit) and a $445.0 million term loan (the A&R Term Loan). Subject to certain conditions, the available amount under the revolving credit facility and term loans may be increased by $125.0 million in the aggregate. As of September 30, 2025, The A&R Credit Facility bears interest at a rate that is equal to Term SOFR plus an applicable margin ranging from 1.75% to 3.25% based on certain consolidated leverage ratio measures. On November 13, 2024, the Company and certain of its subsidiaries entered into Amendment No. 6 to the Amended and Restated Credit Agreement and Waiver and Amendment No. 1 to Pledge and Security Agreement with Truist Bank to, among other things, (i) modify certain definitions, terms and conditions, (ii) adjust the minimum fixed charge coverage ratio, (iii) adjust the maximum leverage ratio measures, (iv) adjust the minimum liquidity measure, and (v) modify the maturity date to be July 31, 2026 , and in connection therewith, the repayment schedule. As of September 30, 2025, the A&R Term Loan was repayable in i …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, ""Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures"", which is intended to improve financial reporting by requiring disclosures of incremental segment information on an annual and interim basis. The pronouncement is effective for a public company's annual reporting periods beginning after December 15, 2023, and interim periods within annual reporting periods beginning after December 15, 2024. The Company adopted this standard for the year ended September 30, 2025. As a result of the new standard, the Company expanded its reportable segment disclosures (see Note 21). In December 2023, the FASB issued ASU 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"", which is intended to improve the transparency, effectiveness and comparability of income tax disclosures by requiring greater disaggregation of information and additional disclosures. The pronouncement is effective for a public company's annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact that this standard will have on the consolidated financial statements. The Company plans to adopt the pronouncement in fiscal year 2026. In November 2024, the FASB issued ASU 2024-03, ""Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"", which is intended to im …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement Plan The Company offers a 401(k) retirement plan to its full-time employees over the age of 21. The Company currently makes discretionary matching contributions of 50.0% for the first 4.0% of employee salary deferrals. The Company made discretionary contributions of $2.9 million, $2.7 million and $2.6 million for the years ended September 30, 2025, 2024 and 2023, respectively.

PensionAndOtherPostretirementBenefitsDisclosureTextBlock

Related Party Transactions In accordance with agreements approved by the Board, we purchased inventory, in conjunction with our retail sale of the products, from certain entities affiliated with the Company. For the years ended September 30, 2025, 2024 and 2023, $136.6 million, $124.4 million and $94.3 million, respectively, in total purchases were incurred under these arrangements. In accordance with agreements approved by the Board, certain entities affiliated with the Company receive fees for rent of commercial property. For the years ended September 30, 2025, 2024 and 2023, $3.6 million, $2.5 million and $2.1 million, respectively, in total expenses were incurred under these arrangements. Additionally, see Note 4 for information regarding a sale and leaseback transaction with an entity affiliated with the Company in connection with an acquisition by the Company. In accordance with agreements approved by the Board, the Company received fees from certain entities and individuals affiliated with the Company for goods and services. For the years ended September 30, 2025, 2024 and 2023, $3.5 million, $4.0 million and $1.1 million, respectively, were recorded under these arrangements. In accordance with agreements approved by the Board, the Company made payments to certain entities and individuals affiliated with the Company for goods and services. For the years ended September 30, 2025, 2024 and 2023, $0.2 million, $0.1 million and $0.1 million, respectively, were recorded und …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information We report our operations through two reportable segments: (1) Dealerships and (2) Distribution. See Note 2 for more information about our segments. The Company evaluates performance and allocates resources for all of its reportable segments based on metrics such as segment revenues and segment income. These segment profit metrics are consistent across all segments. