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 PRESTIGE PRICE EXCLUSIVE DISTRIBUTION ~$20-40 AUR ~$20 AUR ACCESSIBLE DISTRIBUTION ~$5 AUR MASS PRICE 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 1 2 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. 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