#1= OLAPLEX INSPIRED BY SALONS. PROVEN BY SCIENCE. POWERED BY PASSION. Q2 2023 EARNINGS R#2DISCLAIMER General Disclaimer This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of Olaplex Holdings, Inc. (the "Company"), nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Forward Looking Statements This presentation includes certain forward-looking statements and information relating to the Company that are based on the beliefs of management as well as assumptions made by, and information currently available to, the Company. These forward-looking statements include, but are not limited to, statements about: the Company's financial position, sales volume, profitability, cash flow, working capital, operating expenses and operating results, including financial guidance for the full fiscal year 2023, the second half of 2023 and the third and fourth quarters of 2023, including net sales, adjusted net income, adjusted EBITDA, gross profit margin, adjusted gross margin, adjusted EBITDA margin, net interest expense and adjusted effective tax rate; uncertainty related to the macroeconomic environment and trends; customer demand for the Company's products; the Customer's customer base; inventory rebalancing across certain of the Company's customers and the Company's management of excess inventory; inventory obsolescence impacts; the Company's operations and relationships with partners; the Company's team and culture; the Company's product development pipeline and the impact of new product introductions; the Company's business plans, investments, priorities and objectives, including the impact and timing thereof; the Company's sales, marketing, education and public relations initiatives and related investments, and the impact, focus and timing thereof, including holiday kits; the Company's professional, specialty retail and direct-to-consumer channels; the Company's international expansion; distribution gains; legal proceedings; warehousing and distribution costs; and other statements contained in this press release that are not historical or current facts. When used in this presentation, words such as "may," "will," "could," "should," "intend," "potential," "continue," "anticipate," "believe," "estimate," "expect," "plan," "target," "predict," "project," "forecast," "seek" and similar expressions as they relate to the Company are intended to identify forward-looking statements. The forward-looking statements in this presentation reflect the Company's current expectations and projections about future events and financial trends that management believes may affect the Company's business, financial condition and results of operation. These statements are predictions based upon assumptions that may not prove to be accurate, and they are not guarantees of future performance. As such, you should not place significant reliance on the Company's forward-looking statements. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements, including any such statements taken from third party industry and market reports. Forward-looking statements involve known and unknown risks, inherent uncertainties and other factors that are difficult to predict which may cause the Company's actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements, including, without limitation: the Company's ability to anticipate and respond to market trends and changes in consumer preferences and execute on its growth strategies and expansion opportunities, including with respect to new product introductions; the Company's ability to develop, manufacture and effectively and profitably market and sell future products; the Company's ability to accurately forecast customer and consumer demand for its products; competition in the beauty industry; the Company's ability to effectively maintain and promote a positive brand image and expand its brand awareness; the Company's dependence on a limited number of customers for a large portion of its net sales; the Company's ability to attract new customers and consumers and encourage consumer spending across its product portfolio; the Company's ability to successfully implement new or additional marketing efforts; the Company's relationships with and the performance of its suppliers, manufacturers, distributors and retailers and the Company's ability to manage its supply chain; impacts on the Company's business from political, regulatory, economic, trade and other risks associated with operating internationally; the