Slide 1: Coty 4Q FY25 Earnings Call
COTY 4Q FY25 EARNINGS CALL August 20, 2025
Slide 2: Coty Has Transformed With 5 Years of Proven Results
COTY HAS TRANSFORMED WITH 5 YEARS OF PROVEN RESULTS
Slide 3: Strengthened Prestige Fragrance Leadership
STRENGTHENED PRESTIGE +10% FRAGRANCE FY21-FY25 CAGR LEADERSHIP ~$3.5B ~$3.5B ~$3.1B ~$2.9B ~$2.4B FY21 FY22 FY23 FY24 FY25 3
Slide 4: Stabilized & Grew Consumer Beauty
STABILIZED & GREW CONSUMER BEAUTY +2% FY21-FY25 CAGR ~$2.3B ~$2.1B ~$2.1B ~$2.0B ~$1.9B FY21 FY22 FY23 FY24 FY25 4
Slide 5: All While Delivering Strong Financial Results
ALL WHILE DELIVERING STRONG FINANCIAL RESULTS DESPITE +9% LACOSTE FY21-FY25 DIVESTITURE & CAGR EXIT FROM RUSSIA ~3.3x ~6.8x +30 bps +60 bps +40 bps 17.8% 18.4% +60 bps -- -- ~4.7x 17.5% $1,091M $1,082M -- ~4.1x 17.1% $973M -- ~3.5x 16.5% $905M ~3.3x -- $760M FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 F
Slide 6: Coty Has Significantly Improved Its Debt Ratings
COTY HAS SIGNIFICANTLY IMPROVED ITS DEBT RATINGS 6 5 1 UPGRADES UPGRADES UPGRADES SINCE FY20 SINCE FY20 SINCE FY23* * Fitch Ratings initiated coverage in FY23 6
Slide 7: Challenging CY25
eer as Vie 5 axe CHALLENGING CY25
Slide 8: Strong Delivery & Financial Constraints Masked Weak Signals
STRONG DELIVERY & FINANCIAL CONSTRAINTS MASKED WEAK SIGNALS ▪ BEST-IN-CLASS PERFORMANCE IN LAST 4 YEARS PLUS PROFIT / DELEVERAGING COMMITMENTS DESPITE EXTERNAL CHALLENGES (RUSSIA EXIT, LACOSTE DIVESTITURE, SUPPLY CONSTRAINTS) RESULTED IN DELAYED RECOGNITION OF WEAK SIGNALS: ➢ U.S. EXECUTION WEAKNESS
Slide 9: Underperformance in U.S. Drove Vast Majority of FY25 Pressure
UNDERPERFORMANCE IN U.S. DROVE VAST MAJORITY OF FY25 PRESSURE U.S. PRESTIGE BEAUTY MARKET: +4% ➢ COTY REVENUES: -MSD% U.S. MASS BEAUTY MARKET: -1% ➢ COTY REVENUES: -MID TEENS% Nielsen GTC B&M + 1P + Other Ecom when available (June24-May25) 9
Slide 10: While the Beauty Market Growth Moderated
WHILE THE BEAUTY MARKET GROWTH MODERATED PRESTIGE FRAGRANCES MASS COSMETICS CATEGORY ~LDD % ~LDD % ~HSD % ~HSD % MSD % MSD % ~LSD % ~LSD % (MSD) % (LSD) % FY24 1Q25 2Q25 3Q25 4Q25 FY24 1Q25 2Q25 3Q25 4Q25 NielsenIQ GTC covering B&M and e-commerce channels and countries: Argentina, Australia, Brazil,
Slide 11: Near-Term Headwinds Persist
4Q25 BROADLY INLINE NEAR-TERM HEADWINDS PERSIST
Slide 12: FY25 Sales Dynamics
FY25 SALES DYNAMICS PRESTIGE BEAUTY MASS BEAUTY MARKET MARKET +3% +2% COTY PRESTIGE COTY PRESTIGE COTY CB COTY CB SELL-OUT REVENUES LFL SELL-OUT REVENUES LFL +3% FLAT -5% -5% Prestige Beauty Market source: Nielsen GTC B&M + 1P + Other Ecom when available (June24-May25) Mass Beauty Market source: Nie
Slide 13: Continued Annual Adj Gross Margin Expansion
CONTINUED ANNUAL ADJ GROSS MARGIN EXPANSION +50 bps -190 bps 64.9% 64.2% 64.4% 62.3% 4Q24 4Q25 FY24 FY25 13
