#1De evolus STOLIO#2OF De evolus INVESTOR PRESENTATION FEBRUARY 2024#3LOVEVOLUS DISCLOSURES DE Special Note Regarding Forward Looking Statements This presentation contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position; business strategy; the market growth for our product; our ability to meet our goals related to the market position of our product and product candidates; the potential market acceptance, demand market size, adoption rate, revenue expectations, future results of our product, product candidates and related loyalty programs, and timing and results of the company's clinical programs, regulatory programs and product approvals, the potential performance profile of any product candidate, are forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Other factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include uncertainties associated with the success of the launch of Jeuveau, customer and consumer adoption of the product, competition and market dynamics, the effects of economic conditions on consumer discretionary spend, the efficiency and operability of our digital platform, the ability to successfully complete clinical programs, make regulatory filings and achieve FDA approval for Evolysse™ and "extra strength" JeuveauⓇ and ultimate commercial acceptability and pricing for Evolysse™ or an "extra strength" JeuveauⓇ dose, our ability to comply with our settlement agreement with Medytox, and our ability to maintain regulatory approval of JeuveauⓇ and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the Securities and Exchange Commission and any subsequent filings, each of which is available online at www.sec.gov. All written and verbal forward-looking statements attributable to our Company or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. We may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements, and you should not place undue reliance on the forward-looking statements. The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Certain of the industry, statistical and market data in this presentation was obtained from our own internal estimates and research as well as from industry and general publications and research, surveys and studies conducted by third parties. All of the market data used in this presentation involves a number of assumptions and limitations. While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, which could cause results to differ materially from those expressed in the estimates made by third parties and by us. Evolus, Jeuveau, Nuceiva", EvoluxⓇ and Evolysse" are five of our trademarks that are used in this presentation. Botox® is a registered trademark of Allergan, Inc. Use of Non-GAAP Financial Measures Our financial results are prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). This presentation includes non-GAAP financial measures. Within this presentation, "profitability" is defined as achieving positive non-GAAP operating income. This presentation includes references to non-GAAP operating income and non-GAAP operating expenses. "Non-GAAP operating income" excludes the revaluation of contingent royalty obligations, stock-based compensation expense, and depreciation and amortization. "Non-GAAP operating expenses" are operating expenses excluding product cost of sales, revaluation of contingent royalty obligations, stock-based compensation expense, and depreciation and amortization. Management believes that non-GAAP operating expenses are useful in helping to identify