Company's ability to attract and retain senior management and other qualified personnel; the Company's reliance on its and its third-party service providers' information technology; the Company's ability to maintain the security of confidential information; the Company's ability to establish and maintain intellectual property protection for its products, as well as the Company's ability to operate its business without infringing, misappropriating or otherwise violating the intellectual property rights of others; the outcome of litigation and regulatory proceedings; the impact of changes in federal, state and international laws, regulations and administrative policy; the Company's existing and any future indebtedness, including the Company's ability to comply with affirmative and negative covenants under its credit agreement; the Company's ability to service its existing indebtedness and obtain additional capital to finance operations and its growth opportunities; volatility of the Company's stock price; the Company's "controlled company" status and the influence of investment funds affiliated with Advent International Corporation over the Company; the impact of an economic downturn and inflationary pressures on the Company's business; fluctuations in the Company's quarterly results of operations; changes in the Company's tax rates and the Company's exposure to tax liability; and the other factors identified under the heading "Risk Factors" in Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") and in the other documents that the Company files with the SEC from time to time. Many of these factors are macroeconomic in nature and are, therefore, beyond the Company's control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements may vary materially from those described in this presentation as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements in this presentation represent management's views as of the date hereof. Unless required by law, the Company neither int nor assumes any obligation update these forward-looking statements for any reason after the date he to conform these statements to actual results or to changes in the Company's expectations or otherwise. Q2 2023 EARNINGS 2 OLAPLEX.#3DISCLAIMER Market and Industry Data Looking This presentation includes market and industry data and forecasts that the Company has derived from independent consultants, publicly available information, various industry publications, other published industry sources and the Company's internal data and estimates. While independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable, the Company has not independently verified such information. The Company's internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, the Company has not had this information verified by any independent sources. Similarly, the Company's internal research is based upon management's understanding of industry conditions, and such information has not been verified by any independent sources. To the extent that any estimates underlying such market-derived information and other factors are incorrect, actual results may differ materially from those expressed in the independent parties' estimates and in the Company's estimates. Non-GAAP Financial Measures This presentation contains "non-GAAP financial measures," including adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit, adjusted gross profit margin, adjusted SG&A, adjusted diluted EPS and adjusted effective tax rate. These are financial measures that are not calculated or presented in accordance with generally accepted accounting principles in the United States ("GAAP") and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used and may be calculated differently. Please refer to the Appendix to this presentation for a reconciliation of these non-GAAP metrics to their most directly comparable financial measure stated in accordance with GAAP. This presentation includes forward-looking guidance for adjusted EBITDA, adjusted net income and adjusted effective tax rate. The Company is not able to provide, without unreasonable effort, a reconciliation of the guidance for adjusted EBITDA, adjusted net income and adjusted effective tax rate to the most directly comparable GAAP measure because the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments included in the most directly comparable GAAP measure that would be necessary for such reconciliations, including (a) income tax related accruals in respect of certain one-time items, (b) costs related to potential debt or equity transactions, and (c) other non-recurring expenses that cannot reasonably be estimated in advance. These adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control and as a result it is also unable to predict their probable significance. Therefore, because management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results in accordance with GAAP, it is unable to provide a reconciliation f the non-GAAP measures included in its fiscal 2023 guidance. Q2 2023 EARNINGS 3 OLAPLEX.