Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 5, 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
Q2 2026 Business Update Stephan Gratziani CEO Q2 2026 Earnings | 3
Slide 4: Business Highlights
Business Highlights • Q2 2026 — at the top of guidance o Net sales $1.3B, +5.4% YoY and fourth consecutive quarter of net sales growth +5.8% YoY at constant currency1 North America up slightly at 0.2% o Adjusted EBITDA2 $167M $174M at constant currency1, 2 • Launched our next generation of per
Slide 5: The $34 Billion Global Personalized Nutrition Market
The $34 Billion Global Personalized Nutrition Market 3% Gut Microbiome 8% Testing (Stool) 11% DNA-Based/ Genomics- Non-Blood Based Biomarker Nutrition Testing (Urine, Saliva) 14% Blood-Based Testing & Biomarkers 17% 47% Digital Platforms & Personalized Supplements Trackers (Enablement) Sources: •Gra
Slide 6: 45 Years of Personalization
45 Years of Personalization 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), Q2 2
Slide 7: Bioniq GO
North America and Europe & Africa Bioniq GO Bioniq GO offers a more personalized approach to nutrition for health-conscious adults. Based on a customer’s select input from the Wellness Assessment, Bioniq GO recommends one of 40 customized formulas. Each formula contains up to 22 science- backed nutr
Slide 8: Life I/O Activate Energy and Helio
North America Life I/O Activate Energy Berry Lemonade & Limeade (2 Flavors) Life I/O Activate Energy is a daily supplement with caffeine for a feeling of energy and mental focus.* Formulated with D-isomer BHB ketones, the same form that is produced by the human body. Also delivers B vitamins to supp
Slide 9: Fuel Like Ronaldo Integrated Campaign
Fuel Like Ronaldo Integrated Campaign One platform, seven connected channels, 45 markets activated . FUEL LIKE RONALDO Earned media Out-of-home Digital Game day performance, every day. +1.2B impressions / $29M Publicity Value LA LIVE takeover Global Discovery site, daily content refresh Social Event
Slide 10: Financial Update
Q2 2026 Financial Update John DeSimone CFO Q2 2026 Earnings | 10
Slide 11: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Net Sales Adjusted EBITDA1 Capital Expenditures $1.3B +5.4% $167M (4.0)% $11M vs Q2 2025 vs Q2 2025 Adjusted EBITDA1 Margin 40 bps of FX headwinds $8M Capitalized SaaS vs Q2 2025 12.6% Implementation Costs -120 bps vs Q2 2025 +5.8% YoY at Constant Currency2 $174M at Cons
Slide 12: Net Sales Bridge
Net Sales Bridge $ million +5.4% +5.8% -0.4% 37.2 73.0 0.5 1,332.2 1,326.8 1,259.1 (37.6) (5.4) Q2 2025 Q2 2026 Q2 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 believ
Slide 13: Regional Net Sales
Regional Net Sales Local Currency Reported Net Sales Net Sales1 Q2 2026 Q2 2025 YoY % Change YoY % Change $ million North America 273.0 272.4 +0.2% +0.2% Latin America 245.0 210.2 +16.6% +8.2% EMEA 277.8 287.9 (3.5)% (5.6)% Asia Pacific 470.6 408.6 +15.2% +23.1% China 60.4 80.0 (24.5)% (29.0)% World
Slide 14: Adjusted EBITDA Bridge
Adjusted EBITDA1 Bridge $ million % = Adjusted EBITDA1 margin (4.0)% 18.6 10.1 (0.8) 3.3 (12.0) 173.6 166.6 (11.7) (1.2) (3.5) (2.2) -4.8 China gov’t grant income (7.6) -3.7 India GST (net) 13.8% 12.6% Promotional Input Employee Technology Q2 2025 Volume Pricing Sales Mix Salaries Related Other FX Q
Slide 15: Capital Structure
Capital Structure • $370M cash on hand as of Jun 30 Debt Refinancing Extended Maturity Profile, Further Strengthening Financial Flexibility • Made first payment of $10M for Bioniq asset acquisition $ million • $135M of borrowings outstanding under its 2026 Revolving Credit 2028 Convertible Notes Fac
Slide 16: Outlook
Outlook Third Quarter 2026 Guidance $ million Net Sales Adjusted EBITDA1 CapEx Reported +0.5% to +4.5% YoY 160 – 180 15 – 25 Guidance Assumptions Constant Currency2 +1.5% to +5.5% YoY 165 – 185 • Net sales and adjusted EBITDA1 use the average Q3 2025 Actuals 1,273.7 163.0 20.8 daily exchange rates f
Slide 17: Appendix