Slide 14: Solid FY25 Adj EBITDA Margin Expansion
SOLID FY25 ADJ EBITDA MARGIN EXPANSION -1% / +60 bps ~$1091M ~$1082M -23% / -200 bps ~$165M ~$127M 4Q24 4Q25 FY24 FY25 14
Slide 15: Strong FY25 Adjusted EPS Growth
STRONG FY25 ADJUSTED EPS GROWTH EXCLUDING THE EQUITY SWAP +4% YoY $0.50 $0.48 $0.07 $0.02 4Q24 4Q25 FY24 FY25 Reflects diluted adjusted EPS excluding equity swap. 15
Slide 16: U.S. Dollar Depreciation Drives Higher Leverage YoY
U.S. DOLLAR DEPRECIATION DRIVES HIGHER LEVERAGE YOY ~3.5x ~3.3x $ 0.4B $ 3.8 B $ 3.6 B $ 0.3 B $ 0.1 B $ 0.2 B FY24 FY25 SKKN EQUITY FX END NET FCF SALE SWAP IMPACT OF 4Q DEBT PRE- & NET PAYMENT OTHER DEBT 16
Slide 17: ~$850M Savings Delivery Over Five Years
~$850M SAVINGS DELIVERY OVER FIVE YEARS >$330M Productivity savings Fixed cost savings ~$200M >$180M ~$80M ~$170M >$140M ~$50M >$115M ~$120M ~$120M >$90M FY21 FY22 FY23 FY24 FY25 FY26E FY27E SAVINGS 17
Slide 18: Solid and Flexible Balance Sheet
SOLID AND FLEXIBLE BALANCE SHEET NEAR TERM PRIORITIES 1. Focus on continuing to delever through strong cash protection and EBITDA expansion 2. Expect to refinance CY26 maturities, subject to market conditions 3. Wella business performance remains strong, with focus on divestiture 4. Focused more tha
Slide 19: Relatively Better Positioned Than Most in Tariff Scenario
RELATIVELY BETTER POSITIONED THAN MOST IN TARIFF SCENARIO FY25 COTY REVENUE MIX NORTH AMERICA WESTERN CHINA (INCL. KYLIE) EUROPE (INCL. HAINAN) 28% 26% 3% 9% CONSUMER (CB: ~12%, EASTERN EU PRESTIGE: ~16%) & MEA BEAUTY PRIMARILY 18% Global Travel Retail MANUFACTURED LOCALLY BRAZIL PRESTIGE & LATAM AP
Slide 20: Tariff Mitigation Efforts
TARIFF MITIGATION EFFORTS BUSINESS CORE MITIGATION FUNCTION CONSIDERATION PLANS Inventory buildup Pricing partially offset by a more promotional U.S. Prestige Fragrances market MANUFACTURING (~13% of sales) Actively transferring production of mass and entry prestige fragrances and adjacent categorie
Slide 21: Framework for FY26
FRAMEWORK FOR FY26 1H FY26 2H FY26 INNOVATION DISTRIBUTION PRICING PROMOTIONAL ENVIRONMENT FY25 COMPS REVENUE LFL TARIFF NET IMPACT SAVINGS DELIVERY VARIABLE COMP ADJ EBITDA 21
Slide 22: 1H FY26 Outlook
1H FY26 OUTLOOK Gradual sequential improvement in Prestige and Consumer Beauty, with REVENUE LFL LFL decline of 6% to 8% in 1Q26 and LFL decline of 3% to 5% in 2Q26 REPORTED REVENUES LSD% benefit from FX in 1H26 ADJ GROSS MARGIN Lower YoY on lower sales and tariff impact Gradual trend improvement fr
Slide 23: 2H FY26 Outlook
2H FY26 OUTLOOK REVENUE LFL LFL growth vs. 2H25 ADJ EBITDA Growth vs. 2H25 ADJ EPS (EXCL. SWAP) Growth vs. 2H25 LEVERAGE Continued deleveraging over CY26 23
Slide 24: Refocusing on Core Strengths
REFOCUSING ON CORE STRENGTHS
Slide 25: We're Adjusting Strategy in Step with Beauty Market Evolution