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Reportable segment financial information for the years ended September 30, 2025, 2024 and 2023 is as follows: Dealerships: For the Year Ended September 30, 2025 2024 2023 Revenues: New boat $ 1,158,165 $ 1,118,292 $ 1,223,691 Pre-owned boat 363,906 312,193 334,477 Finance & insurance income 54,959 51,494 56,325 Service, parts & other 147,951 134,591 140,734 Total revenues 1,724,981 1,616,570 1,755,227 Cost of sales: New boat (1) 973,411 919,596 955,222 Pre-owned boat 298,361 248,068 258,524 Service, parts & other 72,924 65,479 65,927 Total cost of sales 1,344,696 1,233,143 1,279,673 Selling, general and administrative expenses (2) 283,215 276,113 286,426 Interest expense - floor plan 28,469 34,087 25,080 Segment income $ 68,601 $ 73,227 $ 164,048 (1) Cost of sales - new boat excludes restructuring and impairment charges. (2) Selling, general and administrative expenses exclude equity-based compensation. Distribution: For the Year Ended September 30, 2025 202 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Cash At times the amount of cash on deposit may exceed the federally insured limit of the bank. Deposit accounts at each of the institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). At September 30, 2025 and 2024, the Company exceeded FDIC limits at various institutions. The Company has not experienced any losses in such accounts and believes there is little to no exposure to any significant credit risk. Total cash and restricted cash shown in the consolidated statements of cash flows is comprised of the amounts reported in cash and restricted cash on the consolidated balance sheets. Restricted Cash Restricted cash relates to amounts collected for brokerage sales, in certain states, which are held in escrow on behalf of the respective buyers and sellers for future purchases of boats. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories consist of amounts paid to acquire the inventory, net of vendor consideration received and purchase discounts, and varying by inventory type, may include the cost of reconditioning, equipment addition, transportation, material, labor and manufacturing overhead. The cost of the new and pre-owned boat inventory is determined using the specific identification method. In assessing lower of cost or net realizable value, the Company considers the aging of the boats, historical sales of a brand and current market condit …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity Equity-Based Compensation We maintain the OneWater Marine Inc. Omnibus Incentive Plan (the LTIP) to incentivize individuals providing services to OneWater Inc and its subsidiaries and affiliates. The LTIP provides for the grant, from time to time, at the discretion of the board of directors of OneWater Marine Inc. (the Board) or a committee thereof, of (1) stock options, (2) stock appreciation rights, (3) restricted stock, (4) restricted stock units, (5) stock awards, (6) dividend equivalents, (7) other stock-based awards, (8) cash awards, (9) substitute awards and (10) performance awards. The total number of shares reserved for issuance under the LTIP that may be issued pursuant to incentive stock options (which generally are stock options that meet the requirements of Section 422 of the Code) is 1,637,399. The LTIP is and will continue to be administered by the Board, except to the extent the Board elects a committee of directors to administer the LTIP. Class A common stock subject to an award that expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated without delivery of shares (including forfeiture of restricted stock awards) and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the LTIP. 2025 Awards During the fiscal year ended September 30, 2025 , the Board approved the grant of 152,072 pe …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent events Management evaluated events occurring subsequent to September 30, 2025 and other than as noted below determined that no material recognizable subsequent events occurred. On November 17, 2025, Company entered into Amendment No. 7 to Amended and Restated Credit Agreement and Amendment to Pledge and Security Agreement to, among other things, (i) modify certain definitions, terms and conditions, (ii) modify the maturity date to be July 31, 2027, and in connection therewith, the repayment schedule, including certain adjustments to applicable interest rates, (iii) adjust the minimum fixed charge coverage ratio, (iv) adjust the maximum leverage ratio measures, and (v) adjust the minimum liquidity measure. On November 17, 2025, the Company entered into the Third Amendment to, among other things, (i) modify certain definitions, terms and conditions, (ii) adjust the maximum funded debt to EBITDA ratio, (iii) adjust the minimum fixed charge coverage ratio, (iv) adjust the minimum liquidity measure, (v) permit certain consignment agreements entered into in the normal course of business, (vi) modify the termination date of the Third Agreement to be March 1, 2027 and (vii) adjust the maximum borrowing capacity to $497.1 million and permit an additional $38.7 million in availability for overtrade capacity. On November 25, 2025, the Company's Board of Directors approved a plan to sell certain operations of the Distribution reporting segment. The sale is subject to working c …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Employment Agreements The Company is party to employment agreements with certain executives, which provide for compensation, other benefits and severance payments under certain circumstances. The Company also has consulting and noncompete agreements in place with previous owners of acquired companies. Claims and Litigation The Company is involved in various legal proceedings as either the defendant or plaintiff. Due to their nature, such legal proceedings involve inherent uncertainties including, but not limited to, court rulings, negotiations between the affected parties and other actions. Management assesses the probability of losses