the company's core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations. Management also believes that non-GAAP operating expenses will enable investors to assess the company in the same way that management has historically assessed the company's operating expenses against comparable companies with conventional accounting methodologies. The company's definitions non-GAAP operating income and non-GAAP operating expenses have limitations as analytical tools and may differ from other companies reporting similarly named measures. Non-GAAP measures should not be considered superior to and are not intended to be considered in isolation or as a substitute for GAAP financial measures. Due to the forward-looking nature of the non-GAAP operating income and non- GAAP operating expenses outlook disclosed in this presentation, no reconciliation of such non-GAAP measures to the comparable GAAP financial measures is available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking non-GAAP operating income and non-GAAP operating expenses, that have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on the company's GAAP financial results. 3#4LOVVOLUS OUR PURPOSE TO MAKE THEIR BEAUTY EXPERIENCE DELIGHTFUL AND ACHIEVABLE De#5LOVVOLUS A COMPELLING INVESTMENT OPPORTUNITY UNDERPENETRATED AESTHETICS MARKET estimated to nearly double by 2028* VOLV W Total addressable market EXPANDS BY 78% with addition of HA filler portfolio* evolu Fully funded to PROFITABILITY BY 2025** Building a brand focused on the YOUNGER DEMOGRAPHIC GAINING MARKET SHARE IN THE U.S. while expanding internationally UNIQUE CASH-PAY BUSINESS MODEL powered by strong digital capabilities Source: Medical Insight, Inc. Cosmetic Neurotoxin Market Study, Jan. 2023, Medical Insights Dermal Filler Market Study, Mar. 2023 (www.miinews.com), BCG Aesthetic Research presented at IMCAS 2023 & company estimates. ** Within this presentation, "profitability" is defined as achieving positive non-GAAP operating income. De 5#6LOVVOLUS GROWING OUR PRESENCE IN LARGE & UNDERPENETRATED MARKETS EVOLUS IS CONTINUING TO GAIN SHARE IN THE FAST-GROWING NEUROTOXIN MARKET 12% 10% 8% 6% JEUVEAU SHARE OF TOXIN MARKET OVER THE LAST FEW YEARS* 4% 4% 2% 7% 7% 9% 11% prabotulinumtoxinA 0% injection 2019 2020 2021 2022 2023 Jeuveau prabotulinumtoxinA-xvfs injection "NUCEIVA * Market share is a company estimate. De 60#7LOVVOLUS MARKET EXPANSION OPPORTUNITY—FILLERS THE ADDITION OF EVOLYSSE FILLERS EXPANDS OUR ADDRESSABLE MARKET BY 78%¹ TM 2 EVOLYSSE™ Estyme 3 JeuveauⓇ prabotulinumtoxinA-xvfs injection FILLERS NEUROTOXINS $10.2B $4.5B $5.7B 769 $2.5B $5.7B $3.2B 2022 2028 1. Includes U.S., Canada, Europe and Australia aesthetic neurotoxin markets. Source: Medical Insight, Inc. Cosmetic Neurotoxin Market Study, Jan. 2023, Medical Insights Dermal Filler Market Study, March 2023 (www.miinews.com), data on file: Decision Research Group (DRG) Aesthetic Injectables Market Insights, Europe, 2021, BCG Aesthetic Research presented at IMCAS 2023 and company estimates. 2. Evolysse is licensed in the U.S. only and is not currently available for sale. 3. Estyme is licensed in the UK and Europe. Not currently available for sale.