E.l.f. Beauty, Inc. · NYSE:ELF
E.l.f. Beauty — Q4 2026 Earnings Presentation
96 slides from E.l.f. Beauty's earnings presentation, May 20, 2026
Slide 1: Q4 FY 2026 Earnings
elf BEAUTY Q4 FY 2026 EARNINGS
Slide 2: Tarang Amin, Chairman & Chief Executive Officer
TARANG AMIN CHAIRMAN & CHIEF EXECUTIVE OFFICER
Slide 3: FY 2026 Results
FY 2026 RESULTS + 25 % + 13 % NET SALES ADJUSTED EBITDA FY 2026
Slide 4: Consecutive Quarters of Net Sales Growth
$500M 29 CONSECUTIVE QUARTERS OF NET SALES GROWTH $375M $250M $125M $0 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 BARS REPRESENT NET SALES, $ MILLIONS
Slide 5: Average Growth per Quarter
$500M 16 OF >20 % $375M AVG GROWTH PER QUARTER CONSUMER COMPANIES OUT OF 546 THAT HAS GROWN FOR 29 $250M CONSECUTIVE QUARTERS $125M $0 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 BARS REPRESENT NET SALES, $ MILLIONS
Slide 6: Retail Sales Over $900M
3 > $ 9 0 0 M I N R E TA I L S A L E S 14 > $ 2 0 0 M I N R E TA I L S A L E S 26 > $ 1 0 0 M I N R E TA I L S A L E S ~1,800 COSMETICS & SKIN CARE BRANDS NIELSEN XAOC, LATEST 52 WEEKS ENDING 3/21/2026. COLOR COSMETICS AND FACIAL SKIN CARE CATEGORIES. NOTE: NATURIUM AND RHODE NOT CAPTURED IN NIELSEN
Slide 7: Value Proposition, Disruptive Innovation, Marketing Engine
VALUE POWERHOUSE DISRUPTIVE PROPOSITION INNOVATION MARKETING ENGINE
Slide 8: Slide 8
Slide 9: e.l.f. Cosmetics Global Retail Sales
E . L . F. C O S M E T I C S G L O B A L R E T A I L S A L E S $1.8B FY 2026, INTERNAL CONSUMPTION DATA
Slide 10: e.l.f. Cosmetics $ Share
E . L . F. C O S M E T I C S $ S H A R E +115 BPS NIELSEN XAOC L52W ENDING 3/21/2026, COLOR COSMETICS CATEGORY
Slide 11: 7 Year $ Share Change in BPS
7 YEAR $ SHARE CHANGE IN BPS E.L.F. +920 NYX +240 KISS +150 LA COLORS +105 MILANI +70 -50 SALLY HANSEN -70 L’OREAL -115 MAYBELLINE -300 REVLON -415 COVERGIRL NIELSEN XAOC, $ SHARE CHANGE OVER 7 YEAR PERIOD ENDING 3/21/2026, COLOR COSMETICS CATEGORY
Slide 12: e.l.f. Cosmetics $ Share: Target and XAOC
E . L . F. C O S M E T I C S $ S H A R E TARGET 21% XAOC 13% NIELSEN XAOC L52W ENDING 3/21/2026. COLOR COSMETICS CATEGORY.
Slide 13: SS Invisi-Stick
| SS 4 INVISI-STICK
Slide 14: e.l.f. SKIN Global Retail Sales
E . L . F. S K I N G L O B A L R E T A I L S A L E S $200M FY 2026, INTERNAL CONSUMPTION DATA
Slide 15: e.l.f. SKIN $ Share Rank
E . L . F. S K I N $ S H A R E R A N K #11 FY 2026 #25 FY 2021 NIELSEN XAOC L52W ENDING 3/21/2026. SKIN CARE CATEGORY.
Slide 16: e.l.f. SKIN Leading Mass Skin Care Brand
E . L . F. S K I N $ S H A R E E.L.F. SKIN 2% LEADING MASS SKIN CARE BRAND 13% NIELSEN XAOC L52W ENDING 3/21/2026. SKIN CARE CATEGORY.