#4Q2 2023 EARNINGS = JUE WONG Chief Executive Officer 4 OLAPLEX.#5SECOND QUARTER 2023 HIGHLIGHTS Net Sales Q2 23 Net Sales $109.2MM • Reflects continued lower level of demand, and inventory rebalancing, particularly in the Professional and Specialty Retail channels ● Approx. $22MM decline from lapping the introduction of 1-Liter size offerings during Q2 2022 • Approx. $10MM decline from lapping net sales made to customers during Q2 2022 in advance of price increases that took effect on July 1, 2022 Adjusted EBITDA(¹) Q2 2023 EARNINGS Q2 23 Adjusted EBITDA (¹) $36.7MM Q2 23 Adjusted EBITDA Margin(¹) 33.6% (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please refer to the Appendix for additional information on these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures. TDA margin of OLAPLEX.#6REVISING FY 2023 GUIDANCE Net Sales Adjusted Net Income * Adjusted EBITDA* Updated FY 2023 Guidance Q2 2023 EARNINGS $445 - $465 MM $96 - $108 MM $161 - $176 MM Outcomes and Assumptions for Revised Outlook ● Q2 results, which were lower-than- expected driven by challenging trends in Pro and Specialty Retail ● • Increased investments in sales and marketing to deliver stabilization rather than growth in 2H ● Reduced expectation for demand from new product introductions and new distribution gains ● 6 ● 1H 2023 Progress Towards Stabilization Lift in awareness and positive opinion of OLAPLEX following the start of our upper funnel marketing campaign Increased traffic and improved conversion on OLAPLEX.com after the campaign launch We believe the months-on-hand inventory positions at our major accounts on our core items are in a much better place *Adjusted EBITDA and Adjusted Net Income are non-GAAP measures. The Company is not able to provide, without unreasonable effort, a reconciliation of the guidance for adjusted EBITDA and adjusted net income to the most directly comparable GAAP measure because the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments included in the most directly comparable GAAP measure that would be nece ary for such reconciliations, including (a) income tax related accruals in respect of certain one-time items, (b) costs related to potential debt or equity transactions, and (c) other non-recurring expenses that cannot reasonably be estimated in advance. These adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control and as a result it is also unable to predict their probable significance. Therefore, because management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results in accordance with GAAP, it is unable to provide a reconciliation of the non-GAAP measures included in its fiscal 2023 guidance. 1H 2023, net sales, or "sell-in", -44% overall sell-out at key accounts -26% OLAPLEX.#7INCREASING AND OPTIMIZING MARKETING INVESTMENT *Including marketing expense, sampling and certain payroll related to sales and marketing Q2 2023 EARNINGS $80-85MM* in FY23 vs. $70MM* prior and $40MM* in FY22 Increasing aspects of our new brand campaign Repurposing some of the upper funnel out-of-home activations towards digital media and broadcast/connected TV Focusing more efforts on improving our standing with the Pro community OLAPLEX.#8r - Accelerating investments in sales and marketing Q2 2023 EARNINGS OLAPLEX RESET YEAR PRIORITIES Increasing and evolving our educational assets 8 Reasserting our position with Pro and Specialty Retail partners Improving our approach to PR OLAPLEX.#9ACCELERATING INVESTMENTS IN SALES AND MARKETING Strength Starts Inside creative campaign Amplify our scientific authority with our patented bisamino technology Highlight emotional connections with our Pro and consumer communities Full funnel approach across paid media, digital, social, connected TV, audio, and out-of-home activations Q2 2023 EARNINGS ORIGINAL Experience stronger, healthier hair OLAPLEX in as little as 3 minutes. HAIR PERFECTOR™ STRENGTH STARTS INSIDE THE C HOME OLAPLEX.COM CILE Nº.3 REPAIRS AND STRENGTHENS ALL HAIR TYPES REPARE ET RENFORCE TOUS LES TYPES DE CHEVEU 250 mL/8.5 fl. c OLAPLEX OLAPLEX.