AS SHARED AT CAGNY 2025: WE’RE ADJUSTING STRATEGY IN STEP WITH BEAUTY MARKET EVOLUTION Leverage and overdrive our leadership position and best-in-class capabilities in GLOBAL FRAGRANCES to fuel strong expansion, with fragrances already >60% of revenues and an even bigger portion of profits Continue
Slide 26: Unwavering Focus on Fragrances, Where We Have the Right to Win
UNWAVERING FOCUS ON FRAGRANCES, WHERE WE HAVE THE RIGHT TO WIN 26
Slide 27: Coty #3 in ~$50B Prestige Fragrances Market
COTY #3 IN ~$50B PRESTIGE FRAGRANCES MARKET FEW GLOBAL PLAYERS COMPETE IN THE LICENSING MODEL – COTY A LEADER IN THE GROUP MARKET SHARE % 16% 12% 12% 9% 8% 6% 4% Companies operating licensed fragrance businesses Source: Euromonitor; market share % 27
Slide 28: Coty #1 in ~$7B Mass Fragrances Market in Developed Markets
COTY #1 IN ~$7B MASS FRAGRANCES MARKET IN DEVELOPED MARKETS ~11% MARKET SHARE % ~6% ~3% ~3% ~3% Companies operating licensed fragrance businesses Source: Nielsen + Amazon; market share % 28
Slide 29: Coty's Best-in-Class Fragrance Capabilities
COTY’S BEST-IN-CLASS FRAGRANCE CAPABILITIES LEADING LEADING STATE-OF-THE-ART INTERNAL R&D: COMMERCIAL MANUFACTURING: CAPABILITIES: 80+ ACTIVE PATENTS INCLUDING ONE OF THE & PATENT APPLICATIONS, LARGEST FRAGRANCE ~30 DIRECTLY- INCL. ON FRAGRANCE PLANTS GLOBALLY, MANAGED MARKETS LONGEVITY WITH PRODUCT
Slide 30: Fragrances Remain a Structurally Growing Category
FRAGRANCES REMAIN A STRUCTURALLY GROWING CATEGORY NEW MORE COHORTS “HEAVY” IN FRAGRANCE CATEGORY USERS EXPANDING “FRAGRANCE WARDROBE” MOVING UP THE PENETRATION CURVE 30
Slide 31: Fragrances Remain One of the Most Loyal Beauty Categories
FRAGRANCES REMAIN ONE OF THE MOST LOYAL BEAUTY CATEGORIES >70% PRESTIGE FRAGRANCE USERS ARE LOYAL TO 1-3 FRAGRANCES 1 2-3X HIGHER BRAND LOYALTY IN MASS FRAGRANCES COMPARED TO COSMETICS 2 1 Proprietary consumer study of over 1K fine fragrance users in the U.S. and China 2 Kantar x Coty CB 2024 equity
Slide 32: McKinsey Expects Fragrance to Lead Beauty Growth
MCKINSEY EXPECTS FRAGRANCE TO LEAD BEAUTY GROWTH THROUGH 2030 AT MSD% CAGR Source: McKinsey Global Beauty Market Model 2025 - The State of Fashion: Beauty, Volume 2, June 2025 32
Slide 33: We Remain Focused on Steadily Building Skincare
WE REMAIN FOCUSED ON STEADILY BUILDING SKINCARE WHILE REMAINING VIGILANT WITH INVESTMENT LEVELS ANCHORED IN DERM-DEVELOPED & PHOTO AGING & BIOTECH SCIENCE SOLUTION FOCUSED REPAIR EXPERT 33
Slide 34: Uniquely Scaled Color Cosmetics Platform, Focus on Profitability
UNIQUELY SCALED COLOR COSMETICS PLATFORM, BUT FOCUS NOW ON STEP-CHANGING PROFITABILITY 34
Slide 35: Focus on Reigniting Mass Cosmetics Profitability
FOCUS ON REIGNITING MASS COSMETICS PROFITABILITY ~20% >60% GROSS OF SALES MARGIN SMALL % OF COTY OPERATING INCOME MORE DETAILS TO BE SHARED IN NEXT 3-6 MONTHS 35
