#1wwaldencast Q2 2022 Earnings Presentation August 2022#2Disclaimer Cautionary Statement Regarding Forward-Looking Statements Statements in this presentation that are not historical, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding Waldencast's strategic initiatives; Waldencast's plans to expand internationally, including its distribution network and its categories and presence domestically and abroad; and any assumptions underlying any of the foregoing. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Waldencast, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the inability to recognize the anticipated benefits of the transactions with Obagi Global Holdings Limited, a Cayman Islands exempted company limited by shares ("Obagi") and Milk Makeup LLC, a Delaware limited liability company ("Milk"); (ii) changes in general economic conditions, including as a result of the COVID-19 pandemic, (iii) the ability to continue to meet Nasdaq's listing standards; (iv) volatility of Waldencast's securities due to a variety of factors, including Waldencast's, inability to implement its business plans or meet or exceed its financial projections and changes; (v) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and (vi) the ability of Obagi and Milk to implement their strategic initiatives and continue to innovate their existing products and anticipate and respond to market trends and changes in consumer preferences. These and other risks, assumptions and uncertainties are more fully described in the Risk Factor section of our definitive proxy statement/final prospectus dated July 7, 2022, and filed by us with the SEC on July 7, 2022 and in our other documents that we file or furnish with the Securities and Exchange Commission (the "SEC"), which you are encouraged to read. To the extent that COVID-19 adversely affects our business and financial results, it may also have the effect of heightening many of such risk factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to rely on these forward-looking statements, which speak only as of the date they are made. Waldencast expressly disclaims any current intention, and assumes no duty, to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Waldencast gives no assurance that the combined company will achieve its expectations. MWX Reconciliation of Non-GAAP Financial Measures The financial information and data contained in this presentation have not been audited in accordance with the standards of the Public Company Accounting Oversight Board and does not conform to Regulation S-X. This presentation also includes certain financial measures not presented in accordance with U.S. generally accepted accounting principles ("GAAP") including Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin. Waldencast defines Pro Forma Adjusted EBITDA as GAAP net income (loss) before interest income or expense, income tax expense, depreciation and amortization, and further adjusted for the following items: restructuring- related costs, transaction-related costs, losses on extinguishment of debt, gain on PPP loan forgiveness, stock-based compensation costs, inventory fair value adjustments, changes in fair value of warrant liabilities, losses on disposal of assets and foreign currency transaction gains and losses. Waldencast defines Pro Forma Adjusted EBITDA Margin as combined Pro Forma Company EBITDA divided by Pro Forma net revenue (" Pro Forma Adjusted EBITDA Margin"). These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing Waldencast's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income under GAAP. You should be aware that Waldencast's presentation of these measures may