Q4 FY 2021 EARNINGS WEBCAST MAY 26, 2021 SKIN 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 Q4 FY 2021 FY 2022 RESULTS RESULTS OUTLOOK NINE CONSECUTIVE QUARTERS OF NET SALES GROWTH +24% +16% +11% +10% +7% +8% +8% +7% +3% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 19 FY 20 FY 20 FY 20 FY 20 FY 21 FY 21 FY 21 FY 21 NET SALES GROWTH BY QUARTER, EXCLUDING E.L.F. STORES (CLOSED IN FEBRUARY 2019) SALES TREND - TOP 5 COLOR COSMETICS BRANDS E.L.F. 10 +5% 0 -10 -20 MAYBELLINE L’OREAL -17% -19% COVERGIRL -30 -25% REVLON -40 Maybelline L'Oreal Cover Girl -35%Revlon e.l.f. NIELSEN XAOC LATEST 52 WEEKS ENDING 3/27/2021 SHARE TREND (BPS) - TOP 5 COLOR COSMETICS BRANDS E.L.F. E.L.F. +100 100 5.7% SHARE 50 0 -50 MAYBELLINE -100 L’OREAL -70 -60 -150 COVERGIRL -130 -200 REVLONRevlon Cover Girl L'Oreal Maybelline e.l.f. -200 NIELSEN XAOC LATEST 52 WEEKS ENDING 3/27/2021 LEADING WITH PURPOSE e.l.f. Beauty stands with every eye, lip, face and paw. ENCOURAGE EMPOWER EMBODY SELF-EXPRESSION OTHERS OUR ETHICS BOARD OF DIRECTORS EMPLOYEE BASE 1 OF 5 >60% U.S. PUBLIC COMPANIES MILLENNIAL AND GEN Z >55% >75% WOMEN WOMEN >20% >40% BLACK REPRESENTATION DIVERSE EMPLOYEE BASE INCLUDES EMPLOYEES IN THE US, CANADA AND UK PROJECT UNICORN ELIMINATED 650K LBS OF PACKAGING EXECUTING ON OUR FIVE STRATEGIC IMPERATIVES DRIVE DOUBLE DRIVING LEADING COST BRAND DOWN PRODUC- INNOVATION SAVINGS DEMAND DIGITAL TIVITY DRIVE BRAND DEMAND NEW ~12M FOLLOWERS +18% GROWTH INCLUDES SOCIAL MEDIA FOLLOWERS AND BEAUTY SQUAD MEMBERS. GROWTH RELATIVE TO PRIOR YEAR +29% EMV GROWTH EMV = EARNED MEDIA VALUE. SOURCE: TRIBE DYNAMICS EMV = EARNED MEDIA VALUE. MUSIC GAMING TRANSCENDING BEAUTY BOUNDARIES ORIGINAL CONTENT BRAND-ON-BRAND CREATION PARTNERSHIPS MUSIC #EYESLIPSFACE ONE OF MOST VIRAL CAMPAIGNS IN TIKTOK HISTORY TOVE LO TIANA MAJOR9 PITIZION GAMING FIRST MAJOR BEAUTY BRAND TO LAUNCH A BRANDED CHANNEL ON TWITCH LUFU ANNA #2 FEMALE GAMER IN THE WORLD E.L.F. GLOBAL MAKEUP ARTIST ORIGINAL CONTENT CREATION to be designed #EYESLIPSFAMOUS FIRST-EVER TIKTOK REALITY SHOW 38M >3K VIEWS SUBMISSIONS “Tiktok provides a platform for brands like few other mediums can. e.l.f. looks likely to be the shape of things to come.” TELEVISION BUSINESS JOURNAL BRAND-ON-BRAND PARTNERSHIPS WE LIT A ON MARCH 10 CHIPOTLEGOODS.COM ELFCOSMETICS.COM NTWRK SOLD OUT SOLD OUT SOLD OUT 9 MINUTES 3 DAYS 10 MINUTES BRAND-BUILDING EFFORTS CONTINUE TO WIN AWARDS GLOSSY 50 2020: BEAUTY’S MOST POWERFUL 2020 #7 MARKETER OF INDUSTRY TRANSFORMATION BRANDS IN 2020 THE YEAR 1 OF 10 BRAND GENIUS AGE-TARGETED MARKETING: FIRST- 2020 