Q2 FY 2021 EARNINGS WEBCAST NOVEMBER 4, 2020 As a reminder, this call contains forward-looking statements that are based on management’s expectations – including those relating to the category trends and longer-term outlook – and are subject to known and unknown risks and uncertainties, and therefore, actual results may differ materially.

Important factors that may cause actual results to differ are detailed in today’s press release and the company’s SEC filings. In addition, the company’s presentation today includes information presented on a non-GAAP basis. We refer you to today’s press release for a reconciliation of the differences between the non-GAAP presentation and the most directly comparable GAAP measures. TARANG P. AMIN CHAIRMAN & CHIEF EXECUTIVE OFFICER TODAY’S AGENDA

1 2 3

Q2 FY 2021 GROWTH STRATEGIC RESULTS OPPORTUNITIES FRAMEWORK SEVEN CONSECUTIVE QUARTERS OF NET SALES GROWTH

+16%

+11%

+7% +8% +8% +7%

+3%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY 19 FY 20 FY 20 FY 20 FY 20 FY 21 FY 21

NET SALES GROWTH BY QUARTER, EXCLUDING E.L.F. STORES (CLOSED IN FEBRUARY 2019) Q2 FY 21 RESULTS

65% $14M GROSS ADJUSTED MARGIN EBITDA

+100 20% BPS MARGIN SHARE CHANGE (BPS) - TOP 5 COLOR BRANDS

E.L.F. E.L.F. +100 5.5% SHARE

L’OREAL -70 -80 COVERGIRL -110 -150

NIELSEN XAOC LATEST 12 WEEKS ENDING 10/3/2020 SINGLE BRAND MULTI-BRAND COMPANY HOUSE TREND DRIVEN PLANT POWERED DERMATOLOGIST DEVELOPED FOR EVERY EYE, FOR THE CLEAN FOR LIP AND FACE BEAUTY ENTHUSIAST HOLISTIC WELLNESS OUR SUPERPOWERS

CRUELTY PREMIUM ACCESSIBLE UNIVERSAL FREE QUALITY PRICES APPEAL EXECUTING ON OUR FIVE STRATEGIC IMPERATIVES

DRIVE DOUBLE LEADING COST BRAND DOWN INNOVATION PRODUC- SAVINGS DEMAND DIGITAL TIVITY DRIVE BRAND DEMAND +160% PRESS IMPRESSIONS

GEN-Z FAVORITE #

2FALL 2020 #4 FALL 2019

#8 FALL 2018 PIPER SANDLER ’TAKING STOCK WITH TEENS’ NEW

9M FOLLOWERS 10B VIEWS

6M VIDEO CREATES “AS AN EARLY INNOVATOR, E.L.F. SET THE BAR HIGH. WE’VE SEEN THEIR CREATIVITY SHINE IN A NUMBER OF CAMPAIGNS.”

KATIE PURIS, MANAGING DIRECTOR, TIKTOK to be designed

#EYESLIPSFAMOUS PRODUCTS GONE VIRAL

CONGRATULATIONS KORY MARCHISOTTO CMO, E.L.F. BEAUTY & PRESIDENT, KEYS SOULCARE

UNAIDED BRAND AWARENESS

0.4 ~30 % POINT GAP 0.3

0.2

0.1

0 E.L.F. MAYBELLINE L’OREAL COVERGIRL REVLON (AVERAGE)

BOVITZ, INC. (2020, JUNE) MAKEUP CATEGORY ATTITUDES & USAGE STUDY COMMISSIONED BY E.L.F. COSMETICS; CONFIDENTIAL & PROPRIETARY KEYS SOULCARE UNVEILED IN SEPTEMBER 6.5B PRESS IMPRESSIONS TO DATE INSTAGRAM

