Waldencast 2Q22 Investor Results

MORE TO COME: SIGNIFICANT CATEGORY EXPANSION OPPORTUNITIES MILK GROWTH TO DATE DRIVEN BY ANCILLARIES AND LOW BARRIER CATEGORIES. NOW READY FOR FACE EXPANSION, THE BIGGEST MAKE UP CATEGORY. Make-up Category Expansion Mascara $1.9B Foundation / Concealer $3.8B Skincare $21.9B Active + Whitespace Milk Categories¹ Established Primer 2 $0.3B Lash & Brow $1.0B Haircare $14.1B Emerging Blusher & Bronzer $0.5B Lip $2.8B Bath / Shower $9.5B Whitespace³ ¹ Market sizes reflect 2021E data for the USA market; Euromonitor International; Beauty & Personal Care and Color Cosmetics in the US, 2021ed, retail value sales, current prices, 2020 fixed ex rates; 2 Primer refers to EMI's category BB/CC creams and skin tints refers to EMI's premium foundation / concealer; ³ Areas where management believes product offering expansions or introduction of new categories are possible 4 Milk internal sku count Skin Tints $2.3B Shadow $0.5B Fragrance $8.7B Milk Makeup has the opportunity to grow through innovation and launches Milk v/s Other Leading Make-Up Specialist Brands 330 SKUS4 1,500-7,000 SKUS

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