or gains for such contingencies and accrues a liability and/or discloses the relevant circumstances as appropriate. In the opinion of management, it is not reasonably probable that the pending litigation, disputes or claims against the Company, as of June 30, 2026 , will have a material adverse effect on its financial condition, results of operations or cash flows. However, the outcome of any matter cannot be predicted with certainty, and an unfavorable resolution of one or more matters presently known or arising in the future could have a material adverse effect on the Companys financial condition, liquidity or results of operations. Risk Management The Company is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions and natural disasters for which …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Notes Payable Floor Plan The Company maintains an ongoing wholesale marine products inventory financing program with a syndicate of banks. The program is administered by Wells Fargo Commercial Distribution Finance, LLC (Wells Fargo) as set forth in the Eighth Amended and Restated Inventory Financing Agreement entered into by the Company and certain of its subsidiaries with Wells Fargo and the other financial institutions party thereto on November 14, 2023 (as amended from time to time, the Inventory Financing Facility). On November 17, 2025, the Company entered into the Third Amendment to Eighth Amended and Restated Inventory Financing Agreement, Omnibus Amendment to Collateralized Guarantees, and First Amendment to Consent Agreement (the ""Third Amendment"") to, among other things, (i) modify certain definitions, terms and conditions, (ii) adjust the maximum funded debt to EBITDA ratio, (iii) adjust the minimum fixed charge coverage ratio, (iv) adjust the minimum liquidity measure, (v) permit certain consignment agreements entered into in the normal course of business, (vi) modify the termination date of the Third Amendment to be March 1, 2027, and (vii) adjust the maximum borrowing capacity to $497.1 million and permit an additional $38.7 million in availability for overtrade capacity. The Inventory Financing Facility expires on March 1, 2027. The outstanding balance of the facility was $404.7 million and $419.7 million, as of June 30, 2026 and September 30, 2025, respecti …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table sets forth percentages on the timing of revenue recognition for the three and nine months ended June 30, 2026 and 2025: Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 Goods and services transferred at a point in time 93.7 % 94.1 % 93.5 % 93.9 % Goods and services transferred over time 6.3 % 5.9 % 6.5 % 6.1 % Total revenue 100.0 % 100.0 % 100.0 % 100.0 %

DisaggregationOfRevenueTableTextBlock

Fair Value Measurements In determining fair value, the Company uses various valuation approaches including market, income and/or cost approaches. FASB standard Fair Value Measurements (Topic 820) establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are those that reflect the Companys expectation of the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Assets utilizing Level 1 inputs include marketable securities that are actively traded. Level 2 Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Asset and liability measurements utilizing Level 3 inputs include those used in estimating fair value of …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets Our acquisitions have resulted in the recording of goodwill and other identifiable intangible assets. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets consist of internally developed software, domain names and trade names that are related to the acquisitions the Company has completed. The changes in goodwill and intangible assets are as follows: Goodwill Trade Names Domain Names Internally Developed Software Total Intangible Assets, net ($ in thousands) Unamortized Unamortized Amortized Amortized Net balance as of September 30, 2025 $ 258,954 $ 126,008 $ 1,014 $ 3,176 $ 130,198 Acquisitions and additions during the nine months ended June 30, 2026 311 311 Impairment recorded during the nine months ended June 30, 2026 (5,800) (5,800) Accumulated amortization for the nine months ended June 30, 2026 (435) (1,242) (1,677) Disposals as part of sales during the nine months ended June 30, 2026 (1,100) (1,100) Net balance as of June 30, 2026 $ 258,954 $ 119,108 $ 579 $ 2,245 $ 121,932 During the nine months ended June 30, 2026, the Company revised the estimates used in determining the fair value of certain trade names to reflect changes in branding arising from an internal realignment at certain locations. As a result, the Company recorded an impairment loss of $5.8 million in t …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The Company is a corporation and, as a result, is subject to U.S. federal, state and local income taxes. OneWater LLC is treated as a pass-through entity for U.S. federal tax purposes and in most state and local jurisdictions. As such, OneWater LLCs members, including the Company, are liable for federal and state income taxes on their respective shares of OneWater LLCs taxable income. Our effective tax rates of 46.9% and 24.7% for the three months ended June 30, 2026 and 2025, respectively, and -37.5% and 36.8% for the nine months ended June 30, 2026 and 2025, respectively, differ from statutory rates primarily due