E.l.f. Beauty, Inc. · NYSE:ELF

E.l.f. Beauty — Q2 FY2027 Earnings Presentation

96 slides from E.l.f. Beauty's earnings presentation, November 2026

1. Slide 1: Q2 FY 2027 Earnings

   elf BEAUTY Q2 FY 2027 EARNINGS

2. Slide 2: Tarang Amin, Chairman & Chief Executive Officer

   TAR AN G AMIN CHAIRMAN & CHIEF EXECUTIVE OFFICER

3. Slide 3: Net Sales and Adjusted EBITDA Growth, Q2 FY 2027

   +51 % + 86 % NET S ALES ADJ . EB ITDA Q2 FY 2027

4. Slide 4: Almost continuous years of net sales growth

   $500M ALMOST 8 CON TIN UOUS $375M YEA RS CONTINUOUS QUARTERS OF NET SALES GROWTH $250M $125M $0 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 BARS REPRESENT NET SALES, $ MILLIONS

5. Slide 5: Average growth per quarter

   $500M 16 OF >20 % $375M AVG GROWTH PER QUARTER CONSUMER COMPANIES OUT OF 516 THAT HAS GROWN FOR $250M 31 CONSECUTIVE QUARTERS $125M $0 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 BARS REPRESENT NET SALES, $ MILLIONS

6. Slide 6: Fiscal 2027 Outlook

   FISCAL 2027 OUTLOOK 22-24 % NET SAL ES G ROWT H 18- 20% PREVIOU SLY

7. Slide 7: Market share gain

   + 30 BPS MARKET SHARE NIELSEN XAOC L52W ENDING 10/3/2026. COLOR COSMETICS CATEGORY.

8. Slide 8: Record-Breaking Launches

   RECORD-BREAKING LAUNCHES

9. Slide 9: One of the fastest growing

   ONE OF THE FASTEST GROWING NIELSEN XAOC L52W ENDING 10/3/2026. FACIAL AND BODY SKIN CARE CATEGORIES.

10. Slide 10: Taking Stock with Teens

    TAKING STOCK WITH TEENS PIPER|SANDLER

11. Slide 11: Teen favorite cosmetic brands

    💄 T E E N F AV O R I T E C O S M E T I C B R A N D S 01 33% 9 5x CONSECUTIVE MINDSHARE 02 Rare Beauty 7% SURVEYS 03 6% 04 Maybelline 5% 05 Charlotte Tilbury 4% 06 L’Oreal 4% 07 Saie 3% 08 Tarte 3% 09 Too Faced 2% 10 Sephora 2% PIPER SANDLER “TAKING STOCK WITH TEENS” SURVEY, FALL 2026

12. Slide 12: Teen favorite skincare brands

    🧴 T E E N F AV O R I T E S K I N C A R E B R A N D S TOP 01 CeraVe 30% 10 02 The Ordinary 7% 03 La Roche-Posay 6% 04 6% 05 Bubble 4% 06 Medicube 3% 07 Byoma 3% 08 3% 09 Glow Recipe 3% 10 Cetaphil 3% PIPER SANDLER “TAKING STOCK WITH TEENS” SURVEY, FALL 2026

13. Slide 13: Cultivate passionate team of owners

    C U LT I VAT E PA S S I O N AT E T E A M OF OWNERS A C C E L E R AT E C O - C R E AT E GLOBAL WITH OUR E X PA N S I O N COMMUNITY E X PA N D WIN OUR WITH PORTFOLIO WINNERS

14. Slide 14: Cultivate passionate team of owners

    C U LT I VAT E PA S S I O N AT E T E A M OF OWNERS

15. Slide 15: e.l.f.ing

    e.l.f.ing resilient e.l.f.ing creative e.l.f.ing strong e.l.f.ing e.l.f.ing e.l.f.ing growing curious e.l.f.ing proud e.l.f.ing leading e.l.f.ing inspiring amazing

16. Slide 16: High performance team

    HIGH PERFORMANCE TEAM WOR K PA S S I O N AT E H E A LT H Y MUTUAL R E L AT I O N S H I P S CONFLICT A C C O U N TA B I L I T Y

