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Coty Color Cosmetics Improvement

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Coty Color Cosmetics Improvement COTY SECOND QUARTER FY20 RESULTS February 5, 2020 2Q20: PROGRESS CONTINUES ▪ Turnaround progressing as planned ▪ Momentum in gross margin and cash ▪ FY20 targets confirmed ▪ Reshaping of portfolio on track ➢ Strategic review well underway ➢ New partnership with Kylie Jenner 2 TURNAROUND ACTIVATION Progress to Date STRENGTHENING LEANER & MORE MARKETING GROSS MARGIN ALIGNED FUNDAMENTALS FOCUS ORGANIZATION ▪ 8% increase in ▪ Selective price ▪ New organizational working media, increases structure being implemented outsized spend ▪ Active mix behind priority management ▪ brands Stepped up service levels and forecast ▪ Better alignment ▪ accuracy Continuing to refine between sell-in mix between and sell-out ▪ traditional and Beginning to digital media execute on fixed cost restructuring INITIAL POSITIVE SIGNALS – BUILDING A HEALTHIER BASE Drivers of improvement: Consumer Beauty – 1H20 Net Rev Per Unit Growth ~6% • Active net price management • Revenue mix management ~2% ~2% • More disciplined promos North America Europe Total Consumer Beauty Luxury Market Price per Unit Growth Drivers of improvement: • Reduction in promos • Intentional pullback on margin dilutive Avg = ~4% giftsets • Active net price management #1 Market #2 Market #3 Market Fragrance Giftset Avg ASP Growth Source: Coty, NPD 4 INITIAL POSITIVE SIGNALS – TANGIBLE PROGRESS IN MASS COSMETICS United Kingdom Coty Color Cosmetics Improvement USA Nielsen Global Mass Color Cosmetics Coty • Coty’s color cosmetics sell-out • Coty’s cosmetics sell-out remains improved by ~140 bps* over pressured in mass retail, though underperformance gap has been the past year driven by Rimmel -2.3% moderating* and Max Factor -3.3% • Rimmel the only brand in UK • Including momentum on Amazon, Coty’s cosmetics sell-out >100bps mass cosmetics growing -6.8% better than Nielsen measures penetration -8.1% • Last 52-wks Last 26-wks Last 12-wks Gaining share in mass fragrances Germany Australia 10 Rimmel - Contribution to • Coty’s color cosmetics sell-out 5 Penetration Growth • Coty’s cosmetics sell-out improved by ~170 bps* during 0 improved by ~770bps* during past year driven by Max Factor -5 past year driven by Sally Hansen distribution gains -10 and Rimmel -15 • Strong momentum in Bruno Actual Contribution (000,000s) -20 -25 Banani and adidas in core 05 Nov 17 28 Jan 18 22 Apr 18 15 Jul 18 07 Oct 18 30 Dec 18 24 Mar 19 16 Jun 19 08 Sep 19 categories Heavy Buyer Medium Buyer Light Buyer All Buyers Source: Nielsen * Comparing the sell-through trend in the last 12 weeks vs. the last 52 weeks 5 CONTINUED PROGRESS– E-COMMERCE GROWTH E-Commerce Revenue Share Luxury (% of Revenues) ~20% Revenue • Coty’s e-commerce revenue share 15% Growth relatively consistent with Lux fragrance market 12% • Strong momentum despite current 9% limited presence on Tmall ~20% Revenue Growth 6% Consumer Beauty 3% • Significant progress, with particular strength on Amazon 0% Luxury Consumer Beauty ➢ Cyber Weekend sales growth >80% 1H19 1H20 YoY in both the U.S. and the U.K. ➢ Gaining color cosmetics market share on Amazon in core countries (U.S., U.K., Germany) Source: Coty Inc, third-party data 6 RECENT CLEAN LABEL LAUNCHES ▪ Vegan & Cruelty-free ▪ Eco-friendly/recycled packaging ▪ Naturally-derived ingredients ▪ Excludes parabens, sulphates, phthalates, and other contested ingredients COTY SUSTAINABILITY AMBITIONS Accelerate the INCLUSIVE TRAINING of our teams and maximize our DIVERSITY Committed to gender balance in our leadership Drive PRODUCT INNOVATION with positions * Broaden the measurement and reduction SUSTAINABILITY and circular economy in mind of GENDER PAY GAPS** Continue to support FROM B CHARTER FOR CHANGE * Grade 1-5 ** 5 biggest markets Include sustainability criteria in 2 Y the conception of ALL NEW PRODUCTS 0 2 Ensure 95% associates complete and share progress on our High Profile 2 0 COMPLIANCE training annually Ingredient management process. 0 2 5 Improve RESPONSIBLE SOURCING Mobilize GLOBAL CITIZEN 500,000 COTY and TRANSPARENCY in our supply actions behind Coty campaigns BEAUTY chains B Y Protect and conserve natural resources to achieve a THAT Aim to purchase 100% mass 2 HEALTHY, CLEAN AND SAFE ENVIRONMENT balance certified PALM OIL for 0 LASTS our production sites 2 REDUCE OUR ABSOLUTE 2 CO2 EMISSIONS across entire 100% responsibly sourced B value chain* by -30% Indian MICA Y Continue ENERGY REDUCTION* by -25% 2 LESS AND BETTER PACKAGING B 0 and switch to 100% RENEWABLE ENERGY Y 100% of the packaging for new products will 3 2 Further REDUCE, RE-USE OR RECYCLE include RECYCLED material or be 0 Send ZERO WASTE TO LANDFILL and RECYCLE 0 RECYCLABLE, REUSABLE or COMPOSTABLE 2 80% OF ALL WASTE generated * Baseline 2017 5 2Q20 REVENUE