Slide 1: Second Quarter FY 2026 Results
SECOND QUARTER FY 2026 RESULTS FEBRUARY 5, 2026
Slide 2: Introduction
INTRODUCTION Markus Strobel, Laurent Mercier, Executive Chairman & Interim Chief Executive Officer Chief Financial Officer 2
Slide 3: Overview
OVERVIEW
Slide 4: Joining Coty at a Pivotal Moment
JOINING COTY AT A PIVOTAL MOMENT ABOUT MARKUS STROBEL ➢ 33-year career at Procter & Gamble with strong discipline and operational expertise ➢ 25 years at P&G Beauty, where he most recently served as President of P&G’s Global Skin & Personal Care business which included a multi-billion-dollar portfol
Slide 5: Many Achievements in Last 5 Years
MANY ACHIEVEMENTS IN LAST 5 YEARS +10% FY21-FY25 CAGR +2% ~$3.5B ~$3.5B FY21-FY25 ~$3.1B CAGR ~$2.9B ~$2.4B ~$2.3B ~$2.0B ~$2.1B ~$2.1B ~$1.9B FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 PRESTIGE FRAGRANCE CONSUMER BEAUTY LFL NET REVENUES LFL NET REVENUES +9% FY21-FY25 CAGR ~4.1x ~6.8x $1,091M
Slide 6: Coty Has Strong Competitive Advantages
COTY HAS STRONG COMPETITIVE ADVANTAGES ➢ Leading and highly desirable brands ➢ Top notch fragrance innovation capabilities ➢ Creative and entrepreneurial organization ➢ Differentiated vertically integrated fragrance business model 6
Slide 7: Coty. XXXX Curated.
COTY.XXXX CURATED. SHARPER PRIORITIES FOCUSED INVESTMENTS THE MORE SUPPORTING THE CORE 7
Slide 8: Hugo Boss: What's Working
HUGO BOSS: WHAT’S WORKING ➢ Brand sales grew >30% from FY19 through FY25 ➢ Boss Bottled Beyond #2 male innovation of Fall 2025 ➢ Boss Bottled franchise gaining share across key markets (Germany, UK, Spain, France, Canada and Mexico) ➢ Hugo Boss already captured 90 basis points share in U.S. in first
Slide 9: Hugo Boss: What's Not Working Yet
HUGO BOSS: WHAT’S NOT WORKING YET ➢ Insufficient halo from Boss Bottled Beyond on the overall brand, with declines in other core Hugo Boss franchises ➢ Hugo Boss brand did not grow in 1HFY26 despite the top-notch innovation 9
Slide 10: U.S. Market: What's Working
U.S. MARKET: WHAT’S WORKING Scaled, leading Outperforming Winning fragrance in prestige with winning brands like makeup, retailers Burberry & led by Marc Jacobs Kylie Cosmetics makeup Prestige makeup market/sell-out source: Circana (L3M December 2025) 10
Slide 11: U.S. Market: What's Not Working Yet
U.S. MARKET: WHAT’S NOT WORKING YET Prestige Aggressive Coty fragrance promotional underperformed market slowed: activity during the market +7% in Q1, the holidays in Q2 in both +3% in Q2 Prestige & Consumer Beauty Prestige fragrance market source: Circana (Q1 – L3M September 2025, Q2 – L3M December
Slide 12: What's Working: Burberry
WHAT’S WORKING: BURBERRY ➢ Brand sales grew >140% from FY19 through FY25 ➢ Established three core fragrance franchises in last six years, Burberry Her, Burberry Hero & Burberry Goddess, which each grew +MSD% to +DD% LFL in Q2 ➢ Global ranking improved to #15 in 2025 from #30 in 2019, and the brand i
Slide 13: What's Working: Marc Jacobs
WHAT’S WORKING: MARC JACOBS ➢ Strong momentum in key franchises, including Perfect, which grew by a mid-teens % in Q2 on a sell-out basis ➢ Seasonal limited-edition Daisy Murakami collection performed well above expectations, rapidly selling out in the U.S., with remaining markets launching in the c
Slide 14: What's Working: Kylie Cosmetics
WHAT’S WORKING: KYLIE COSMETICS ➢ Cosmic Kylie Jenner Intense fragrance launch off to a strong start and well ahead of expectations ➢ Strong LFL growth in Q2 in both fragrance and makeup, with fragrances more than doubling YoY and makeup growing +HSD% YoY ➢ Kylie Cosmetics ranked #2 amongst all beau
Slide 15: Lifestyle Fragrances: Focus on Amplifying Core Brands
LIFESTYLE FRAGRANCES: FOCUS ON AMPLIFYING CORE BRANDS ➢ Smaller lifestyle fragrance initiatives have diverted focus and resources from core brands ➢ Small fragrance projects to be discontinued & new projects halted ➢ Amplifying focus on core brands like adidas fragrances, which grew DD% in Q2, bruno
Slide 16: Advancing Coty's AI Capabilities
ADVANCING COTY’S AI CAPABILITIES ➢ Company-wide AI partnerships with Microsoft and ServiceNow are now complemented by strategic collaboration with OpenAI ➢ Actively creating digital assets using generative-AI, helping reduce spending, compress timelines, and generate more content ➢ Reduced post-prod
