Q3 Fy 2021 Earnings Webcast February 3

Q3 FY 2021 EARNINGS WEBCAST FEBRUARY 3, 2021 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

Q3 FY 2021 GROWTH STRATEGIC RESULTS OPPORTUNITIES FRAMEWORK EIGHT CONSECUTIVE QUARTERS OF NET SALES GROWTH

+16%

+11% +10% +7% +8% +8% +7%

+3%

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

NET SALES GROWTH BY QUARTER. FY 19 - FY 20 GROWTH RATES EXCLUDE E.L.F. STORES (CLOSED IN FEBRUARY 2019) Q3 FY 21 RESULTS

$89M $18M NET ADJUSTED SALES EBITDA

+10% 21% GROWTH MARGIN 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 SALES TREND - TOP 5 COLOR COSMETICS BRANDS

0 E.L.F. -10 -2%

-20 MAYBELLINE L’OREAL -17% -18% COVERGIRL -30 -25%

-40 Maybelline L'Oreal Cover Girl REVLONRevlon e.l.f. -40%

NIELSEN XAOC LATEST 12 WEEKS ENDING 12/26/2020 SHARE TREND (BPS) - TOP 5 COLOR COSMETICS BRANDS

E.L.F. E.L.F. 150 MAYBELLINE +100 5.9% L’OREAL +50 SHARE 75 +10

0

-75 COVERGIRL -150 -70

-225 REVLON -300 -220 Revlon Cover Girl L'Oreal Maybelline e.l.f.

NIELSEN XAOC LATEST 12 WEEKS ENDING 12/26/2020 NEW

9M FOLLOWERS +11% GROWTH +16% EMV GROWTH EMV = EARNED MEDIA VALUE. SOURCE: TRIBE DYNAMICS EMV = EARNED MEDIA VALUE. CONTINUING TO EXPLORE NEW FRONTIERS

NEWSMAKER OF THE YEAR 2020 NEWSMAKER OF THE YEAR AD AGE TOP 10 MARKETERS OF THE YEAR

FIRST RITUAL LAUNCHED IN DECEMBER COLLECTION EXPANDED IN JANUARY >10B PRESS IMPRESSIONS 100M SOCIAL FOLLOWERS

BRINGING THE BRAND RECHARGE TO LIFE DOUBLE DOWN ON DIGITAL ~TRIPLE DIGIT GROWTH

Q3 FY 21 YEAR-TO-DATE DIGITAL CONSUMPTION YEAR-OVER-YEAR GROWTH DIGITAL COMMERCE PENETRATION

10 % 16 %

Q3 FY 20 Q3 FY 21 ~60% NEW CONSUMERS SHOPPING ELFCOSMETICS.COM

% OF NEW CONSUMERS PURCHASING ON ELFCOSMETICS.COM, FROM 10/1/2020 TO 12/31/2020 BEAUTY SQUAD LOYALTY PROGRAM 2.3M MEMBERS

~40% GROWTH

~70% OF SALES ON ELFCOSMETICS.COM

BEAUTY SQUAD LOYALTY MEMBERS AS OF 12/31/2020 | Q3 FY 21 GROWTH IN TOTAL ENROLLMENT VERSUS PY BEAUTY SQUAD EARLY ACCESS THE UNIQUENESS OF KEYS SOULCARE

CONTENT CONVERSATION COMMUNITY INNOVATION STRENGTH IN CORE SEGMENTS #1 #1 #2 #2 #2 BRUSHES PRIMERS CONCEALER EYEBROW SPONGES $ SHARE $ SHARE $ SHARE UNIT SHARE $ SHARE NIELSEN XAOC LATEST12/26/2020, 12 WEEKS EXCLUDESENDING PRIVATE LABEL POWERHOUSE INNOVATION ENGINE Make this a Camo CC cream slide, maybe with some of our internal video showing what it is, the benefits, and before/after, and also include some TikTok videos showing consumers comparing it to the IT Cosmetics CC Cream CAMO CC CREAM $14 VS. A PRESTIGE EQUIVALENT $40

SKINCARE CONSUMPTION + 17% E.L.F.