Results In-line with Expectations 2Q20 REVENUE GROWTH • 2Q20 revenue trend in-line with Total Revenue LFL guidance -1.4% • Solid Luxury and Professional Beauty LFL, with sequential Consumer Beauty improvement -6.6% • Continued focus on building a LFL BY DIVISION healthier business supported by robust gross margin 4.4% 5.1% 1.3% improvement 2.2% -6.7% -7.8% Luxury Consumer Beauty* Professional Beauty *excludes Younique 1Q20 2Q20 9 LUXURY BRAND HIGHLIGHTS 10 LUXURY 2Q20 RESULTS Strong Profit Growth ▪ Solid growth on high comparables 2Q20 REVENUE GROWTH ▪ Good sell-out performance: Total Revenue LFL ➢ Tiffany & Love, Gucci make-up ▪ We are cutting low value sales, temporarily driving negative LFL 1.3% in Q3, so as to strengthen the business quality -0.1% ▪ Strong upcoming launch pipeline: Hugo Boss Alive, CK Everyone, among others ▪ Gross margin strongly up, particularly in skincare ADJUSTED OPERATING MARGIN 18.3% 17.4% 2Q19 2Q20 11 CONSUMER BEAUTY BRAND HIGHLIGHTS 12 CONSUMER BEAUTY 2Q20 RESULTS Gradual Improvement ▪ Improving performance gap vs. overall 2Q20 REVENUE GROWTH market Total Revenue LFL ▪ Priority brand-country combos declined low single digits, ahead of divisional -6.7% average -17.4% ▪ Launched clean label products for Sally Hansen and CoverGirl ADJUSTED OPERATING MARGIN ▪ Europe trends continuing to strengthen, North America performance mixed, 6.1% ALMEA continues to reflect proactive 5.6% efforts to establish a healthier business 2Q19 2Q20 13 PROFESSIONAL BEAUTY BRAND HIGHLIGHTS 14 PROFESSIONAL BEAUTY 2Q20 RESULTS Solid Revenue Growth ▪ Steady growth in Europe 2Q20 REVENUE GROWTH Total Revenue LFL ▪ ghd continues to deliver solid growth on the back of strong launches 2.2% ▪ Continued margin strength 0.6% ADJUSTED OPERATING MARGIN -10 bps 17.3% 17.2% 2Q19 2Q20 15 2Q20 COTY MARGINS CONTINUE TO IMPROVE ▪ Strong gross margin expansion supported by divisional mix and organizational focus ▪ Working media up sizeably, with overall A&CP down slightly on lower promotions ▪ Robust adjusted operating margin expansion driven by increased gross margin ▪ 1H20 adjusted operating income growth of 8.5% on a constant currency and scope basis ▪ EPS increased ~$0.03 YoY, including one-time tax benefit of $0.015 per share Adjusted Gross Margin Adjusted Operating Margin Adjusted EPS 63.4% 13.9% $0.27 62.1% $0.24 12.8% 2Q19 2Q20 2Q19 2Q20 2Q19 2Q20 16 Q2 FREE CASH FLOW GROWTH 2Q20 Adj Operating Income 325 Depreciation 101 Adj EBITDA 426 ▪ 2Q20 FCF up significantly YoY, supported by improvement in Net Working Capital Noncash Addbacks 74 Working Capital (incl one-off costs) 46 ▪ Driven by underlying Receivables and Capex (59) Inventory reduction Interest (Cash) (86) Tax (Cash) (38) ▪ Capex lower by $67M Free Cash Flow 364 ▪ Dividends (67) FX negatively impacted debt by $102M Younique Divestiture, Buyout of Southeast Asia JV, and Other (34) ▪ Progress on deleveraging, with key step Cash Available for Debt Paydown 262 change expected post strategic review Net Debt - Closing (12/31/19) 7,206 LTM Adj EBITDA 1,352 Net Debt / Adj EBITDA 5.3x FY20 OUTLOOK Targets Reaffirmed LFL NET REVENUES Stable to slightly down YoY ADJUSTED OI +5-10% YoY (At Constant Scope Strong working media reinvestment and Currency) ADJUSTED EPS Mid-single digit growth YoY FREE CASH FLOW Moderate improvement YoY STRATEGIC REVIEW 1. Strong business delivery, teams fully focused 2. Multiple, strong interests confirmed 3. Information Memoranda distributed, progressing inline with initial timeline 19 KYLIE PARTNERSHIP ▪ Transaction closed January 6, 2020 ▪ Christoph Honnefelder appointed CEO ▪ Ended CY19 with over $200M in revenues ➢ Very strong Black Friday and Cyber Monday results ➢ Strong skin care start ➢ Next 12 months focus will be on skincare and preparing for rapid expansion ▪ Continue to expect partnership to be EPS neutral for CY20, and growth accretive to pro forma Coty LFL by FY21 CONCLUSION: PROGRESS CONTINUES ▪ Turnaround progressing as planned ▪ Momentum in gross margin and cash ▪ FY20 targets confirmed ▪ Reshaping of portfolio on track ➢ Strategic review well underway ➢ New partnership with Kylie Jenner 21 Q&A DISCLAIMER Forward-Looking Statements Certain statements in this presentation are forward-looking statements. These forward-looking statements reflect Coty Inc.’s (“Coty’s”) current views with respect to, among other things, Coty’s turnaround plan announced on July 1, 2019 (the “Turnaround Plan”), strategic planning, targets, segment reporting and outlook for fiscal year 2020 and future reporting periods (including the extent and timing of revenue, profit and EPS trends and changes in operating cash flows and cash flows from operating activities and investing activities), the strategic review of Coty’s Professional Beauty business, associated hair and nail brands sold by its Consumer Beauty division
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