NEWSMAKER IN 2020 EVER TIK TOK REALITY SHOW OF THE YEAR WINNER IN TIKTOK 1 OF 10 BRAND TITANS BEAUTY AND FASHION PRESENCE ON TIKTOK CREATOR OF THE YEAR 32 8 VOTES SHY OF GEN-Z #1 FAVORITE #2 SPRING 2021 #4 SPRING 2020 #6 SPRING 2019 PIPER SANDLER’S SEMI-ANNUAL TEEN SURVEY, APRIL 2021 SOULCARE, n. Inner peace + outer glow. A state of overall well-being where we find our balance and share our light. >15B PRESS IMPRESSIONS KEYS SOULCARE AWARDS BEAUTY AWARDS: HELLO GIGGLES 2021 HEALTH 2021 BEAUTY INSTYLE BEAUTY BYRDIE: ESSENCE SELF BEAUTY AWARDS SELF CARE BEAUTY CRUSH AWARDS AWARDS WINNER EDITORS' PICK THE BEST ECO BEAUTY AWARDS SUPERSTARS / SCENT BODYCARE PRODUCTS SUPERSTARS SAGE + OAT MILK OBSIDIAN FACIAL HARMONY MASK COMFORTING BALM COMFORTING BALM BEST IN BLACK BEAUTY COMFORTING BALM CANDLE ROLLER JANUARY FEBRUARY FEBRUARY APRIL APRIL MAY UNDER EMBARGO (WENT LIVE APRIL) (LIVE EARLY JUNE) CONFIDENTIAL MORE THAN AN ICON, AN INSPIRATION I think that’s what sets Keys Soulcare apart. The mission is equal “ parts meditation and moisturizer, and there is no other brand educating customers on the energetic aspect of skincare in quite the same way.” STRONG CONSUMER ENGAGEMENT Recharging Our Brand BEFORE AFTER BEFORE AFTER 42 BEFORE AFTER 43 BEFORE AFTER 44 BEFORE AFTER BEFORE AFTER DOUBLE DOWN ON DIGITAL TRIPLE DIGIT GROWTH FY 2021 DIGITAL CONSUMPTION YEAR-OVER-YEAR GROWTH DIGITAL COMMERCE PENETRATION 9 % 17 % FY 2020 FY 2021 ~75% NEW CONSUMERS SHOPPING ELFCOSMETICS.COM % OF NEW CONSUMERS PURCHASING ON ELFCOSMETICS.COM, FY 2021 >2.4M MEMBERS ~40% GROWTH ~70% OF SALES ON ELFCOSMETICS.COM BEAUTY SQUAD LOYALTY MEMBERS AS OF 3/31/2021 | FY 2021 GROWTH IN TOTAL ENROLLMENT VERSUS PY LEADING INNOVATION STRENGTH IN CORE SEGMENTS #1 #1 #2 #2 #2 BRUSHES PRIMERS CONCEALER EYEBROW SPONGES $ SHARE $ SHARE $ SHARE UNIT SHARE $ SHARE NIELSEN XAOC LATESTEXCLUDES 52 WEEKS PRIVATE ENDING LABEL 3/27/2021, PRESTIGE QUALITY EXTRAORDINARY PRICES SKINCARE FOCUS SKINCARE CONSUMPTION + 22% E.L.F. -3% SKINCARE CATEGORY YOY CONSUMPTION GROWTH. NIELSEN XAOC LATEST 52 WEEKS ENDING 3/27/2021 OFFERINGS THAT CARE FOR THE WHOLE SELF DERMATOLOGIST-DEVELOPED, SKIN-NOURISHING SOUL-NURTURINGSOUL-NURTURING RITUALS CLEAN FORMULAS INGREDIENTS RITUALS DR. RENÉE SNYDER 4.9 OUT OF 5 STARS ON KEYSSOULCARE.COM ***** ***** ***** ***** "ABSOLUTELY LOVE IT! IT “DOES NOT LEAVE MY “THE BALM “THIS CREAM IS IS SO CALMING AND SENSITIVE SKIN DRY IS THE PERFECT. IT LEAVES MY RELAXING. I MAY NEED A AFTER USING IT. BOMB!” FACE SOFT, HYDRATED, CANDLE SUBSCRIPTION.” THANK YOU!” AND REFRESHED.” DRIVING PRODUCTIVITY