Herbalife Ltd. · NYSE:HLF
Herbalife — Q2 2025 Earnings Presentation
29 slides from Herbalife's earnings presentation, Aug 6, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation August 6, 2025
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: Business Update
Q2 2025 Business Update Stephan Gratziani CEO Q2 2025 Earnings | 3
Slide 4: Business Highlights
Business Highlights • Q2 2025 net sales of $1.3B; near midpoint of guidance range o Flat YoY on constant currency basis1; near low end of guidance range • Q2 Adjusted EBITDA2 of $174M exceeds guidance o Adjusted EBITDA2 at constant currency1 of $190M exceeds guidance • Repaid $55M of debt, including
Slide 5: What is Pro2col
✓ Herbalife’s next-generation personalized wellness platform Built to make healthy lifespan simple, measurable and personal ✓ Combines personal data, biomarkers, targeted supplementation, lifestyle habits, coaching and community An integrated platform that can turn insights into daily action What is
Slide 6: What to Measure, What to Do, What to Take
A personalized daily system designed to drive behavioral change and achieve measurable health outcomes What to Measure What to Do What to Take Who to Do it With Data & Biomarkers Lifestyle Habits Products & Nutrition Coaching & Community Q2 2025 Earnings | 6
Slide 7: Personalized Wellness Platform
Personalized Wellness Platform Wellness Starts at the Cellular Level* Key features include: Healthy lifespan supplement formulated with ingredients to promote cellular health and support cellular function*, including: ✓ Pro2Score and Subscores ✓ AI food camera • Niagen® to increase NAD+ ✓ Hydration
Slide 8: Recent Product Launches
Recent Product Launches Mexico Latin America* India Instant Coffee Nutri Muffin Sleep Enhance Expansion of nutrition club offerings, Quick and easy snack for between Designed to help individuals improve sleep contains 70mg of Caffeine from meals, provides 8g of Protein and quality, contains clinical
Slide 9: Recent Product Launch: MultiBurn
Recent Product Launch MultiBurn • All-new, multifunctional weight-loss supplement • Next-generation formula supporting metabolic health and weight management* • Clinically studied botanicals and supporting functional ingredients o Morosil supports weight loss, including reduced hip and waist size, a
Slide 10: Financial Update
Q2 2025 Financial Update John DeSimone CFO Q2 2025 Earnings | 10
Slide 11: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Net Sales Adjusted EBITDA1 Capital Expenditures $1.3B (1.7)% $174M (3.6)% $23M vs Q2 2024 vs Q2 2024 Adjusted EBITDA1 Margin 170 bps of FX Headwinds $4M Capitalized SaaS vs Q2 2024 13.8% Implementation Costs -30 bps vs Q2 2024 Flat YoY at Constant Currency2 $190M at Cons
Slide 12: Net Sales Bridge
Net Sales Bridge $ million (1.7)% 0.0% (1.7)% 1,281.1 38.4 1.7 1,280.9 1,259.1 (1.2) (21.8) (39.1) Q2 2024 Q2 2025 Q2 2025 Reported Volume Pricing Country Mix Other Local Currency FX Reported Net Sales Net Sales1 Net Sales (1) Non-GAAP Measure. Refer to Appendix for discussion of why the Company bel
Slide 13: Regional Net Sales
Regional Net Sales Local Currency Reported Net Sales Net Sales1 Q2 2025 Q2 2024 YoY % Change YoY % Change $ million North America 272.4 283.2 (4)% (4)% Latin America 210.2 211.7 (1)% +9% EMEA 287.9 287.8 +0% (1)% Asia Pacific 408.6 416.7 (2)% (1)% China 80.0 81.7 (2)% (2)% Worldwide 1,259.1 1,281.1
Slide 14: Adjusted EBITDA Bridge
Adjusted EBITDA1 Bridge $ million % = Adjusted EBITDA1 margin (3.6)% 19.2 0.1 11.3 180.0 173.6 (1.4) (1.9) (6.7) (4.3) (1.2) (5.5) (16.0) +4.8 China gov’t grant income 14.1% 13.8% Promotional Input Employee Technology Q2 2024 Volume Pricing Sales Mix Salaries Related Other FX Q2 2025 Costs Bonus Cos
Slide 15: Capital Structure
Capital Structure • Paid $25.5M for Pro2col, Pruvit and Link BioSciences asset acquisitions completed in Apr ‘25 Debt Maturities as of Jun 30 ‘252 • Repaid $55M of debt, including $50M of 2025 Notes $ million 2025 7.875% Sr. Notes 310 redeemed in June 2028 Convertible Notes 600 2029 12.25% Sr. Notes
Slide 16: Outlook
