Slide 1: FY 2024 Earnings Presentation
FY 2024 Earnings Presentation 1
Slide 2: Presenters: Michel Brousset and Manuel Manfredi
MICHEL BROUSSET MANUEL MANFREDI CO-FOUNDER & CEO CHIEF FINANCIAL OFFICER 2
Slide 3: Disclaimer: Cautionary Statement Regarding Forward-Looking Statements
DISCLAIMER Cautionary Statement Regarding Forward-Looking Statements All statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limite
Slide 4: Continued Resilience of the Beauty Industry
CONTINUED RESILIENCE OF THE BEAUTY INDUSTRY 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 7% 6% 6% 6% 0% -19% 30% 15% 14% 7% Prestige Beauty 1Circana, U.S. Prestige Beauty Total Measured Market and OmniMarket All Outlets. 22024 Kline Professional Skincare: United States Market Analysis and Oppor
Slide 5: Our ambition: global multi-brand beauty and wellness platform
Our ambition is to build a global best-in-class beauty and wellness multi-brand platform by creating, acquiring, accelerating, and scaling the next generation of high-growth, purpose-driven brands 5
Slide 6: Leading Brands Outperforming the Market
LEADING BRANDS OUTPERFORMING THE MARKET Anchored in high customer affinity and strong brand equity Cult-favorite makeup brand with a diverse community due to its cultural relevance and iconic products Clinically-proven medical-grade skincare products that provide targeted solutions for top skin conc
Slide 7: Algorithm for Long-Term Success
ALGORITHM FOR LONG-TERM SUCCESS Flywheel Effect Drive Gross Margin Through Operational Efficiency Acquire Structurally Attractive Indie Brands Leverage Superlative Gross Margin Profile Reinvest in High ROI Sales & Marketing Leverage G&A Built-to- Scale across Platform Best-in-Class Topline Growth To
Slide 8: Structurally Positioned to Deliver Superior Economics
STRUCTURALLY POSITIONED TO DELIVER SUPERIOR ECONOMICS Sustained high growth, strong gross margins, and continued brand investment driving topline growth today will create meaningful operating leverage as the platform scales 8 Average Top 3 Best- in-Class 28% 8% 16% Average Top 3 Best- in-Class 74% 7
Slide 9: Where We Are, Where We Are Headed
WHERE WE ARE WHERE WE ARE HEADED Categories Geographies Channels Price Points 9 US APAC Europe LATAM Skin Color Hair Body Wellness Fragrance Professional Specialty Online Food / Drug / Mass Prestige Masstige Mass
Slide 10: Combined Financial Profile: Q4 2024
COMBINED FINANCIAL PROFILE: Q4 2024 NET REVENUE $72.1M +29.4% 1 ADJ. GROSS PROFIT $52.6M 2 73.0% 3 ADJ. EBITDA $11.2M 15.5% 5 4 COMPARABLE GROWTH 1 Based on Comparable Net Revenue Growth, refer to page 3 for definitions of non-GAAP financial measures. U.S. GAAP Net Revenue growth of 30.8% during the
Slide 11: Combined Financial Profile: FY 2024
COMBINED FINANCIAL PROFILE: FY 2024 NET REVENUE $273.9M +27.5% 1 ADJ. GROSS PROFIT $203.6M 2 74.3% 3 ADJ. EBITDA $40.3M 14.7% 5 4 COMPARABLE GROWTH 1 Based on Comparable Net Revenue Growth, refer to page 3 for definitions of non-GAAP financial measures. U.S. GAAP Net Revenue growth of 25.5% during t
Slide 12: Adjusted Free Cash Flow: FY 2024
ADJUSTED FREE CASH FLOW: FY 2024 12 1 Net Loss of $48.6M adjusted for non-recurring add-backs, refer to the Appendix page 50. 2 Cash flows generated by the Group from core operations, including sales, operating expenses and working capital, before cash payments related to non-recurring expenses, ser
Slide 13: Liquidity & Shares Outstanding
