Slide 1: Investor Presentation December 2021
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 1 DECEMBER 2021 Investor Presentation
Slide 2: Confidentiality and Basis of Presentation
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 2 2 Confidentiality and Basis of Presentation This Presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assis
Slide 3: Use of Projections
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 3 3 Use of Projections This Presentation contains projected financial information with respect to Grove, namely revenue and gross margin, gross prod uct margin,
Slide 4: Today's Presenters
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 4 4 CEO, Grove Collaborative Stu Landesberg CIO, Virgin Group CFO, VGII Evan Lovell TODAY’S PRESENTERS Co - CFO Phil Moon
Slide 5: Investment highlights
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 5 5 6 World Class Management Team Management team possesses deep sustainability, CPG, and tech experience, and has demonstrated a long track record of success 4
Slide 6: Grove's vision for planet-first products
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 6 6 We create and curate high performance, planet - first products to make that possible. Grove’s vision is that consumer products will be a positive force for
Slide 7: Consumer Products Have Historically Hurt Our Planet and Our Health
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Slide 9: A History of Doing Well By Doing Good
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Slide 10: Deep, Consumer-Centric, Sustainable Product Portfolio
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Slide 11: Clear winner in next-gen HPC
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Slide 12: Management team and shareholders
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 12 Stu Landesberg CEO Co - founded the company in 2012 | Former Investment professional at TPG Growth – consumer & technology Chris Clark CTO Co - founded the c
Slide 13: Winning The $1T HPC Market
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Slide 14: Consumer-Led Transition to Sustainable Products Is Inevitable
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 14 14 Notes: 1. Calculated based off of 13% US clean and natural HPC market penetration from Honest S - 1 2. Management estimates developed from a variety of th
Slide 15: Grove Is at the Forefront of the Shift to Healthier Products
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 15 Grove Is at the Forefront of the Shift to Healthier Products… Healthy products that work Works as well as (or better than) conventional products Safe for you
Slide 16: Pioneering Innovations in Sustainability
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 16 16 Breakthrough sustainable innovation + ESG DNA Uniquely sustainable supply chain + business practices Zero - waste products, zero - plastic packaging + sus
Slide 17: Grove Is at the Intersection of Category Growth Trends
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Slide 18: Plastic Waste Is the #1 Issue for Our Industry
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 18 18 More U.S. consumers care about plastic waste than about climate change. (2) Plastic packaging represents nearly half of all plastic waste. (3) 18 of plast
Slide 19: Grove Is the Leader in Plastic Free
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 19 - Grove customers have avoided over 4.9 million pounds of plastic from being used. (2) - Today, we're 100% plastic neutral. (1) - By 2025, we'll be plastic -
Slide 20: Massive Problems Create Massive Opportunities
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Slide 21: Legacy Players Have Not Innovated Leading Natural Brands
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 21 Legacy Players Have Not Innovated Leading Natural Brands… SELECT NATURAL HPC M&A ACQ. ACQ. ACQ. ACQ. ACQ. THERE IS ONE INDEPENDENT, PURE PLAY, $100MM+ REVENU
Slide 22: Making the Category Ripe For Disruption
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Slide 23: Our Brand Voice Resonates Across Customer Types
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 23 23 Our Brand Voice Resonates Across Customer Types: From ”Dark Green” to People Magazine Note: 1. Impressions defined as volume of readers for Grove related
Slide 24: Grove Is a Mass-Market Phenomenon
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Slide 25: Fulfillment Capabilities Support Strong Margins and Are Built for Scale
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 25 25 ABILITY TO EXPAND SCALE Grove’s current fulfillment and distribution platform is capable of processing 2 - 3x more throughput with no additional capacity
Slide 26: Repeatable, Differentiated Innovation Is Our Outgrowth Algorithm
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Slide 27: Repeatable, Differentiated Innovation
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 27 27 TRADITIONAL CPG DTC PRODUCT INNOVATION AND BRAND BUILDING Direct Customer Engagement = Vast, Actionable Consumer Data X ✓ Rapid Test and Learn with Low Co
Slide 28: Grove Has a Durable Competitive Advantage in Innovation
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 28 28 Superior access to customer data and preferences Insights lead to rapid innovation and > 5x more SKU development than competitors Better informed + faster
Slide 29: Material Innovation Advantage + Results
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Slide 30: Our Development Model Is Built for Omnichannel
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 30 30 Note: 1. Management estimates based on a variety of third - party resources Engage Customers Get to Know Them Creates Products for Them Drive Loyalty and
Slide 31: Bringing Distribution to Grove Co. is a Game Changing Opportunity
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 31 31 Bringing Distribution to Grove Co. is a Game Changing Opportunity Sources: 1. Per Euromonitor International Ltd, Beauty & Personal Care 2022ed, Home Care
Slide 32: We Launched in Target in April. The Results Are Exceptional.
