Waldencast SPAC Presentation Deck

Adjusted EBITDA reconciliation OBAGI $mm Net Income / (Loss) Interest Taxes Depreciation & Amortization Adjusted EBITDA MW 2020 Consolidated Carve-out (9.2) 6.3 (5.1) 13.4 $5.4 (2.3) 1 0.0 0.4 ($1.9) Post Carve-out (6.8) 6.3 (5.1) 13.1 $7.4 2019 Consolidated Carve-out 5.8 6.8 (1.6) 12.9 $24.0 Post Carve-out 5.8 6.8 (1.6) 12.9 $24.0 $mm Net Income / (Loss) Interest Milk MAKEUP Taxes Depreciation & Amortization Adjusted EBITDA 2020 (12.9) 0.3 1.7 ($10.9) 2019 (11.0) 1.4 2.5 ($7.1) 42

View entire presentation