not be comparable to similarly-titled measures used by other companies. Waldencast believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. Waldencast believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing its financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included determining these non- GAAP financial measures. Reconciliations of Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin to net income, the most directly comparable GAAP financial measure, are included in this presentation. This release also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Waldencast is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. For the same reasons, Waldencast is unable to address the probable significance of the unavailable information, which could be material to future results. 2#3NX wwaldencast Our ambition is to build a global best-in-class beauty and wellness multi-brand platform by creating, acquiring, accelerating, and scaling the next generation of high-growth, purpose-driven brands#4Skincare Color cosmetics Haircare Bath and shower Fragrance Global beauty and personal care market¹ $750 $500 $250 $0 YOY Growth % 2007A Beauty is a proven and resilient, high-growth and highly profitable market 2008A Massive addressable market with attractive category dynamics... % of BPC market¹ 29% 8.6% Global market size¹ PROVEN RESILIENCE Muted recession impact across most categories $155bn $66bn $83bn $48bn $54bn 2009A (1.3%) 12% 2010A 16% 7.3% 9% 10% RAPID RECOVERY Return to growth above pre- recession levels 2011A 9.5% 2021-2023 CAGR¹ ¹ Euromonitor International; Beauty & Personal Care, 2022ed, retail value sales, current prices, 2021 fixed ex rates 7.0% 9.5% 6.3% ...and proven resiliency through economic cycles 4.6% 8.3% 2012A 1.5% 2013A Key drivers of industry growth: 2.0% Shifting desire for quality over price. Increasing appetite for innovative and higher-performance products, particularly in skin care and make-up. Emerging market expansion. Adaptability to eCommerce channels, particularly by skincare and makeup consumers. 2019A 1.2% 2020A (3.9%) CONSISTENT MOMENTUM Strong momentum continues post lockdown 2021A 8.8% 2022E 6.9% 2023E 7.1% 2024E 7.1% 2025E 5.8% 4#5New consumer trends and technology are driving an explosion of new independent brands Clear opportunity to aggregate emerging brands under a new platform to accelerate growth and scale COLGATE-PALMOLIVE ESTEE LAUDER +63 bps Unilever (57) bps MX (21) bps P&G (234) bps L'ORÉAL '21 market share and change ('15-'21)¹ 3% 4% 7% Highly fragmented market with growth driven by independent brands 8% +71 bps 10% Disruptor brands are gaining market share and driving sector growth 68% ¹ Euromonitor International; Beauty & Personal Care, 2022ed, retail value sales, current prices, 2021 fixed ex rates Note: bps indicates market share change from 2015 to 2021 Others +177 bps Fragmented industry Top 5 players represent only 32% Not a "winner takes all" market Expandable consumption category Emerging players driving growth and gaining market share 5#6wwaldencast Operational scale of a multi-brand platform built for growth and profitability Balanced portfolio in structurally attractive segments of the category Expertise in managing and scaling global beauty brands Asset light efficiency vs. slow, inflexible, and costly traditional structures Market responsiveness and speed of entrepreneurial indie brands Strong alignment of management incentives to long-term value creation thru operational and capital allocation excellence ww#7US Premium Beauty showing consistent growth and resilience YTD BEAUTY +17.3% Q2 BEAUTY +15.9% Source: NPD US June 2022 YTD MAKE UP +20.0% Q2 MAKE UP +18.5% Women are gradually returning to their previous makeup habits. About 70% reported going back to previous routines or wearing more makeup than they used to. YTD SKIN CARE +11.6% Q2 SKIN CARE +12.3% Growth of skincare driven by premiumization. Bolstered by rise of "skintellectual" consumers increasingly focused on product potency and efficacy 7#8NX OBAGI MEDICAL ELASTIderm Neck and Décolleté Concentrate 2 FL. OZ. (60mL) OBAGI MEDICAL OBAGT MEDICAL ELASTIderm Neck and Décolleté Concentrate ELASTIderm Neck and Décolleté Concentrate OBAGI MEDICAL 2 FL. OZ. (60mL) wwaldencast ELASTIderm Neck and Décolleté Concentrate 2 FL. OZ (60mL) 2 FL. OZ. (60mL) Our starting point in building this vision are OBAGI Skin Care and Milk Make up AKEU#9OBAGI MEDICAL DAILY HYDRO-DROPS Formulated with Vitamin B3 + Hibiscus Oil 197(30mL) OBAGI The leading physician-dispensed brand Attractive growth potential and strong anchor capabilities in skin health, complemented by a robust financial and operational backbone#10Milk MAKEUP Leading clean make-up brand with a cult following among Gen-Z consumers known for its cultural relevance and iconic products Anchored by strong community following with significant growth opportunities PF 10#11ww Strong brand identity and equity Skin Global Professional This is only the beginning... High consumer affinity Color OBAGI Prestige U.S. Differentiated offering and positioning TODAY Hair Specialty FUTURE Optimized multi-brand portfolio spanning: CATEGORIES Body Growing omnichannel presence GEOGRAPHIES Europe CHANNELS Milk MAKEUP PRICE POINTS Masstige Wellness Sustainable long- term growth Online APAC Fragrance Management team with deep operating experience Mass Capabilities LATAM Food / Drug / Mass 11#12ww First Half 2022 Overview#13Net sales ($mm) OBAGI stand-alone Milk stand-alone MX $62,298 $11,265 $51,033 2Q21 +23.8% $77,122 $20,506 $56,616 2Q22 OBAGI Milk MAKEUP 2Q22 combined financial profile¹ ■OBAGI stand-alone Milk stand-alone GM % Gross profit ($mm) $43,198 $7,052 $36,146 2Q21 + 69.3% +34.1% $57,937 $13,919 $44,018 2Q22 75.1% Note: OBAGI financials exclusive of China business ¹ Discrepancies in arithmetic are due to rounding; 2For a reconciliation of OBAGI, Milk and combined company adjusted EBITDA to net income, the most comparable GAAP measure, see appendix in this presentation. Pro Forma Adj. EBITDA² ($mm) ■OBAGI stand-alone Milk stand-alone EBITDA % $15,795 $1,342 $14,453 2Q21 25.4% +38.6% $21,889 $5,388 $16,501 2022 28.4% 13#141H2022 - Waldencast Pro Forma Key Highlights Net revenue $138.2M (+24.6%) Gross Margin Strong international growth Setting the base for D2C growth 73.8% (+294 bp) OBAGI Continued growth on core US physician dispensed business MILK Pro Forma Adjusted EBITDA² 23.5% (+28.2%) Growth outperforming US market¹ driven by core and innovation Strong gross margin progress Beginning strong international expansion 1 Source: NPD US June 2022. 2 Reconciliations of Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, are included in this presentation.#15Net sales ($mm) Gross profit ($mm) Pro Forma Adj. EBITDA ($mm) OBAGI Milk Waldencast OBAGI GM % Milk GM % Waldencast GM % OBAGI Adj EBITDA % Milk Adj EBITDA % Central costs ² Adj EBITDA % Waldencast Adj EBITDA % Waldencast Group - 1H 2022 Key Financials FY21A vs. FY21E FY22E vs. FY21A FY21E $167,999 $47,069 $215,068 $126,726 75.4% $23,230 49.4% $149,956 69.7% $41,525 24.7% ($2,986) -6.3% $0 0.0% $38,539 17.9% FY21A $178,681 $47,076 $225,757 $136,371 76.3% $25,295 53.7% $161,666 71.6% $43,569 24.4% ($3,403) -7.2% ($1,394) -0.6% $38,772 17.2% FY22E $190,295 $66,032 $256,327 $149,846 78.7% $39,962 60.5% $189,808 