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 32 We Launched in Target in April. The Results Are Exceptional. #1 Brand in Units Per Trip Cleaners and dish categories, includes conventionals + naturals #1 Br
Slide 33: Strong Pull from Retail Partners
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 33 33 Strong Pull from Retail Partners Points to Successful Future Retail Rollout Grove Co. Is a Highly Attractive Brand for Retail Partners: • Attracts coveted
Slide 34: Exceptional Target Launch Results Provide Proof Points
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Slide 35: Loyal, High-Value Customers
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 35 SECTION 3 Loyal, High - Value Customers 35
Slide 36: The Grove Brand Resonates, Driving Organic Traffic
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Slide 37: Every Cohort Is More Valuable than the Last
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Slide 38: Over Many Years, Customers Stay With Grove
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Slide 39: Grove Brands Are Taking Share in Every Category
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Slide 40: Contribution Profit by Cohort
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Slide 41: Marketing Investments Create Strong Annuity-Like Returns
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Slide 42: Massive Addressable Retail Upside
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 42 42 Massive Addressable Retail Upside Retail Stores expansion SKU expansion MASSIVE OPPORTUNITY TO EXPAND SKU AND STORE COVERAGE OVER THE NEXT YEARS ~250,000
Slide 43: Financials
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Slide 44: History of Revenue Growth and Margin Expansion
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 44 44 NET REVENUE ($MM) History of Revenue Growth and Margin Expansion GROSS PROFIT ($MM) CONTRIBUTION PROFIT ($MM) (1) Consistent innovation throughout the P&L
Slide 45: Strong and Improving DTC Economics
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Slide 46: Managed Costs With Increasing Scale While Investing in Product
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Slide 47: Rapidly Growing Net Revenue
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Slide 48: Grove Has Consistently Out-Grown the Category
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 48 48 Notes: 1. Clean/Natural growth rate estimated based on a variety of third - party research and represents CAGR from 2019 – 2025 2. Source: Nielsen POS xAO
Slide 49: We Have Not Modeled the Impact of Expansion Initiatives
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 49 49 We Have Not Modeled the Impact of Expansion Initiatives UNMODELED UPSIDE DRIVERS Some of these opportunities are already under development International S
Slide 50: Increasing Profitability
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 50 50 Increasing Profitability Favorable product mix shift to higher margin Grove brands Favorable category mix shift to higher margin product categories Increa
Slide 51: Sustained Long-term Growth and Profitability
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Slide 52: Grove is creating the change in CPG that the world needs
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Slide 53: Appendix Supplemental Materials
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Slide 54: Transaction Summary
NOTES START FROM HERE AND GROW UP CONTENT BELOW THIS LINE CONTENT BELOW THIS LINE SUBTITLE BELOW THIS LINE TITLE CAN NOT GO ABOVE THIS LINE 54 54 Transaction Summary (1) Transaction Size Pro Forma Capital Structure Valuation Pro Forma Ownership at Merger Notes: 1. Assumes $87MM in PIPE proceeds and
Slide 55: Transaction Sources and Uses
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Slide 56: Peer Operational Benchmarking
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Slide 57: Peer Valuation Benchmarking
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Slide 58: Adj. EBITDA Reconciliation
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Slide 59: Thank You!
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