Waldencast 2Q22 Investor Results

Skincare Color cosmetics Haircare Bath and shower Fragrance Global beauty and personal care market¹ $750 $500 $250 $0 YOY Growth % 2007A Beauty is a proven and resilient, high-growth and highly profitable market 2008A Massive addressable market with attractive category dynamics... % of BPC market¹ 29% 8.6% Global market size¹ PROVEN RESILIENCE Muted recession impact across most categories $155bn $66bn $83bn $48bn $54bn 2009A (1.3%) 12% 2010A 16% 7.3% 9% 10% RAPID RECOVERY Return to growth above pre- recession levels 2011A 9.5% 2021-2023 CAGR¹ ¹ Euromonitor International; Beauty & Personal Care, 2022ed, retail value sales, current prices, 2021 fixed ex rates 7.0% 9.5% 6.3% ...and proven resiliency through economic cycles 4.6% 8.3% 2012A 1.5% 2013A Key drivers of industry growth: 2.0% Shifting desire for quality over price. Increasing appetite for innovative and higher-performance products, particularly in skin care and make-up. Emerging market expansion. Adaptability to eCommerce channels, particularly by skincare and makeup consumers. 2019A 1.2% 2020A (3.9%) CONSISTENT MOMENTUM Strong momentum continues post lockdown 2021A 8.8% 2022E 6.9% 2023E 7.1% 2024E 7.1% 2025E 5.8% 4

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