After mistakenly drinking the water, Emma and Cy wake up to discover they look 25, but still have the same memory, bank account and decades of a shared history. Cy is skeptical about what has happened but Emma convinces him when she sings, “Who Else But Emma”. Cy is thrilled about his new youthful vigor and sings, “25 Again”. Until they can figure out how to explain the unimaginable to their children and retirement home neighbors, Cy and Emma assume identities as young adults, Frank and Emily.
Tristan, disguised as Fernando, follows and woos Emma. Meghan arrives and is told by Frank and Emily that her grandparents are in Disneyworld. Meghan, relieved to have some free time, sings “Off the Shelf”. She spies Fernando and is excited to meet a “hot Latin guy.”
Marie, a condo association board member, confronts the young-looking people and tells them they will have to leave because “under-aged renters are verboten.” She has stopped at the condo to pick up mementos for a funeral and sings, “Fate Worse Than Death”.
After dancing with Emma and singing, “Lighter than Air”, Fernando reveals to Emma that he is Tristan and that he loves her. He kisses her. Meghan feels betrayed because Emma has promised to set her up with Fernando. Cy is upset with Emma for letting Fernando kiss her and he demands that Emma “act her age.” As Act I ends, Emma realizes that she can’t let other people control her destiny and promises to take the gift she has been given and rediscover her life in “Back in My Prime”.
As Act II begins, Cy, Emma, Tristan and Meghan sing about their unhappy circumstances with “Disappointing Rainbow”. Emma asks Tristan for answers about the magic of the fountain and he continues to press her to run away with him in “What If”. Susie, an odd Cuban woman, arrives to rent the vacant next door condo, and seduces Cy with “I Move In.”
Even though Emma is determined to give Cy a second chance, she, Marie and Meghan continue to be frustrated with the men in their life as they sing, “Something About Men”. Emma explains to Meghan that she is her granddaughter but Meghan is still unsure. Emma has had enough and she leaves Cy. They both sing, “Nowhere is Nowhere to Be”.
Susie reveals to Tristan that she is Ethelbert and tells him they are finished.
In the meantime, Meghan has a grown-up moment and tells Fernando she just wants to “Start Over as Friends”. Fernando/Tristan rejoices and hopes that Emma will know run away with him, but she says that he is still to immature for him.
Meghan reconciles with both grandparents. Tristan reconciles with Ethelbert. Alone, Cy realizes that he has been a fool. When Emma returns to picks up a few things, he asks her to wear his promise ring and he promises to be a new man and win her love one day at time. They all sing, “This Time.”
