#1Q3 2022 Earnings Presentation ORANGE & ROSEM ROSEMARY concentrate glass cleaner Grove e Co. CITRON & WHITE ROSE concentrate cleaner tub & tile Grove Co. Grove Co. multi-purpose cleaner concentrate CITRON & WHITE ROSE upadn ORANGE & ROSEMARY concentrate cleaner multi-purpose Grove Co. Grove Co. tub & tile cleaner concentrate Co. Grove glass cleaner ORANGE & ROSEMARY#2Forward-Looking Statements / Non-GAAP Financial Measures Forward-Looking Statements This presentation contains forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Forward-looking statements include statements identified as such in our November 10, 2022 press release. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. Additional information regarding factors that could cause results to differ can be found in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, as well as the Company's subsequent filings with the Securities and Exchange Commission. 000 These forward-looking statements are based on information as of November 10, 2022. We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. SEC Regulation G This presentation includes the non-GAAP measure Adjusted EBITDA. The description and reconciliation of this measure from GAAP is included in our November 10, 2022 earnings press release, which is available on investors.grove.co. 2#3Q3 2022 Business Highlights peach "not plastic. 000 3#4Executing Against Value Creation Plan to Achieve Profitable Growth in 2024 Improved Marketing Efficiency Achieved efficiencies on lower spend Continued roll out of new marketing stack Net Revenue Management Initiatives focused on pricing, category mix, and promotional sell through + Omni-Channel Expansion Added 3 partnerships: CVS Harris Teeter H-E-B OPEX Discipline Reduced corporate workforce ~18% Accelerated reduction in burn Profit Expansion Sustainable Growth ooo 4#5New Product Launches Twilight Wonder Collection - Limited Edition Holiday Enchantment, Twinkling with Cheer: The Grove Co. Limited Edition Twilight Wonder Collection illuminates your home with festivity and wonder. Keep your home looking clean and smelling festive, while still delivering uncompromised performance Grove Co. Power Clean LAUNDRY DETERGENT SHEETS Grove Co. MORE POWERFUL STAIN REMOVAL 32 5.41 GZ (1836) 12 CAT CAN FACH › Co. Grove Co. 'Tis the season to make sweet memories CRISP BALSAM FIR FROSTED SUGARPLUM SOY WAX CANDIE 2502 (2120) Grove Co. multi-purpose cleaner concentrates LIMITED EDITION TWILIGHT WONDER 2 PACK | FL OZ (30 ML) 2X Grove Co. Embrace the magic of winter's forest CRISP BALSAM FIR SOY WAX CANDLE 1507 (2126) MULTI Grove Co. MECAN OWERFUL Grove Co Hydrating Hand Soap -UMTID EDITICH TWILIGHT WONDER FROSTED SUGARPLUM 100% Natural Fragrance 13 FL OZ 1384 ML - SINGLE REFILL SUSTAINABLY POWERRE FOR & FELIFY FOME & PLAKET Grove Co. Ultimate Dish Soap CLEANS 1000 DISHES - LIMITED EDITION TWILIGHT WONDER FROSTED SUGARPLUM 100% Natural Fragrane 16 R. OZ 1473 MEI SINGLE REFILL A SUSTAINABLY POWERFU SOEK FEALTY HONE& PLANE Grove Co. Ultimate Dish Soap CLEANS 1000+ DISHES LIMITED EDITION - TWILIGHT WONDER CRISP BALSAM FIR 100% Natural Fragreres 16 FL DI (475 MEY SINGLE REFILL FOR A HERET HOME & PLANET Grove Co. Hydrating Hand Soap -LIMITED EDITION TWILIGHT WONDER CRISP BALSAM FIR D0% Natural fragrance 13 FL OZ (384 ML SINGLE REFILL 000 5#6Our Journey Beyond Plastic TODAY Plastic Neutral At Grove, our Plastic Neutral program ensures that for every ounce of plastic we sell, an ounce of ocean-bound plastic is recycled through our partnership with Plastic BankⓇ. Abo001 STEP 1 Measure We weigh and record the amount of plastic in every product. Using those numbers, we calculate how much