#10INCREASING AND EVOLVING OUR EDUCATIONAL INITIATIVES PATENTED OLAPLEX BOND BUILDING TECHNOLOGY™ Rebuilds broken disulfide bonds Establishing Internal Retail Field Sales Team ● Greater influence and control in driving in-person education with consumers and beauty advisors More cost efficient than engaging with a third-party field sales partner Q2 2023 EARNINGS 10 OLAPLEX HAIR PERFECTOR Nº.3 REPAIRS AND STRENGTHENS ALL HAIR TYPES STRONGER HAIR after one treatment TAKE HOME OLAPLEX.COM SONA DOMICILE THE ORIGINAL L'ORIGINAL OLAP Nº.3 REPAIRS AND STRENGTHENS ALL HAIR TYPES PARE ET RENFORCE TOUS LES TYPES DE CHEVEUX 250 mL/8.5 fl. oz. REPAIRS AND PREVENTS hair damage OLAPLEX N3 #1 STRENGTHENING TREATMENT in prestige haircare ST OLAPLEX.#11REASSERTING OUR POSITION WITH PRO AND SPECIALTY RETAIL PARTNERS Pro Implementing new and incremental activations to show our support for the Pro audience Continue to increase sales contacts and trainings with our new and expanded teams Advancing our KOL salon program Q2 2023 EARNINGS 11 Specialty Retail Partnering with key accounts to expand CRM campaigns and education content New visual merchandising reflective of our new brand campaign Made further progress on international expansion OLAPLEX.#12IMPROVING OUR APPROACH TO PR Strengthen our global reputation, and driving growth in Earned Media Value Q2 2023 EARNINGS Broadly distribute content focused on OLAPLEX and hair health 12 Continued development of the OLAPLEX Scientific Advisory Board Actively defend our brand against misinformation OLAPLEX.#13BUILDING OUR TEAM AND ATTRACTING STRONG TALENT JP Bilbrey Executive Chairman Extensive experience growing and evolving global consumer brands ● ● Previously served as the President and Chief Executive Officer of The Hershey Company Currently serving on the Board of Directors of Tapestry, Elanco Animal Health and Colgate-Palmolive Q2 2023 EARNINGS 13 2009 LE OLAPLEX.#14CONFIDENT IN THE LONG-TERM OPPORTUNITIES FOR OLAPLEX Prestige haircare category is in its early stages of growth Q2 2023 EARNINGS OLAPLEX is a category leader offering differentiated science with our patented bisamino technology 14 We believe we reach new users and reclaim lapsed customers as we invest in marketing and develop within international markets We believe we have a compelling multi-year innovation pipeline OLAPLEX.#15Q2 2023 EARNINGS ERIC TIZIANI Chief Financial Officer 15 OLAPLEX.#16Q2 2023 NET SALES Q2 Sales Net sales decreased -48.2% versus second quarter 2022 Q2 2023 EARNINGS Channel Sales Professional -61.2% Direct to Consumer -6.4% Specialty Retail -53.7% 16 Sales By Geography International decrease -34.0% U.S. decrease -58.7% OLAPLEX.#17Q2 2023 FINANCIAL RESULTS Gross Profit Margin 70.9% VS 74.2% Adjusted Gross Profit Margin(¹) Q2 2023 EARNINGS 72.7% vs 75.2% VS SG&A 17 $48.4 MM vs $26.1 MM VS Adjusted SG&A(¹) All figures compared to second quarter 2022. (1) Adjusted Gross Profit Margin and Adjusted SG&A are non-GAAP measures. Please refer to the Appendix for additional information on these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures. $42.3 MM vs $24.4 MM VS OLAPLEX.#18Q2 2023 FINANCIAL RESULTS Adjusted EBITDA(¹) $36.7 MM VS $133.1 MM Net Income Q2 2023 EARNINGS $6.2 MM vs $87.7 MM VS Diluted EPS $0.01 VS $0.13 Adjusted Net Income(¹) 18 $21.2 MM VS $98.8 MM Adjusted Diluted EPS(¹) $0.03 $ $0.14 All figures compared to second quarter 2022. (1) Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS are non-GAAP measures. Please refer to the Appendix for additional information on these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures. VS OLAPLEX.#19Q2 2023 FINANCIAL POSITION Inventory $128.5 MM VS $144.4 MM June 30, 2023 compared to December 31, 2022 Q2 2023 EARNINGS Cash and Cash Equivalents, and Cash Flows from Operations Cash Flows from Operations $75.1 MM vs $128.1 MM 6 months ended June 30, 2023 compared to 6 months ended June 30, 2022 Cash and Cash Equivalents $378.4 MM vs $322.8 MM June 30, 2023 compared to December 31, 2022 19 Long-Term Debt (Net of current portion and deferred fees) $651.7 MM VS $654.3 MM June 30, 2023 compared to December 31, 2022 OLAPLEX.