Slide 36: Capitalizing on Latest Cosmetics Trends
CAPITALIZING ON LATEST COSMETICS TRENDS 36
Slide 37: Acting with Urgency to Restore Consistent, Profitable Growth
ACTING WITH URGENCY TO RESTORE CONSISTENT, PROFITABLE GROWTH
Slide 38: Key Actions: New Regional Structure & New U.S. Leadership
KEY ACTIONS: NEW REGIONAL STRUCTURE & NEW U.S. LEADERSHIP ▪ 6 REGIONAL CLUSTERS IMPROVING AGILITY & ALIGNMENT WITH CHANNEL SHIFTS ▪ NEW U.S. LEADERSHIP ▪ ADJUSTED BONUS STRUCTURE TO BETTER INCENTIVIZE LOCALIZED PERFORMANCE GREEN SHOOTS: NARROWED U.S. PRESTIGE FRAGRANCE SELL-OUT GAP FROM 11% GAP IN 1
Slide 39: Key Actions: Step-Changing ROI and Efficiencies
KEY ACTIONS: STEP-CHANGING ROI AND EFFICIENCIES ▪ KICKED OFF NEXT PHASE OF ALL-IN-TO-WIN ▪ CREATED CHIEF PERFORMANCE AND OPERATIONAL EXCELLENCE OFFICER POSITION, WITH INTERNAL PROMOTION ▪ EVALUATING FULL MANUFACTURING AND SOURCING ECOSYSTEM TO DELIVER CONSISTENT COGS IMPROVEMENT GREEN SHOOTS: DELIVE
Slide 40: Key Actions: Competitive Advantage with U.S. Manufacturing
KEY ACTIONS: COMPETITIVE ADVANTAGE WITH U.S. MANUFACTURING ▪ COMPLETED TRANSFER OF KEY MASS FRAGRANCES SOLD IN U.S. TO OUR U.S. MANUFACTURING PLANT ▪ BY Q3 WILL TRANSFER ADDITIONAL ENTRY-PRESTIGE FRAGRANCES & ADJACENCIES TO U.S. PLANT ▪ ESTABLISHING DUAL SOURCING FOR MOST FRAGRANCES BY FY27 OUTCOME:
Slide 41: Key Actions: Fully Omnichannel Commercial Approach
KEY ACTIONS: FULLY OMNICHANNEL COMMERCIAL APPROACH ▪ INTEGRATING E-COM AND DIGITAL TEAMS INTO LOCAL MARKETS AND BRANDS GREEN SHOOTS: COTY’S E-COM SELL-OUT CONTINUES TO BE AHEAD TO INLINE OF THE E-COM MARKET IN BOTH PRESTIGE & CONSUMER BEAUTY E -com based on countries where e -com info is available c
Slide 42: Key Actions: Accelerating AI Implementation
KEY ACTIONS: ACCELERATING AI IMPLEMENTATION ▪ CREATED CHIEF INFORMATION, DIGITAL INNOVATION AND BUSINESS SERVICES OFFICER, WITH INTERNAL PROMOTION GREEN SHOOTS: AI DEPLOYED AND RUNNING ACROSS MARKETING, SUPPLY CHAIN, FINANCE, ETC. 42
Slide 43: AI Already Integrated into Core Coty Processes
AI ALREADY INTEGRATED INTO CORE COTY PROCESSES FUNCTIONS SUPPLY CHAIN - 60 BOTS / RPA’S - DEMAND PLANNING - ACCOUNTS PAYABLE - PRICE CHATBOT IN AUTOMATION PROCUREMENT MARKETING - IT HELP - MEDIA ALLOCATION MODEL - SELECT MEDIA CONTENT CREATION & OPTIMIZATION - SEO COPY GENERATION & TRANSLATION 43
Slide 44: Coty Remains Best-in-Class in Fragrances
COTY REMAINS BEST-IN-CLASS IN FRAGRANCES
Slide 45: Coty's Fragrance Sales Remain Resilient
COTY’S FRAGRANCE SALES REMAIN RESILIENT FY25 LFL SALES GROWTH +2% +8% +9% PRESTIGE MASS ULTRA-PREMIUM FRAGRANCE FRAGRANCE FRAGRANCE ~56% ~60% ~6% ~7% ~1% FY23 sales FY25 sales FY23 sales FY25 sales FY25 sales 45
Slide 46: Prestige Fragrance: Gaining Share in Nearly All Markets Excluding U.S.