17. Slide 17: Proud to work at e.l.f. Beauty

    👍 📣 👍 📣 👍 📣 👍 📣 👍 👍 📣 👍 📣 93 % 📣 👍 STATED THEY WERE PROUD TO WORK AT E.L.F. BEAUTY 📣 👍 📣 👍 📣 👍 📣 CULTURE AMP, 2026

18. Slide 18: Sales and profit per employee

    SALES AND PROFIT PER EMPLOYEE 3x E.L .F. B EAU TY NET S ALES CONS UMER AVERA GE NET S ALES 8x E.L .F. B EAU TY PROFI T CONS UMER AVERA GE PROFI T FACTSET AS OF LATEST REPORTED YEAR. AVERAGE INCLUDES PUBLICLY TRADED CONSUMER COMPANIES. PROFIT REFERS TO REPORTED EBITDA.

19. Slide 19: Co-create with our community

    C U LT I VAT E PA S S I O N AT E T E A M OF OWNERS C O - C R E AT E WITH OUR COMMUNITY

20. Slide 20: Community requests

    PLEAAASE MAKE A CAN YOU OKAY HEAR ME OUT! BIGGER PRIMER 😭 . MAKE E.L.F.ING A GIANT HALO I RUN OUT OF THIS AFFORDABLE GLOW LIP GLOSS!! SIZE SO QUICK!! FRAGRANCES? 👏. 🩷✨

21. Slide 21: Slide 21

22. Slide 22: Slide 22

23. Slide 23: Leading category segments in 2026

    #1 #1 #2 #1 COSMETIC COSMETIC EYEBROW BLUSH SPONGE ACCESSORY #1 $ SHARE $ SHARE GROOMING $ SHARE $ SHARE PRIMER $ SHARE #1 #1 LIP COSMETIC BRUSHES - FACE #2 #2 GLOSS $ SHARE $ SHARE SETTING EYEBROW SPRAY $ SHARE $ SHARE #1 COSMETIC BRUSH - SET UNIT SHARE #1 EYE PRIMER UNIT SHARE 22 L E A D I N G C A

24. Slide 24: #1 in fall launches

    #1 IN FALL LAUNCHES NIELSEN XAOC L24W ENDING 10/3/2026 COLOR COSMETICS CATEGORY.

25. Slide 25: 5 of top 10 new launches

    5 OF TOP 10 NEW LAUNCHES DOLLARS AND UNITS NIELSEN XAOC L24W ENDING 10/3/2026 COLOR COSMETICS CATEGORY.

26. Slide 26: Community requests

    PLEAAASE MAKE A CAN YOU WHEN ARE BIGGER PRIMER 😭 . MAKE E.L.F.ING YOU COMING I RUN OUT OF THIS AFFORDABLE OUT WITH HAIR SIZE SO QUICK!! FRAGRANCES? 👏. PRODUCTS?

27. Slide 27: If e.l.f. gave us three words

    IF E.L.F. GAVE US E.L.F. ASAP WE THREE WORDS: LOREM IPSUM, REALLY NEED R MY LIFE WOULD BE LOREM IPSUM COMPLETE

28. Slide 28: Slide 28

29. Slide 29: Slide 29

30. Slide 30: Win with winners

    C U LT I VAT E PA S S I O N AT E T E A M OF OWNERS C O - C R E AT E WITH OUR COMMUNITY WIN WITH WINNERS

31. Slide 31: Retail and social commerce partners

    am ATiitoKshop se azon — d'TikTok Shop SEPHOF \ “TikTc HORA

32. Slide 32: Launch newness, fuel discovery, scale geographies

    🚀 ⛽ 🌐 LAUNCH FUEL SCALE NEWNESS D I S C O V E RY GEOGRAPHIES

33. Slide 33: Connected commerce consumption

    CONNECTED COMMERCE 31% CONSUMPTION CONSUMPTION REFLECTS CONNECTED COMMERCE PENETRATION OF TOTAL CONSUMPTION, AS MEASURED BY E.L.F. BEAUTY INTERNAL GLOBAL CONSUMPTION DATA FOR THE 3 MONTH PERIOD ENDED SEPTEMBER 30, 2026; CONNECTED COMMERCE INCLUDES SALES FROM ELFCOSMETICS.COM, AMAZON, TIKTOK SHOP, AN

34. Slide 34: Connected Commerce

    CONNECTED COMMERCE dTikTok Shop

35. Slide 35: Most searched cosmetics brand

    CONNECTED COMMERCE #1 COSMETICS BRAND MOST SEARCHED COSMETICS BRAND RANKINGS REFER TO UNIT SHARE, COLOR COSMETICS. 2026-TO-DATE, INTERNAL DATA.

