Prestige Consumer Healthcare Inc. · NYSE:PBH

Prestige Consumer Healthcare — Raymond James Institutional Investors Conference 2020

19 slides from Prestige Consumer Healthcare's conference presentation, Mar 24, 2020

1. Slide 1: Raymond James Institutional Investors Conference

   a Prestige Consumer HEALTHCARE Raymond James Institutional Investors Conference March 2"4, 2020 a UJ

2. Slide 2: Forward-looking statements

   This presentation contains certain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the Company’s expected financial performance, including Revenues, Organic Revenue, Adjusted EPS, and Adjusted Free Cash Flow; the m

3. Slide 3: Introduction to Prestige Consumer Healthcare

   Introduction to Prestige Consumer Healthcare Summers €ve Dramamine Le . Cear EP eyes. MONISTAT fies oa

4. Slide 4: Helping Consumers Care for Themselves

   Helping Consumers Care for Themselves © NS. wer Gy throat drops for every cold season 2 doses of pain relief per week» ys @ infections treated annually Raymond James Investors Conference 2020 ica ; eye drops per year (ear MURINE

5. Slide 5: Total Sales by Category; #1 Brands Represent Two-Thirds of Total Sales

   Total Sales* by Category #1 Brands Represent Two-Thirds of Total Sales* Dermatologicals 10% Women’s Eye & Health Ear Care 27% 12% Oral Care 11% 17% 11% GI Cough / 12% Cold Analgesics * FY’19 Revenues, Excludes Divested Household Cleaning Segment & Other OTC (less than 1%)

6. Slide 6: Cash Generation

    Positioned for long-term 2% to 3% (1) Organic growth  Brand building to drive long-term success  Industry-leading financial profile Cash Generation  Consistent and strong FCF generation  Enables capital allocation opportunities  Disciplined capital allocation priorities Capital Allocation Opt

7. Slide 7: Our Long-Term Value Creation Strategy

   Our Long-Term Value Creation Strategy Upside Potential SS Shareholder Value Enhancement eS ee Raymond James Investors Conference 2020 cm Long-Term E.P.S. Growth

8. Slide 8: Prestige Consumer Healthcare

   —a—e Prestige Consumer HEALTHCARE

9. Slide 9: Appendix

   Appendix Fleet. Summers&ve Dramamine cD 5 Eff ium Efferdent Gear (BC) MONISTAT [eee

10. Slide 10: Power Core Core International portfolio

    Power Core Core International Other OTC 10% 50% 10% Sales Contribution to Portfolio (Approximate %) 30% # of Brands Representative Brands Long-Term Organic Growth Target (approximate):

11. Slide 11: Retail Traffic Driver and Long-Term Brand Building Toolkit

    Retail Traffic Driver Long-Term Brand Building Toolkit  Need-based products sought by consumers,  Develop and understand consumer insights beginning a basket of purchases  Wide-ranging and flexible brand strategies  Retailers dedicating more shelf space to Health focused on growing categories an

12. Slide 12: Innovation reduces barriers to entry and adds new users

    Innovation reduces barriers to entry and adds new users ~$60M Retail Sales* New Category New Formulation More Impactful New Form Revitalized Claims Packaging *U.S. IRI MULO + C-store for the 52 weeks ended 3-24-19

13. Slide 13: Key Attributes and Positioning; Capital Deployment

    Key Attributes and Positioning Capital Deployment  Debt at December 31 of ~$1.7 billion and leverage ratio of 4.9x(2) – Target leverage ratio of between 3.5x to less than 5.0x – Expect to reach ~4.7x leverage by year-end FY 20 if remaining cash flows used for debt reduction  High Free Cash Flow Ge

14. Slide 14: Free Cash Flow Conversion and Yield vs. Peers

    FCF 126% 128% Conversion: 122% 106% 10% 99% 91% 84% 7% 69% 66% FCF Yield: 5% 4% 4% 4% 4% 4% 3% CHD CL PG EPC CLX HELE ENR JNJ Source: FactSet data as of February 18, 2020; comparable set includes selected HPC companies Note: Free Cash Flow Conversion defined as Non-GAAP Operating Cash Flow less Capi

15. Slide 15: Free Cash Flow and Leverage History

    $197 $208 $202 $200+ $165 $185 $127 $131 $67 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 E ~5.0x ~5.2x ~5.0x ~5.7x ~5.2x ~5.0x ~4.3x ~4.3x ~4.7x FY 12 FY 13 FY 14 FY 15 * FY 16 FY 17 FY 18 FY 19 FY 20 E Dollar values in millions. * Peak leverage of 5.75x at close of the Insight Acquisition

16. Slide 16: FY20 Outlook and Guidance

     Continuing to gain market share with consumers and grow categories for retailers  Portfolio of need-based brands continues to be well positioned for long-term growth, offsetting inventory reductions at retail  Expect no change to retailer de-stocking trends in medium term, particularly in the dr

17. Slide 17: Non-GAAP Footnotes and Definitions

    (1) Organic Revenue is a Non-GAAP financial measures and is reconciled to the most closely related GAAP financial measure and defined in our September 30, 2019 earnings release in the “About Non-GAAP Financial Measures” section. (2) Leverage ratio reflects net debt / covenant-defined EBITDA. (3) Adj

18. Slide 18: GAAP Net Income to Non-GAAP Free Cash Flow Reconciliation

    2013 2014 2015 2016 2017 2018 2019 GAAP Net Income $ 65,505 $ 72,615 $ 78,260 $ 99,907 $ 69,395 $ 339,570 $ (35,800) Adjustments Adjustments to reconcile net income to net cash provided by operating activities as shown in the statement of cash flows 59,497 52,562 65,998 98,181 92,613 (113,698) 233,4

19. Slide 19: Projected FY20 GAAP EPS Adjustments

    2020 Projected Free Cash 2020 Projected EPS Flow Low High (In millions) Projected FY'20 GAAP EPS $ 2.61 $ 2.68 Projected FY'20 GAAP Net Cash provided by operating activities $ 205 Adjustments: Additions to property and equipment for cash (15) Integration of new logistics provider (a) 0.15 0.15 Proje

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