Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation 1
Slide 2: Michel Brousset, CEO and Manuel Manfredi, CFO
MICHEL BROUSSET MANUEL MANFREDI CO-FOUNDER & CEO CHIEF FINANCIAL OFFICER 2
Slide 3: Disclaimer: Cautionary Statement Regarding Forward-Looking Statements
DISCLAIMER Cautionary Statement Regarding Forward-Looking Statements All statements in this release that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limite
Slide 4: Ambition to build a global multi-brand beauty and wellness platform
Our ambition is to build a global best-in-class beauty and wellness multi-brand platform by creating, acquiring, accelerating, and scaling the next generation of high-growth, purpose-driven brands 4
Slide 5: Where we are, where we are headed
WHERE WE ARE WHERE WE ARE HEADED Categories Geographies Channels Price Points 5 US APAC Europe LATAM Skin Color Hair Body Wellness Fragrance Professional Specialty Online Food / Drug / Mass Prestige Masstige Mass
Slide 6: Combined Financial Profile: Q1 2025
COMBINED FINANCIAL PROFILE: Q1 2025 Refer to page 3 for definitions of non-GAAP financial measures. 1 Waldencast Gross Profit of $47.2M, Milk Makeup Gross Profit of $20.4M, and Obagi Medical Gross Profit of $26.9M adjusted for reconciling items, refer to the Appendix pages 36 and 37. 2 Waldencast Ne
Slide 7: Net Revenue Drivers: Q1 2025
BREAKTHROUGH INNOVATION: SOLD-OUT LAUNCH OF HYDRO GRIP GEL TINT ANNIVERSARYING COOLING WATER JELLY TINT LAUNCH DIRECT TO CONSUMER CHANNEL GROWTH: CONTINUED DIGITAL ACCELERATION OF CONSUMER ACQUISITION AND RETENTION EFFORTS RETAIL FOOTPRINT EXPANSION: ULTA BEAUTY LAUNCH CONTRIBUTING TO HIGH SINGLE DI
Slide 8: Net Revenue Drivers: Year to Go
BREAKTHROUGH INNOVATION: ROBUST INNOVATION PIPELINE STRENGTHENING OUR CORE OFFERINGS & EXPANDING INTO NEW CATEGORIES DIRECT TO CONSUMER CHANNEL GROWTH: CONTINUED DIGITAL ACCELERATION OF CONSUMER ACQUISITION AND RETENTION EFFORTS RETAIL FOOTPRINT EXPANSION: SUSTAINED ULTA BEAUTY LAUNCH MOMENTUM & INC
Slide 9: Tariffs Headwinds
TARIFFS HEADWINDS 9 Low-Single-Digit % Increase in COGS Moderate exposure, with over two-thirds of our sourcing based in the U.S. and approximately 10% sourced from China ESTIMATED IMPACT: MITIGATING ACTIONS: ACTION 1 Optimizing Supply Chain Flows ACTION 2 Implementing Modest Pricing Actions ACTION
Slide 10: Liquidity & Shares Outstanding
LIQUIDITY & SHARES OUTSTANDING 1 Net Debt is defined as the principal outstanding for the 2022 Term Loan and 2022 Revolving Credit Facility minus the cash and cash equivalents as of March 31, 2025. Refer to Appendix page 40. 2 As of December 31, 2024, we had 122,692,968 ordinary shares outstanding,
Slide 11: FY 2025 Outlook
FY 2025 OUTLOOK 11 FY 2025 NET REVENUE GROWTH ADJ. EBITDA MARGIN DRIVERS MID TEENS MID TO HIGH TEENS Milk Makeup expansion in both Brick & Mortar and E-Commerce channels in the U.S. Obagi Medical improvement of fulfillment rates as operational initiatives set in Blockbuster innovation and amplificat
Slide 12: It's not how you wear your makeup. It's what you do in it that matters.
IT'S NOT HOW YOU WEAR YOUR MAKEUP. IT’S WHAT YOU DO IN IT THAT MATTERS.