Slide 17: Slide 17
Slide 18: Naturium Global Retail Sales
N AT U R I U M G L O B A L R E TA I L S A L E S 2x $250M FY 2026, INTERNAL CONSUMPTION DATA, 2X RELATIVE TO PRE-ACQUISITION LEVELS
Slide 19: Fastest Growing
FASTEST GROWING TOP 50 SKIN CARE BRANDS, CIRCANA, 3 MONTHS ENDED 3/31/2026. MASSTIGE SKIN CARE CATEGORY BY DOLLAR VOLUME SALES
Slide 20: Slide 20
Slide 21: rhode Global Retail Sales
$500M GLOBAL RETAIL SALES $390M ANNUALIZED NET SALES +80% YOY NET SALES GROWTH FY 2026, GLOBAL RETAIL SALES PER INTERNAL CONSUMPTION DATA
Slide 22: #1 North America, Record-Breaking Launch in UK
#1 NORTH AMERICA RECORD-BREAKING LAUNCH IN UK
Slide 23: Global Sephora Stores
<20% GLOBAL SEPHORA STORES
Slide 24: Non-China Manufacturing for Non-e.l.f. Brands
N O N - E . L . F. B R A N D S SKIN CARE NON-CHINA MANUFACTURING 0% FY 23 9% FY 23 1% FY 23 30% FY 26 23% FY 26 45% FY 26 E.L.F. BEAUTY INTERNAL GLOBAL CONSUMPTION DATA. NON-CHINA MANUFACTURING AS % OF DOLLAR SPEND
Slide 25: e.l.f. Brand Global Consumption
E . L . F. B R A N D G L O B A L C O N S U M P T I O N High Low Single Single Digits Digits FY 26 LAST 12 WEEKS INTERNAL GLOBAL CONSUMPTION DATA FOR E.L.F. BRAND, AS OF 5/9/26
Slide 26: Actions to Strengthen e.l.f. Brand Growth
T A K I N G A C T I O N T O F U R T H E R S T R E N G T H E N E . L . F. B R A N D G R O W T H 💵 💡 🌍 💪 VA L U E I N N O VAT I O N I N T E R N AT I O N A L LEADERSHIP
Slide 27: Value
T A K I N G A C T I O N T O F U R T H E R S T R E N G T H E N E . L . F. B R A N D G R O W T H 💵 VA L U E
Slide 28: Democratizing Access
D E M O C R AT I Z I N G ACCESS
Slide 29: Recently Tested Reducing the Price
R E C E N T LY T E S T E D R E D U C I N G T H E P R I C E O F HALO GLOW SKIN TINT +38% $18 LIFT 🛒 +36% LIFT $14 TRIPLE-DIGIT LIFT INTERNAL CONSUMPTION DATA, LIFT VS. PRE-PERIOD LEVELS
Slide 30: Value, Innovation
T A K I N G A C T I O N T O F U R T H E R S T R E N G T H E N E . L . F. B R A N D G R O W T H 💵 💡 VA L U E I N N O VAT I O N
Slide 31: Fast Tracked Incremental Innovation to FY 2027 Plans
FA S T T R A C K E D I N C R E M E N TA L I N N O VAT I O N T O O U R F Y 2 0 2 7 P L A N S A PLEASE MAKE A OKAY HEAR ME OUT! 😭 . GOOD LIP PLUMPER A GIANT HALO “E.L.F. ASAP WE REALLY NEED IS WITH DIFFERENT GLOW LIP GLOSS!! LOREM IPSUM” ! SHADES!!!!! 👏. 🩷✨
Slide 32: Value, Innovation, International
T A K I N G A C T I O N T O F U R T H E R S T R E N G T H E N E . L . F. B R A N D G R O W T H 💵 💡 🌍 VA L U E I N N O VAT I O N I N T E R N AT I O N A L
Slide 33: International Net Sales Growth
I N T E R N AT I O N A L N E T S A L E S G R O W T H +38% FY 2026
Slide 34: Fiscal 26: Launched in International Retail Customers
F I S C A L 2 6 : L A U N C H E D I N 8 I N T E R N AT I O N A L R E TA I L C U S T O M E R S ACROSS 14 COUNTRIES