36. Slide 36: Cosmetics brand ranking

    CONNECTED COMMERCE #2 COSMETICS BRAND RANKINGS REFER TO UNIT SHARE, COLOR COSMETICS. AS OF THREE MONTHS ENDED SEPTEMBER 30, 2026. INTERNAL DATA.

37. Slide 37: Beauty Stuff

    _ fe | BEAUTY STU! -

38. Slide 38: Sephora brand lineup

    SEPHORA’ rhode. 7 olf — NATURIUM | “a >2eb 6 - @©@ | set bet? | ' | *beatr econpe

39. Slide 39: Slide 39

40. Slide 40: Slide 40

41. Slide 41: Strength across segments

    STRENGTH ACROSS SEGMENTS #1 12 RANK OR OF #2 13 RANK SEGMENTS DOLLAR SHARE AT SEPHORA US, INTERNAL DATA

42. Slide 42: Launch ranking 2026

    #1 2026 LAUNCH RANKING BASED ON UNITS SOLD, LTM AS OF 9/30/26, INTERNAL DATA.

43. Slide 43: Slide 43

44. Slide 44: #1 brand in dollars and units

    #1 DOLLAR S AND UNITS #1 BRAND IN DOLLARS AND UNITS SOLD AS OF 10/10/2026, INTERNAL DATA

45. Slide 45: Naturium

    : NATURIUM a

46. Slide 46: Global expansion, top 10 in body care

    GL OBA L TO P 10 EXPANSION IN BODY BRAND RANK IN BODY CARE, 2026-TO-DATE, INTERNAL DATA

47. Slide 47: Expand our portfolio winners

    C U LT I VAT E PA S S I O N AT E T E A M OF OWNERS C O - C R E AT E WITH OUR COMMUNITY E X PA N D WIN OUR WITH PORTFOLIO WINNERS

48. Slide 48: Power Grip Primer

    POWER GRIP PRIMER

49. Slide 49: Products

    ug a XIBLE HOLD SSLOWOUTS NGED CURLS — PRODUCTS

50. Slide 50: $10 or Less

    $ 10 OR L ESS

51. Slide 51: Top hair care styling brand

    TOP TOP 20 7 HAIR CARE STYLING BRAND BRAND SALES DATA SINCE LAUNCH (JULY-SEPT), INTERNAL DATA.

52. Slide 52: Slide 52

53. Slide 53: $11B fragrance category

    $11B FRAGRANCE CAT EGORY CIRCANA, COMPLETE BEAUTY, ANNUAL 2025

54. Slide 54: Power Grip Primer

    POWER GRIP PRIMER

55. Slide 55: Accelerate global expansion

    C U LT I VAT E PA S S I O N AT E T E A M OF OWNERS A C C E L E R AT E C O - C R E AT E GLOBAL WITH OUR E X PA N S I O N COMMUNITY E X PA N D WIN OUR WITH PORTFOLIO WINNERS

56. Slide 56: International sales penetration

    I N T E R N AT I O N A L S A L E S P E N E T R AT I O N 25% E.L.F. B EAUTY 2026 70% GLOBAL BEA UTY PEERS 2026 INTERNATIONAL % OF NET SALES, LTM AS OF 9/30/26, PUBLIC FILINGS

57. Slide 57: International social followers

    I N T E R N AT I O N A L S O C I A L F O L L O W E R S 65% 👀 75% E.L. F. COSMETIC S RHODE INTERNATIONAL NET SALES PENETRATION OVER LATEST 12 MONTHS ENDING 3/31/2025. RHODE INSTAGRAM FOLLOWERS OUTSIDE THE US AS OF APRIL 2025 E.L.F. COSMETICS SOCIAL FOLLOWING ACROSS INSTAGRAM AND TIKTOK AS OF…