74.0% $49,726 26.1% $4,632 7.0% ($4,800) -1.9% $49,558 19.3% 6.4% 0.0% 5.0% 7.6% 8.9% 7.8% 4.9% -14.0% ΝΑ 0.6% 6.5% 40.3% 13.5% 9.9% 58.0% 17.4% 14.1% 236.1% ΝΑ 27.8% Q122A $43,039 $18,042 $61,081 $32,855 76.3% $11,264 62.4% $44,119 72.2% $7,848 18.2% $2,711 15.0% $0 0.0% $10,559 17.3% Q122A vs. Q121A 29.1% 17.8% 25.6% 20.6% 36.8% 24.4% - 15.8% 69.9% ΝΑ 10.9% 2Q22A $56,616 $20,506 $77,122 $44,018 77.7% $13,919 67.9% $57,937 75.1% $16,501 29.1% $5,388 26.3% $0 0.0% $21,889 28.4% 2Q22A vs. 2Q21A 10.9% 82.0% 23.8% 21.8% 97.4% 34.1% 14.2% 301.5% NA 38.6% 1H22A $99,654 $38,548 $138,202 $76,873 77.1% $25,183 65.3% $102,056 73.8% $24,349 24.4% $8,099 21.0% $0 0.0% $32,448 23.5% H122A vs. H121A 18.1% 45.0% 24.6% 21.3% 64.8% 29.7% 2.4% 175.7% ΝΑ 28.2% MX Source: Company fillings ¹OBAGI financials exclude China; 2 Central costs represents Waldencast Acquisition Corp. expenses for 2021 and forecasted expenses for central overhead for 2022. ³Reconciliations of Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, are included in the appendix of this presentation.. 15#16Waldencast fully diluted share count, conservatively including existing allocated but unvested tranches Waldencast capitalization table positions the company for success Diluted share count calculation (assuming closing share price on 07/29/22) Basic shares outstanding¹ Vested employee RSUs² Pro forma basic shares outstanding Unvested employee RSUs Vested employee stock rights with exercise prices³ Unvested employee stock rights with exercise prices³ Total diluted shares outstanding ("DSO") Warrants4 No. Weighted- avg_price 4,046,591 $4.43 3,898,151 $5.44 $11.50 Shares 107,564,779 395,471 107,960,250 1,394,827 1,971,802 1,445,708 112,772,588 29,533,332 Warrants out-of-the-money given exercise price of $11.50; at illustrative pro forma share price of $12.50, warrants would create ~2.4mm shares of incremental dilution (assuming net share settlement) ● Summary of investor lock-up agreements 1.8mm (2% of DSO) and 47.5mm shares (42% of DSO) owned by former members of Obagi and Milk locked up until 07/27/23 24.5mm (22% of DSO) shares owned by Founders5 locked 07/27/23 2022 Incentive Award Plan up until Diluted share count excludes management equity award pool not yet allocated The company has reserved 16,134,716 shares for future issuances of employee incentive awards MX Source: Management information; Public filings; Includes 21,104,225 Waldencast plc Class B ordinary shares owned by former members of Milk; 2 Vested RSUs not yet included in basic shares outstanding as not yet converted at discretion of unit holders; 3 Dilution from employee stock rights with exercise prices assumes net share settlement under treasury stock method, based on WALD closing price of $8.64 on July 29, 2022; 4 Includes 11,500,000 Waldencast plc Warrants, 5,333,333 Waldencast plc warrants issued in a private placement in connection with the Sponsor Forward Purchase Agreement, and 5,766,666 Waldencast plc Warrants issued in a private placement in connection with the Third-Party Forward Purchase Agreement with $11.50 strike price, redeemable at $18.00; includes 5,933,333 Waldencast plc Warrants issued in a private placement at the closing of Waldencast Acquisition Corp.'s initial public offering and 1,000,000 Waldencast plc Warrants issued in a private placement in connection with the Working Capital Loan with $11.50 strike price; 16#17Waldencast Pro Forma Net Debt and Ownership Pro Forma Net Debt at June 30, 2022 and Terms Total Financing Line Available (Term + Revolver) Pro Forma Gross Debt Pro Forma Net Debt Term Loan Terms Ownership at Transaction Close Obagi Shareholders Milk Shareholders