Herbalife Ltd. · NYSE:HLF
Herbalife — Q4 2025 Earnings Presentation
27 slides from Herbalife's earnings presentation, Feb 18, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 18, 2026 Xandra Velzeboer Netherlands Short Track Speed Skating
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are "forward-loo
Slide 3: Business Update
Q4 2025 Business Update Stephan Gratziani CEO Q4 2025 Earnings | 3
Slide 4: Business Highlights
Business Highlights • Q4 2025 — exceeds guidance o Net sales $1.3B, +6.3% YoY ▪ +5.5% YoY at constant currency1 o Adjusted EBITDA2 $156M ▪ $168M at constant currency1 • FY 2025 — exceeds guidance o Net sales $5.0B, +0.9% YoY ▪ +2.5% YoY at constant currency1 o Adjusted EBITDA2 $658M ▪ $714M at const
Slide 5: LIFE I/O BASELINE
PQQ LIFE I/O BASELINE Supports mitochondrial function for cellular energy production and Niagen ® Cellular Health, Reimagined. Clinically studied, increases NAD+ levels to provides antioxidant activity* support cellular energy and function linked to healthy aging* CoQ10 Combats age - related CoQ10 d
Slide 6: Cristiano Ronaldo Invests $7.5 Million in Herbalife's Pro2col Technology
Cristiano Ronaldo Invests $7.5 Million in Herbalife’s Pro2col Technology “A partnership that lasts over a decade is built on trust and a shared vision. For me, the investment in Pro2col was a natural evolution. It’s more than being an Herbalife-sponsored athlete; it’s about being a partner and an in
Slide 7: Financial Update
Q4 2025 Financial Update John DeSimone CFO Q4 2025 Earnings | 7
Slide 8: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Net Sales Adjusted EBITDA1 Capital Expenditures $1.3B +6.3% $156M +4.1% $19M vs Q4 2024 vs Q4 2024 Adjusted EBITDA1 Margin 80 bps of FX Tailwinds $9M Capitalized SaaS vs Q4 2024 12.2% Implementation Costs -20 bps vs Q4 2024 +5.5% YoY at Constant Currency2 $168M at Consta
Slide 9: Net Sales Bridge
Net Sales Bridge $ million +6.3% +5.5% +0.8% 40.3 1,274.0 9.0 1,283.0 37.8 1,207.4 (10.1) (1.4) Q4 2024 Q4 2025 Q4 2025 Reported Volume Pricing Country Mix Other Local Currency FX Reported Net Sales Net Sales1 Net Sales (1) Non-GAAP Measure. Refer to Appendix for discussion of why the Company believ
Slide 10: Regional Net Sales
Regional Net Sales Local Currency Reported Net Sales Net Sales1 Q4 2025 Q4 2024 YoY % Change YoY % Change $ million North America 243.1 245.0 (1)% (1)% Latin America 234.7 199.5 +18% +11% EMEA 280.9 257.2 +9% +5% Asia Pacific 461.3 439.8 +5% +9% China 63.0 65.9 (4)% (6)% Worldwide 1,283.0 1,207.4 +6
Slide 11: Adjusted EBITDA Bridge
Adjusted EBITDA1 Bridge $ million % = Adjusted EBITDA1 margin +4.1% 23.1 1.1 8.1 4.7 5.9 156.1 150.0 (2.3) (3.4) (8.3) (11.6) (11.2) 12.4% 12.2% Promotional Input Employee Technology Q4 2024 Volume Pricing Sales Mix Salaries Related Other FX Q4 2025 Costs Bonus Costs Spend (1) Non-GAAP Measure. Refe
Slide 12: Capital Structure
Capital Structure • $353M cash on hand as of Dec 31 Debt Maturities as of Dec 31 ‘252 • Repaid $30M of debt in Q4 2025 $ million 310 2028 Convertible Notes • ~$400M revolving credit facility undrawn as of Dec 31; 2029 12.25% Sr. Notes 600 ~$355M available for borrowing1 2029 4.875% Sr. Notes • Total
Slide 13: Outlook
Outlook First Quarter 2026 Guidance Guidance Assumptions $ million Net Sales Adjusted EBITDA1 CapEx • Net sales and adjusted EBITDA1 use the average Reported +3.0% to +7.0% YoY 155 – 175 10 – 20 daily exchange rates for the first three weeks of Jan ‘26 to translate local currency projections Constan
Slide 14: Appendix
Appendix Q4 2025 Earnings | 14
Slide 15: Supplemental Information
Supplemental Information Non-GAAP Financial Measures (unaudited) Adjusted G&A, Adjusted EBITDA, Credit Agreement EBITDA, Adjusted Net Income and Adjusted Diluted EPS In addition to its reported results calculated in accordance with U.S. GAAP, the Company has included in this presentation adjusted G&
Slide 16: Supplemental Information