plastic we're sending in each order. STEP 2 Collect In partnership with Plastic Bank, we collect and recycle an ounce of ocean-bound plastic for every ounce of plastic we sell. BEYOND PLASTIC BY 2025 Plastic-Free Beyond Plastic is our plan to solve the single-use plastic problem for home and personal care products. Today, we're 100% plastic neutral. By 2025, we'll be plastic-free. BEYONDⓇ PLASTIC BEYONDⓇ PLASTIC PHASE 1 Beyond Plastic We're the first online retailer to be 100% plastic neutral. For every ounce of plastic we sell, we collect and recycle an ounce of ocean-bound plastic. PHASE 2 Beyond Plastic We'll be plastic-free by 2025. We're working hard to remove plastic from everything we make and sell. 000#7OUR TOTAL PLASTIC FOOTPRINT We are the first in our industry to report on our plastic given its materiality to our business. We're using this scorecard to challenge our industry to track and publish their plastic use. BEYOND PLASTIC: TRACKING OUR PROGRESS* 1.03 lbs / $100 in Net Revenue PLASTIC INTENSITY Across the Grove site and through retail partners, we shipped 1.03 lbs of plastic for every $100 in net revenue in the third quarter of 2022, an improvement from 1.33 pounds in the third quarter of 2021. This ratio enables us to decouple our plastic footprint from our revenue growth and truly pin our success to plastic reduction. 13% REUSABLE OR REFILLABLE PRODUCTS Site-wide, 13% of our products were reusable or refillable in 2021, compared to 12% in the prior year. We seek to increase the use of reusable or refillable products and packaging while reducing single-use plastic 758,323 lbs TOTAL PLASTIC WEIGHT Total weight of plastic we shipped to our customers and sold through retail partners in the third quarter of 2022, including every brand and every product that we sell at Grove. *Metrics as of 9/30/2022 unless otherwise noted 000 Grove Brands 0.85 lbs / $100 in Net Revenue PLASTIC INTENSITY Across all Grove Brands, we shipped 0.85 lbs of plastic for every $100 in net revenue in the third quarter of 2022, an improvement from 1.14 pounds in the third quarter of 2021., showcasing a reduced use of plastic in our owned brands, which are designed for sustainability 40% Reusable or Refillable Products For Grove Co., 40% of our products were reusable or refillable in 2021, as compared to 39% in 2020. We seek to increase the use of reusable or refillable products and packaging while reducing single-use plastic 63% TM Beyond Plastic ™ 63% of Grove Brands net revenue came from either zero-plastic, re-usable or refillable and zero plastic waste products in the third quarter of 2022, up from 46% in the third quarter of 2021#8Q3 2022 Financial Update Grove Co. Hand Soap Sheets LAVENDER BLOSSOM 100% Natural Fragrance RICH LATHER SOFT HANDS 40 WASHES 35CM X 35CM EACH-031 OZ (8.8 G) Grove Co. Laundry Detergent Sheets PROVEN TO REMOVE TOUGH STAINS 32 LOADS 00⁰#9Q3 Fiscal 2022 • Financial Highlights Financials Revenue, Net ($mm) Gross Profit ($mm) % Revenue, Net Net Income (Loss) ($mm) % Revenue, Net Adjusted EBITDA ($mm)¹ % Revenue, Net KPIs Grove Brands % of Net Revenue² DTC Total Orders (K)³ DTC Active Customers (K)4 DTC Net Revenue per Order5 (1) (2) (3) (4) (5) Three months ended Q3-22A $77.7 $38.2 49% $7.7 10% -$9.6 -12% 47% 1,242 1,460 $61 Q3-21A $95.2 $48.0 50% -$37.5 -39% -$31.2 -33% 48% 1,672 1,707 $56 % Change (18%) (20%) (130bps) 120% 4.930bps 69% 2,040bps (120bps) (26%) (15%) 7% 000 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See "Non-GAAP Financial Measures" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Grove Brands % of Net Revenue is total net revenue across all channels attributable to Grove