W3LL PEOPLE BRAND RECHARGE LAUNCHED DOUBLE DOWN ON DIGITAL ~TRIPLE DIGIT GROWTH

Q2 FY 21 DIGITAL CONSUMPTION YEAR-OVER-YEAR GROWTH #1 MASS COSMETICS E-COMMERCE SITE DIGITAL COMMERCE PENETRATION

7 % 13 %

Q2 FY 20 Q2 FY 21 ~60% GROWTH IN NEW CONSUMERS SHOPPING ELFCOSMETICS.COM

YOY GROWTH IN NUMBER OF NEW CONSUMERS PURCHASING ON ELFCOSMETICS.COM, FROM 7/1/2020 TO 9/30/2020 BEAUTY SQUAD LOYALTY PROGRAM

2.1M MEMBERS

~40% GROWTH

BEAUTY SQUAD LOYALTY MEMBERS AS OF 9/30/2020 | Q2 FY 21 GROWTH IN TOTAL ENROLLMENT VERSUS PY ELFCOSMETICS.COM

~70% OF SALES FROM BEAUTY SQUAD MEMBERS KEYSSOULCARE.COM WENT LIVE ON SEPTEMBER 29TH INNOVATION OUR SUPERPOWERS

OUR SUPERPOWERS

CRUELTY PREMIUM ACCESSIBLE UNIVERSAL FREE QUALITY PRICES APPEAL STRENGTH IN CORE SEGMENTS #1 #1 #2 #2 #2 BRUSHES PRIMERS EYEBROW SPONGES $ SHARE $ SHARE $ SHARE UNIT SHARE $ SHARE NIELSEN XAOC LATEST 12 WEEKS ENDING 10/3/2020 BEAUTY SUPERHEROES

PRIMERS CONCEALER 37.8% $ SHARE 14.6% $ SHARE +3.9 $ SHARE POINTS +6.9 $ SHARE POINTS NIELSEN XAOC LATEST 12 WEEKS ENDING 10/3/2020

SKINCARE CONSUMPTION ELFCOSMETICS.COM

>2X GROWTH

YOY CONSUMPTION GROWTH - SKINCARE VS. COLOR COSMETICS

SKINCARE PENETRATION

8% ~25%

YTD FY 21 YTD FY 21

TRACKED CHANNELS ELFCOSMETICS.COM KEYS SOULCARE LAUNCH TIMELINE

DECEMBER 3, EARLY 2020 2021

FIRST 3 GLOBAL SKINCARE PRODUCTS COLLECTION LAUNCH (ONLINE) (ONLINE AND IN STORES) MULTI-CATEGORY MULTI-YEAR PRODUCT PIPELINE LEADING PRODUCTIVITY SALES GROWTH - TOP 5 COLOR COSMETICS BRANDS

E.L.F. +3% 7.5

0

-7.5

-15

-22.5 MAYBELLINE L’OREAL -19% -20% COVERGIRL -30 -24% Maybelline L'Oreal Cover Girl REVLONRevlon e.l.f. -30%

NIELSEN XAOC LATEST 12 WEEKS ENDING 10/3/2020 SHARE CHANGE (BPS) - TOP 5 COLOR COSMETICS BRANDS

E.L.F. E.L.F. 120 +100 5.5% 80 SHARE

40

0

-40

-80 L’OREAL MAYBELLINE -70 -120 -80 COVERGIRL -110 -160 REVLON Maybelline L'Oreal Cover Girl Revlon e.l.f. -150

NIELSEN XAOC LATEST 12 WEEKS ENDING 10/3/2020 PROJECT UNICORN INSPIRED MERCHANDISING PROGRAMS trending on EXPANDED FALL 2020 AVERAGE LINEAR FEET PER STORE

~11 FEET

WALMART TARGET ULTA

FY 2020 EXPANDING SPRING 2021 EXPANDING SPRING 2021 EXCLUSIVE NATIONAL RETAIL PARTNER IN THE U.S. 6 OF BEST-SELLING SKUS NOW FEATURED IN STORES COST SAVINGS COST SAVINGS