INDUSTRY-LEADING PRODUCTIVITY EXPANDED SPRING 2021 AVERAGE LINEAR FEET PER STORE ~11 FEET ~ 8 ~ FEET 6 FEET TARGET ULTA WALMART FY 2021 INTERNATIONAL SALES TREND - TOP 10 U.K. MASS COLOR COSMETICS BRANDS RIMMEL -25% MAYBELLINE -22% L’OREAL -30% MAX FACTOR -34% REVOLUTION -35% #8 COLLECTION -30% CY 2020 REVLON -38% E.L.F. +2% +2% PRIVATE LABEL -37% NYX -31% -40 NIELSEN-30 U.K. LATEST 52 WEEKS-20 ENDING 12/26/2020 -10 0 10 NEW CUSTOMERS COST SAVINGS +80 BPS 65% GROSS MARGIN FY 2021 COST SAVINGS STRONG GROSS MARGIN LEAN MANUFACTURING EW LL PEOPLE COGS SAVINGS INVEST IN SHARPEN BRAND RECHARGE PRICING SUPPLY CHAIN IN CHINA DELIVERS BEST COMBINATION OF: COST QUALITY SPEED PERSPECTIVE ON FY 2022 BE E.L.F.ING SIGNIFICANT DISRUPTIVE WHITESPACE NEW DIGITAL UNEXPECTED CATEGORIES GEOGRAPHIES FRONTIERS PARTNERSHIPS BRANDS PRESTIGE PRICE EXCLUSIVE DISTRIBUTION ~$20-40 AUR ~$20 AUR ACCESSIBLE DISTRIBUTION ~$9 AUR ~$5 AUR MASS PRICE MANDY FIELDS SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER +24% +10% NET SALES ADJ. EBITDA GROWTH GROWTH Q4 FY 21 +12% NET SALES GROWTH FY 2021 NET SALES DRIVERS NATIONAL KEYS SOULCARE E-COMMERCE INTERNATIONAL RETAILERS EW LL PEOPLE FY 2021 +80 BPS 65% GROSS MARGIN FY 2021 GROSS MARGIN BENEFITS INNOVATION COST SAVINGS E-COMMERCE FX FY 2021 ADJUSTED SG&A 52% 49% FY 2020 FY 2021 MARKETING & DIGITAL INVESTMENT 16% 13% FY 2020 FY 2021 1 9% MARGIN $61M ADJUSTED EBITDA FY 2021 ADJUSTED NET INCOME ADJUSTED EPS $37M $0.71 $32M $0.63 FY 2020 FY 2021 FY 2020 FY 2021 STRONG LIQUIDITY > $130 MILLION CASH ON HAND + REVOLVING CREDIT FACILITY CASH BALANCE $46M $58M Q4 FY 2020 Q4 FY 2021 REFINANCING IMPROVED $200M TERMS CREDIT INCREASED FACILITY FLEXIBILITY INVENTORY $69M $57M Q3 Q4 FY 2021 FY 2021 CASH PRIORITIES INVESTING IN SUPPORTING FIVE STRATEGIC OUR STRATEGIC IMPERATIVES EXTENSIONS 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 NET SALES ADJUSTED EBITDA +8% TO 10% $66.0M TO $67.5M FISCAL 2022 OUTLOOK ADJUSTED EPS ADJUSTED NET INCOME $0.64 TO $0.67 $35.0M TO $36.8M FY 2022 NET SALES DRIVERS GLOBAL CONTAINER EW LL PEOPLE SHORTAGE KEYS SOULCARE NO MAJOR SPACE GAINS E.L.F. COSMETICS ADJUSTED EBITDA +5-10 BPS FY 2022 COMMENTARY GROSS MARGIN DRIVERS MATERIAL AND FX PRICE TRANSPORTATION COST SAVINGS HEADWINDS INCREASES COSTS FY 2022 COMMENTARY SG&A LEVERAGE NON- SCALING KEYS MARKETING SOULCARE AND SPEND EW LL PEOPLE FY 2022 COMMENTARY Q1 FY 2022 EXPECTATIONS STRONG NET SALES YEAR-OVER-YEAR GROWTH EBITDA MARGIN PRESSURE STIMULUS GROSS MARGIN SPENDING PRESSURE ONGOING MARKETING MOMENTUM STEP-UP INCLUSIVE. ACCESSIBLE. CRUELTY FREE. SKIN THANK YOU.