Perfect Corp. · NYSE:PERF
Perfect — Q4 2025 Earnings Presentation
41 slides from Perfect's earnings presentation, 2026
Slide 1: Beautify the World with AI Innovations
Beautiful AI Beautify the World with AI Innovations Company Presentation Q4 2025
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Perfect Corp. (“Perfect”). The information contained in this Presentation is in summary form and does not purport to be complete. This Presentation has been prepared without taking into account the objectives or particular requir
Slide 3: Perfect Corp.
Perfect Corp. #1 Beauty & Fashion Tech AI Company That Makes Your World Beautiful VISION Transform the world with AI Innovations MISSION • Empower individuals to create amazing photo & videos with the power of AI technologies • Help brands solve pain points with a modern optimized shopping experienc
Slide 4: Perfect Corp. Global Footprint
Perfect Corp. Global Footprint Global presence across all major beauty and fashion markets Headquartered in Taipei with Global Offices in New York, Paris, Tokyo, Lithuania and Shanghai Lithuania, LTU Paris, FR Operational in 11 Cities in over 9 San Jose, US New York, US Porto, PRT Shanghai, CN Tokyo
Slide 5: Perfect Corp.'s AI Innovation Journey
Perfect Corp.'s AI Innovation Journey Beauty AI Agent & AI GAN & Deep Gen-AI Diffusion Large Language Media Creation Learning Model & GPT Co-Pilot Perfect Corp. combined Generative Perfect Corp. began vast experiments to Perfect Corp.’s PerfectGPT framework lavage stable diffusion technology to Perf
Slide 6: Perfect's Leadership Team
Perfect’s Leadership Team Experienced team with over a decade-long track record of working together Alice Chang Louis Chen Johnny Tseng Wayne Liu Iris Chen Founder, CEO EVP and CSO SVP and CTO President of Americas & VP of Finance & Accounting CGO ▪ CEO of CyberLink from ▪ 20+ years with ▪ 25+ years
Slide 7: Perfect's Advisory Board
Perfect’s Advisory Board Professional advisory team providing industry insights and market perspectives Adrien Jacques Geiger Kay Durairaj, MD, FACS CEO Facial Plastic Surgeon L'Occitane en Provence Beauty by Dr. Kay Angelica Ramos Munson Steven R. Feldman, MD, PhD Professor of Dermatology, Patholog
Slide 8: Who We Serve, Space We Own
is an AI company for beauty, fashion and creativity Who We Serve Space We Own End-Users (B2C): Beauty & fashion Category: Verticalized AI/AR enthusiasts seeking instant, personalization platform and mobile personalized, and fun experiences apps Business Customers (B2B): Brands and Space: Beauty/Fash
Slide 9: Hybrid Business Model – Dual Revenue Streams
Hybrid Business Model – Dual Revenue Streams Hybrid business model that allows us to utilize identical technology to serve both consumers (2C) & enterprises (2B). By testing products in retail market, we gather valuable feedbacks to optimize product offerings and provide insights for brand clients.
Slide 10: Data Empowers Our Advanced Beauty & Fashion Tech
Data Empowers Our Advanced Beauty & Fashion Tech 3,900 -point 20+ Real-time facial 3D live meshes backed by visual computing Makeup textures 6 10m+ Jewellery texture mappings to Training data sets across deliver highly realistic material all ethnicities for AI deep learning reflections, and lighting
Slide 11: Perfect's AI Strategy: Focusing GenAI for Beauty and Fashion
Perfect’s AI Strategy: Focusing GenAI for Beauty and Fashion PERFECT’s GenAI Innovations Focus On: Generate Quality results aesthetically stunning specially optimized photos and videos. for Face and Body. PERFECT’s AI Development Based on: Over 800+ Built with over Consumer engagement of 10 Years of
Slide 12: Specialized AI/AR and GenAI for Beauty and Fashion
Specialized AI/AR is Still the Best GenAI Serves as an Enticing Solution for Beauty AI and Skin AI for Fashion AI, Hair AI, and Creative Generation | 12
Slide 13: B2C Consumer Apps
B2C Consumer Apps | 13
Slide 14: Market Potential – GenAI Photo and Video Creation
Market Potential – GenAI Photo and Video Creation Fast growth with huge upside potential on mobile app and web subscription 50 45 • GenAI photo and video editing market is projected to experience rapid expansion in Revenue $ Billions 39.71 40 20% to 30% expected the next decade 35 CAGR in 10 years f