58. Slide 58: Global Sephora stores

    <40 % GLOB AL SEPH ORA STORES TOTAL DOORS, INTERNAL DATA

59. Slide 59: Cultivate, co-create, accelerate, expand, win

    C U LT I VAT E PA S S I O N AT E T E A M OF OWNERS A C C E L E R AT E C O - C R E AT E GLOBAL WITH OUR E X PA N S I O N COMMUNITY E X PA N D WIN OUR WITH PORTFOLIO WINNERS

60. Slide 60: Diversify Our Business

    DIVERSIFY OUR BUSINESS

61. Slide 61: Non-e.l.f. sales, skin care, non-China manufacturing

    N O N - E . L . F. S A L E S SKIN CARE NON-CHINA MANUFACTURING <1 % 9% 1% 20 23 2023 20 23 30% 20 26 23% 2026 ~70 % 20 26 E.L.F. BEAUTY INTERNAL GLOBAL CONSUMPTION DATA, LTM AS OF Q2 FY 27. MANUFACTURING DATA BASED ON EXPECTED PRODUCTION SPEND FOR FY 27.

62. Slide 62: Power Grip Primer

    POWER GRIP PRIMER Ww af a ° Ww a al ai m 3 DAYGLEAMER mineral sunscreen serum broad spectrum SPP 34

63. Slide 63: Mandy Fields, SVP & Chief Financial Officer

    MANDY F IELDS SVP & CHIEF FINANCIAL OFFICER

64. Slide 64: Net sales growth Q2 FY27

    NET SALES GROWTH +51 % Q2 F Y27 YEAR OVER YEAR NET SALES GROWTH

65. Slide 65: Contribution from rhode

    +16 P T S CONTRIBUT ION FROM RHO DE Q2 FY27 CONTRIBUTION PRIOR TO AUGUST 5, 2026.

66. Slide 66: Organic net sales

    ORGANIC NET SALES +35 % Q2 FY 2027 Q2 FY 2027 YEAR OVER YEAR ORGANIC NET SALES AFTER AUGUST 5, 2026.