PRESTIGE FRAGRANCE: GAINING SHARE IN NEARLY ALL MARKETS EXCLUDING THE U.S. UNITED STATES EUROPE APAC MIDDLE EAST GLOBAL TRAVEL RETAIL BRAZIL SOUTH AFRICA U.S., Europe, Brazil market share source: Circana L12M end June. Middle East, South Africa market share source: CRD L12M end April. APAC market sh
Slide 47: Burberry Goddess
BURBERRY GODDESS #1 FEMALE FRAGRANCE INNOVATION IN FY24 47
Slide 48: Davidoff Cool Elixir
DAVIDOFF COOL ELIXIR DRIVING +40% GROWTH YOY IN JULY AT OUR LARGEST SOUTH AFRICAN RETAIL PARTNER 48
Slide 49: Slide 49
Slide 50: BOSS Bottled Beyond
BOSS BOTTLED BEYOND SHAPING INTO FY26 MAJOR PRESTIGE INNOVATION PIPELINE A BLOCKBUSTER …THE STRONGEST LAUNCH OF THE PAST FIVE YEARS Add some stats from TR SELL-IN & SELL-OUT TRACKING BOSS BOTTLED ABOVE JULY BEYOND BURBERRY LAUNCHED GODDESS IN (1Q FY26) AT SAME PERIOD INTO LAUNCH 50
Slide 51: Adidas Vibes
ADIDAS VIBES LARGEST CONSUMER BEAUTY LAUNCH IN 10 YEARS >20% YOY ADIDAS FRAGRANCE LFL SALES GROWTH IN Q4 AND FY25 51
Slide 52: Unleashing Attack Plan for Fragrance Mists
UNLEASHING ATTACK PLAN FOR FRAGRANCE MISTS: LAUNCHING MISTS ACROSS PRESTIGE & MASS BRANDS MISTS FULLY INCREMENTAL TO FRAGRANCE PORTFOLIO, WITH SIMILAR MARGINS, UNLOCKING $7B MARKET FOR COTY 52
Slide 53: Internally Developed New Brands to Drive Incremental Sales & Distribution
INTERNALLY DEVELOPED NEW BRANDS TO DRIVE INCREMENTAL SALES & DISTRIBUTION ORIGEN NOW LIVE WITH ADDITIONAL BRAND LAUNCHES COMING THIS YEAR 53
Slide 54: Continuing to Rebalance Consumer Beauty Investments
CONTINUING TO REBALANCE CONSUMER BEAUTY INVESTMENTS FOCUSED, PROFIT-DRIVEN APPROACH TO COLOR REINVESTMENT COSMETICS IN FRAGRANCES TO FURTHER ACCELERATE GROWTH 54
Slide 55: Digital Momentum Fueling the Portfolio
DIGITAL MOMENTUM FUELING THE PORTFOLIO
Slide 56: Driving E-Commerce Expansion
DRIVING E-COMMERCE EXPANSION $1B FY25 E-COM REVENUES PRESTIGE CONSUMER BEAUTY FY25 SELL-OUT FY25 SELL-OUT +13% +21% IN-LINE WITH MARKET AHEAD OF MARKET AND HOLDING SHARE AND GAINING SHARE E -com based on countries where e -com info is available covering approx. 86% of total Coty. Sources: Circana (P
Slide 57: Social Advocacy Momentum Across Key Brands
SOCIAL ADVOCACY MOMENTUM ACROSS KEY BRANDS EMV EMV +68% +331% YoY YoY EMV EMV +131% +109% YoY YoY 57 Global EMV ranking is tracked within our competitive set. Lancaster’s EMV is specific to Europe, not global. Source: Traacker.