to the impact of limitations on officer's compensation and for the nine months ended June 30, 2026, the disposition of OBCI. The Company had federal net operating loss carryforwards from underlying corporate entities of approximately $32.0 million resulting in a deferred tax asset of $6.7 million as of September 30, 2025. The U.S. federal net operating loss carryforwards have no expiration but can only be used to offset up to 80% of future taxable income annually. As a result of various state net operating loss carryforwards, the Company had a deferred tax asset of $1.4 million as of September 30, 2025. The state net operating loss carryforward period varies by state, as well as conformity to the 80% limitation. The Company projects to fully utilize the net operating losses in subsequent fiscal years. The Company has an IRC Section 163(j) interest expe …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases real estate and equipment under operating and financing lease agreements. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. For leases with terms in excess of 12 months, we record a right-of-use (ROU) asset and lease liability based on the present value of lease payments over the lease term. We do not have any significant leases that have not yet commenced that create significant rights and obligations for us. The Company has elected the practical expedient not to separate lease and non-lease components for all leases that qualify. Our real estate and equipment leases often require payment of maintenance, real estate taxes and insurance. These costs are generally variable and based on actual costs incurred by the lessor. These amounts are not included in the consideration of the contract when determining the ROU asset and lease liability but are reflected as variable lease payments. Most leases include one or more options to renew, with renewal terms that can extend the lease from one to ten or more years. The exercise of the lease renewal option is typically at our sole discretion. If it is reasonably certain that we will exercise the option to renew, the period covered by the options are included in the lease term and are recognized as part of our ROU assets and lease liabilities. Certain leases include the option to purch …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-term Debt and Line of Credit On August 9, 2022, the Company and certain of its subsidiaries entered into the Amended and Restated Credit Agreement (the A&R Credit Facility) with Truist Bank. The A&R Credit Facility provides for a $65.0 million revolving credit facility (the A&R Revolving Facility) that may be used for revolving credit loans (including up to $5.0 million in swingline loans and up to $5.0 million in letters of credit) and a $445.0 million term loan (the A&R Term Loan). Subject to certain conditions, the available amount under the revolving credit facility and term loans may be increased by $125.0 million in the aggregate. The A&R Credit Facility bears interest at a rate that is equal to Term SOFR plus an applicable margin ranging from 1.75% to 3.50% based on certain consolidated leverage ratio measures. On November 17, 2025, the Company entered into Amendment No. 7 to Amended and Restated Credit Agreement and Amendment to Pledge and Security Agreement with Truist Bank to, among other things, (i) modify certain definitions, terms and conditions, (ii) modify the maturity date to be July 31, 2027, and in connection therewith, the repayment schedule, including certain adjustments to applicable interest rates, (iii) adjust the minimum fixed charge coverage ratio, (iv) adjust the maximum leverage ratio measures, and (v) adjust the minimum liquidity measure. The A&R Revolving Facility matures on July 31, 2027. The A&R Term Loan is repa …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"New Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (""ASU"") 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"", which is intended to improve the transparency, effectiveness and comparability of income tax disclosures by requiring greater disaggregation of information and additional disclosures. The pronouncement is effective for a public company's annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact that this standard will have on the consolidated financial statements. The Company plans to adopt the pronouncement in the annual report for fiscal year 2026. In November 2024, the FASB issued ASU 2024-03, ""Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"", which is intended to improve financial reporting by requiring disclosure of additional information about specific expense categories in the notes to the financial statements. The pronouncement is effective for a public company's annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact that this standard will have on the consolidated financial statements. The Company plans to adopt the pronouncement beginning in the annual report for fiscal year 2028 and in interim reports du …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions In accordance with agreements approved by the Board, we purchased inventory, in conjunction with our retail sale of the products, from certain entities affiliated with the Company. Total purchases incurred under these arrangements were $35.9 million and $28.4 million for the three months ended June 30, 2026 and 2025, respectively, and $112.3 