#8LOVVOLUS EXPANDING OUR FOOTPRINT: • UNITED KINGDOM AND E.U. Evolus is expanding its filler offering into the United Kingdom and E.U. with EstymeⓇ Exclusive distribution agreement with Symatese SYMATESE "NUCEIVA prabotulinumtoxinA injection Estyme $900M FILLERS • E.U. regulatory approvals anticipated in second half 2024 $1.8B • Doubles our addressable international market to $1.8B1 · Remain fully funded to profitability2 • Evolus will license NuceivaⓇ to Symatese for distribution in France, marking the fifth European market that Evolus has entered $900M 1. Source: Medical Insights Dermal Filler Market Study, March 2023 (www.miinews.com) and Aesthetic Injectables | Market Insights | Europe 2024 2023 Clarivate 2. Please refer to the "Use of Non-GAAP Financial Measures" on slide 3 NEUROTOXINS De 00 8#9STRONG HISTORICAL REVENUE GROWTH TARGETING $700M IN GLOBAL SALES BY 2028 28% CAGR vs. 2023 De $255M- $265M** $202M* $148.6M $99.7M $56.5M 2020 2021 2022 * Based on Preliminary Unaudited 2023 Results announced on January 16, 2024 ** Company guidance as of January 16, 2024 2023 2024 9#10De CUSTOMER SUCCESS Investing in customer growth Only aesthetics company to offer co-branded marketing 45 LOVVOLUS A UNIQUE BUSINESS STRATEGY 1 2 3 • • STRATEGIC ADVANTAGE First cash-pay, aesthetics-only aesthetics company TRANSFORMING THE INDUSTRY Executing a performance beauty strategy CONSUMER FOCUS: MILLENNIALS The largest demographic The industry growth driver Beauty treatment vs. medical procedure CHALLENGER BRAND Digitally savvy: a powerful, cost-effective & scalable platform • Streamlined customer interaction Growing consumer loyalty program 10 10#11De DE Rewards Rewards Dashboard Rewards Status/Check In Reward History Statements LOVEVOLUS DIFFERENTIATED CASH PAY BUSINESS MODEL WHY CASH PAY Avoids third-party payer reimbursement complications Greater pricing flexibility without tie to therapeutics Enables co-branded marketing Promotes brand and practices to draw in consumers Ability to offer customers a compelling value proposition Strengthens customer loyalty Fine Lines Medspa Home Switch Facility Evolux Upcoming Patient Reward fif Rewards Total Reward Vials Available EVOLUS REWARDS Total Reward Vials Redeemed Orders 30 8 Reward 6 More Patients! Each patient you reward gets you closer to earning a reward vial. Total Patient Rewards Given Total Vial Credits Received 306 306 New Feature: Patient Reward Status Easily check your patients current rewards status, send sms reminders, and enroll new patients. Check Status Check In Patient Upcoming Patient Rewards Download a list of patient rewards that are available soon or about to expire. Updated daily at 2am PST Download CSV#12LOVVOLUS EXECUTING A PERFORMANCE BEAUTY STRATEGY Evolus is a performance beauty company with a customer-centric approach to delivering breakthrough products in the self-pay aesthetics market Focus on making the beauty experience delightful and achievable First product line focused on neurotoxins―JeuveauⓇ in the United States and NuceivaⓇ in Canada, Great Britain, Germany, Austria and Italy-and is continuing to expand geographically Second product line will be comprised of five filler products, beginning in the U.S. in 2025 769 Dear#13LOVVOLUS Qu TARGET MARKET: MILLENNIAL CONSUMERS DE Growth rates of millennial cohort* • U.S. Medical Aesthetic industry is expected to grow at 9% through 2027, confirming historical trends Injectables is the fastest growth category at 10- 12% as new consumers enter the market for "preventative" treatments Injectables are drawing in younger consumers through "preventative" treatments and continue to grow quickly Purchasing power, resilience of spending * BCG, Medical Aesthetics Industry Outlook and BCG Credentials, December 2022 and company estimates 13#14LOVEVOLUS ESTIMATED GLOBAL