Waldencast SPAC

Net sales ($mm) Adjustments for 2021 actuals Growth % $94 '18A-'23E CAGR: 18% $130 $117 $90 $179 $79 ✓ $168 $190 $213 2018A 2019A 2020A 2021A 2022E 2023E N/A 37.9%1¹ (30.8%)¹ 98.5% 6.5% 11.9% OBAGI financial profile Gross profit ($mm) Adjustments for 2021 actuals $69 '18A - '23E CAGR: 19% Margin 73.4% % $104 $90 2018A 2019A $71 $60 $136 $127 $150 $168 2020A 2021A 2022E 2023E 79.7%¹ 79.2%¹ 76.3% 78.7% 78.8% Adjusted EBITDA ($mm) Adjustments for 2021 actuals $18 '18A-'23E CAGR: 28% $24 $7 $44 $42 $50 $63 2018A 2019A 2020A 2021A 2022E 2023E Margin 19.4%³ 18.4%3 8.2%³ 24.4% 26.1%² 29.6%² % MX Note: OBAGAI financials exclusive of China business for all periods presented; % growth and margin are based off budgeted numbers Source: OBAGI financials for the periods from 2018 to 2020, management estimates for the periods from 2021E to 2023E 1 In fiscal year 2021, OBAGI implemented certain contractual modifications that adjust its reporting of revenue for services provided by certain distributers on behalf of OBAGI. For the purpose of comparability with forecasted financials, the pro forma historical financials presented for FY2019 and FY2020 herein reflect estimates of the Net Revenue that would have been recognized by OBAGI had such contractual changes been in effect in prior periods. These contractual modifications and adjusted reporting of revenue have no impact on OBAGI Adjusted EBITDA; 2 OBAGI financials inclusive of 5.5% royalty; 3 OBAGI Adjusted EBITDA is a non-GAAP measure. For a reconciliation of OBAGI Adjusted EBITDA to net income, the most comparable GAAP measure, see appendix 89

View entire presentation