Founders and Sponsor Members Third Party FPA PIPE Investors SPAC Public Shareholders Independent Directors $225 $186 $142 SOFR + 3.6% 26.3% 19.6% 22.8% 16.1% 11.0% 4.2% 0.1% -#18OBAGIⓇ#19OBAGIⓇ $99.7M 1H 2022 Net revenue¹ 77.1% 1H 2022 Gross Profit +201 BPS vs. YA +18.1% 1H 2022 Net revenue growth 24.4% 1H 2022 Pro Forma Adj. EBITDA4 -374 BPS vs. YA $56.6M Q2 2022 Net revenue¹ 80+ Patents worldwide² +10.9% Q2 2022 Net revenue growth #1 perceived best performing brand among US providers ³ 12022 OBAGI financials exclusive of China business 2 OBAGI management information 3 "2020 Kline Physician-Dispensed Skincare: U.S. Perception & Satisfaction Survey," Kline & Company 4 Reconciliations of Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin to net income, the most directly comparable GAAP financial measure, are included in the appendix of this presentation.#20OBAGI GROWTH STRATEGY Grow Core Medical 1. Expand US physician penetration 2. Expand breadth and depth of portfolio 3. Expand US and international footprint add more 1. Capture opportunities in the device market 2. Build an accessible consumer proposition OBAGI MEDICAL ELASTIderm Neck and Décolleté Concentrate 2 FL. OZ. (60mL) OBAGT MEDICAL OBAGT MEDICAL ELASTIderm Neck and Décolleté Concentrate ELASTIderm Neck and Décolleté Concentrate OBAGI MEDICAL ELASTIderm Neck and Décolleté Concentrate 2 FL. OZ. (60mL) 2 FL. OZ. (60mL 2 FL. OZ. (60mL)#21US Physician Dispensed Expand Physician Penetration US PHYSICIAN DISPENSED +8.3% +$1.4m NET SALES vs YAGO NET SALES YTD REVENUE FROM NEW ACCOUNTS PENETRATION TODAY 35%-40% Source: H1 2022 vs. H1 2021 Obagi Internal Sales Data Of US DERMS Obagi Hydrate Luxe Moisture-Rich Cream Net wt. 1.7 oz. (48 g)#22Expand Depth and Breath of Portfolio - AWARD WINNING HERO Professional-CⓇ Scrum 1H SALES RANK #2 0161 Professional-C SERN M Obagi Medical Professional-C Serum 20% Packed with antioxidants and 20% L-ascorbic acid, the Obagi Medical Professional-C Serum works overtime to minimize fine lines and protect the skin from damage. And due to the featured hyaluronic acid, it won't dry out your skin either. 20% IN COCRUM USK ACROSS ALL CHANNELS ACCOUNT PENETRATION +7.9% VOGUE SKIN The Best Vitamin C Serums for a More Vibrant Complexion BY AKILI KING AND KIANA MURDEN January 11, 2022 Source: LTM end of June 2022 vs. FY2021 Obagi Internal Sales Data. Published awards. PHYSICIAN CHANNEL OBAGI MEDICAL Professional-C OBAGI SERUM BEAUTY AWARDS 2 20% 20% L-ASCORBIC ACID VITAMIN C SERUM 1 FL. 02. (30 ml) NEW AWARD SEALS 2022 InStyle BEST BEAUTY BUYS InStyle The Best Skincare Products of 2022 Professional-CⓇ Serum 20% OBAGI MEDICAL Professional-C SERUM 15% 15% L-ASCORBIC ACID VITAMIN C SERUM 1 FL. OZ. (30 mL)#23Expand Depth and Breath of Portfolio - INNOVATION R ELASTIderm Ⓡ Neck and Décolleté 1H SALES RANK #4 PHYISICIAN CHANNEL ELASTIDERM® NECK AND DÉCOLLETÉ CONCENTRATE 94% of study participants showed visible signs of improvement to horizontal lines and sagging skin for the neck after 12 weeks * *Results based on a 2021 12-week blinded study. OBAGT MERICAL ELASTIderm Neck and Décolleté Concentrate 2 FL. 02 (60mL) ELASTIDERM FRANCHISE GROWTH +38% Baseline Source: Obagi internal sales data. Results based on a 2021 12-week blinded study. Phots are not retouched. Results may vary. After 12 Weeks* OBAGI MEDICAL ELASTIderm Neck and Décolleté Concentrate 1 FL. OZ. (30mL) OBAGI MEDICAL ELASTIderm Neck and Décolleté Concentrate 2 FL. OZ. (60mL)#24Footprint Expansion INTERNATIONAL +45.9% GROWTH ● DRIVERS LAUNCH OF OBAGI CLINICAL® ENTRY PRICE POINT RANGE TAILORED NPD SCAR CREAM FOR ASIA PACIFIC LAUNCH OF D2C STRATEGY + AMAZON STRATEGY ● ● SOUTH-EAST ASIA