AVERAGE ADOPTION RATE* (ANNUAL INCOME $50K+) De AGE 20-40 % CURRENTLY USING NEUROMODULATORS % INTEND TO USE NEUROMODULATORS IN THE NEXT 5 YEARS 16% 15% 15% PROJECTED ADOPTION AMONG THE YOUNGER DEMOGRAPHIC: 2X AS LIKELY AS THE OLDER DEMOGRAPHIC 20-30 31-40 41+ 10.5% 41-50 10.5% 51-60 4.5% 60+ 4% 2% 11.5% 9% * From Extreme to Mainstream: The Future of Aesthetics Injectables. McKinsey & Company, Dec. 2021 16% 20-40 YEAR OLDS INTEND TO USE NEUROMODULATORS IN NEXT 5 YRS 8% 41+ YEAR OLDS INTEND TO USE NEUROMODULATORS IN NEXT 5 YRS 14#15LOVVOLUS INVESTING IN GROWTH Digital investments for practices lead to increased customer loyalty Digital investments into targeted consumer programs attract more millennials to the practices that ask for Jeuveau 9:41 foto PRACTICE EVOLUX: MODERN LOYALTY My Offers AND SAVINGS Silver COLD Upgrade PLATINUM Upgrad PLATINUM Upgrade Pat GEWAS EVOLUS PRACTICE APP - Rewards a Dashboard Check In Account Rewards Fine Lines Medspa Switch Facility OLUS REWARDS *Patients Checked In 100 All ✓ CONSUMER PHYSICIAN FINDER Jeuveau pasta dets Newport Beach, California a PRACT M Angela Carlson Aesthetics 5 year(s) of experience Injectables Booster Facials Facial Exfoliation. Laser Treatments Microneedling/PRP- Aglow Aesthetics Huntington Beach, CA 92647 Ann Mai 25 year(s) of experience Injectables Newport Aesthetics Newport Beach, CA 92660 M LOYALTY PROGRAM Jeuveau prescind $40 OFF 15 De#16LOVVOLUS CO-BRANDED MARKETING FOR A PERSONAL EXPERIENCE DE evolus $40 OFF RTICULTURAL TREAT YOUR 11S (FROWN LINES) 314.254.1455 Dr. Manolakakis ADVANCED FACIAL SURGERY PAC MANOLIS Jeuveau 14 = DR. MANOLIS MANOLAKAKIS ADVANCED FACIAL SURGERY YOU'RE IN CHARGE OF YOUR Dr. Manolakakis ADVANCED FACIAL SURGERY BILLBOARDS 1,400+ billboards* DIGITAL 6,900+ digital campaigns* STREAMING TV 340+ ETV campaigns* *Reflects campaigns completed and aired since 2020 Jeuveau prabotulinumtoxinA-xvfs injection 16#17LOVVOLUS USING MEDICAL EDUCATION TO ESTABLISH THE PRECISION PROFILE OF JEUVEAU De DE evolus Angela Carlson rse Praction got MAC? LIVE EVENTS 10,000+ INJECTORS educated in 2022 MEDICAL AFFAIRS TEAM TRAINING BUS 2023 17#18LOVVOLUS EVOLUS REWARDS PROGRAM ACTIVATION CONTINUES TO GROW 120K CONSUMER REGISTRATION CONTINUES TO INCREASE* 1600 CONSUMER REDEMPTIONS IN THE EVOLUS REWARDS PROGRAM CONTINUE TO GROW* 1400 TOTAL PATIENT REDEMPTIONS (000s) EXISTING PATIENTS SHARE 1200 1000 750K 800 702K 638K 600 505K 400 270K 200 DE 0 Dec 2020 Dec 2021 Dec 2022 Jun 2023 Sept 2023 Dec 2023 Q1 2021 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 * Cumulative measures 60% 50% 40% 30% 20% 10% 0% 00 18#19LOVEVOLUS MARKET EXPANSION OPPORTUNITY-FILLERS TOXINS AND FILLERS ARE THE TOP 2 MEDICAL AESTHETIC PROCEDURES* FILLERS ARE THE #2 SERVICE PROVIDED ACROSS ALL CHANNELS* PLASTIC SURGEONS: 1 2 FILLER TOXINS FILLERS DERMATOLOGISTS: TOXINS FILLERS MED SPAS: TOXINS FILLERS * Source: BCG Aesthetic Research Presented at IMCAS 2023 FILLERS ARE THE #1 ADD-ON PROCEDURE FOR TOXIN USERS* SKINCARE LASER HAIR REMOVAL ENERGY BASED DEVICES BODY CONTOURING 10% 15% 21% 21% DE 34% 19#20LOVVOLUS EVOLYSSE, "AN INNOVATIVE TECHNOLOGY THAT COMPLEMENTS THE JEUVEAUⓇ BRAND De#21LOVEVOLUS SYMATESE SCIENCE GENESIS 5939 25+ YEARS IN R&D AND MANUFACTURING OF AESTHETICS & MEDICAL BIOMATERIALS 1997 LAUNCHED FIRST 2 PRODUCTS: HEMOTESE® & COLLAPATⓇ|| MENTOR PEROUSE PLASTIE BREAST IMPLANTS SOLD TO MENTOR SYMATESE FOUNDED BY INDUSTRY EXPERTS SYMATESE 2003 2004 2007 ENTERED PARTNERSHIP WITH L'ORÉAL L'ORÉAL LAUNCH OF