Slide 13: #1 Next Generation Beauty Brand
#1 NEXT GENERATION BEAUTY BRAND
Slide 14: Our Mantra: Live Your Look
OUR MANTRA LIVE YOUR LOOK IT'S NOT HOW YOU WEAR YOUR MAKEUP. IT’S WHAT YOU DO IN IT THAT MATTERS. Milk MAKEUP
Slide 15: Growth Strategy
GROWTH STRATEGY 1 INNOVATION BREAKTHROUGH PRODUCTS THAT DELIVER AND ARE GOOD FOR YOU 2 EXPAND BRAND & COMMUNITY BROADEN BRAND AWARENESS + WELCOME NEW GROUPS 3 BROADEN FOOTPRINT EXPAND ONLINE & OFFLINE PRESENCE DOMESTICALLY + INTERNATIONALLY
Slide 16: Hydro Grip Gel Skin Tint
HYDRO GRIP GEL SKIN TINT THE WHY: Most skin tints don’t last! | Complexion is the largest category in Prestige Makeup THE ROLE: Trust | Complexion | High Replenishment | High loyalty | Skincare Performance THE INNOVATIO! N: First gel skin tint | Longwear up to 12HR THE CONSUMER: Prestige / Loyal | O
Slide 17: Viral Success Story YTD
VIRAL SUCCESS STORY YTD IMPRESSIONS REACH
Slide 18: Innovation: Hydro Grip Gel Skin Tint
INNOVATION: HYDRO GRIP GEL SKIN TINT ROGRIP THAT WON'T QUIT ink Wy TUNIT
Slide 19: Expand Brand & Community: Nike Partnership
EXPAND BRAND & COMMUNITY: NIKE PARTNERSHIP Milk x Ce
Slide 20: Expand Brand & Community: Nike Partnership
EXPAND BRAND & COMMUNITY: NIKE PARTNERSHIP ee Milk 20
Slide 21: Ulta Beauty at Target
A BEAUTY “We are thrilled to offer Milk Makeup to our guest community and are excited to partner with the Milk Makeup team as they are always pushing boundaries to drive innovation and disruption in beauty.” - Monica Arnaudo, Ulta Beauty Chief Merchandising & Digital Officer 500+ ULTA BEAUTY @TARGET
Slide 22: Broaden Footprint: Ulta Beauty
BROADEN FOOTPRINT: ULTA BEAUTY WE’VE ACHIEVED TOP RANKINGS PRIME + SET BLUSH SKIN TINT
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Slide 24: We Are the Leading U.S. Physician Recommended Brand
We Are the Leading Our Global U.S. Physician Recommended Vision Brand* FOR TOP-3 SKIN CONCERNS Pigmentation #1 Fine Lines & Wrinkles Sagging Skin & Loss of Elasticity #1 Physician Dispensed Dermatological Brand in the World PF “Independent industry sources, USA (2023), ©: Which professional skin car
Slide 25: The Fastest Growing Professional Skincare Brand in the U.S. in 2024
THE FASTEST GROWING PROFESSIONAL SKINCARE BRAND IN THE U.S. IN 2024" “Among the Top 10 Professional Skin Care Brands inthe US, According to Kline's 2024 Global professional Skin Care Series (China Europe and the US)
Slide 26: Growth Strategy: Cutting-Edge Science Backed Innovation
Growth Strategy 1 Cutting-Edge Science Backed Innovation Robust global innovation pipeline launching clinically- proven products 2 Double-Down on Dermatological Brand DNA Impactful clinical testing , acceleration of open development, deeper physician partnerships & ongoing brand refresh 3 Grow Brand
Slide 27: Cutting-Edge Science Backed Innovation: Elastiderm
Cutting-Edge Science Backed Innovation: ELASTIDERM” Asseenin BAZAAR BEST WRINKLE-FILLER FOR SENSTIIVE SKIN "As a 30-year-old navigating the world of skincare, | was thrilled to try this out, especially since | don't do Botox or fillers because of my fear of needles. What | appreciate most is that it
Slide 28: Cutting-Edge Science Backed Innovation: Suzanobagimd