Source: H1 2022 vs. H1 2021 Obagi Internal Sales Data. Euromonitor +81% $9.2BN GROWTH #1 BRIGHTENING MARKET GLOBALLY DARK SPOT DISRUPTOR discoloration correcting serum CLINICALLY PROVEN TO FADE DARK SPOTS AND IMPROVE UNEVEN SKIN TONE FOR AN OVERALL BRIGHTER AND SMOOTHER COMPLEXION OBAGI CLINICAL 1 fl. oz. (30 ml) OBAGI#25Digital Footprint Unlocking Digital and DTC 2022 Q2 VS Q1 +41% OBAGI Use this interactive physician finder to request a skin care consultation with a professional in your area. A skincare physician will consult with you to develop a completely personalized Obagi skin care regimen. Q Search for a Physician 55 results within 10 miles 0.49 0.90 miles Tribeca Medspo 114 Hudson Street New York, NY 10013 19 Products Available Get Directions Yew Website Christine Chin Spa 82 Orchard St New York, NY 10002 (212) 353-0503 18 Products Available Get Directions Muka Lincoln Park GREENVILLE JOURNAL SQUARE Newport Centre Google Hoboken Jersey City Statue of Liberty National Monument Liberty State Park Owl's IKEA Empire State Building GREENWICH VILLAGE LOWER MANHATTAN New York The Green Wood Cemetery BROOKLYN HEIGHTS GREENPOINT WILLIAMSBURG Fort Greene Park GOWANUS PARK SLOPER Maria Hernandez Park BROOKLYN MASPETI CROWN HEIGHTS RIDGER BUSHWICK Betsy Head Park Prospect Park Keyboard shortouts Map data 92022 Google Terms of Use 2:54 OBAGI New Bookmarks ELASTIderm Ⓡ R Neck and Décolleté Concentrate A powerful triple-threat concentrate of patented Bi- Mineral Contour ComplexTM, retinoid, and arbutin formulated to target area-specific signs of skin aging on the delicate skin of the neck and upper chest. obagi.com ASTIderm Ⓒ Shop Now History Reading List Source: H1 2022 vs. H1 2021 Obagi Internal Sales Data. 8 OBAGF STIderm L← Passwords Downloads ELAST entrate Re ..#26MAKEUP HYDRO MAKEUP d ly Milk MAKEUP#27I EUP MILK MAKEUP KEY FIGURES: 1H 2022 $38.5M 1H 2022 Net revenue¹ 65.3% 1H 2022 Gross Profit +783 BPS vs. YA +45.0% 1H 2022 Net revenue growth 21.0% 1H 2022 Pro Forma Adj. EBITDA4 +996 BPS vs. YA $20.5M Q2 2022 Net revenue¹ +48.1% YTD Consumption vs Selective Beauty Make- Up market at +20%² +46.8% vs 2019 +82.0% Q2 2022 Net revenue growth Top 10 Face Primers Setting Spray Blush Bronzer Mascara at Sephora USA³ ¹ Milk financials; 2 NPD USA consumption data 1H 2022, prestige makeup; ³ Sephora management 4 Reconciliations of Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin to net income, the most directly comparable GAAP financial measure, are included in the appendix of this presentation.;#28OUR GROWTH ROADMAP KEY GROWTH LEVERS GROW AWARENESS + COMMUNITY K./CRUELTY-FREE. PARABEN-FRE C SWEET FLOWER SEPHORA LINE OUR LOOK ORN IN MILK STUDIOS Molk MAKEUP DELIVER BREAKTHROUGH INNOVATION A >]] EXPAND + INTERNATIONALIZE DISTRIBUTION#29A STRONG GROWTH IN COMMUNITY + CORE PRODUCTS 1H 2022 AWARENESS + COMMUNITY GROWTH SEPHORA +22% Client Growth 1H22¹ 62% of clients are new to brand 1H22¹ +5 ranks on sephora.com YTD to #17¹ O Instagram 2.1M Followers4 +196K followers 1H22² 6.5M video views 1H22² 18.7M impressions 1H22² 5 TikTok 582K Followers4 196.9M #milkmakeup views +16K followers 1H22² 6.3M video views 1H22² +424K likes 1H2022² Launch date: % of YTD 2022 revenue: YTD 2022 % growth ¹ Sephora management report; 2 Milk internal measurement tools as of Friday August 5th at 1:00pm EST. ³ Milk internal sales data. 4 Updated as of Friday August 5th at 1:00pm EST STRONG CORE PRODUCT GROWTH MALE Hydro Grip Primer $18 (mini) / $36 (full size) HYDRO 2019 23.7%³ +65%³ Hydro Grip Spray $20 (mini) / $36 (full size) 2020 11.8%³ +241%³ Mill MAKEUP Lip + Cheek $21 2016 9.3%³ +90%³ Milk MAKEUP Matte Bronzer $21 2016 9.0%³ +209%³#30LOOKING