#20FISCAL YEAR 2023 GUIDANCE UPDATE Net Sales Adjusted Net Income* Adjusted EBITDA* Prior FY 2023 Guidance Q2 2023 EARNINGS $563 - $634 MM $176 - $224 MM $261 - $322 MM Updated FY 2023 Guidance $445 - $465 MM $96 - $108 MM $161 - $176 MM The Company updated its guidance for fiscal year 2023 net sales, adjusted net income* and adjusted EBITDA* Updated Fiscal Year 2023 Assumptions Net sales decreased due to weaker than expected Q2 sales and lower baseline demand assumption in 2H 2023, sales and marketing investments to deliver stabilization in 2H 2023, and lower impact of sales of new products and distribution gains in 2H 2023 ● ● ● ● ● Gross margin contraction from deleverage from lower sales against fixed costs 20 Adjusted EBITDA margin in the range of 36.2% to 37.8% for fiscal year 2023 *Adjusted EBITDA, adjusted net income and adjusted effective tax rate are non-GAAP measures. The Company is not able to provide, without unreasonable effort, a reconciliation of the guidance for adjusted EBITDA, adjusted net income and adjusted effective tax rate to the most directly comparable GAAP measure because the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments included in the most directly comparable GAAP measure that would be necessary for such reconciliations, including (a) income tax related accruals in respect of certain one-time items, (b) costs related to potential debt or equity transactions, and (c) other non-recurring expenses that cannot reasonably be estimated in advance. These adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control and as a result it is also unable to predict their probable significance. Therefore, because management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results in accordance with GAAP, it is unable to provide a reconciliation of the non-GAAP measures included in its fiscal 2023 guidance. Net interest expense of approximately $40 MM for fiscal year 2023 Adjusted effective tax rate* of approximately 20% OLAPLEX#21OLAPLEX. INSPIRED BY SALONS. PROVEN BY SCIENCE. POWERED BY PASSION. Q & A#22OLAPLEX. INSPIRED BY SALONS. PROVEN BY SCIENCE. POWERED BY PASSION. APPENDIX#23NON-GAAP RECONCILIATION 2. Adjusted EBITDA ($MM) Net Income Depreciation and amortization of intangible assets Interest expense, net One-time former distributor payment² Share-based compensation Income tax provision Executive reorganization costs¹ Adjusted EBITDA Adjusted EBITDA margin For the Quarter Ended June 30, Q2 2023 EARNINGS 2023 $6 12 10 4 3 2 $ 37 33.6% 2022 $ 88 12 9 2 22 $ 133 63.1% Adjusted Gross Profit ($MM) 23 Gross Profit Amortization of patented formulations Adjusted Gross Profit Adjusted Gross Profit Margin For the Quarter Ended June 30, 2023 $ 77 2 $ 79 72.7% 2022 $ 157 2 1. Executive reorganization costs in the three months ended June 30, 2023 represent ongoing benefit payments associated with the departure of the Company's Chief Operating Officer during the year ended December 31, 2022. During the three months ended June 30, 2023, the Company made a one-time $3.5 million payment to a former distributor in the United Arab Emirates, which enabled the Company to establish a partnership with another distributor in the region. Costs for this period were less than $500 thousand dollars, and round to zero in this presentation. $ 159 75.2% OLAPLEX.#24NON-GAAP RECONCILIATION 2. Adjusted Net Income ($MM) Net Income Amortization of intangible assets (excluding software) One-time former distributor payment² Share-based compensation Executive reorganization costs¹ Tax effect of adjustments Adjusted net income Adjusted net income per share: Basic Diluted For the Quarter Ended June 30, Q2 2023 EARNINGS 2023 $6 12 4 3 * (4) $ 21 $ 0.03 $ 0.03 2022 $ 88 12 2 (3) $ 99 $0.15 $0.14 Adjusted SG&A($MM) 24 SG&A One-time former distributor payment² Share-based compensation Executive reorganization costs¹ Adjusted SG&A For the Quarter Ended June 30, 2023 $ 49 (4) (3) $ 42 2022 $ 26 1. Executive reorganization costs in the three months ended June 30, 2023 represent ongoing benefit payments associated with the departure of the Company's Chief Operating Officer during the year ended December 31, 2022. During the three months ended June 30, 2023, the Company made a one-time $3.5 million payment to a former distributor in the United Arab Emirates, which enabled the Company to establish a partnership with another distributor in the region. Costs for this period were less than $500 thousand dollars, and round to zero in this presentation. (2) $ 24 OLAPLEX.#25OLAPLEX. INSPIRED BY SALONS. PROVEN BY SCIENCE. POWERED BY PASSION. THANK YOU