LIQUIDITY & SHARES OUTSTANDING $14.8M As of December 31, 2024 As of February 28, 2025 Net Debt1 Ordinary Shares Outstanding Class A Ordinary Shares Outstanding Class B Ordinary Shares Outstanding$154.2M 122.7M 112.1M 10.7M Cash & Cash Equivalents Undrawn Commitment Under Revolving Credit Facility$30
Slide 14: Successful Completion of Debt Refinancing
SUCCESSFUL COMPLETION OF DEBT REFINANCING 14 TERM LOAN $175M REVOLVING CREDIT FACILITY $30M CREDIT FACILITY MATURITY MARCH 2030
Slide 15: FY 2025 Outlook
FY 2025 OUTLOOK 15 FY 2025 NET REVENUE GROWTH MID TEENS MID TO HIGH TEENS Q1 2025 Net revenue growth is expected to accelerate throughout the year, starting with relatively flat growth in Q1 due to the anniversary of the highly successful Milk Makeup “Jellies” launch from Q1 2024, as well as invento
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Slide 17: Our Results: Q4 2024 (Milk Makeup)
OUR RESULTS: 04 2024 NET REVENUE ADJ. GROSS PROFIT" ADJ. EBITDA’ $29.9M $19.4M $4.8M +31.9% 64.9%" 16.1%"
Slide 18: Our Results: FY 2024 (Milk Makeup)
OUR RESULTS: FY 2024 NET REVENUE ADJ. GROSS PROFIT" ADJ. EBITDA’ $124.6M $85.0M $29.1M +24.0% 68.2%’ 23.3%"
Slide 19: Beauty Choice of the Next Generation
#1 BEAUTY CHOICE OF THE NEXT GENERATION
Slide 20: Our Mantra: Live Your Look
OUR MANTRA LIVE YOUR LOOK IT'S NOT HOW YOU WEAR YOUR MAKEUP. IT’S WHAT YOU DO INIT THAT MATTERS. Milk MAKEUP 20
Slide 21: Growth Strategy
GROWTH STRATEGY 1 EXPAND BRAND & COMMUNITY BROADEN BRAND AWARENESS + WELCOME NEW GROUPS 2 INNOVATION BREAKTHROUGH PRODUCTS THAT DELIVER AND ARE GOOD FOR YOU 3 BROADEN FOOTPRINT EXPAND ONLINE & OFFLINE PRESENCE DOMESTICALLY + INTERNATIONALLY
Slide 22: 2024 Year in Review
2024 YEAR IN REVIEW Qi Q2 Q3 Q4 #14 RECORD EMV RANK asp eubiatay EMV RANK 1. EXPAND BRAND & #6 BEAUTY ORANOS 4.8B OF REPT 1M FOLLOWERS ° ~— COMMUNITY FEBRUARY. 2026; PR IMPRESSIONS 28 GLOBAL BE, + 2. INNOVATION r a JELLY TINT E-R| poncecupse Mi, LYKO SEPHORA _© 3. BROADEN FOOTPRINT Gok a DOUGLAS 2
Slide 23: Next-Gen Skincare for the Next Gen
NEXT-GEN SKINCARE FOR THE NEXT GEN
Slide 24: Jelly Skincare
JUICIEST GENTLE INGREDIENTS JUICY RESULTS JELLY SKINCARE Cooling Water Jelly Ice and Watermelon Jelly Glow THE WHY: Mess-free serum ina stick! Recruitment | Innovation | On-the-Go | THE ROLE: Skincare | Plus +1 THE INNOVATION: First jelly serum stick | Safe for Skin THE CONSUMER: _ Masstige /New Con
Slide 25: Finally, a Skin Tint That Won't Quit
FINALLY, ASKIN TINT THAT WON'T QUIT... NO SLIP. NO FADE. NO CREASING. NOBAKING.
Slide 26: Hydro Grip Gel Tint
HYDRO GRIP GEL TINT 12-HOUR WEAR. SKIN TINT THAT WON'T QUIT. HYDRO GRIP GEL TINT THE WHY: Most skin tints don’t last! THE ROLE: Trust | Complexion | High Replenishment | High loyalty | Skincare Performance THE INNOVATION: First gel skin tint | Longwear up to 12HR THE CONSUMER: Prestige / Loyal | Ove
Slide 27: Winning in New Complexion Battleground
WINNING IN NEW COMPLEXION BATTLEGROUND Makeup 2024 US. Prestige Face Makeup 2024 $2.4B US. Prestige Complexion Makeup 2024 COMPLEXION LEADS TOP 3 OVERALL MAKEUP PRODUCTS COMPLEXION MAKES UP. 47% MIX OF BUSINESS IN THE FACE SEGMENT 94% OF MAKEUP CONSUMERS USE MAKEUP WITH SKINCARE BENEFITS 7
Slide 28: Early Signs of Viral Success
EARLY SIGNS OF VIRAL SUCCESS SEPHORA.COM 4.7% 96% 34K¥ 781 REVIEWS RECOMMENDED LOVES 3.8M EMV
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Slide 30: Launch Date and Footprint: 600+ Doors
3/2/2025 600+ DOORS LAUNCH DATE FOOTPRINT
Slide 31: Why Ulta?