Slide 35: Fiscal 27: Focused on Growing Share in Largest Markets
FISCAL 27: FOCUSED ON GROWING SHARE IN OUR LARGEST MARKETS A N D S E L E C T I V E LY E X PA N D I N G I N T O N E W M A R K E T S GROWING SHARE
Slide 36: Value, Innovation, International, Leadership
T A K I N G A C T I O N T O F U R T H E R S T R E N G T H E N E . L . F. B R A N D G R O W T H 💵 💡 🌍 💪 VA L U E I N N O VAT I O N I N T E R N AT I O N A L LEADERSHIP
Slide 37: Leadership: Marchisotto, Oshiya, Savur Chopra
Kory Oshiya Ekta Marchisotto Savur Chopra PRESIDENT CHIEF MARKETING OFFICER CHIEF TECHNOLOGY E . L . F. B R A N D S E . L . F. B R A N D S & AI OFFICER
Slide 38: Transfer of Keys Soulcare Brand to Alicia Keys
MADE THE DECISION TO TRANSFER THE KEYS SOULCARE BRAND TO ALICIA KEYS TO BETTER FOCUS ON OUR FIVE BRANDS
Slide 39: White Space Opportunities
W H I T E S PA C E O P P O R T U N I T I E S CATEGORIES BRANDS GEOGRAPHIES
Slide 40: White Space Opportunities: Brands
W H I T E S PA C E O P P O R T U N I T I E S BRANDS
Slide 41: e.l.f. Cosmetics Unaided Awareness
E . L . F. C O S M E T I C S U N A I D E D A W A R E N E S S 2020 13% 2025 45% BOVITZ, INC. (2025 SEPTEMBER) MAKEUP CATEGORY ATTITUDES & USAGE STUDY COMMISSIONED BY E.L.F. COSMETICS; CONFIDENTIAL & PROPRIETARY
Slide 42: Most Purchased Brand Across Gen Alpha, Gen Z, Millennials
#1 #1 #1 GEN ALPHA GEN Z MILLENNIALS MOST PURCHASED MOST PURCHASED MOST PURCHASED YPULSE BEAUTY BRAND TRACKER REPORT MARCH'25 (NORTH AMERICA, BOVITZ, INC. CIVIC(SEPTEMBER 2025)2024) SCIENCE (APRIL MAKEUP CATEGORY ATTITUDES & USAGE STUDY COMMISSIONED BY E.L.F. COSMETICS
Slide 43: Leaning Into Our Disruptive Marketing Engine
LEANING INTO OUR DISRUPTIVE MARKETING ENGINE EXPERIENTIAL CULTURAL PRODUCT MOMENTS IMPACT INNOVATION
Slide 44: e.l.f. Cosmetics and rhode Took Over 2026 Coachella
E . L . F. C O S M E T I C S A N D R H O D E T O O K O V E R T H E 2 0 2 6 C O A C H E L L A F E S T I V A L
Slide 45: Coachella Social Mentions
COACHELLA SOCIAL MENTIONS rhode 68.4M Huda Beauty 22.5M Medicube 18.8M e.l.f. 16.9M Neutrogena 16.5M Urban Decay 8M Hero Cosmetics 6M YSL Beauty 5.5M Kylie Cosmetics 4.9M Method 4.7M TRAACKR: YOUTUBE, TWITTER, TIKTOK, INSTAGRAM, SNAPCHAT, APRIL 9-13, 2026
Slide 46: White Space Opportunities: Categories
W H I T E S PA C E O P P O R T U N I T I E S CATEGORIES
Slide 47: Skin Care Remains a Core Area of Focus
SKIN CARE REMAINS A CORE AREA OF FOCUS
Slide 48: rhode Recent Product Launches in Skin Care
RHODE RECENT PRODUCT LAUNCHES IN SKIN CARE
Slide 49: First Fragrance Partnership with H&M
F O L L O W I N G O U R F I R S T F R A G R A N C E PA R T N E R S H I P W I T H H & M I N J A N U A RY …
