Herbalife Ltd. · NYSE:HLF
Herbalife — Q1 2026 Earnings Presentation
26 slides from Herbalife's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 6, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Measures
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
Q1 2026 Business Update Stephan Gratziani CEO Q1 2026 Earnings | 3
Slide 4: Business Highlights
Business Highlights • Q1 2026 — exceeds guidance o Net sales $1.3B, +7.8% YoY ▪ +5.4% YoY at constant currency1 o Adjusted EBITDA2 $176M ▪ $180M at constant currency1, 2 • Q1 net cash provided by operating activities of $114M • Further reduced total leverage ratio to 2.7x at Mar 31 • Began rollout o
Slide 5: What to Measure, What to Take, What to Do
What to measure What to take What to do Who to do it with People who replace two meals a day with Herbalife Nutrition Formula 1 as part of a healthy lifestyle (such as lowering caloric intake, eating a healthy, balanced diet or engaging in regular physical activity), Q1 2026 Earnings | 5 can general
Slide 6: Bioniq Acquisition Enhances Speed to Market for Personalized Nutrition
• Acquired substantially all of the assets of Bioniq’s core personalized nutrition business in April • $55M total base consideration, payable over five years o $10M paid subsequent to closing • Up to $95M in contingent payments tied to certain future Bioniq product sales performance • Obtained call
Slide 7: The Experience and Intelligence Layer Powering Herbalife Personalization
What to Measure What to Take • Health Metrics • Personally Curated Products • Pro2Score & Pro2Age • Personally Formulated Products Wellness Lifestyle Assessments Tracking Digital Advanced Health Data Biomarkers Input: Collects Personal Signals Intelligence: Gives Personalized Insight Personalized He
Slide 8: Current Packaging; Multi-Year Rollout of New Packaging Underway
CURRENT Our Historical Packaging Has Served the Business Well; Multi-Year Rollout of New, Modern Packaging Across Global Product Portfolio is Underway Q1 2026 Earnings | 8 Herbalife products are not intended to diagnose, treat, cure or prevent any disease. These products have been formulated and reg
Slide 9: Modernized Packaging Brings Science and Nutrition to the Forefront
NEW Modernized Packaging Brings Science and Nutrition to the Forefront Enhanced Category Labeling Simplifies Identification of Products Aligned to Specific Health and Nutrition Goals Q1 2026 Earnings | 9 Herbalife products are not intended to diagnose, treat, cure or prevent any disease. These produ
Slide 10: Financial Update
Q1 2026 Financial Update John DeSimone CFO Q1 2026 Earnings | 10
Slide 11: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Net Sales Adjusted EBITDA1 Capital Expenditures $1.3B +7.8% $176M +6.5% $11M vs Q1 2025 vs Q1 2025 Adjusted EBITDA1 Margin 240 bps of FX Tailwinds $10M Capitalized SaaS vs Q1 2025 13.3% Implementation Costs -20 bps vs Q1 2025 +5.4% YoY at Constant Currency2 $180M at Cons
Slide 12: Net Sales Bridge
Net Sales Bridge $ million +7.8% +5.4% +2.4% 39.6 29.1 1,317.2 50.1 2.3 1,288.1 1,221.7 (25.6) Q1 2025 Q1 2026 Q1 2026 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 believe
Slide 13: Regional Net Sales
Regional Net Sales Local Currency Reported Net Sales Net Sales1 Q1 2026 Q1 2025 YoY % Change YoY % Change $ million North America 247.6 254.4 (3)% (3)% Latin America 242.0 206.7 +17% +7% EMEA 274.8 273.3 +1% (6)% Asia Pacific 495.8 422.5 +17% +21% China 57.0 64.8 (12)% (16)% Worldwide 1,317.2 1,221.