Brands, including: Grove Co, Honu, Peach, Rooted Beauty, Grove Co Paper, and Superbloom divided by our total net revenue DTC Total Orders is the number of customer orders submitted through our website and mobile applications that have been shipped within the period. The metric includes orders that have been refunded, excludes reshipments of customer orders for any reason including damaged and missing products, and excludes retail orders DTC Active Customers are customers who have ordered, and for whom an order has shipped, at least once during the preceding 364-day period. DTC Net Revenue per Order is DTC Total Net Revenue in a given reporting period, divided by the DTC Total Orders in that period 9#10Q3 Fiscal 2022 • Financial Highlights $400 $300 $200 $100 $0 $233 2019 NET REVENUE ($MM) $364 2020 $384 2021 $100 $75 $50 $25 $0 $95 Q3-2021 $78 Q3-2022 Net revenue was $78 million, a year-over-year decrease of 18 percent. The decrease was primarily driven by fewer new and existing customer orders as a result of fewer active customers and the reduction in advertising spend with Grove's prioritization of increasing profitability. The decrease in orders was partly offset by an increase in AOVS and an increase in retail revenue. 60% 40% 20% 0% 35.8% 2019 GROSS MARGIN 48.3% 2020 49.1% 2021 50.4% Q3-2021 49.1% Q3-2022 ooo Gross margin was down 130 bps year-over-year to 49.1% due to an increase in product costs, including inbound freight costs, an increase in sales from retail sales, which produce lower margins than our DTC channel sales, and an increase to inventory reserves, partially offset by the impacts of net revenue management initiatives including the introduction of strategic price increases on Grove Brands and third party products. 10#11Q3 Fiscal 2022 • Financial Highlights 0.0% -20.0% -40.0% -60.0% -80.0% ADJUSTED EBITDA MARGIN -62.1% 2019 -14.8% 2020 -28.4% 2021 -32.8% Q3-2021 -12.4% Q3-2022 Adjusted EBITDA Margin improved 2,040 bps year-over-year, driven primarily by reduced operating and advertising costs, offset by a lower gross margin and higher outbound shipping costs. 25.0% ון 0.0% -25.0% -50.0% NET INCOME/LOSS MARGIN -75.0% -69.3% 2019 -19.8% 2020 -35.4% 2021 -39.4% Q3-2021 9.9% Q3-2022 000 Net Income/Loss Margin improved 4.930 4,930 bps year-over-year, primarily driven due to improved Adjusted EBITDA margin and the decrease in the fair value of the Earn-Out liability. 11#12Q3 Fiscal 2022 • Financial Highlights 2,000 1,500 1,000 500 0 1,672 Q3-2021 DTC TOTAL ORDERS (K) 1,507 Q4-2021 1,558 Q1-2022 1,315 Q2-2022 1,242 Q3-2022 DTC Total orders were down 26% year-over-year due to a decrease in active customers, along with the decrease in direct advertising spend in early 2022 as the company focuses on profitability, resulting in fewer new and existing customer orders. 2 1.5 1 0.5 0 1.71 DTC ACTIVE CUSTOMERS (M) Q3-2021 1.64 Q4-2021 1.65 Q1-2022 1.56 Q2-2022 1.46 Q3-2022 ooo DTC Active customers were down 15% year-over-year following COVID-related_tailwinds in 2021. Similar to orders, the reduction of customer acquisition spend also contributed to this decline as the company shifts its focus to profitability. 12#13Q3 Fiscal 2022 • Financial Highlights $80 $60 $40 $20 $0 DTC NET REVENUE PER ORDER $41 2019 $53 2020 $56 2021 T $56 Q3-2021 $61 Q3-2022 DTC net revenue per order continued its long-term upward trend, increasing 7% year-over-year to $61. The improvement in revenue per order was driven primarily by improved existing customer Average Order Value and the impacts of net revenue management initiatives including the introduction of strategic price increases on Grove Brands and third party products. 