Hims & Hers Health, Inc. · NYSE:HIMS
Hims & Hers Health — Q2 2025 Earnings Presentation
38 slides from Hims & Hers Health's earnings presentation, August 2025
Slide 1: Supplemental Investor Presentation August 2025
himsshers SUPPLEMENTAL PRESENTATION Investor Presentation August 2025
Slide 2: Safe Harbor Statement
INTRODUCTION Safe Harbor Statement This presentation has been prepared by Hims & Hers Health, Inc. ("wey “us “our? *Hims & Hers,’ or the “Company’) This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the
Slide 3: Our mission to help the world feel great
INTRODUCTION Feeling good in your body & mind transforms how you show up in life That's why we're on a mission to help the world feel great through the power of better health himszhers
Slide 4: Platform democratizes access to personalized solutions
INTRODUCTION Our platform democratizes access to high-quality personalized solutions and service quality levels, by leveraging technology to deliver a frictionless experience himszhers
Slide 5: Leadership team led by visionary founder
INTRODUCTION Our team is led by a visionary founder, with support from a leadership team that has scaled disruptive companies os» & &£ 2 Andrew Dudum Chief Executive Officer & Co-Founder ATOMIC Dr. Pat Carroll Chief Medical Officer & Director wW Yemi Okupe Chief Financial Officer Uber Mike Chi Chief
Slide 6: Ability to help over 100 million consumers
INTRODUCTION 6 We believe we have the abilitytohelp 5 997, —spuntetaice., over 100 million consumers across a ° ° ° Through normalizing and innovating, our platform the specialties and regions we serve can unlock solutions for millions of potential customers = - Z Hh "| Sexual Mental Hormone Health
Slide 7: Evolution of the platform
INTRODUCTION Our platform has evolved to reach a broader audience by delivering exceptional service and offering access to data-driven personalized treatment plans eee e cere cere ecereesrevccsveccreceseseceees EVOLUTION OF PLATFORM seeeseececsrecsvccresressvcsrcsseccccccce oh Awareness + On-Demand
Slide 8: Our Strategy
Slide 9: Our value proposition strengthens with each subscriber
STRATEGY Trusted Brand Leading Technology Our value proposition More subscribers SS. Additional 5 on the platform mt structured data strengthens with wsoei QE ETE and deeper insights each new subscriber hims zhers Data-driven High quality v personalized solutions outcomes —— and services Clinical Ex
Slide 10: Brand investment positions Hims & Hers
STRATEGY : Brand investment positions Hims & Herstobecome ~~ ~ Presence in Most Thought Leaders Drive Awareness Distinct Brands Culturally Relevant Across Our for Critical Health with Distinct Moments Specialties Issues Approaches The average tient Ag @ Model shronous) hims hers
Slide 11: Technology platform provides rapid access to personalized care
STRATEGY More Structured Subscribers Data Technology platform provides consumers with convenient and rapid access to personalized care Quality Personalized Outcomes Solutions Biotin + Minoxidil Hair Growth Treatment 139.3 Ibs 4212 Ibs Alltime: Habit tracking |(2Day Streak » == +@@5 Water © Supported
Slide 12: Innovative solutions and services over time
STRATEGY Structured Over time, we've launched innovative solutions and services, drawing in a broader audience, =. strengthening retention, and reshaping industry norms Differentiated Form Factors Personalized Dosages Multi-Condition Offerings Hard Mints Oral Weight Loss : Chewable ED . P. ec! solut
Slide 13: Increasing precision in Sexual Health
STRATEGY 13 More Structured Increasing precision in Sexual Health allows us to ade evolve with our customers as their needs change aetna Outcomes Solutions ED + Sex Rx + Sex Rx + Sex Rx + Heart Health Hair Health Testosterone a y\ Multivitamin Launched Launched Support Launched July 2023 ‘August 202
Slide 14: Breadth of weight loss offering expands