Slide 58: Social Advocacy Momentum Across Key Brands
SOCIAL ADVOCACY MOMENTUM ACROSS KEY BRANDS 16x EMV EMV +2% growth YoY YoY 58 Global EMV ranking is tracked within our competitive set. Source: Traacker.
Slide 59: More Brands on TikTok Shop
MORE BRANDS ON TIKTOK SHOP: RIMMEL IN THE U.K. & NOW COVERGIRL IN THE U.S. & RISQUE IN BRAZIL 59
Slide 60: Launched on Premium Beauty Store
LAUNCHED ON PREMIUM BEAUTY STORE IN JULY 2025 60
Slide 61: What's Next in Our Pipeline
INNOVATION MOMENTUM WHAT’S NEXT IN OUR PIPELINE
Slide 62: Major Prestige Fragrance Launch for Top Brand in 2H FY26
MAJOR PRESTIGE FRAGRANCE LAUNCH FOR TOP BRAND IN 2H FY26 62
Slide 63: Marc Jacobs Makeup Launching in CY26
MARC JACOBS MAKEUP LAUNCHING IN CY26 63
Slide 64: Launching in CY27
i, et LAUNCHING IN = CY27 64
Slide 65: Launching in FY27
LAUNCHING IN LAUNCHING IN FY27 FY27 65
Slide 66: Reaching Key Sustainability Milestones
REACHING KEY SUSTAINABILITY MILESTONES
Slide 67: Reaching New ESG Milestones
REACHING NEW ESG MILESTONES INFINIMENT COTY PARIS BRAND PATENTS “ARTCYCLING” LAUNCHED ACHIEVED CDP NEW SUPPLIER ENGAGEMENT SUSTAINABILITY A LIST TARGETS FOR STATUS SUPPLIERS 67
Slide 68: Conclusion
CONCLUSION
Slide 69: Re-Establishing Baseline for Growth
RE-ESTABLISHING BASELINE FOR GROWTH ▪ TARGETING STEADY SEQUENTIAL IMPROVEMENT IN Y/Y SALES AND EBITDA TRENDS THROUGH FY26, RETURNING TO GROWTH IN 2H26 ▪ STRONG FOUNDATIONS TO RETURN TO MULTI-YEAR GROWTH: ➢ RETURN TO BLOCKBUSTER FRAGRANCE LAUNCHES ➢ LEVERAGING UNIQUE POSITION AS ONLY GLOBAL BEAUTY PL
Slide 70: Medium-Term Focus: Outperform the Beauty Market & Expand Margins
MEDIUM-TERM FOCUS: OUTPERFORM THE BEAUTY MARKET & EXPAND MARGINS 70
Slide 71: Appendix
APPENDIX
Slide 72: Adjusted EPS Delivery
Q4 FY25 ADJUSTED EBITDA 127 1,082 DEPRECIATION (59) (229) NET INTEREST (50) (214) INCOME TAX 16 123 ADJUSTED OTHER (43) (314) EPS DELIVERY ADJ PREFERRED DIVIDEND (3) (13) DILUTED SHARE COUNT 872M 876M DILUTED ADJUSTED EPS * (0.05) 0.22 DILUTED ADJ EPS EXCL. EQUITY SWAP 0.02 0.50 * Diluted adjusted E
Slide 73: Disclaimer
DISCLAIMER Forward-Looking Statements Certain statements in this presentation are forward-looking statements. These forward-looking statements reflect Coty's current views with respect to, among other things, strategic planning, targets and outlook for future reporting periods (including the extent,