Herbalife Ltd. · NYSE:HLF
Herbalife — Investor Presentation (June 2026)
31 slides from Herbalife's investor presentation, June 2026
Slide 1: Company Overview June 2026
Herbalife’ Company Overview June 2026
Slide 2: Forward-Looking Statements
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: Herbalife-at-a-Glance
Herbalife-at-a-Glance Herbalife is a premier health and wellness company, community and platform that has been changing people’s lives with great nutrition products and a business opportunity for its independent distributors since 1980 • ~144 high-quality branded product types primarily in the categ
Slide 4: Vision
Vision To be the world’s premier health and wellness company, community and platform. June '26 Company Overview | 4
Slide 5: Why Herbalife?
Why Herbalife? 1 2 3 4 Competitive Advantage A Global Market Leader Science-Backed, Large, Growing Global Through Distribution with Well-Recognized High-Quality, TAM with Strong Channel & Branding Brand Nutrient Dense Products Secular Tailwinds 5 6 7 8 Recent Acquisitions and Excellent Geographic En
Slide 6: The Power of Our Distribution Channel
1 The Power of Our Distribution Channel Herbalife Generated $50B of Net Sales Over Last 10 Years • One-on-One Support • Personal Connection • Community Localization • Celebrating Results • Relevance Among Emerging Generations June '26 Company Overview | 6
Slide 7: Nutrition Club: An Industry Differentiator
1 Nutrition Club: An Industry Differentiator Physical Location, Single Servings, Community and Support • Originated in Mexico in early 2000s • Brick-and-mortar fosters connection and community • Independently run and branded by our distributors • Powered by Herbalife products and technology • Expand
Slide 8: Geographic Spread of ~63,000 Nutrition Clubs Worldwide
1 Geographic Spread of ~63,000 Nutrition Clubs Worldwide1 Nutrition Club Overview • Provide an activity center and community hub • Model adjusted based upon regional nuances 8% EMEA 14% North • Many U.S. clubs moved to food-service style America retail model, spawning enhanced growth 4% China 2025 U
Slide 9: Strong Sales Leader Retention Across Markets
1 Strong Sales Leader Retention Across Markets Distributors are Key Go-to-Market Differentiators Sales Leader Retention Rate by Region1 As of Jan 31 ‘26 • Supported by Herbalife experts in nutrition, wellness and fitness 70.3% Global (ex China) • Education and training provided by Herbalife and dist
Slide 10: A Global Market Leader with Well-Recognized Brand
2 A Global Market Leader with Well-Recognized Brand 2025 Global Market Share Leaders in Meal Replacement 23% 8% 4% 4% 4% 2% Herbalife Atkins Body Key Huel Special K SlimFast Leaders in Weight Management1 14% 11% 3% 3% 2% 2% Herbalife Ensure Atkins Boost Body Key Glucerna Leaders in Protein Shake2 7%
Slide 11: Seed-to-Feed: Cornerstone of Herbalife Excellence
3 Seed-to-Feed: Cornerstone of Herbalife Excellence • Seed-to-Feed strategy is rooted in using quality ingredients from traceable sources • Procurement process for many of Herbalife’s botanical products stretches back to farms and includes self-processing of teas and herbal ingredients into finished
Slide 12: Expansive Product Portfolio
3 Expansive Product Portfolio Since 1980, Herbalife’s science-backed products have helped customers achieve weight loss goals, improve health and experience life-changing results Note: Illustrative selection from Herbalife’s broader product portfolio. Packaging shown reflects new, modern design; glo
Slide 13: Multi-Brand Portfolio
3 Multi-Brand Portfolio Multi-brand nutrition and wellness portfolio spanning four categories: Weight Management; Targeted Nutrition; Energy, Sports, and Fitness; and Outer Nutrition Note: Illustrative selection from Herbalife’s broader product portfolio Herbalife products are not intended to diagno
Slide 14: Large, Growing Global TAM with Strong Secular Tailwinds
4 Large, Growing Global TAM with Strong Secular Tailwinds Weight Management1 Targeted Nutrition2 Sports Nutrition Secular Tailwinds 14% 1.5% 0.8% • Aging population $19.5B $143.6B $33.0B • Obesity epidemic Weight Management Market Size Targeted Nutrition Market Size Sports Nutrition Market Size • In
Slide 15: Recent Acquisitions and Partnership Position Us to Drive Growth and Innovation
5 Recent Acquisitions and Partnership Position Us to Drive Growth and Innovation Health and Wellness Personalized Unique Digital Application Nutrition Product • Health and wellness digital • Two separate acquisitions, each with • Direct-seller of patented ketone application company different deliver