Cutting-Edge Science Backed Innovation: SUZANOBAGIMD* SUZANOBAGIMD* SUZANOBAGIMD* MOISTURE RESTORE HYDRATION REPLENISHING CREAM SUPER ANTIOXIDANT SERUM MEDICAL-GRADE MULTI-LAYERED MOISTURE MEDICAL-GRADE DEFENSE AGAINST OXIDATIVE STRESS Features a blend of multi-molecular-weight Hyaluronic Acids (HA)
Slide 29: Cutting-Edge Science Backed Innovation: Retinol + PHA
Cutting-Edge Science Backed Innovation: RETINOL + PHA OBAGT MEDICAL RETINOL + PHA Refining Night Cream Créme de Nuit Affinante 17floz/S0m. @ NEW MEDICAL-GRADE SKIN RENEWAL OVERNIGHT VISIBLY REFINES + RESURFACES SKIN IN 4 WEEKS* *Results based ona 2024-2025 clinical test. Photos have not been retouch
Slide 30: Double-Down on Dermatological Brand DNA: IMCAS & AAD
Double-Down on Dermatological Brand DNA: IMCAS & AAD 38K+ Conference Attendees
Slide 31: Drives Conversion Across All Channels
Double-Down on Dermatological Brand DNA: Drives Conversion Across All Channels DELIVERING +30% nee CVR Increase a
Slide 32: Grow Brand Awareness & Footprint: Building a Flywheel
Grow Brand Awareness & Footprint: Building a Flywheel to Drive Consumers to Practices ro Microneedling triggers a wound healin; +61% EMV YoY Growth Management Data as of 03/31/2025, Earned Media Value (EMV] is Tribe Dynamics’ proprietary metric for measuring the performance of digital earned media,
Slide 33: Poised for Long-Term Profitable Growth
POISED FOR LONG-TERM PROFITABLE GROWTH Strong alignment of management incentives to long-term value creation through operational and capital allocation excellence Expertise in managing global beauty brands at scale Asset-light, nimble, and efficient vs. slow, inflexible, and costly traditional struc
Slide 34: Appendix
APPENDIX 34
Slide 35: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS (In $ millions, except for percentages) Q1 2025 % Sales % Growth Q1 2024 % Sales Waldencast Net Revenue 65.4 100.0% (4.1)% 68.3 100.0% Adjusted Gross Profit 50.0 76.4% (4.0)% 52.1 76.3% Adjusted EBITDA 44 6.7% (61.5)% 11.4 16.6% Obagi Medical Net Revenue 36.2 100.0% 7.1% 33.8 100.
Slide 36: Group Adjusted Gross Profit
GROUP ADJUSTED GROSS PROFIT 1 Relates to the fair value of the related party liability for the unfavorable discount to the Obagi Medical China Business as part of the Business Combination. 2 The supply agreement and formulations intangible assets are amortized to cost of goods sold. 36
Slide 37: Brands Adjusted Gross Profit
BRANDS ADJUSTED GROSS PROFIT 37
Slide 38: Group Adjusted EBITDA
GROUP ADJUSTED EBITDA 1 Includes mainly legal, advisory and consultant fees related to the financial restatement 2020-2022 periods and associated regulatory investigation, and the Business Combination. 2 Relates to the fair value of the related party liability for the unfavorable discount to the Oba
Slide 39: Brands Adjusted EBITDA
BRANDS ADJUSTED EBITDA Obagi Medical Milk Makeup. Three months Three months ‘Three months ‘Three months ended March 31, ended March 31, ended March 31, ended March 31, (in thousands, except for percentages} 2025 2024 2025 2024 Net Loss $ (9,056) $ (6761) $ (1,004) $ 5,340 Adjusted For: Depreciation
Slide 40: Net Debt Position
NET DEBT POSITION Reconciliation of Net Carrying Amount of debt to (In thousands) Net Debt Current portion of long-term debt $ 7,740 Long-term debt 164,694 Net carrying amount of debt 172,434 Adjustments Add: Unamortized debt issuance costs 10,401 Less: Cash & cash equivalents (10,782) Net Debt S 17