Supplemental Information Reclassifications Effective in the fourth quarter of 2025, the Company retrospectively separated selling expenses from selling, general, and administrative expenses in the consolidated statements of income and combined those selling expenses with royalty overrides in the con
Slide 17: Sales Leader, New Distributors and Active Non-Sales Leaders Growth
New Distributors and Active Non-Sales Leaders Growth New Distributor Growth by Region Recruiting Activity by Marketing Plan Level2 % = YoY change Q4 2025 Q4 2024 Q4 2-Year Stack FY 2025 FY 2024 % = YoY change Q4 2025 Q4 2024 Q4 2-Year Stack FY 2025 FY 2024 North America +19% +13% +35% +8% +13% Presi
Slide 18: FY 2025 Financial Highlights
FY 2025 Financial Highlights Net Sales Adjusted EBITDA1 Capital Expenditures $5.0B +0.9% $658M +3.6% $80M vs FY 2024 vs FY 2024 Adjusted EBITDA1 Margin 160 bps of FX Headwinds $25M Capitalized SaaS vs FY 2024 13.1% Implementation Costs +40 bps vs FY 2024 +2.5% YoY at Constant Currency2 $714M at Cons
Slide 19: Full Year Net Sales Bridge
Full Year Net Sales Bridge $ million +0.9% +2.5% (1.6)% 162.0 5,117.1 4,993.1 5,037.5 (11.5) (0.5) (79.6) (26.0) FY 2024 FY 2025 FY 2025 Reported Volume Pricing Country Mix Other Local Currency FX Reported Net Sales Net Sales1 Net Sales (1) Non-GAAP Measure. Refer to Supplemental Information include
Slide 20: Full Year Regional Net Sales
Full Year Regional Net Sales Local Currency Reported Net Sales Net Sales1 FY 2025 FY 2024 YoY % Change YoY % Change $ million North America 1,033.0 1,054.4 (2)% (2)% Latin America 881.2 832.5 +6% +10% EMEA 1,114.4 1,084.8 +3% +2% Asia Pacific 1,729.8 1,723.8 +0% +3% China 279.1 297.6 (6)% (6)% World
Slide 21: Full Year Adjusted EBITDA Bridge
Full Year Adjusted EBITDA1 Bridge $ million % = Adjusted EBITDA1 margin +3.6% 87.7 23.2 634.8 657.6 (4.4) (1.8) (4.2) (0.4) (4.2) (13.5) (3.3) (56.3) 12.7% 13.1% Promotional Input Employee Technology FY 2024 Volume Pricing Sales Mix Salaries Related Other FX FY 2025 Costs Bonus Costs Spend (1) Non-G
Slide 22: Reconciliation of G&A to Adjusted G&A
Reconciliation of G&A to Adjusted G&A $ million Q4 2025 Q4 2024 FY 2025 FY 2024 Net sales 1,283.0 1,207.4 5,037.5 4,993.1 General and administrative expenses (G&A)1 442.5 403.3 1,664.3 1,725.6 G&A1 as a percentage of net sales 34.5% 33.4% 33.0% 34.6% Expenses related to Technology Realignment Progra
Slide 23: Reconciliation of Net Income to Adjusted EBITDA to Credit Agreement EBITDA
Reconciliation of Net Income Attributable to Herbalife to Adjusted EBITDA to Credit Agreement EBITDA and Total Leverage Ratio Quarters Full Year $ million Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 2024 Net sales 1,207.4 1,221.7 1,259.1 1,273.7 1,283.0 5,037.5 4,993.1 Net income attributable to He
Slide 24: Reconciliation of Net Income Attributable to Herbalife to Adjusted Net Income
Reconciliation of Net Income Attributable to Herbalife to Adjusted Net Income $ million Q4 2025 Q4 2024 FY 2025 FY 2024 Net income attributable to Herbalife 85.4 177.9 228.3 254.3 Expenses related to Technology Realignment Program1 4.9 ― 9.1 ― Expenses related to Restructuring Program1 2.2 0.9 7.0 6
Slide 25: Reconciliation of Diluted EPS to Adjusted Diluted EPS
Reconciliation of Diluted EPS to Adjusted Diluted EPS $ per share Q4 2025 Q4 2024 FY 2025 FY 2024 Diluted earnings per share 0.81 1.74 2.20 2.50 Expenses related to Technology Realignment Program1 0.05 ― 0.09 ― Expenses related to Restructuring Program1 0.02 0.01 0.07 0.68 Expenses related to Transf
Slide 26: FX Translation Impact
FX Translation Impact Net Income Net Sales EBITDA Attributable Diluted EPS3 $ million, except EPS to Herbalife Q4 2025 as reported 1,283.0 129.4 85.4 0.81 Non-GAAP adjustments1 ― 26.7 (37.9) (0.36) Q4 2025 adjusted 1,283.0 156.1 47.5 0.45 FX rate adjustments2 (9.0) 11.6 7.6 0.07 Q4 2025 FX Adjusted
Slide 27: Herbalife
Herbalife”