STRONG GROSS MARGIN

LEAN MANUFACTURING COST PER UNIT

-15%

REDUCTION IN AVERAGE COST/UNIT FOR CAMO CONCEALER SINCE LAUNCH EW LL PEOPLE

COGS SAVINGS

INVEST IN SHARPEN BRAND RECHARGE PRICING STRATEGIC FRAMEWORK BEST OF BEAUTY ACCESSIBLE TO EVERY EYE, LIP AND FACE THE BOLD DISRUPTOR WITH A KIND HEART. INCLUSIVE, ACCESSIBLE, CRUELTY-FREE BEAUTY. LEVERAGE INVESTMENTS IN TEAM AND INFRASTRUCTURE EXCLUSIVE DISTRIBUTION ~$20-40 AUR MASS PRICE PRESTIGE PRICE PRESTIGE ~$20 AUR

~$5 AUR ACCESSIBLE DISTRIBUTION ACCESSIBLE MOVING AT E.L.F. SPEED

LEANING INTO POSITIONING DIGITAL STRENGTH OURSELVES TO AND CORE VALUE CONTINUE TO GAIN PROPOSITION MARKET SHARE MANDY FIELDS SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER TODAY’S AGENDA

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Q2 FY 2021 FISCAL 2021 RESULTS GUIDANCE Q2 FY 21 NET SALES

+7% $72 MILLION COLOR COSMETICS SALES GROWTH

20% 15% 15% 12% 12% 11% 10% 5% 2% 2% 0% 0% 0% -1%

-10% -10% -11% -12% -11% -15% -16% -15%

-20% E.L.F. -28% -30% COLOR COSMETICS GOVERNMENT CATEGORY -35% STIMULUS IMPACT

-40% JAN 20 FEB 20 MAR 20 APR 20 MAY 20 JUN 20 JUL 20 AUG 20 SEPT 20 OCT 20

YOY $ SALES GROWTH, NIELSEN XAOC ENDING 10/3/2020 +100 BPS 65% GROSS MARGIN

Q2 FY 21 ADJUSTED SG&A

51% 51%

Q2 FY 20 Q2 FY 21 MARKETING & DIGITAL 1H FY 2021 INVESTMENT

15% 14% 12-14%

Q2 FY 20 Q2 FY 21 Q2 FY 21 ADJUSTED EBITDA

20% $14 MARGIN MILLION ADJUSTED NET INCOME ADJUSTED EPS

$8M $8M $0.15 $0.16

Q2 FY 20 Q2 FY 21 Q2 FY 20 Q2 FY 21 STRONG LIQUIDITY

> $90 MILLION

CASH ON HAND + REVOLVING CREDIT FACILITY CASH BALANCE

$59M $41M

Q2 FY 20 Q2 FY 21 CASH PRIORITIES

INVESTING IN KEYS EW LL PEOPLE FIVE STRATEGIC SOULCARE BRAND IMPERATIVES LAUNCH RECHARGE NET SALES ADJUSTED EBITDA +5% TO 7% $57M TO $60M

FISCAL 2021 GUIDANCE

ADJUSTED EPS ADJUSTED NET INCOME $0.59 TO $0.63 $31M TO $33M NET SALES DRIVERS

MACRO VOLATILITY

SPACE EXPANSION TOUGH COMPARES

E-COMMERCE MERCHANDISING

KEYS SOULCARE FX

GM BENEFIT GM HEADWIND KEYS SOULCARE - FY 2021

NET SALES MODEST CONTRIBUTION GROSS MARGIN ~NEUTRAL TO CORPORATE GM MARKETING $5-6M NET SALES GROWTH EBITDA MARGINS

Q3>Q4 Q3>Q4 LONG-TERM ECONOMIC MODEL

MID TO OUTPACE HIGH SINGLE SALES DIGITS GROWTH

NET SALES CAGR ADJUSTED EBITDA CAGR

CAGR REPRESENTS EXPECTATIONS OVER A 3 YEAR TIME FRAME, FROM FY 2022 TO FY 2024 INCLUSIVE. ACCESSIBLE. CRUELTY FREE. THANK YOU