NEVELIA®, DERMAL REGENERATION MATRIX 2011 2013 SOLD RIGHTS OF XpresHAn TECHNOLOGYTM/OBTⓇ AND RELATED DERMAL FILLERS TO GALDERMA 2021 R&D PARTNERSHIP STRENGTHENED WITH L'ORÉAL ON BIOMATERIALS GALDERMA 21 21#22LOVVOLUS EVOLYSSE™ PRODUCT LINE 2026 | LAUNCH 2025 | LAUNCH EVOLYSSE™ HSCULPT MID-FACE VOLUME 2027 | LAUNCH EVOLYSSE™ LIFT NASOLABIAL FOLDS EVOLYSSE™ EYE INFRAORBITAL HOLLOWS EVOLYSSE™ SMOOTH NASOLABIAL FOLDS EVOLYSSE™ LIPS VOLUMIZING AND CONTOURING De 22#23LOVVOLUS De MARKET EXPANSION OPPORTUNITY: EXTRA STRENGTH JEUVEAU ® EVOLUS IS UNIQUELY POSITIONED TO CAPITALIZE ON EXTRA STRENGTH JEUVEAUⓇ ORIGINAL JEUVEAU® 20U DOSE / 0.5ML CONCENTRATION EXTRA STRENGTH JEUVEAU 40U DOSE / 0.25ML CONCENTRATION Jeu 100 jeuve 100 euve 100 rabotulinumtoxinkJeuveau 100 Jeuveau tulinumtoxin 100% 100 inumtoxinA. Jeuveau 100 boulinumtoxinA-0 Jeuveau tulinumtoxinA leuveau rabotulinumtoxinA. Jeuveau 100 forinject 100 100克 100 STUDY DESIGN 100 100 e100 e100 Double-blind, single treatment, randomized, controlled, prospective, multi-center Up to 1 year follow up | N=150 Three arms: • 20U Botox Cosmetic • 20U JeuveauⓇ • 40U "Extra-Strength" JeuveauⓇ Double dose, hyper-concentrated FIRST PATIENT ENROLLED ENROLLMENT COMPLETED STUDY INITIATION ACTIVITIES 2022 INTERIM RESULTS PRESENTED STUDY COMPLETED 2023 RESULTS PRESENTED 23#24900000 FINANCIALS 000000 24#25LOVVOLUS JEUVEAU FASTEST-GROWING NEUROTOXIN IN THE U.S. FOR TWO CONSECUTIVE YEARS 11% #2 #1 OR 2 MARKET SHARE1 BRAND AWARENESS² NET REVENUE $255M- $265M** $202M* $148.6M $99.7M MARKET SHARE IN EVOLUS ACCOUNTS3 $56.5M $34.9M 2019 2020 2021 2022 2023 2024 1. 2. 3. Company estimates at year end 2022 Evolus Consumer Pulse Insights Survey Guidepoint Qsight Aesthetics Based on Preliminary Unaudited 2023 Results announced on January 16, 2024 ** Company guidance as of January 16, 2024 25#26LOVAVO LUS Q4 2023 RESULTS ACHIEVED RECORD RESULTS AND EXCEEDED EXPECTATIONS Q4 NET REVENUE GRAPH . $61M net revenue, up 40% y-o-y Growth driven by higher volumes from market share gains Key Performance Indicators 850 new customer accounts added >170K consumer redemptions to end the year at approximately 750,000 consumers* Net of additional borrowing, cash used in the fourth quarter of 2023 was $0.9 million and notably lower than the third quarter of 2023, representing continued progress towards cash flow breakeven * Since year of launch in 2019 * $20.5M 2020 $34.6M 2021 $42.9M $61.0M* 2022 2023 Based on Preliminary Unaudited 2023 Results announced on January 16, 2024 De 26#27LOVVOLUS FY 2024 OUTLOOK • Evolus expects: • Total net revenues for the full year 2024 to be between $255 and $265 million, representing 26%-31% growth from preliminary 2023 results Full-year non-GAAP operating expenses to be between $185 and $190 million 769 Dear#28LOVEVOLUS PROJECTING $700M TOTAL NET REVENUE IN 2028 A 28% CAGR The company: Continues to expect to achieve positive non- GAAP operating income on a consolidated basis in 2025 and remains fully funded to expected profitability* Projects its total net revenue can reach $700 million by 2028, a compound annual growth rate of 28%, based on the combination of its existing aesthetic neurotoxin business and anticipated launch of the Evolysse TM HA dermal filler product line beginning in 2025 NET REVENUE $202M** $148.6M $99.7M Please refer to the "Use of Non-GAAP Financial Measures" on slide 3 Based on Preliminary Unaudited 2023 Results announced on January 16, 2024 De $700M Aspiration 2021 2022 2023 2028 28#29THANK YOU DE