Slide 14: Adjusted EBITDA Bridge
Adjusted EBITDA1 Bridge $ million % = Adjusted EBITDA1 margin +6.5% 18.9 6.8 3.4 1.7 175.7 164.9 (3.5) (7.0) (2.3) (2.6) (4.6) +5.5 China gov’t grant income 13.5% 13.3% Promotional Input Technology Q1 2025 Volume Pricing Sales Mix Salaries Related Other FX Q1 2026 Costs Costs Spend (1) Non-GAAP Meas
Slide 15: Capital Structure
Capital Structure • $451M cash on hand as of Mar 31 • $400M revolving credit facility undrawn as of Mar 31 Debt Refinancing Extended Maturity Profile, • Total leverage ratio 2.7x, net leverage ratio1 2.1x at Mar 31 Further Strengthening Financial Flexibility Subsequent Events $ million 2028 Converti
Slide 16: Outlook
Outlook Second Quarter 2026 Guidance $ million Net Sales Adjusted EBITDA1 CapEx Reported +1.5% to +5.5% YoY 150 – 170 15 – 25 Guidance Assumptions Constant Currency2 +1.0% to +5.0% YoY 150 – 170 • Net sales and adjusted EBITDA1 use the average Q2 2025 Actuals 1,259.1 173.6 22.8 daily exchange rates
Slide 17: Appendix
Appendix Q1 2026 Earnings | 17
Slide 18: Supplemental Information: Non-GAAP Financial Measures
Supplemental Information Non-GAAP Financial Measures (unaudited) Adjusted G&A, Adjusted EBITDA, Credit Agreement EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Net Debt In addition to its reported results calculated in accordance with U.S. GAAP, the Company has included in this presentation a
Slide 19: Supplemental Information: Currency Fluctuation
Supplemental Information Currency Fluctuation The Company’s international operations have provided and will continue to provide a significant portion of its total net sales. As a result, total net sales will continue to be affected by fluctuations in the U.S. dollar against foreign currencies. In or
Slide 20: Sales Leader and New Distributors Growth
New Distributors and Active Non-Sales Leaders Growth New Distributor Growth by Region Recruiting Activity by Marketing Plan Level2 % = YoY change Q1 2026 Q1 2025 Q1 2-Year Stack % = YoY change Q1 2026 Q1 2025 Q1 2-Year Stack North America (15)% (1)% (16)% President’s Team (10)% +23% +11% Sales Leade
Slide 21: Reconciliation of G&A to Adjusted G&A
Reconciliation of G&A to Adjusted G&A $ million Q1 2026 Q1 2025 Net sales 1,317.2 1,221.7 General and administrative expenses (G&A)1 431.4 400.3 G&A1 as a percentage of net sales 32.8% 32.8% Expenses related to Technology Realignment Program (2.4) ― Expenses related to Restructuring Program ― (3.3)
Slide 22: Reconciliation to EBITDA, Adjusted EBITDA and Credit Agreement EBITDA
Reconciliation of Net Income Attributable to Herbalife to EBITDA, Adjusted EBITDA and Credit Agreement EBITDA and Leverage Ratios Quarters TTM Full Year $ million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Mar 2026 2025 Net sales 1,221.7 1,259.1 1,273.7 1,283.0 1,317.2 5,133.0 5,037.5 Net income attrib
Slide 23: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income Attributable to Herbalife to Adjusted Net Income $ million Q1 2026 Q1 2025 Net income attributable to Herbalife 61.9 50.4 Expenses related to Technology Realignment Program1 2.4 ― Expenses related to Restructuring Program1 ― 3.3 Digital technology program costs1 ― 2.4 In
Slide 24: Reconciliation of Diluted EPS to Adjusted Diluted EPS
Reconciliation of Diluted EPS to Adjusted Diluted EPS $ per share Q1 2026 Q1 2025 Diluted earnings per share 0.57 0.49 Expenses related to Technology Realignment Program1 0.02 ― Expenses related to Restructuring Program1 ― 0.03 Digital technology program costs1 ― 0.02 Income tax adjustments for abov
Slide 25: FX Translation Impact
FX Translation Impact Net Income Net Sales EBITDA Attributable Diluted EPS $ million, except EPS to Herbalife Q1 2026 as reported 1,317.2 168.5 61.9 0.57 Non-GAAP adjustments1 ― 7.2 7.1 0.07 Q1 2026 adjusted 1,317.2 175.7 69.0 0.64 FX rate adjustments2 (29.1) 4.6 3.4 0.03 Q1 2026 FX Adjusted 1,288.1
Slide 26: Herbalife
Herbalife”