Herbalife Reports First Quarter 2026 Net Sales Growth and Adjusted EBITDA¹ Above Guidance; Raises Full-Year 2026 Constant Currency² Net Sales and Adjusted EBITDA¹ Guidance Midpoints

Q1 Results in Line with Preliminary Results Announced on April 14

LOS ANGELES, May 6, 2026 - Herbalife Ltd. (NYSE: HLF) today reported financial results for the first quarter ended March 31, 2026:

• Net sales of $1.3 billion exceeds guidance

  o Up 7.8% vs. Q1 '25

  • Up 5.4% year-over-year on constant currency basis2; exceeds guidance

• Net income attributable to Herbalife of $61.9 million; adjusted net income1 of $69.0 million

• Adjusted EBITDA1 of $175.7 million exceeds guidance

  • Adjusted EBITDA1 at constant currency2 of $180.3 million exceeds guidance

• Diluted EPS of $0.57; adjusted diluted EPS1 of $0.64

• Net cash provided by operating activities of $113.8 million; capital expenditures of $10.9 million

• Reduced total leverage ratio to 2.7x and net leverage ratio1 to 2.1x at March 31

  Recent Developments

• Completed $1.45 billion senior secured debt refinancing on April 29

• Acquired substantially all of the assets of Bioniq's core personalized nutrition business on April 30

  Outlook

• Second quarter 2026 guidance provided

• Full-year 2026 guidance revised: net sales and adjusted EBITDA1 ranges narrowed and constant currency2 midpoints increased, capital expenditures reaffirmed

‌1 Non-GAAP measure. Refer to Schedule A - "Reconciliation of Non-GAAP Financial Measures" for a detailed reconciliation of these measures to the most directly comparable U.S. GAAP measure for historical periods, as applicable, and a discussion of why the Company believes these non-GAAP measures are useful and certain information regarding non-GAAP guidance.

‌2 Non-GAAP measure. Refer to Schedule A - "Reconciliation of Non-GAAP Financial Measures" for a discussion of why the Company believes

adjusting for the effects of foreign exchange is useful.

Management Commentary

Herbalife reported first quarter 2026 net sales of $1.3 billion, up 7.8% year-over-year, including 240 basis points of foreign currency ("FX") tailwinds. On a constant currency basis2, net sales increased 5.4% year-over-year for the quarter.

Gross profit margin was 77.9% in the first quarter, compared to 78.3% in the prior year period. On a year-over-year and approximate basis, the change primarily reflects 50 basis points of input cost inflation, mainly due to lower absorption rates, 30 basis points of unfavorable sales mix, 20 basis points of other unfavorable cost changes and 50 basis points of FX headwinds. These impacts were partially offset by 70 basis points of pricing benefits and 40 basis points from lower inventory write-downs.

For the quarter, net income attributable to Herbalife was $61.9 million, with net income margin of 4.7%, and adjusted net income1 of $69.0 million. Adjusted EBITDA1 of $175.7 million includes approximately $5 million of FX headwinds year-over-year, with adjusted EBITDA1 margin of 13.3%, down 20 basis points versus the first quarter of 2025. Diluted EPS was $0.57, with adjusted diluted EPS1 of $0.64, which includes a $0.03 year-over-year FX headwind.

Net cash provided by operating activities was $113.8 million for the quarter ended March 31, 2026. Capital expenditures were $10.9 million and capitalized software as a service ("SaaS") implementation costs were $10.0 million in the first quarter.

As of March 31, 2026, the Company's revolving credit facility was undrawn. Total leverage ratio declined to 2.7x from 2.8x, and net leverage ratio1 declined to 2.1x from 2.3x, each compared to December 31, 2025.

In late March, the Company held Herbalife Honors, its annual global leadership development and recognition event, in Vienna, Austria. At the event, the Company announced strategic initiatives, including the planned acquisition of certain assets from Bioniq, a UK-based personalized supplements company, as well as the rollout of new packaging across the Company's global product portfolio. The packaging redesign is guided by a clear strategy to bring science and nutrition to the forefront of the design and is being introduced through a multi-year rollout that began in March 2026. The redesign features a significantly refreshed, more modern and colorful look, new packaging formats, and enhanced category labeling-ensuring that the science, nutrition, and benefits inside the product are clearly reflected on the outside, making it easier for distributors and customers to identify products aligned to specific health and nutrition goals.

In April, the Company launched its first 2026 Extravaganza events. In India, the Company hosted three consecutive Extravaganza events across Delhi and Bengaluru, with approximately 46,200 attendees, reflecting strong distributor engagement and continued demand for in-person training and business development opportunities.