Slide 50: Power Grip Into the Hair Category
… W E T O O K E . L . F. ’ S P O W E R G R I P I N T O T H E H A I R C A T E G O R Y FOR THE FIRST TIME
Slide 51: Hours to Sell Out, Positive Sentiment, New-to-e.l.f. Consumers
48 HOURS TO 95% POSITIVE 65% NEW-TO-E.L.F. SELL OUT SENTIMENT CONSUMERS
Slide 52: White Space Opportunities: Geographies
W H I T E S PA C E O P P O R T U N I T I E S GEOGRAPHIES
Slide 53: International Sales Penetration
I N T E R N AT I O N A L S A L E S P E N E T R AT I O N 20% E.L.F. BEAUTY 70% GLOBAL BEAUTY PEERS INTERNATIONAL % OF NET SALES, LATEST 12 MONTHS ENDING 3/31/2026. PUBLIC FILINGS
Slide 54: International Social Followers
I N T E R N AT I O N A L S O C I A L F O L L O W E R S 50% 👀 74% E.L. F. COSMETICS RHODE INTERNATIONAL NET SALES PENETRATION OVER LATEST 12 MONTHS ENDING 3/31/2025. RHODE INSTAGRAM FOLLOWERS OUTSIDE THE US AS OF APRIL 2025 E.L.F. COSMETICS SOCIAL FOLLOWING ACROSS INSTAGRAM, TIKTOK, FACEBOOK…
Slide 55: Biggest Launch in History
BIGGEST LAUNCH IN HISTORY
Slide 56: European Countries Launching in September
19 EUROPEAN COUNTRIES LAUNCHING IN SEPTEMBER
Slide 57: White Space Opportunities
W H I T E S PA C E O P P O R T U N I T I E S CATEGORIES BRANDS GEOGRAPHIES
Slide 58: Sensitive Skin
qq on, f SENSITIVE SKIN oC gESTORE + CALM facolioidal oatmeal +
Slide 59: Mandy Fields, SVP & Chief Financial Officer
MANDY FIELDS SVP & CHIEF FINANCIAL OFFICER
Slide 60: Q4 FY26 Net Sales Growth
NET SALES GROWTH +35 % Q4 FY26 YEAR OVER YEAR NET SALES GROWTH
Slide 61: rhode Net Sales Contribution
RHODE NET SALES CONTRIBUTION $113 M +34 PTS Q4 FY 2026
Slide 62: Organic Net Sales Growth
ORGANIC NET SALES GROWTH +1 % ORGANIC GROWTH Q4 FY 2026
Slide 63: US Growth and International Growth
+26% US GROWTH +75% INTERNATIONAL GROWTH Q4 FY 2026 YEAR OVER YEAR NET SALES GROWTH
Slide 64: Net Sales Growth Drivers
+ 40 PTS PRICING & PRODUCT MIX - 5 PTS UNIT VOLUMES Q4 FY 2026 NET SALES GROWTH DRIVERS
Slide 65: Gross Margin
73% GROSS MARGIN +140 BPS VS PRIOR YEAR Q4 FY 2026
Slide 66: Gross Margin Drivers
GROSS MARGIN DRIVERS Pricing Tariffs Q4 FY 2026 GROSS MARGIN DRIVERS
Slide 67: Adjusted SG&A
ADJUSTED SG&A Q4 FY 2026 67 % Q4 FY 2025 52% % OF NET SALES
Slide 68: Marketing & Digital Investment
M A R K E T I N G & D I G I TA L I N V E S T M E N T Q4 FY 2026 31% Q4 FY 2025 23% % OF NET SALES
Slide 69: Marketing & Digital Investment: FY 2026 Outlook
M A R K E T I N G & D I G I TA L I N V E S T M E N T FY 2026 OUTLOOK 24-26% FY 2026 24% % OF NET SALES
Slide 70: Adjusted EBITDA
ADJUSTED EBITDA $59M Q4 FY 2026 $81M Q4 FY 2025
Slide 71: Adjusted Net Income & Adjusted EPS
ADJUSTED NET INCOME & ADJUSTED EPS Q4 FY 2026 $19M Q4 FY 2025 $ 45 M Q4 FY 2026 $0.32 Q4 FY 2025 $0.78