STRATEGY More Structured The breadth of our weight loss offering continuesto 9 = * expand, addressing a variety of subscriber profiles sx, Hau! ik a : y oy Liraglutide Avg 18lbs' weight lost or 8% of initial body weight Launched March 2025 BMI of 30+ or 27+ with one or more comorbidities Oral Weight
Slide 15: Ecosystem providing subscribers more
STRATEGY An ecosystem that provides subscribers stn More is proving to be vital across our specialties Diagnostics MedMatch by Hims & Hers fe support provider diagnosis and treatment plans Personalized titration schedules across offerings Vitamin & supplement support to address deficiencies Services
Slide 16: Multi-year facility investments drive personalization
STRATEGY Our multi-year investments in our facilities drive our personalization capabilities 4 OH y NJ 4 y Scaling fulfillment pa es * Peptide facility 503A 503A At home lab 9 OW © cchuredin 2025 @ compounding ° compounding ° testing facility + Sen pharmacy pharmacy acquired in 2025 ° ° facility acq
Slide 17: Clinical excellence drives high quality outcomes
STRATEGY Clinical excellence drives high quality outcomes & Transparency Certificates of Analysis for GLP-1s, Fast & convenient ‘on avg, from visit submit to treatment? Clinical standards ‘Systematic monitoring of clinical standards _——.. a 2, m N SS Provider scale high-quality providers across the
Slide 18: Service levels driving a leadership position
STRATEGY : High-quality service levels and personalized solutions are driving a leadership position Share of Observed Total Customers Share of Observed Total Sales Gm 9.0% 1.9% 12.7% 11.6% 21.6% 27.1% 23.7% 33.2% 32.7% 11.0% 30.6% 25.5% 20.3% 17.6% 19.0% 6.2% 11.0% 14.7% ae Cs 6.2% Ae 15.4% 26.2% 20
Slide 19: Long-Term Vision
Long-Term Vision ”
Slide 20: Confidence in achieving 2030 financial targets
VISION Execution and foundational capabilities that are positioned to scale give us confidence in achieving our 2030 financial targets 2030 Revenue 2030 Adjusted EBITDA’ of at least of at least S6.5B+ S1.3B+ sption in Regulation G ar fons that are not
Slide 21: Five key growth levers
VISION Our long-term roadmap will be driven by an ongoing focus across five key growth levers Deepening Expansion into Elevated follow Global expansion _—_ Strategic personalization new emotionally up care of our platform partnerships resonant will expand specialties ecosystem Free Testosterone 19 ‘
Slide 22: Recent acquisitions strengthen value proposition
VISION 22 Recent acquisitions strengthen our value proposition in the near term, and provide a foundation for our long-term vision Peptide Facility U.S.-based peptide facility acquired in Feb. 2025 Lab Facility At-home lab testing facility acquired in Feb. 2025 Outsourcing Facility Our first 503B co
Slide 23: Lab testing capabilities democratize deeper health insights
VISION Lab testing capabilities can democratize access to deeper health insights Lab testing makes personalized We expect to build a broad selection Customers can then take action via care more accessible of lab tests and insights over time abroad assortment of personalized medications’ and suppleme
Slide 24: Financials
Slide 25: Recurring revenue model sets foundation for growth
FINANCIALS Our recurring revenue model sets a foundation for strong revenue growth and margin expansion > 9 O% + recurring revenue! > Mid-70s gross margin profile > <1 year payback period” 31% Subscriber Growth’ 73% Revenue Growth 3% Adjusted EBITDA Margin Expansion’ 19M Q2'24 2.4M Q2'25 $545M Q2'25
Slide 26: New specialties and personalization allowed us to scale
FINANCIALS The launch of new specialties, and the introduction of personalized solutions and services has allowed us to scale 56% - 63% | Total revenue ($ billions) $2.3 - $2.4 §) YoY revenue growth 65% po ren 94% $0.9 0.1 = a sii 2020 2021 2022 2023 2024 2025' menopause testosterone weight loss wei