-5% SKINCARE CATEGORY

YOY CONSUMPTION GROWTH. NIELSEN XAOC LATEST 12 WEEKS ENDING 12/26/2020 SKINCARE PENETRATION

8% ~25%

TRACKED ELFCOSMETICS.COM CHANNELS AMAZON.COM

LATEST 12 WEEKS THROUGH DECEMBER 2020

OFFERINGS THAT CARE FOR THE WHOLE SELF

DERMATOLOGIST-DEVELOPED, SKIN-NOURISHING SOUL-NURTURINGSOUL-NURTURING RITUALS CLEAN FORMULAS INGREDIENTS RITUALS

DR. RENÉE SNYDER

LEADING PRODUCTIVITY FIT MORE ITEMS ON SHELF 3 PATENTS

PROJECT UNICORN

ELEVATE BRAND PRESENTATION

BETTER DISPLAY ELIMINATED 650K LBS OF PACKAGING SHELF SPACE EXPANSION EXPANDED FALL 2020 EXPANDING SPRING 2021 EXPANDING SPRING 2021 EXPANDING SPRING 2021 29 COUNTRIES U.S. U.K. 8 COUNTRIES (ONLINE) (ONLINE & IN STORES) (ONLINE) (ONLINE & IN STORES) COST SAVINGS GROSS MARGIN 64%

61% 61% 61%

58%

52%

47%

FY14 FY15 FY16 FY17 FY18 FY19 FY20

FY14–FY18 REPRESENT DECEMBER 31 YEAR END, FY19–FY20 REPRESENT MARCH 31 YEAR END MITIGATING FX IMPACT

PRICING

SUPPLIER CONCESSIONS

SG&A LEVERAGE STRATEGIC FRAMEWORK EXCLUSIVE DISTRIBUTION ~$20-40 AUR MASS PRICE PRESTIGE PRICE PRESTIGE ~$20 AUR

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

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

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Q3 FY 2021 FISCAL 2021 RESULTS OUTLOOK Q3 FY 21 NET SALES

+10% $89 MILLION Q3 FY 21 NET SALES DRIVERS

NATIONAL ORDER E-COMMERCE INTERNATIONAL RETAILERS TIMING Q3 FY 21 RESULTS

64% GROSS MARGIN ADJUSTED SG&A

49% 44%

Q3 FY 20 Q3 FY 21 MARKETING & DIGITAL INVESTMENT

15% 12%

Q3 FY 20 Q3 FY 21 Q3 FY 21 RESULTS

21% MARGIN $18M ADJUSTED EBITDA ADJUSTED NET INCOME ADJUSTED EPS

$12M $12M $0.24 $0.22

Q3 FY 20 Q3 FY 21 Q3 FY 20 Q3 FY 21 STRONG LIQUIDITY

$85 MILLION

CASH ON HAND + REVOLVING CREDIT FACILITY INVENTORY DRIVERS

NEW BRANDS

SPACE EXPANSION

FX CASH PRIORITIES

INVESTING IN KEYS EW LL PEOPLE FIVE STRATEGIC SOULCARE BRAND IMPERATIVES LAUNCH RECHARGE NET SALES ADJUSTED EBITDA +7% TO 9% $59M TO $60M

RAISED FISCAL 2021 GUIDANCE

ADJUSTED EPS ADJUSTED NET INCOME $0.63 TO $0.64 $33M TO $34M Q4 NET SALES DRIVERS

KEYS SOULCARE MERCHANDISING

ORDER TIMING TOUGHER COMPS STIMULUS MACRO VOLATILITY BUSINESS MOMENTUM ADJUSTED EBITDA

$59M TO $60M

FY 2021 GUIDANCE MITIGATING FX IMPACT

PRICE INCREASES

COST SAVINGS

SG&A LEVERAGE 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, THROUGH FY 2024 INCLUSIVE. ACCESSIBLE. CRUELTY FREE. THANK YOU