Slide 72: FY 2026 Results
FY 2026 RESULTS +25% +13 % 20% NET ADJ. ADJ. EBITDA SALES EBITDA MARGINS
Slide 73: Average Tariff Rate
AV E R A G E T A R I F F R A T E FY 26 55% FY 25 25% AVERAGE TARIFF RATE PAID ON GOODS FROM CHINA TO THE US
Slide 74: Balance Sheet & Cash Flow
[| BALANGE. SHEET & CASH FLOW
Slide 75: Cash on Hand
$290M CASH ON HAND ENDING CASH BALANCE, Q4 FY 2026
Slide 76: Repurchased Common Stock
$50M REPURCHASED COMMON STOCK FY 2026
Slide 77: Remaining Repurchase Authorization
$400 M REMAINING REPURCHASE AUTHORIZATION Q4 FY 2026
Slide 78: Net Debt / LTM Adjusted EBITDA
<2 X NET DEBT / LTM ADJUSTED EBITDA Q4 FY 2026
Slide 79: Cash Priorities
CASH PRIORITIES Brands Technology Infrastructure
Slide 80: FY 2027
FY 2027
Slide 81: FY 2027 Outlook
FY 2027 OUTLOOK +12-14% $3.27-3.32 NET SALES GROWTH ADJ. EPS $379-385M 25-26% ADJ. EBITDA ADJ. TAX RATE $198-201M 60.5M ADJ. NET INCOME AVG. DILUTED SHARES
Slide 82: FY 2027 Net Sales Outlook
FY 2027 NET SALES OUTLOOK +12-14% NET SALES GROWTH +9 pts, rhode +4-5%, organic RHODE CONTRIBUTING TO ORGANIC NET SALES AFTER 8/5/2026
Slide 83: 1H FY 2027 Organic Net Sales Outlook
1H FY 2027 ORGANIC NET SALES OUTLOOK +4-5% 1H ORGANIC NET SALES GROWTH Down High Single Digits, Q1 Up Mid-Teens, Q2 RHODE CONTRIBUTING TO ORGANIC NET SALES AFTER 8/5/2026
Slide 84: FY 2027 Outlook: Gross Margin
FY 2027 OUTLOOK 71% GROSS MARGIN Lower tariff costs Price increases Mix
Slide 85: FY Tariff Outlook
F Y 2 0 2 7 TA R I F F O U T L O O K ~ 35 % TARIFF RAT E
Slide 86: Inflationary Pressures
I N F L AT I O N A RY P R E S S U R E S Commodities Transportation costs
Slide 87: Macro Pressures
MACRO PRESSURES $ 100 PER BARREL $ 15-20 M POTENTIAL INCREMENTAL COST HEADWINDS NOT FACTORED INTO FY 2027 OUTLOOK
Slide 88: Potential IEEPA Tariff Refund
P O T E N T I A L I E E PA TA R I F F R E F U N D $ 58.5 M NOT FACTORED INTO FY 2027 OUTLOOK
Slide 89: Deliver Leverage: FY 2027 Adj. SG&A Outlook
FY 2027 ADJ. SG&A OUTLOOK DELIVER LEVERAGE
Slide 90: FY 2027 Outlook: Marketing & Digital
FY 2027 OUTLOOK 23-25 % MARKETING & DIGITAL % OF NET SALES
Slide 91: Non-Marketing SG&A Investments: Team, Infrastructure
NON-MARKETING SG&A INVESTMENTS Team Infrastructure
Slide 92: FY 2027 Adj. EBITDA Outlook
FY 2027 ADJ. EBITDA OUTLOOK 13-15% $ YOY +20 BPS MARGIN YOY
Slide 93: 1H FY Adj. EBITDA Outlook
1H FY 27 ADJ. EBITDA OUTLOOK HIGH TEENS 1H ADJ. EBITDA MARGIN Gross margin improvement Timing of SG&A spend
Slide 94: Consecutive Quarters of Net Sales Growth
29 CONSECUTIVE QUARTERS OF NET SALES GROWTH
Slide 95: Strong Execution Across Our Brand Portfolio
STRONG EXECUTION STRONG EXECUTION ACROSS OUR BRAND PORTFOLIO
Slide 96: Q4 FY 2026 Earnings
elf BEAUTY Q4 FY 2026 EARNINGS