Recent Developments

Senior Secured Debt Refinancing

On April 29, the Company completed a $1.45 billion senior secured debt refinancing, which included:

• a $425 million senior secured revolving credit facility due April 2031 ("2026 Revolving Credit Facility");

• a $225 million senior secured Term Loan A due April 2031; and

• $800 million aggregate principal amount of 7.750% senior secured notes due May 2033

Proceeds from the transactions, together with borrowings under the 2026 Revolving Credit Facility and available cash, were used to repay the $365 million outstanding principal balance on the 2024 Term Loan B and to fully redeem the $800 million outstanding principal balance on the 12.250% senior secured notes due 2029 ("2029 Secured Notes"), plus accrued and unpaid interest, and to pay related fees and expenses.

The 2029 Secured Notes were redeemed at 106.125% of principal. No early termination penalties were incurred in connection with the refinancing, other than the call premium reflected in the redemption price of the 2029 Secured Notes. Upon completion of the refinancing transactions, $200 million was outstanding under the 2026 Revolving Credit Facility as of April 29, 2026.

The transaction is expected to result in approximately $45 million in annual cash interest savings, based on the total senior secured debt outstanding immediately before and after the refinancing and current applicable interest rates.

"We delivered net sales growth and adjusted EBITDA1 above our guidance for the quarter," said Chief Financial Officer John DeSimone. "We were also pleased to complete our $1.45 billion senior secured debt refinancing in April, achieving our pricing objectives, meaningfully reducing interest expense, extending our maturity profile, and further strengthening our balance sheet and financial flexibility."

Bioniq Asset Acquisition

On April 30, the Company acquired substantially all of the assets of Bioniq's core personalized nutrition business, as contemplated by the agreement announced on March 26, 2026, for $55 million in total base consideration, payable over five years, of which $10 million was paid subsequent to closing. The agreement also provides for up to $95 million in contingent payments based on certain future Bioniq product sales performance.

As part of the transaction, Herbalife also obtained a call option to acquire Bioniq LAB, a separate platform focused on small molecules and peptides. The option expires on December 31, 2031, and provides Herbalife with strategic flexibility to evaluate potential longer-term opportunities in this area in a disciplined and capital-efficient manner.

Bioniq's personalized nutritional supplements will be offered through Herbalife independent distributors to customers across 11 European countries beginning in late June, followed by the United States in July and additional markets later in 2026.

Bioniq complements Herbalife's prior acquisitions of Pro2col and Link BioSciences and will enable Herbalife to offer a broader range of personalized nutritional supplements across multiple delivery formats. Combining Bioniq's offering with Herbalife's global manufacturing expertise will better enable the Company to expand personalized nutrition at scale and speed.

"Personalization has long been foundational to Herbalife's business, and our history is defined by innovation, a forward-looking mindset and a willingness to evolve alongside consumer needs," said Chief Executive Officer Stephan Gratziani. "Our recent acquisitions of Pro2col, Link BioSciences, Pruvit and Bioniq expand our personalization ecosystem, enabling an enhanced and differentiated experience for both customers and distributors and accelerating our evolution into the world's premier health and wellness company, community and platform."

First Quarter 2026 Key Metrics

Outlook

Constant Currency(a) +1.0% to +5.0% YoY 150 - 170

Q2 '25 Actuals

1,259.1

173.6

13.8% margin

22.8

Constant Currency(a) +1.0% to +5.0% YoY 675 - 705

Previous Guidance (Feb 18 '26) +0.0% to +5.0% YoY 665 - 705

FY '25 Actuals

5,037.5

657.6

13.1% margin

80.4

1. Non-GAAP Measure. Represents projections using U.S. dollars at Q2 '25 and FY '25 average FX rates, respectively, and adjusting for other FX related impacts. Refer to Schedule A - "Reconciliation of Non-GAAP Financial Measures" for a discussion of why the Company believes adjusting for the effects of foreign exchange is useful and non-GAAP guidance.

   Guidance Assumptions

   • Net sales and adjusted EBITDA1 use the average daily exchange rates for the first two weeks of April 2026 to translate local currency projections

     Additional FY 2026 Expectations

   • Capitalized SaaS implementation costs of $35 million to $55 million (reduced from $40 million to $60 million), which are not included in capital expenditures

   • Depreciation and amortization, and amortization of SaaS implementation costs, of $140 million to $150 million

   • Adjusted effective tax rate of approximately 30%