67. Slide 67: US and international net sales

    +25% US NET SA LES +165% INTERNAT IONA L NET SAL ES Q2 FY 2027 YEAR OVER YEAR NET SALES GROWTH

68. Slide 68: International growth

    I N T E R N AT I O N A L G R O W T H MEANINGFUL IMPROVEMENT 🌱 🌰 🌱 🌰 🌱 🌰

69. Slide 69: Q2 FY 2027 net sales growth drivers

    + 20 PTS PRICI NG & PRODUCT MIX + 31PTS UNIT V OL UMES Q2 FY 2027 NET SALES GROWTH DRIVERS

70. Slide 70: Gross margin

    GROSS MARGIN +160 BPS +71% YOY Q2 FY27 +30 BPS TARIFF REFU ND S Q2 FY 2027, TARIFF REFUNDS INCLUDED IN +160BPS YOY

71. Slide 71: Gross margin drivers

    GROSS MARGIN DRIVERS Lower tariffs Favorable mix Price investments Q2 FY 2027

72. Slide 72: Adjusted SG&A

    ADJUSTED SG&A Q2 FY 20 27 53% Q2 FY 20 26 56% % OF NET SALES

73. Slide 73: Marketing & digital investment

    M A R K E T I N G & D I G I TA L I N V E S T M E N T Q2 FY 20 27 21% Q2 FY 20 26 23% % OF NET SALES

74. Slide 74: Adjusted EBITDA

    ADJUSTED EBITDA +86 % VS. Q2 $123M FY 2026 Q2 FY 2027 $66M Q2 FY 2026

75. Slide 75: Adjusted net income & adjusted EPS

    ADJUSTED NET INCOME & ADJUSTED EPS Q2 F Y 20 2 7 $73M Q2 F Y 20 2 6 $ 41 M Q2 F Y 20 2 7 $1.21 Q2 F Y 20 2 6 $0.68

76. Slide 76: Balance Sheet

    BALANCE SHEET

77. Slide 77: Net debt / LTM adjusted EBITDA

    ~1.0X NET DEBT / LTM ADJUSTED EBITDA Q2 FY 2027

78. Slide 78: Cash on hand

    $351M CASH ON HAND ENDING CASH BALANCE, Q2 FY 2027

79. Slide 79: Cash Priorities

    CASH PRIORITIES

80. Slide 80: FY 2027 cash priorities

    FY 2027 CASH PRIORITIES Support growth Technology Infrastructure rhode earnout

81. Slide 81: FY 2027

    FY 2027

82. Slide 82: Raising FY 2027 outlook

    RAISING FY 2027 OUTLOOK +22-24% $3.82-3.86 NET SALES GR OWTH ADJ. EPS $421-427M 25-26% ADJ. EBITD A ADJ. TAX RATE $231-233 M 60.5M ADJ. NET IN CO ME AVG. DIL UTED SHARES

83. Slide 83: FY 2027 net sales outlook

    FY 2027 NET SALES OUTLOOK +22-24 % NET SALES

84. Slide 84: FY 2027 net sales outlook, organic

    FY 2027 NET SALES OUTLOOK +9-11 % ORGA NIC +6-7 % PR EVIOUSLY RHODE CONTRIBUTING TO ORGANIC NET SALES AFTER 8/5/2026

85. Slide 85: 2H net sales outlook

    2H NET SALES OUTLOOK +7-10 % NET SALES GROWTH Q3 above range ALL BRAND S Q4 below range CONTRIBUTING TO G ROWTH RHODE CONTRIBUTING TO ORGANIC NET SALES AFTER 8/5/2026. BRANDS DEFINED AS E.L.F. BRANDS, NATURIUM, RHODE, AND WELL PEOPLE.

86. Slide 86: Q4 FY 2026 brands and retail partners

    elf rhode = Naturium . MECCA _ Walmart >,<

87. Slide 87: FY 2027 gross margin outlook

    FY 2027 GROSS MARGIN OUTLOOK +250 BPS YOY +200 BPS PREVI OUSLY

88. Slide 88: Fiscal outlook, flat gross margin excluding refunds

    FISCAL 27 OUTLOOK FLAT GR OSS MARGIN EXCLUDING REFUNDS

89. Slide 89: 2H gross margin outlook

    2H GROSS MARGIN OUTLOOK LOWER YEAR OV ER YEAR

90. Slide 90: FY marketing & digital outlook

    F Y 2 0 2 7 M A R K E T I N G & D I G I TA L O U T L O O K + 23-25 % NET SALES

91. Slide 91: FY 2027 adj. EBITDA outlook

    FY 2027 ADJ. EBITDA OUTLOOK + 26-27 % GROWTH YOY + 20-21% PREVIOUSLY

92. Slide 92: FY 2027 adj. EBITDA outlook

    FY 2027 ADJ. EBITDA OUTLOOK + 50 BPS YOY + 20 BPS PREVIOUSLY

93. Slide 93: FY 2027 adj. EBITDA outlook

    FY 2027 ADJ. EBITDA OUTLOOK Reinvest tariffs Lower prices Marketing investments $52M IN TARIFF REFUNDS TO DATE REFLECTED IN COGS; ADDITIONAL $2M IN INTEREST ALSO RECEIVED YTD

94. Slide 94: 2H adj. EBITDA margin outlook

    2H ADJ. EBITDA MARGIN OUTLOOK LOW-TEENS Reinvestments Timing of marketing spend EXPECTED 2H FY 2027 ADJUSTED EBITDA MARGINS.

95. Slide 95: Naturium

    NATURIUM Multi-Actiye Exosome Serum BIOMIMETIC ExOsons PEPTIDES & ANTIOxinay, 1.0 FLOZ/30m

96. Slide 96: Q2 FY 2027 Earnings

    elf BEAUTY Q2 FY 2027 EARNINGS

e.l.f. Beauty — Q2 FY2027 Earnings Presentation on 6ix