Slide 15: YouCam Mobile Apps
YouCam Mobile Apps Beautiful AI Technology Contributes to Aesthetic Beauty and Self-Confidence with Gen AI features for photo, video and other entertaining functions. #1 AR Makeover Powerful Selfie #1 Makeup Dynamic Image Versatile AI Art All-in-One AI Smart Online AI App Camera Editor Video App Enh
Slide 16: YouCam Makeup – Your Personal AI Makeup Artists and Selfie Editor
YouCam Makeup – Your Personal AI Makeup Artists and Selfie Editor VTO for lipstick, eye makeup, Easily beautify photos Try more than 20 Try 100+ hair colors and Refine facial features to Easily enhance selected contour, foundation, and blush, and automatically remove hairstyles with the AI trendy ha
Slide 17: YouCam Perfect – All-in-One Photo Editing App Powered by AI
YouCam Perfect – All-in-One Photo Editing App Powered by AI Easily beautify, enhance, and Use AI to easily erase Try popular photo effects Easily enhance selected Turn portraits into stunning Add AI Selfie filters in edit photos and videos to unwanted items in like vintage filters, body areas while
Slide 18: YouCam Video GenAI for Video Generation and Editing
YouCam Video GenAI for Video Generation and Editing AI Video Enhancer AI Image to Video AI Video Photo Face Swap ▪ Upscale and Boost ▪ Make Stunning AI Videos ▪ Photo Face Swap Video Quality from One Photo ▪ Video Face Swap ▪ Powerful AI Video ▪ Advanced Algorithms, ▪ Multiple Face Swap Enhancement
Slide 19: YouCam Online Editor for Image and Video AI Enhancement and Creation
YouCam Online Editor for Image and Video AI Enhancement and Creation Over 50+ AI features to help end-user unleash their creativity Automatic Photo-to-Video AI Dance Video Generator AI Watermark Remover Next Gen AI Cartoon AI Virtual Girlfriend AI Hair Generation | 19 | 19
Slide 20: YouCam AI Agent: Universal AI Agent Across Apps and Online Tool
YouCam AI Agent : 20 Universal AI Agent Across Apps and Online Tool YouCam Perfect YouCam Makeup All-in-one AI Agent for all image Personal AI beauty assistant for editing, enhancement, and virtual makeovers, retouch, skincare, generative creation. and expert advice YouCam AI Pro YouCam Enhance Prom
Slide 21: Enterprise B2B Solutions
Enterprise B2B Solutions | 21
Slide 22: Complete Beauty & Fashion Virtual Try-On from Head to Toe
Complete Beauty & Fashion Virtual Try-On from Head to Toe Global leader in beauty & fashion tech solutions Pioneer in Fashion & Accessories Try-On AR Makeup & Jewelry AI Skin Analyzer AR Eyewear AR Shoes AR Clothing AR Necklace AR Scarf AR Bag AR Watch & Jewelry Set AR Nail | 22
Slide 23: Unique AI Skin Diagnosis with HD Capabilities Attracted Med Spa & Clinics
Unique AI Skin Diagnosis with HD Capabilities Attracted Med Spa & Clinics The AI skin diagnostic tool utilizes deep learning technology to provide users with real-time and high-definition skin analysis by simply using an iPad/iPhone. This solution has achieved reliable test results for dermatology p
Slide 24: Complete AI Beauty Solutions (Makeup, Face, Hair, and Body)
Complete AI Beauty Solutions (Makeup, Face, Hair, and Body) AI Makeup AI Face AI Hair AI Body Solutions Solutions Solutions Solutions ▪ AI Makeup VTO ▪ AI Face Attributes VTO Solutions AI Analysis Solutions ▪ AI Body Reshape ▪ AI Makeup Transfer ▪ AI Face Shade ▪ Hair Color VTO ▪ Hair Type Analysis
Slide 25: Perfect's Proven Track Record in Supporting Client Success
Perfect’s Proven Track Record in Supporting Client Success We help drive brands’ sales, conversion, and customer engagement. Brand Perfect Solution Used ROI Improvement Customer Testimonials “Now this [high -touch] experience has been enabled by high Live AR Training for tech AI and AR to create a m
Slide 26: AI API Support Across All Complete API Solutions Categories
2 6 AI API Support Across All Complete API Solutions Categories for Beauty, Skincare, Fashion, Apparel, Image, and Video Hair Creative Editing Beauty Jewelry Apparel, Shoes, and Image & Video Skincare & Watch Accessories Generation Confidential | 26
Slide 27: Financial Highlights & Key Metrics
Financial Highlights & Key Metrics | 27
Slide 28: Strong Organic Growth and Highly Scalable Cost Structure