Outlook Third Quarter 2025 Guidance Guidance Assumptions $ million Net Sales Adjusted EBITDA1 CapEx • Net sales and adjusted EBITDA1 use the average Reported +0.5% to +4.5% YoY 150 – 160 20 – 30 daily exchange rates for the first two weeks of Constant Currency2 +0.5% to +4.5% YoY 155 – 165 July 2025
Slide 17: Appendix
Appendix Q2 2025 Earnings | 17
Slide 18: Supplemental Information
Supplemental Information Non-GAAP Financial Measures (unaudited) Adjusted SG&A, Adjusted EBITDA, Credit Agreement EBITDA, Adjusted Net Income and Adjusted Diluted EPS In addition to its reported results calculated in accordance with U.S. GAAP, the Company has included in this presentation adjusted S
Slide 19: New Distributors and Active Non-Sales Leaders Growth
New Distributors and Active Non-Sales Leaders Growth New Distributor Growth by Region Recruiting Activity by Marketing Plan Level2 % = YoY change Q2 2025 Q2 2024 % = YoY change Q2 2025 Q2 2024 North America +1% +23% President’s Team (18)% +72% Sales Leader Millionaire Team (13)% +54% Latin America +
Slide 20: YTD 2025 Financial Highlights
YTD 2025 Financial Highlights Net Sales Adjusted EBITDA1 Capital Expenditures $2.5B (2.5)% $339M +6.3% $41M vs YTD 2024 vs YTD 2024 Adjusted EBITDA1 Margin 320 bps of FX Headwinds $9M Capitalized SaaS vs YTD 2024 13.6% Implementation Costs +110 bps vs YTD 2024 +0.7% YoY at Constant Currency2 $371M a
Slide 21: YTD Net Sales Bridge
YTD Net Sales Bridge $ million (2.5)% +0.7% (3.2)% 2,545.4 84.5 6.0 2,563.1 2,480.8 (4.0) (68.8) (82.3) YTD 2024 YTD 2025 YTD 2025 Reported Volume Pricing Country Mix Other Local Currency FX Reported Net Sales Net Sales1 Net Sales (1) Non-GAAP Measure. Refer to Supplemental Information included here
Slide 22: YTD Regional Net Sales
YTD Regional Net Sales Local Currency Reported Net Sales Net Sales1 YTD 2025 YTD 2024 YoY % Change YoY % Change $ million North America 526.8 549.0 (4)% (4)% Latin America 416.9 425.9 (2)% +10% EMEA 561.2 565.7 (1)% +1% Asia Pacific 831.1 847.9 (2)% +0% China 144.8 156.9 (8)% (7)% Worldwide 2,480.8
Slide 23: YTD Adjusted EBITDA Bridge
YTD Adjusted EBITDA1 Bridge $ million % = Adjusted EBITDA1 margin +6.3% 27.8 42.3 4.6 9.9 338.5 318.3 (2.4) (6.0) (13.0) (1.8) (32.6) (8.6) +4.8 China gov’t grant income (3.5) Higher inventory write-downs 12.5% 13.6% Promotional Input Employee Technology YTD 2024 Volume Pricing Sales Mix Salaries Re
Slide 24: Reconciliation of SG&A to Adjusted SG&A
Reconciliation of SG&A to Adjusted SG&A $ million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net sales 1,259.1 1,281.1 2,480.8 2,545.4 Selling, general, and administrative expenses (SG&A) 447.9 502.3 879.8 994.5 SG&A as a percentage of net sales 35.6% 39.2% 35.5% 39.1% Expenses related to Technology Realignm
Slide 25: Reconciliation of Net Income to Adjusted EBITDA and Credit Agreement EBITDA
Reconciliation of Net Income Attributable to Herbalife to Adjusted EBITDA to Credit Agreement EBITDA and Total Leverage Ratio Quarters TTM Year to Date Full Year $ million Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Jun 2025 2025 2024 2024 Net sales 1,281.1 1,240.3 1,207.4 1,221.7 1,259.1 4,928.5 2,480.
Slide 26: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income Attributable to Herbalife to Adjusted Net Income $ million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income attributable to Herbalife 49.3 4.7 99.7 29.0 Expenses related to Technology Realignment Program1 3.6 ― 3.6 ― Expenses related to Restructuring Program1 0.7 48.8 4.0 65
Slide 27: Reconciliation of Diluted EPS to Adjusted Diluted EPS
Reconciliation of Diluted EPS to Adjusted Diluted EPS $ per share Q2 2025 Q2 2024 YTD 2025 YTD 2024 Diluted earnings per share 0.48 0.05 0.97 0.29 Expenses related to Technology Realignment Program1 0.03 ― 0.03 ― Expenses related to Restructuring Program1 0.01 0.48 0.04 0.65 Expenses related to Tran
Slide 28: FX Translation Impact
FX Translation Impact Net Income Net Sales EBITDA Attributable Diluted EPS $ million, except EPS to Herbalife Q2 2025 as reported 1,259.1 163.2 49.3 0.48 Non-GAAP adjustments1 ― 10.4 11.2 0.11 Q2 2025 adjusted 1,259.1 173.6 60.5 0.59 FX rate adjustments2 21.8 16.0 11.6 0.11 Q2 2025 FX Adjusted 1,280
Slide 29: Herbalife
Herbalife”