Slide 17: Initial Perspectives on Portfolio Strategy
INITIAL PERSPECTIVES ON PORTFOLIO STRATEGY I. Continue with strategic review of Consumer Beauty ➢ “Color the Future” performance improvement plan will unlock shareholder value regardless of ultimate outcome II. Leave Lifestyle Fragrances under Consumer Beauty commercial organization to ensure contin
Slide 18: 2Q26 Financial Results
2Q26 FINANCIAL RESULTS
Slide 19: Q2 Market Dynamics
Q2 MARKET DYNAMICS PRESTIGE BEAUTY MASS BEAUTY MARKET MARKET +5% +5% (+3% IN FRAGRANCES) COTY PRESTIGE COTY PRESTIGE COTY CB COTY CB SELL-OUT REVENUES LFL SELL-OUT REVENUES LFL ~ FLAT -2% -5% -6% (Below-category in (Estimated destocking developed markets; headwind largely strong momentum in finished
Slide 20: Q2 Results: Coty LFL Sales Improved Sequentially, In Line With Guidance
Q2 RESULTS: COTY LFL SALES IMPROVED SEQUENTIALLY, IN LINE WITH GUIDANCE 3Q25 4Q25 1Q26 2Q26 (3)% (9)% (8)% (3)% 20
Slide 21: Q2 Results: Prestige LFL Sales Improved Sequentially
Q2 RESULTS: PRESTIGE LFL SALES IMPROVED SEQUENTIALLY 3Q25 4Q25 1Q26 2Q26 (3)% (7)% (6)% (2)% 21
Slide 22: Q2 Results: Consumer Beauty LFL Sales Improved Sequentially
Q2 RESULTS: CONSUMER BEAUTY LFL SALES IMPROVED SEQUENTIALLY 3Q25 4Q25 1Q26 2Q26 (5)% (12)% (11)% (6)% 22
Slide 23: CB Cosmetics: Color the Future
CB COSMETICS: COLOR THE FUTURE • New Consumer Beauty leadership team in place, fully empowered on the P&L and activating a performance improvement plan focused on topline recovery and bottom-line improvement • First actions underway: ➢ Re-allocating spend from non-working media to consumer engagemen
Slide 24: Q2 Results: Adjusted Gross Margin
Q2 RESULTS: ADJUSTED GROSS MARGIN Decline driven by: - Promotional environment in Prestige - Lower volumes in Consumer Beauty - CB mix drag (U.S. declines, Brazil growth) - Larger tariff headwind vs. Q1 (in line with expectations) -260 -180 66.8% bps bps 66.1% 64.2% 64.3% PRESSURES EXPECTED TO PERSI
Slide 25: Q2 Results
Q2 RESULTS ~$751M -17% -20% ~$626M $0.41 $0.33 -15% -18% ~$391M $0.22 ~$330M $0.18 2Q25 2Q26 1H25 1H26 2Q25 2Q26 1H25 1H26 ADJUSTED EBITDA ADJUSTED EPS (EXCLUDING THE EQUITY SWAP) 25
Slide 26: Continue to Target ~$200M in Savings in FY26
CONTINUE TO TARGET ~$200M IN SAVINGS IN FY26 >$330M Productivity savings Fixed cost savings ~$200M >$180M ~$170M >$140M >$115M >$90M FY21 FY22 FY23 FY24 FY25 FY26E FY27E 26
Slide 27: Leverage at ~2.7x, Lowest Level in Over 9 Years
LEVERAGE AT ~2.7X LOWEST LEVEL IN OVER 9 YEARS $524M $750M FYTD FREE CASH FLOW WELLA PROCEEDS & DRIVEN BY RECEIVABLES & POTENTIAL FOR ADDITIONAL PHASING OF WORKING PROCEEDS AFTER KKR’S CAPITAL PREFERRED RETURN IS MET ~2.7x LEVERAGE EXITING CY25; CONTINUE TO TARGET TOWARDS 2X 27
Slide 28: Outlook
OUTLOOK
Slide 29: 3Q26 Revenue Outlook Framework
3Q26 REVENUE OUTLOOK FRAMEWORK PRESTIGE CONSUMER BEAUTY ➢ Fragrance market +L-MSD% ➢ Market Flat to +LSD% ➢ Estimated headwind from destocking ➢ Sell-out gap to market significantly reduced in Q2 ➢ Broadly stable shelf space ➢ Promotion levels remain elevated ➢ Early green shoots in Rimmel and ➢ Gra
Slide 30: 3Q26 EBITDA Bridge
3Q26 EBITDA BRIDGE ~$204M LOWER SALES AT CONSTANT GROSS ~$100- CURRENCY MARGIN 110M DECLINE FIXED COST PROTECTING FROM LOWER IMPACT FROM A&CP 3Q FY26 3Q FY25 VOLUMES, YOY BONUS ESTIMATED ADJUSTED HIGH REVERSAL ADJUSTED EBITDA PROMOS, EBITDA TARIFFS, AND FX 30
Slide 31: 3Q26 Outlook
3Q26 OUTLOOK MSD% LFL decline, primarily due to weakening in Consumer Beauty REVENUE LFL trends REPORTED REVENUES LSD-MSD% benefit from FX ADJ GROSS MARGIN Headwinds to continue with similar 200-300bps YoY declines as in Q2 ADJ EBITDA $100M to $110M ADJ EPS (EXCL. SWAP) Approximately breakeven Seaso
Slide 32: Conclusion
CONCLUSION
Slide 33: Appendix
APPENDIX
Slide 34: Adjusted EPS Delivery
Q2 FYTD ADJUSTED EBITDA 330 626 DEPRECIATION (56) (112) NET INTEREST (41) (88) INCOME TAX 27 71 ADJUSTED OTHER (83) (124) EPS DELIVERY ADJ PREFERRED DIVIDEND (3) (7) DILUTED SHARE COUNT 879M 878M DILUTED ADJUSTED EPS * 0.14 0.26 DILUTED ADJ EPS EXCL. EQUITY SWAP 0.18 0.33 * Diluted adjusted EPS calc
Slide 35: 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,