Waldencast 2Q22 Investor Results

(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

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