Waldencast 2Q22 Investor Results

Net sales ($mm) OBAGI stand-alone Milk stand-alone MX $62,298 $11,265 $51,033 2Q21 +23.8% $77,122 $20,506 $56,616 2Q22 OBAGI Milk MAKEUP 2Q22 combined financial profile¹ ■OBAGI stand-alone Milk stand-alone GM % Gross profit ($mm) $43,198 $7,052 $36,146 2Q21 + 69.3% +34.1% $57,937 $13,919 $44,018 2Q22 75.1% Note: OBAGI financials exclusive of China business ¹ Discrepancies in arithmetic are due to rounding; 2For a reconciliation of OBAGI, Milk and combined company adjusted EBITDA to net income, the most comparable GAAP measure, see appendix in this presentation. Pro Forma Adj. EBITDA² ($mm) ■OBAGI stand-alone Milk stand-alone EBITDA % $15,795 $1,342 $14,453 2Q21 25.4% +38.6% $21,889 $5,388 $16,501 2022 28.4% 13

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