Slide 27: Subscriber count and engagement drive revenue growth
FINANCIALS 27 Our subscriber'count and customer engagement drive revenue growth Pew m errr eee eeseeseseseee NUMBER OF SUBSCRIBERS' eeeeevesseceeesesesssese eeeee REVENUE PER SUBSCRIBER’ eeeee Acquisition Retention Engagement Multi-channel aS Customer 25 Multi-month brand development experience adop
Slide 28: Revenue growth from subscribers and revenue per subscriber
FINANCIALS Revenue growth driven by expanding subscriber base, further complemented by increasing revenue per average subscriber $84 89% X Q2 ‘25 YoY d la ese oe is eee 73 "25 YoY aera! Cee a 73 ee Subscribers’ ee $54 $53 $55 = pis ieee ee @ > Non-Personalized (millions) 7 ae feo] § Personalized (mi
Slide 29: Strong unit economics provide foundation to scale
FINANCIALS Strong unit economics have provided a foundation to scale with confidence Q119 Cohort > <lyr Q124 Cohort less than one year payback period' (In line with our capital allocation framework) $156 $131 $101 $1 $4 $6 ca a= Giz @ Cumulative Online Gross Profit 8 Cumulative Online Gross Profit P
Slide 30: Adjusted EBITDA margin expansion continues
FINANCIALS Scalability of model is driving continued Adjusted EBITDA margin expansion as topline momentum remains strong ) Adjusted EBITDA’ ($ millions) $91 15% §) Adjusted EBITDA margin’ (percentage) ee 3% Adjusted EBITDA margin expansion YoY 13% 1% Roughly 600 basis points Q of Marketing leverage
Slide 31: Strong balance sheet enables flexibility
FINANCIALS 31 Strong balance sheet enables ample flexibility to continue scaling the business @ Operating Cash Flow ($ millions) Free Cash Flow' ($ millions) $1,144 fo) Cash and ST Investments ($ millions) >SIB in cash and equivalents offers flexibility to deploy capital Temporary working capital in
Slide 32: 2025 outlook anticipates strong top line growth
FINANCIALS 2025 outlook anticipates strong top line growth and continued leverage Q3 2025 FY 2025 2025 underlying themes Revenue S$570M - $590M $2.3B - $2.4B 85%+ long-term retention* Expanding portfolio of personalized offerings © @ ® Strong unit economics with ® ©) YoY growth 42% - 47% 56% - 63% p
Slide 33: Capital investments in 2025
FINANCIALS 33 Capital Investments in 2025 will focus on unlocking higher quality and more personalized care for millions of individuals ge Ey Facility Rapid At 42. and capacity i | daia intelligence expansion expansion layer Increased R&D efforts in peptide facility Positioning platform to enter Can
Slide 34: Appendix
Appendix
Slide 35: Non-GAAP Financial Measures
FINANCIALS Non-GAAP Financial Measures In addition to our financial results determined in accordance with U.S. GAAP, we present Adjusted EBITDA (which is a non-GAAP financial measure), Adjusted EBITDA margin (which is a non-GAAP ratio), and Free Cash Flow (which is a non-GAAP financial measure) each
Slide 36: Net Income (Loss) to Adjusted EBITDA Reconciliation
APPENDIX Net Income (Loss) to Adjusted EBITDA Reconciliation ( thousands, unaudited) Q3’23 Revenue $226,699 Net income (loss) ($7,567) Stock-based compensation $17,277 Depreciation and amortization $2,363 Acquisition and transaction-related costs $1,280 Payroll tax expense related to stock-based com
Slide 37: Operating Cash Flow to Free Cash Flow Reconciliation
APPENDIX 37 Net Cash (Used in) Provided By Operating Activities to Free Cash Flow Reconciliation (S thousands, unaudited) Q3’23 Q4’23 Q1'24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Net cash (used in) provided Byoperctinarachviiss $25,191 $21,983 $25,838 $53,594 $85,267 $86,385 $109,090 $(19,117) Less: purchase
Slide 38: Sources
APPENDIX Sources In order of appearance: B. Kim, S. Lee, MJun, H. Chung, S. Oh, Perception of Hair Loss and Education Increases the Treatment Willingness in Patients With Androgenetic Alopecica: A Population-Based Study, 2018, Fig. 1B. Based on a research study with 503 patients with AGA, 92% of the