50% 40% 30% 20% 10% 0% GROVE BRANDS % NET REVENUE 37% 2019 45% 2020 49% 2021 48% Q3-2021 47% Q3-2022 000 Grove Brands as a percent of net revenue declined year-over-year to 47% driven by strong 3rd party Fall seasonal performance, YoY decrease in new customer orders which tend to include more Grove brand products as well as a mix shift of advertising spend into channels with less Grove Brands promotion. 13#14Guidance Given our performance YTD as well as our expectations for the remainder of the year, we are raising full year guidance as follows: FISCAL YEAR 2022 GUIDANCE Net Revenue Adjusted EBITDA Margin $313 million to $320 million up from $302.5 million to $312.5 million previously (24.0)% to (26.0)% up from (27.5)% to (30.5)% previously 000 14#15Financial Statements Seedling BY GROVE Seedling wow w Tree-Free Reusable Paper Tow 20 SATIS Trees planted with every purchase! Tree-Free Toilet Paper 4 JUMBO ROLLS 177.7 SQ FT TOTAL 400 3-ply sheets per l 39 x 41 N sheets PROMISE MEN 3-ply plushness MULTI-PURPOSE TABLY POWERF ORA HEALTHY HOME Grove Co. Hydrating Hand Soap LEMON & EUCALYPTUS 02 (384 MLY- SINGLE REPL Grove Co glass cleaner www S&ROSMART peach 000 peach not plasti 15#16Balance Sheets (IN THOUSANDS) 000 ASSETS Current Assets: Cash and cash equivalents Inventory, net Prepaid expenses and other current assets Total current assets Property and equipment, net Operating lease right-of-use assets Other long-term assets Total assets LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDER'S DEFICIT Current liabilities: Accounts payable Accrued expenses Deferred revenue Operating lease liabilities, current Other current liabilities Debt, current Total current liabilities Debt, non-current Operating lease liabilities, noncurrent Derivative liabilities Other long-term liabilities Total liabilities CONVERTIBLE PREFERRED STOCK STOCKHOLDERS' EQUITY (DEFICIT) Common stock Additional paid-in capital Accumulated deficit Total stockholders' equity (deficit) Total liabilities, convertible preferred stock and stockholders' equity (deficit) September 30, 2022 (unaudited) $103.791 56,045 7,240 167,076 15.390 18,628 2,097 203,191 $13,642 35,809 10,816 3,820 863 28,447 93,397 37.773 17,089 27.737 2,160 178,156 16 590,194 (565.175) 25,035 $203,191 December 31, 2021 $78,376 54.453 8,104 140,933 15.932 21,214 4.394 182,473 $21,346 20,651 11,267 3.550 1,650 10.750 69,214 56,183 20,029 5.408 150,834 487,918 1 33,863 (490,143) (456,279) $182,473#17Statement of Operations (IN THOUSANDS) (Unaudited) 000 Three Months Ended September 30 Revenue, net Cost of goods sold Gross profit Operating expenses: Advertising Product development Selling, general and administrative Operating loss Interest expense Change in fair value of Additional Shares liability Change in fair value of Earn-Out liability Change in fair value of Public and Private Placement Warrants liability Other expense, net Interest and other expense (income), net Income (loss) before provision for income taxes Provision for income taxes Net income (loss) 2022 $77.733 39,566 38,167 8,668 5.765 46,295 (22,561) 2,546 (1,045) (28,791) (2,803) (140) (30,233) 7,672 10 $7,662 2021 $ 95,178 47,194 47,984 32,459 5.586 46,100 (36,161) 1,213 - T 113 1,326 (37,487) 11 $ (37,498)#18Statements of Cash Flows (IN THOUSANDS) (Unaudited) 000 CASH FLOWS FROM OPERATING ACTIVITIES Net loss Adjustments to reconcile net loss to net cash used in operating activities: Remeasurement of convertible preferred stock warrant liability Stock-based compensation Depreciation and amortization Changes in fair value of derivative liabilities Transaction costs allocated to derivative liabilities upon Business Combination Non-cash interest