Waldencast 2Q22 Investor Results

Net sales ($mm) Gross profit ($mm) Pro Forma Adj. EBITDA ($mm) OBAGI Milk Waldencast OBAGI GM % Milk GM % Waldencast GM % OBAGI Adj EBITDA % Milk Adj EBITDA % Central costs ² Adj EBITDA % Waldencast Adj EBITDA % Waldencast Group - 1H 2022 Key Financials FY21A vs. FY21E FY22E vs. FY21A FY21E $167,999 $47,069 $215,068 $126,726 75.4% $23,230 49.4% $149,956 69.7% $41,525 24.7% ($2,986) -6.3% $0 0.0% $38,539 17.9% FY21A $178,681 $47,076 $225,757 $136,371 76.3% $25,295 53.7% $161,666 71.6% $43,569 24.4% ($3,403) -7.2% ($1,394) -0.6% $38,772 17.2% FY22E $190,295 $66,032 $256,327 $149,846 78.7% $39,962 60.5% $189,808 74.0% $49,726 26.1% $4,632 7.0% ($4,800) -1.9% $49,558 19.3% 6.4% 0.0% 5.0% 7.6% 8.9% 7.8% 4.9% -14.0% ΝΑ 0.6% 6.5% 40.3% 13.5% 9.9% 58.0% 17.4% 14.1% 236.1% ΝΑ 27.8% Q122A $43,039 $18,042 $61,081 $32,855 76.3% $11,264 62.4% $44,119 72.2% $7,848 18.2% $2,711 15.0% $0 0.0% $10,559 17.3% Q122A vs. Q121A 29.1% 17.8% 25.6% 20.6% 36.8% 24.4% - 15.8% 69.9% ΝΑ 10.9% 2Q22A $56,616 $20,506 $77,122 $44,018 77.7% $13,919 67.9% $57,937 75.1% $16,501 29.1% $5,388 26.3% $0 0.0% $21,889 28.4% 2Q22A vs. 2Q21A 10.9% 82.0% 23.8% 21.8% 97.4% 34.1% 14.2% 301.5% NA 38.6% 1H22A $99,654 $38,548 $138,202 $76,873 77.1% $25,183 65.3% $102,056 73.8% $24,349 24.4% $8,099 21.0% $0 0.0% $32,448 23.5% H122A vs. H121A 18.1% 45.0% 24.6% 21.3% 64.8% 29.7% 2.4% 175.7% ΝΑ 28.2% MX Source: Company fillings ¹OBAGI financials exclude China; 2 Central costs represents Waldencast Acquisition Corp. expenses for 2021 and forecasted expenses for central overhead for 2022. ³Reconciliations of Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, are included in the appendix of this presentation.. 15

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