Slide 16: Bioniq: Complements Acquisitions of Pro2col and Link BioSciences
5 Bioniq: Complements Acquisitions of Pro2col and Link BioSciences • Acquired substantially all of the assets of Bioniq’s core personalized nutrition business in April 2026 • Obtained call option to acquire Bioniq LAB o Separate platform focused on small molecules and peptides o Option expires Dec 3
Slide 17: Personalized Health Operating System
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 18: Cristiano Ronaldo Invests $7.5 Million in Herbalife's Pro2col Technology
5 Cristiano Ronaldo Invests $7.5 Million in Herbalife’s Pro2col Technology “A partnership that lasts over a decade is built on trust and a shared vision. For me, the investment in Pro2col was a natural evolution. It’s more than being an Herbalife-sponsored athlete; it’s about being a partner and an
Slide 19: Excellent Geographic Diversification
6 Excellent Geographic Diversification Diverse Product Portfolio Sold in 95 Markets Across the Globe Top 4 Markets Represent 54% of 2025 Net Sales 21% North 22% America EMEA $1,006M $890M $558M $279M Los Angeles, CA 6% China Lake Forest, CA Winston-Salem, NC Suzhou, China ~46% of Inner Nutrition Pro
Slide 20: Engaged and Passionate Management Team with Proven Track Record
7 Engaged and Passionate Management Team with Proven Track Record 23+ 35+ 31+ 18+ 21+ 13+ Michael Johnson Stephan Gratziani Rob Levy John DeSimone Frank Lamberti Troy Hicks Executive Chairman Chief Executive Officer President Chief Financial Officer Chief Commercial Officer Chief Operating Officer 1
Slide 21: Strong Adjusted EBITDA, Cash Flow Generation and Continued Deleveraging
8 Strong Adjusted EBITDA1, Cash Flow Generation and Continued Deleveraging $ million Credit Agreement Total Debt 2 % = Adjusted EBITDA1 margin Adjusted EBITDA1 Net Cash Provided by Operating Activities $2,846 $2,717 Cash Interest Paid $2,581 $2,333 $2,050 $874 $695 $658 $635 $571 $460 $353 $358 $333
Slide 22: Financial Overview
Financial Overview Refer to the Investor Relations section of Herbalife’s website at https://ir.herbalife.com/ for quarterly earnings materials, including financial outlook and other information June '26 Company Overview | 22
Slide 23: Historical Financial Summary
Historical Financial Summary $ million 2021 2022 2023 2024 2025 Regional net sales: North America 1,428.9 1,262.2 1,131.4 1,054.4 1,033.0 Latin America 822.9 785.8 820.9 832.5 881.2 EMEA 1,335.4 1,078.5 1,068.8 1,084.8 1,114.4 Asia Pacific 1,586.1 1,686.9 1,713.9 1,723.8 1,729.8 China 629.5 391.0 32
Slide 24: Capital Structure
Capital Structure • $451M cash on hand as of Mar 31 ‘26 Apr ‘26 Debt Refinancing Extended Maturity Profile, • Total leverage ratio 2.7x, net leverage ratio1 2.1x at Mar 31 ‘26 Further Strengthening Financial Flexibility • Completed $1.45B senior secured debt refinancing Apr 29 ‘26 $ million 2028 Con
Slide 25: Appendix
Appendix June '26 Company Overview | 25
Slide 26: Supplemental Information
Supplemental Information Non-GAAP Financial Measures (unaudited) Adjusted G&A, Adjusted EBITDA, Credit Agreement EBITDA and Net Debt In addition to its reported results calculated in accordance with U.S. GAAP, the Company has included in this presentation adjusted G&A, adjusted EBITDA and credit agr
Slide 27: Supplemental Information
Supplemental Information Reclassifications Effective in the fourth quarter of 2025, the Company retrospectively separated selling expenses from selling, general, and administrative expenses in the consolidated statements of income and combined those selling expenses with royalty overrides in the con
Slide 28: Reconciliation of G&A to Adjusted G&A
Reconciliation of G&A to Adjusted G&A $ million 2021 2022 2023 2024 2025 Net sales 5,802.8 5,204.4 5,062.4 4,993.1 5,037.5 General and administrative expenses (G&A)1 1,662.0 1,614.2 1,701.0 1,725.6 1,664.3 G&A1 as a percentage of net sales 28.6% 31.0% 33.6% 34.6% 33.0% Expenses related to Technology
Slide 29: Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Total Leverage Ratio
Reconciliation of Net Income Attributable to Herbalife to EBITDA, Adjusted EBITDA and Credit Agreement EBITDA and Total Leverage Ratio $ million 2021 2022 2023 2024 2025 Net sales 5,802.8 5,204.4 5,062.4 4,993.1 5,037.5 Net income attributable to Herbalife 447.2 321.3 142.2 254.3 228.3 Interest expe
Slide 30: Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Leverage Ratios
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 31: Herbalife”
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