WHYULTA? LARGEST SPECIALTY BEAUTY RETAILER IN THE U.S. 1,4400+ 500+ 44M STORES ULTA BEAUTY LOYALTY NATIONWIDE @TARGET MEMBERS
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Slide 33: Key Figures Q4 2024
Key Figures Q4 2024 NET REVENUE ADJ. GROSS PROFIT? ADJ. EBITDA* $42.2M $33.2M $9.8M +27.7% 78.7% 23.3% COMPARABLE GROWTH
Slide 34: Key Figures FY 2024
Key Figures FY 2024 NET REVENUE ADJ. GROSS PROFIT? ADJ. EBITDA* £$149.3M $118.6M $30.5M +30.7% 794% 20.4% COMPARABLE GROWTH
Slide 35: Leading U.S. Physician Recommended Brand
We Are the Leading Our Global U.S. Physician Recommended Vision Brand* FOR TOP-3 SKIN CONCERNS Pigmentation #1 Fine Lines & Wrinkles Sagging Skin & Loss of Elasticity #1 Physician Dispensed Dermatological Brand in the World “Independent industry sources, USA (2023), ©: Which professional skin care b
Slide 36: The Fastest-Growing Top Professional Skincare Brand
THE FASTEST-GROWING TOP 10 PROFESSIONAL SKINCARE BRAND IN THE UNITED STATES *2024 Kline Professional Skincare: United States Market Analysis and Opportunities,
Slide 37: Growth Strategy: Double-Down on Dermatological Brand DNA
Growth Strategy 1 Double-Down on Dermatological Brand DNA Ongoing brand refresh & packaging update marking a new era with a modernized look & feel 2 Cutting-Edge Science Backed Innovation Robust global innovation pipeline launching clinically- proven products 3 Grow Brand Awareness & Footprint Conti
Slide 38: 2024 Year in Review
2024 YEAR IN REVIEW Ql OBAGI Q4 ‘New Photography In Situ 1. Double-Down =a Brand DNA Dr Suzan Obagh MO | DAILY HYDRO-DROPS* The Biggest . dl ELASTIDERM® ~ sana Edge #1 P Quarter nnovation Direct-to-Physician Vv) Vol Sales Thailand Launch InStyle 3. Brand #3 y' 500+ Awareness & . BEST BROW SERUM Fast
Slide 39: Taking It Further
TAKING IT FURTHER 39
Slide 40: One.
one. LE oe ee ak
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Slide 42: Suzan Obagi MD Products
SUZANOBAGIMD* SUZANOBAGIMD* MOISTURE RESTORE HYDRATION REPLENISHING CREAM SUPER ANTIOXIDANT SERUM MEDICAL-GRADE MULTI-LAYERED MOISTURE MEDICAL-GRADE DEFENSE AGAINST OXIDATIVE STRESS Features a blend of multi-molecular-weight Hyaluronic Acids (HA) to deliver moisture to multiple layers of the skin wh
Slide 43: Poised for Long-Term Profitable Growth
POISED FOR LONG-TERM PROFITABLE GROWTH WHERE WE ARE WHERE WE ARE HEADED Strong alignment of management incentives to long-term value creation through operational and capital allocation excellence Expertise in managing global beauty brands at scale Asset-light, nimble, and efficient vs. slow, inflexi
Slide 44: Appendix
APPENDIX 44
Slide 45: Q4 2024 Highlights
Q4 2024 HIGHLIGHTS % ‘Comparable Net Revenue {in millions, except forpercentages) __Q42024 _%Sales_%Growth Growth 42023 _% Sales Waldencast Net Revenue 724 100.0% 30.8% 29.4% 55.1 100.0% Adjusted Gross Profit, 52.6 73.0% 30.7% 40.3 73.1% Adjusted EBITDA 1.2 155% 99.3% 56 10.2% Obagi Medical Net Reve
Slide 46: FY 2024 Highlights
FY 2024 HIGHLIGHTS % Year Comparable Year Ended Net Revenue Ended {in milions, except for percentages) 2024 % Sales %Growth __ Growth 2023 _-% Sales Waldencast Net Revenue 273.9 100.0% 25.5% 27.5% 218.1 100.0% Adjusted Gross Profit 203.6 74.3% 35.3% 1504 69.0% Adjusted EBITDA 40.3 147% 65.1% 24.4 11
Slide 47: Group Comparable Net Revenue Growth
GROUP COMPARABLE NET REVENUE GROWTH 47
Slide 48: Group Adjusted Gross Profit
GROUP ADJUSTED GROSS PROFIT 1 Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination. 2 Relates to the amortization of the inventory fair value step-up as a result of the Business Combination. 3 Re
Slide 49: Brands Adjusted Gross Profit
BRANDS ADJUSTED GROSS PROFIT 49
Slide 50: Group Adjusted EBITDA
GROUP ADJUSTED EBITDA 1 Includes mainly legal, advisory and consultant fees related to the financial restatement 2020-2022 periods and associated regulatory investigation, and the Business Combination. 2 Relates to the fair value of the related party liability for the unfavorable discount to the Oba
Slide 51: Brands Adjusted EBITDA
BRANDS ADJUSTED EBITDA ‘Obagi Medical Milk Makeup Three Three Three Three months months months months ended ended -Yearended Year ended _ended. ended Year ended Year ended December December December December December December December December (in thousands, except for percentages) 31,2024 31,2023 3
Slide 52: Adjusted Free Cash Flow
ADJUSTED FREE CASH FLOW 52 1 Total adjustments for Adjusted EBITDA, refer to page 50 for further details. 2 Includes mainly legal, advisory and consultant fees related to the financial restatement 2020-2022 periods and associated regulatory investigation, and the Business Combination.
Slide 53: Net Debt Position
NET DEBT POSITION Reconciliation of Net Carrying Amount of debt (in thousands) to Net Debt Current portion of long-term debt $ 29,479 Long-term debt 137,137 Net carrying amount of debt 166,616 Adjustments: Add: Unamortized debt issuance costs 2,339 Less: Cash & cash equivalents (14,802) Net Debt $ 1