AHEAD: SIGNIFICANT CONSUMER + PLATFORM OPPORTUNITIES CONSUMER EXPANSION OPPORTUNITIES Objective: Grow awareness across all consumer segments GEN-Z 100 Index¹ MILLENNIAL 84 Index GEN-X 68 Index BOOMER 60 Index ¹ Survey conducted June 11-21, 2020 with female participants ages 13-64 who have purchased beauty products for themselves in the past 3 months and do not work in the beauty industry;) NEW PLATFORM OPPORTUNITIES ROBLOX twitch 8 Discord#31DELIVERING BREAKTHROUGH INNOVATION NEW LAUNCHES +29% 1H 2022¹. STRATEGY TO REINFORCE CORE CATEGORIES MASCARA + PRIMER BEFORE NEW CATEGORY EXPANSION YUVOSYN ESIJ ¹ Milk internal sales data; 2 Sephora management; 2022. GLAMOUR beauty award winners A Top 3 Primer since launch at Sephora USA²#32NEW PORE ECLIPSE PRIMER N3 AT SEPHORA, INCREMENTALLY TO HYDRO THE BRAND HISTORICAL #1 PRIMER BY ADRESSING AN UNMET NEED STRENGTHENING MILK'S POSITION ON THE CORE PRIMER CATEGORY ¹ Sephora management; 2 Milk internal sales data +65% YTD¹ AKEUP HYDRO Grip Primer / Ba #1 Primer Sephora ¹ NEW ik MAKEUF Top 3 Primer Sephora ¹#33MORE TO COME: SIGNIFICANT CATEGORY EXPANSION OPPORTUNITIES MILK GROWTH TO DATE DRIVEN BY ANCILLARIES AND LOW BARRIER CATEGORIES. NOW READY FOR FACE EXPANSION, THE BIGGEST MAKE UP CATEGORY. Make-up Category Expansion Mascara $1.9B Foundation / Concealer $3.8B Skincare $21.9B Active + Whitespace Milk Categories¹ Established Primer 2 $0.3B Lash & Brow $1.0B Haircare $14.1B Emerging Blusher & Bronzer $0.5B Lip $2.8B Bath / Shower $9.5B Whitespace³ ¹ Market sizes reflect 2021E data for the USA market; Euromonitor International; Beauty & Personal Care and Color Cosmetics in the US, 2021ed, retail value sales, current prices, 2020 fixed ex rates; 2 Primer refers to EMI's category BB/CC creams and skin tints refers to EMI's premium foundation / concealer; ³ Areas where management believes product offering expansions or introduction of new categories are possible 4 Milk internal sku count Skin Tints $2.3B Shadow $0.5B Fragrance $8.7B Milk Makeup has the opportunity to grow through innovation and launches Milk v/s Other Leading Make-Up Specialist Brands 330 SKUS4 1,500-7,000 SKUS#34EXPAND + INTERNATIONALIZE DISTRIBUTION SIGNIFICANT WHITE SPACE WITHIN THE USA AND INTERNATIONALLY ~1,300 of 2,900+ milkmakeup.com only ships to the U.S. today Note: Door counts represent expansion opportunities in brick and mortar stores Source: Retailer company websites ~200 of 6,200+ Tremendous whitespace for untapped department store + e-commerce distribution ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ Current Milk Presence in Brick & Mortar Expansion Opportunity#35H2 2022: EXPANDING BRAND PRESENCE DOMESTICALLY AND ABROAD BOTH BRICK & MORTAR AND PURE PLAYER. USA EXPANSION KOHL'S+ SEPHORA 2021 Doors: 200 1H 2022 Doors: 400+ FY 2022 Proj. Doors: amazon Launch USA: June 2022 600 INTERNATIONAL EXPANSION #4 MAKE-UP MARKET GLOBALLY#36AND BUILDING A STRONG FOUNDATION FOR D2C GROWTH Milk MAKEUP New Best Sellers Award Winners MAKE N Exclusives 0 Milk Pal MILK Themen TERs. Tema DPAMILY STINGR MAKEUP MilkMakeup.com +30.8% 1H 2022 revenue growth¹ Q1 +18.9% Q2 +49.7% +10.6% 1H 2022 Average Order Value² ¹ Milk internal sales data 2 Google Analytics +17.1% 1H 2022 Conversion Rate² +16.1% 1H 2022 Returning Users² +14.9% 1H 2022 Transactions² Coming 2H Live SMS Loyalty New Shade Finder Amazon Pay#37MMU +++ Waldencast commitment to exemplary ESG SUNSHINE SKIN TINT SPF 30 REFILL CARTRIDGE REDUCES PLASTIC BY UP TO 66% *COMPARED TO REPURCHASING FULL SIZE VERSION. 