expense Inventory reserve Loss on extinguishment of debt Other non-cash expenses Changes in operating assets and liabilities Inventory Prepaids and other assets Accounts payable Accrued expenses Deferred revenue Operating lease right-of-use assets and liabilities Other liabilities Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock upon Closing of Business Combination Proceeds from issuance of contingently redeemable convertible common stock Proceeds from issuance of shares under the ELOC Agreement Payment of transaction costs related to the Closing of the Business Combination, the ELOC Agreement and convertible preferred stock issuance costs Proceeds from issuance of debt Repayment of debt Payment of debt issuance costs Payment of debt extinguishment Proceeds from exercise of stock options, net of withholding taxes paid related to common stock issued to employees, and warrants Repurchase of common stock Net cash provided by financing activities Net decrease (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Nine Months Ended September 30, 2022 $ (75,032) (1,616) 34.348 4,291 (49.149) 6,873 447 3.540 170 (5,132) 715 (7.550) (1,826) (451) (84) 909 (89,547) (3,580) (3,580) 97,100 27.500 138 (5,358) (865) (211) 270 (32) 118,542 25.415 78,376 $ 103,791 2021 $ (103,909) 1,526 10,858 3,633 509 1,933 1,027 396 (14,819) (2,081) 7.400 5,431 159 62 (878) (88,753) (4,268) (4,268) (340) 50,000 (21,523) (375) (2,499) 749 (297) 25,715 (67,306) 176,523 $ 109,217#19Non-GAAP Financial Measures Grove Collaborative uses the non-GAAP financial measures set forth below in assessing its operating performance and in its financial communications. Management believes these non-GAAP financial measures provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. In addition, management uses these non-GAAP financial measures to assess operating performance and for business planning purposes. Management also believes these measures are widely used by investors, securities analysts, rating agencies and other parties in evaluating companies in our industry as a measure of our operational performance. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. Adjusted EBITDA and Adjusted EBITDA as a % of net revenues We calculate adjusted EBITDA as net loss, adjusted to exclude: (1) stock-based compensation expense; (2) depreciation and amortization; (3) remeasurement of convertible preferred stock warrant liability; (4) changes in fair values of Additional Shares, Earn-out Shares and Public and Private Placement Warrant liabilities; (5) transaction costs allocated to derivative liabilities upon Business Combination; (6) interest expense; (7) provision for income taxes; (8) restructuring expenses and (9) loss on extinguishment on debt. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. $K Net Income (Loss) Stock-based compensation Depreciation and amortization Remeasurement of convertible preferred stock warrant liability Change in fair value of Additional Shares liability Change in fair value of Earn-Out Liability Change in fair value of Public and Private Placement Warrant liabilities Deferred offering costs allocated to derivative liabilities upon Business Combination Interest expense Restructuring expenses Loss on extinguishment of debt Provision for income taxes Adjusted EBITDA FY 2019 $ (161,470) 11,960 2,361 430 T T 2,052 12 $ (144,655) FY 2020 $(72,260) 7,762 4,115 964 T 5,607 41 $ (53,771) FY 2021 $ (135,895) 14,610 4,992 1,234 T 5,202 1,027 52 $ (108,778) Q3 2021 $(37,498) 3.589 1,296 218 T T 1,213 11 000 $ (31,171) Q3 2022 $7,662 9,814 1,427 (1,045) (28,791) (2,803) 200 2,546 1,356 10 $ (9,624) 19#20عمر Thank you GroveⓇ COLLABORATIVE