Waldencast 2Q22 Investor Results

1H2022 - Waldencast Pro Forma Key Highlights Net revenue $138.2M (+24.6%) Gross Margin Strong international growth Setting the base for D2C growth 73.8% (+294 bp) OBAGI Continued growth on core US physician dispensed business MILK Pro Forma Adjusted EBITDA² 23.5% (+28.2%) Growth outperforming US market¹ driven by core and innovation Strong gross margin progress Beginning strong international expansion 1 Source: NPD US June 2022. 2 Reconciliations of Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, are included in this presentation.

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