Strong Organic Growth and Highly Scalable Cost Structure ($ in USD millions) Revenue Gross Profit & Margin 85% 81% 80% 14.9% 78% 77% YoY % 74% 80% FY22-25 Avg GP % 69 54 60 47 43 54 40 47 14.2% YoY % 18 15 16 12 FY22 FY23 FY24 FY25 4Q'24 4Q'25 FY22 FY23 FY24 FY25 4Q'24 4Q'25 Gross Profit Gross Margi
Slide 29: Perfect's Positive Operating Cash Flow and Strong Balance Sheet Position
Perfect’s Positive Operating Cash Flow and Strong Balance Sheet Position The Company had a positive operating cash flow of $13.3 million in the full year 2025, which demonstrates the company's ability to generate sufficient cash flow to support business operations. Ended December 31, ($ in thousands
Slide 30: Operating Loss Narrowing Across Periods
Operating Loss Narrowing Across Periods ($ in USD millions) Operating Loss & Its Margin -5.2% -2.5% -3.0% -3.3% -10.6% (0.5) (0.6) (1.7) (3.1) Operating Loss Operating Loss Margin (%) (5.7) -150.3% (71.1) 2022 2023 2024 2025 4Q'24 4Q'25 *Note: Bar 2022 truncated due to extreme value. | 30 | 30
Slide 31: Profitability Keeping Positive Over Time
Profitability Keeping Positive Over Time ($ in USD millions) Net Income & Its Margin 5.4 5.0 4.6 1.1 0.1 10.1% 8.3% 6.7% 6.9% 0.3% Net Income Net Income Margin (%) -342.0% (161.7) 2022 2023 2024 2025 4Q'24 4Q'25 *Note: Bar 2022 truncated due to extreme value. | 31 | 31
Slide 32: Perfect's Q4 2025 Financial Performance
Perfect’s Q4 2025 Financial Performance • Total Q4 Revenue was $18.1 million, compared to $15.9 million in the same period of 2024, +14.2% YoY. • AR/AI cloud solutions and subscription revenue was $16.4 million, compared to $15.1 million in Q4’24, +8.7% YoY. • Licensing revenue was $0.6 million, com
Slide 33: Perfect's Full Year 2025 Financial Performance
Perfect’s Full Year 2025 Financial Performance • Total 2025 Revenue was $69.2 million, compared to $60.2 million in the same period of 2024, +14.9% YoY. • AR/AI cloud solutions and subscription revenue was $61.1 million, compared to $53.8 million in 2024, +13.5% YoY. • Licensing revenue was $5.3 mil
Slide 34: Business Outlook for 2026
Business Outlook for 20261 ($ in USD millions) • Driven by continued Generative AI advancements and Revenue solid B2C subscription momentum, we maintained steady progress in our platform evolution and overall 8-12% performance in 2026. Estimated 14.9% YoY growth Actual YoY growth 76 • We expect the
Slide 35: Perfect's Beauty App Business Slows After Sustained Growth
Perfect’s Beauty App Business Slows After Sustained Growth, Impacted by Price Increase Our mobile app subscribers decreased by 9.2% y/y in Q4’25 YoY -9.2% 1000 K 900 K 800 K 700 K 600 K 500 K 400 K 300 K 200 K 100 K K Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'2
Slide 36: Scalable SaaS Business Model with Continued Expansion in Brands and SKUs
Perfect’s Scalable SaaS Business Model with Continued Expansion in Brands and SKUs Number of Brands by Quarter SKUs* by Quarter CAGR of 19% CAGR of 22% 842859 801818 982 953 732 708 891914 666686 627645 806822 601 775 745 679704 509525 655 463483 591 434448 556 405 510517 377 473 355 439 329 388411
Slide 37: Multiple Avenues To Drive Growth
Multiple Avenues To Drive Growth We see significant growth opportunities from GenAI subscriptions in mobile apps as well as, existing brands, new brands, new verticals expansion, and synergistic M&A. Premium Gen AI Deepen Penetration Expand Into Skincare AI Penetrate to Fashion Pursue Features in Yo
Slide 38: Perfect's ESG Commitment
Perfect’s ESG Commitment | 38
Slide 39: Perfect Is Green Tech & an ESG Facilitator
Perfect Is Green Tech & an ESG Facilitator Consumers’ growing awareness of sustainability will further accelerate brands’ adoption of AR & AI, creating stronger tailwinds for Perfect. Everyone can benefit from Beauty AR & AI Technology Support the industry in furthering Industry sustainable beauty a
Slide 40: ESG Story of Kao
ESG Story of How Kao leveraged Perfect’s beauty tech to achieve amazing ESG results! Perfect has helped Kao to become more sustainable KAO’s ESG Achievements by the Numbers: ◼ 56 Tons Reduces Plastic Waste per Year ◼ 1 Million Simulations per Week ◼ 22 Try-ons per Visitor Scan Barcode to Try It Your
Slide 41: The AI & AR powerhouse helping consumers and brands
The AI & AR powerhouse helping consumers and brands to achieve their goal | 41 | 41