million and $118.8 million for the nine months ended June 30, 2026 and 2025, respectively. In accordance with agreements approved by the Board, certain entities affiliated with the Company receive fees for rent of commercial property. Total expenses incurred under these arrangements were $0.8 million for each of the three months ended June 30, 2026 and 2025 and $2.4 million and $2.8 million for the nine months ended June 30, 2026 and 2025, respectively. In accordance with agreements approved by the Board, the Company received fees from certain entities and individuals affiliated with the Company for goods and services. Total fees recorded under these arrangements were $0.1 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $0.9 million and $3.3 million for the nine months ended June 30, 2026 and 2025, respectively. In connection with transactions noted above, the Company owed $5.4 million and $4.9 million as recorded within accounts payable as of June 30, 2026 and September 30, 2025, respectively. Additionally, the Company had less than $0.1 million recorded within acco …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information We report our operations through two reportable segments: (1) Dealership and (2) Distribution. See Note 2 for more information about our segments. The Company evaluates performance and allocates resources for all of its reportable segments based on metrics such as segment revenues and segment income. These segment profit metrics are consistent across all segments. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Reportable segment financial information for the three and nine months ended June 30, 2026 and 2025 is as follows: Dealership: Three Months Ended June 30, 2026 2025 Revenues: New boat $ 319,960 $ 326,134 Pre-owned boat 121,058 125,941 Finance & insurance income 17,293 17,782 Service, parts & other 43,061 42,904 Total revenues 501,372 512,761 Cost of sales: New boat (1) 262,826 273,691 Pre-owned boat 96,559 103,406 Service, parts & other 23,613 21,234 Total cost of sales 382,998 398,331 Selling, general and administrative expenses (2) 75,427 76,454 Interest expense - floor plan 6,763 7,340 Segment income $ 36,184 $ 30,636 (1) Cost of sales - new boat excludes restructuring impairment charges. (2) Selling, general and administrative expenses exclude equity-based compensation. Distribution: Three Months Ended June 30, 2026 2025 Revenues: Service, parts & other 29,339 40,103 Cost of sales: Service, parts & other (1) 19,955 24,669 Selling, general and admi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Cash At times the amount of cash on deposit may exceed the federally insured limit of the bank. Deposit accounts at each of the institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC). At June 30, 2026 and September 30, 2025, the Company exceeded FDIC limits at various institutions. The Company has not experienced any losses in such accounts and believes there is little to no exposure to any significant credit risk. Total cash and restricted cash shown in the unaudited condensed consolidated statements of cash flows is comprised of the amounts reported in cash and restricted cash on the unaudited condensed consolidated balance sheets. Restricted Cash Restricted cash relates to amounts collected for brokerage sales, in certain states, which are held in escrow on behalf of the respective buyers and sellers for future purchases of boats. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories consist of amounts paid to acquire the inventory, net of vendor consideration received and purchase discounts, and varying by inventory type, may include the cost of reconditioning, equipment addition, transportation, material, labor and manufacturing overhead. The cost of the new and pre-owned boat inventory is determined using the specific identification method. In assessing lower of cost or net realizable value, the Company considers the aging of the boats, hist …

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Stockholders Equity Equity-Based Compensation We maintain the OneWater Marine Inc. Omnibus Incentive Plan (the LTIP) to incentivize individuals providing services to OneWater Inc and its subsidiaries and affiliates. The LTIP provides for the grant, from time to time, at the discretion of the board of directors of OneWater Marine Inc. (the Board) or a committee thereof, of (1) stock options, (2) stock appreciation rights, (3) restricted stock, (4) restricted stock units, (5) stock awards, (6) dividend equivalents, (7) other stock-based awards, (8) cash awards, (9) substitute awards and (10) performance awards. The total number of shares reserved for issuance under the LTIP that may be issued pursuant to incentive stock options (which generally are stock options that meet the requirements of Section 422 of the Code) is 1,661,966. The LTIP is and will continue to be administered by the Board, except to the extent the Board elects a committee of directors to administer the LTIP. Class A common stock subject to an award that expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated without delivery of shares (including forfeiture of restricted stock awards) and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the LTIP. During the nine months ended June 30, 2026, the Board approved the grant of 384,472 performance-based re …

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