Investor Presentaiton

STRENGTHENING CAPITAL STRUCTURE TO ENABLE DELEVERAGING AND CAPITAL RETURNS CY22 CY23-CY25 (Cumulative) CAPITAL ALLOCATION BY END OF CY25 PRIORITIES Net Debt <$3.9B Financial Leverage ~4.1x Free Cash Flow ~$450M FCF >$1.2B (>$0.4B / year) + Wella Divestiture >$1B ~75% Deleverage ~25% Capital Returns NO Substantive M&A Net Debt <$2.5B Financial Leverage ~2x Capital Returns & Reinvestment ~$0.5B (incl. $0.4B buyback announcement)

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