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 COSMETICS BRANDS E.L.F. E.L.F. +100 5.5% SHARE L’OREAL MAYBELLINE -70 -80 COVERGIRL -110 REVLON -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 CONCEALER 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 ULTA BEAUTY 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 PRESTIGE PRICE EXCLUSIVE DISTRIBUTION ~$20-40 AUR ~$20 AUR ACCESSIBLE DISTRIBUTION ~$5 AUR MASS PRICE 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 1 2 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. 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