Appendix Q2 2026 Earnings | 18
Slide 18: Supplemental Information
Supplemental Information Non-GAAP Financial Measures (unaudited) Adjusted G&A, Adjusted EBITDA, Credit Agreement EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Adjusted Effective Tax Rate, Free Cash Flow and Net Debt Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, Credit Agreement EB
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: YTD 2026 Financial Highlights
YTD 2026 Financial Highlights Net Sales Adjusted EBITDA1 Capital Expenditures $2.6B +6.6% $342M +1.1% $22M vs YTD 2025 vs YTD 2025 Adjusted EBITDA1 Margin 100 bps of FX Tailwind $18M Capitalized SaaS vs YTD 2025 12.9% Implementation Costs -70 bps vs YTD 2025 +5.6% YoY at Constant Currency2 $355M at
Slide 21: YTD Net Sales Bridge
YTD Net Sales Bridge $ million 6.6% +5.6% 1.0% 77.0 1.8 23.7 2,644.0 124.0 2,620.3 2,480.8 (63.3) YTD 2025 YTD 2026 YTD 2026 Reported Volume Pricing Country Mix Other Local Currency FX Reported Net Sales Net Sales1 Net Sales (1) Non-GAAP Measure. Refer to Supplemental Information included herein for
Slide 22: YTD Regional Net Sales
YTD Regional Net Sales Local Currency Reported Net Sales Net Sales1 YTD 2026 YTD 2025 YoY % Change YoY % Change $ million North America 520.6 526.8 (1.2)% (1.2)% Latin America 487.0 416.9 +16.8% +7.5% EMEA 552.6 561.2 (1.5)% (6.0)% Asia Pacific 966.4 831.1 +16.3% +21.9% China 117.4 144.8 (18.9)% (23
Slide 23: YTD Adjusted EBITDA Bridge
YTD Adjusted EBITDA1 Bridge $ million % = Adjusted EBITDA1 margin 1.1% 38.4 16.9 (8.2) (7.1) (5.8) 338.5 342.3 (18.7) (5.1) 6.7 (1.1) (12.2) (7.2) India GST (net) (0.7) China gov’t grant income 13.6% 12.9% Promotional Input Employee Technology YTD 2025 Volume Pricing Sales Mix Salaries Related Other
Slide 24: Reconciliation of G&A to Adjusted G&A
Reconciliation of G&A to Adjusted G&A $ million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net sales 1,326.8 1,259.1 2,644.0 2,480.8 General and administrative expenses (G&A)1 466.0 445.9 927.8 879.3 G&A1 as a percentage of net sales 35.1% 35.4% 35.1% 35.4% Expenses related to Technology Realignment Program
Slide 25: Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Credit Agreement EBITDA
Reconciliation of Net Income (Loss) Attributable to Herbalife to EBITDA, Adjusted EBITDA and Credit Agreement EBITDA and Leverage Ratios Quarters TTM Year to Date Full Year $ million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Jun 2026 Jun 2025 Jun 2026 2025 Net sales 1,259.1 1,273.7 1,283.0 1,317.2 1,3
Slide 26: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net (Loss) Income Attributable to Herbalife to Adjusted Net Income $ million Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net (loss) income attributable to Herbalife (26.3) 49.3 35.6 99.7 Expenses related to Technology Realignment Program1 1.1 3.5 3.5 3.6 Expenses related to Restructuring Pro
Slide 27: Reconciliation of Diluted EPS to Adjusted Diluted EPS
Reconciliation of Diluted (Loss) EPS to Adjusted Diluted EPS $ per share Q2 2026 Q2 2025 YTD 2026 YTD 2025 Diluted earnings (loss) per share (0.25) 0.48 0.33 0.97 Expenses related to Technology Realignment Program1 0.01 0.03 0.03 0.03 Expenses related to Restructuring Program1 ― 0.01 ― 0.04 Expenses
Slide 28: Reconciliation of Operating Cash Flow to Free Cash Flow and Yield
Reconciliation of Net Cash Flow From Operating Activities to Free Cash Flow and Free Cash Flow Yield Twelve Months Six Months Ended Full Year Ended $ million, except per share price Jun 30 ’26 Jun 30 ’26 June 30 ’25 2025 Net cash provided by operating activities 383.8 146.7 96.2 333.3 Purchases of p
Slide 29: FX Translation Impact
FX Translation Impact Net (Loss) Income Diluted (Loss) Net Sales EBITDA Attributable EPS $ million, except EPS to Herbalife Q2 2026 as reported 1,326.8 65.3 (26.3) (0.25) Non-GAAP adjustments1 ― 101.3 79.5 0.76 Q2 2026 adjusted 1,326.8 166.6 53.2 0.51 FX rate adjustments2 5.4 7.6 4.3 0.04 Q2 2026 FX
Slide 30: Herbalife
Herbalife”