2020-2021 SUSTAINABILITY UPDATE More Sustainable shipping & Outer Packaging Environmentally friendly packs and refills How To Recycle Partnerships ONCE WE PLEDGE TO DONATE 1% OF ALL MILKMAKEUP.COM SALES TO THE CENTER SKINCLUSION MMU social philanthropy focuses on self-expression and equality for underrepresented LGBTAIQ+ and POC groups. SKINCLUSION is Obagi's commitment to provide effective, science-based skin care for all skin tones. They were the 1st to design clinical research on all six Fitzpatrick skin types. = wwaldencast OVERVIEW NEWS & EVENTS STOCK INFORMATION CORPORATE GOVERNANCE FINANCIAL INFORMATION IR RESOURCES Public Company Best in Class governance with Best In class board of Directors and Protocols.#38wwaldencast Operational scale of a multi-brand platform built for growth and profitability Balanced portfolio in structurally attractive segments of the category Expertise in managing and scaling global beauty brands Asset light efficiency vs. slow, inflexible, and costly traditional structures Market responsiveness and speed of entrepreneurial indie brands Strong alignment of management incentives to long-term value creation thru operational and capital allocation excellence ww#3903 MW Appendix#40(in thousands) Net income/(loss) Cumulative Pro Forma Adjustments China carve-out Pro Forma Net Income Adjusted For: Interest expense, net Income tax benefit Depreciation and amortization Transaction costs Loss on extinguishment of debt Gain on PPP loan forgiveness Stock-based compensation expense Inventory fair value adjustment Change in fair value of warrant liabilities Restructuring costs Loss on disposal of assets Foreign currency transaction loss Pro Forma Adjusted EBITDA MX H1 2022 - Pro Forma Adjusted EBITDA reconciliation Obagi (2,915) 744 9,328 7,157 5,896 232 8,570 2,179 289 26 24,349 Milk 4,961 (3,817) 1,144 21 6,032 669 24 209 8,099 1H22A Waldencast Acquisition Corp 5,791 2,812 8,603 (1) (8,602) Combined Waldencast 7,837 (261) 9,328 16,904 5,916 232 14,602 2,848 (8,602) 289 24 235 32,448 Obagi 2,179 477 5,028 7,684 2,947 306 4,308 1,009 279 (32) 16,501 Milk 2Q22A 3,809 (1,882) 1,927 (4) 3,068 254 143 5,388 Waldencast Acquisition Corp 2,768 1,477 4,245 (1) (4,244) Combined Waldencast 8,756 72 5,028 13,856 2,942 306 7,376 1,263 (4,244) 279 111 21,889 Obagi (5,094) 267 4,300 (527) 2,949 (74) 4,262 1,170 10 58 7,848 Milk 1Q22A 1,152 (1,935) (783) 25 2,964 415 24 66 2,711 Waldencast Acquisition Corp 3,023 1,335 4,358 (4,358) Combined Waldencast (919) (333) 4,300 3,048 2,974 (74) 7,226 1,585 (4,358) 10 24 124 10,559 40#41(in thousands) Net income/(loss) Cumulative Pro Forma Adjustments China carve-out Pro Forma Net Income Adjusted For: FY 2021 - Pro Forma Adjusted EBITDA reconciliation Interest expense, net Income tax benefit Depreciation and amortization Transaction costs Loss on extinguishment of debt Gain on PPP loan forgiveness Stock-based compensation expense Inventory fair value adjustment Change in fair value of warrant liabilities Restructuring costs Loss on disposal of assets Foreign currency transaction loss Pro Forma Adjusted EBITDA Obagi (70) (36,665) 3,437 (33,298) 12,151 (6,998) 16,611 33,080 12,628 (6,824) 4,358 9,687 1,972 202 43,569 Milk FY21A (7,847) (31,081) (38,928) 18 11,688 12,776 1,395 9,263 166 219 (3,403) Waldencast Acquisition Corp (14,428) (20,681) (35,109) (1) 30,578 174 2,964 (1,394) Combined Waldencast (22,345) (88,427) 3,437 (107,335) 12,168 (6,998) 28,299 76,434 12,628 (6,824) 5,927 18,950 2,964 1,972 166 421 38,772 Obagi 12,355 365 193 12,913 3,284 (2,671) 4,120 (6,824) 1,089 2,421 52 69 14,453 Milk 2Q21A 918 (5,074) (4,156) (23) 2,901 335 2,316 27 (58) 1,342 Waldencast Acquisition Corp (1,551) 855 (696) 696 Combined Waldencast 11,722 (3,854) 193 8,061 3,261 (2,671) 7,021 (6,824) 1,424 4,737 696 - 79 11 15,795 41