Waldencast SPAC Presentation Deck

Peer benchmarking 2021E-2023E Revenue CAGR 2022E Adj. EBITDA Margin¹ 2023E Adj. EBITDA Margin¹ 2021E-2023E Adj. EBITDA CAGR¹ MW Waldencast MW 21% 20% 24% 40% L'OREAL 8% 25% 25% 8% & ESTEE LAUDER 10% 24% 25% 13% Beauty elf Source: Historical data from company filings; projections from FactSet as of 11/8/2021 ¹2022 and 2023 EBITDA reflects deduction of $5mm for public company costs 8% 19% 21% 15% High-growth consumer OLAPLEX hydrafacial lululemon athletica align OFIGS 28% 62% 60% 20% 27% 14% 18% 65% 16% 26% 26% 19% 22% 31% 32% 23% 32% 20% 21% 30% Peer group average 19% 28% 28% 24% 39

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