Waldencast 2Q22 Investor Results

(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

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