Waldencast SPAC

Skincare Color cosmetics Haircare Bath and shower Fragrance Global beauty and personal care market¹ $750 $500 $250 $0 Beauty is a proven and resilient, high-growth and highly profitable market YOY Growth % MW 2007A Massive addressable market with attractive category dynamics... Global market size¹ % of BPC market¹ 29% 12% $155bn $66bn $83bn $48bn $54bn 2008A 8.6% PROVEN RESILIENCE Muted recession impact across most categories 2009A (1.3%) 16% 9% 10% 2010A 7.3% RAPID RECOVERY Return to growth above pre-recession levels 2021-2023 CAGR¹ 7.0% 2011A 9.5% 9.5% ...and proven resiliency through economic cycles 6.3% 4.6% 8.3% 2012A 1.5% 1 Euromonitor International; Beauty & Personal Care, 2022ed, retail value sales, current prices, 2021 fixed ex rates Key drivers of industry growth: Shifting desire for quality over price. Increasing appetite for clean, natural, and higher-performance products. Emerging market expansion. Adaptability to eCommerce channels, particularly by skincare and makeup consumers. 2013A 2.0% 2019A 1.2% CONSISTENT MOMENTUM Strong momentum continues post lockdown 2020A (3.9%) 2021A 8.8% 2022E 6.9% 2023E 7.1% 2024E 7.1% 2025E 5.8% 5

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