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INVESTOR PRESENTATION November 2026 2
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FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position; business strategy; the market growth for our product; our ability to meet our goals related to the market position of our product and product candidates; the potential market acceptance, demand market size, adoption rate, revenue expectations, future results of our product, product candidates and related loyalty programs, and timing and results of the company’s clinical programs, regulatory programs and product approvals, the potential performance profile of any product candidate, are forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Other factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include uncertainties associated with the success of the launch of Jeuveau® and Evolysse®, customer and consumer adoption of our products, competition and market dynamics, the application and impact of tariffs, the effects of economic conditions including trade dispute and tariffs on consumer discretionary spend, the efficiency and operability of our digital platform, the ability to successfully complete clinical programs, make regulatory filings and achieve FDA approval for Evolysse®, and our ability to maintain regulatory approval of Jeuveau® and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission and any subsequent filings, each of which is available online at www.sec.gov. All written and verbal forward-looking statements attributable to our Company or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. We may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements, and you should not place undue reliance on the forward-looking statements. The forward- looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. ADDITIONAL INFORMATION Certain of the industry, statistical and market data in this presentation was obtained from our own internal estimates and research as well as from industry and general publications and research, surveys and studies conducted by third parties. All of the market data used in this presentation involves a number of assumptions and limitations. While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, which could cause results to differ materially from those expressed in the estimates made by third parties and by us. This presentation is intended for U.S. investors. Evolus®, Jeuveau®, Nuceiva®, Evolux® and Evolysse® are a few of our trademarks that are used in this presentation. All other trademarks and tradenames are the property of their respective owners. While our botulinum toxin and Hyaluronic Acid (HA) gels have differing names outside the United States, for convenience, we refer to our botulinum toxin product as Jeuveau® and our HA gels product line as Evolysse® throughout this presentation. This presentation is intended for the investor community only; materials are not intended to promote the products referenced herein or otherwise influence healthcare prescribing decisions. NON-GAAP FINANCIAL INFORMATION Our financial results are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). This presentation includes non-GAAP financial measures. More information on the non-GAAP measures are located at the end of this presentation. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures and may differ from similarly titled measures presented by other companies. DISCLOSURES 3
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BEAUTY ACCESSIBLE BEAUTY EXPERIENCE CREATIVE EXPRESSION PERFORMANCE QUALITY SAFETY INNOVATION EFFICACY 4
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1 Within this presentation, “profitability” is defined as achieving positive Adjusted EBITDA. Please refer to “non -GAAP information” at the end of this presentation. A COMPELLING INVESTMENT OPPORTUNITY EVOLYSSE®: POSITIONED FOR MULTI-YEAR GROWTH Launched in U.S. in Q2 2025 and in Europe in Q2 2026 Cash-pay business model with a DIGITAL FIRST PLATFORM UNDERPENETRATED AESTHETICS MARKET Supports long-term growth FULLY FUNDED TO SUSTAINABLE ADJUSTED EBITDA PROFITABILITY1 Beginning in 2026 MULTI-HORIZON PIPELINE Near-term: Evolysse® Sculpt and Lips (U.S.) Mid-term: Profhilo® Long-term: Hair Regrowth JEUVEAU®: FLAGSHIP PRODUCT IS SCALED, BEAUTY FIRST TOXIN Strengthening mid-teens market share in the U.S. and expanding internationally 5
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First HA Made with Cold-X® Technology which uses near-freezing temperatures designed to preserve the natural structure of the HA molecule Demonstrates Non-Inferiority & Statistical Superiority at 6 months vs. Restylane-L® in a pivotal trial* Only HA That Recognizes Weight Loss in the patient label as a factor in wrinkle formation DIFFERENTIATED PORTFOLIO COMBINES A FAST-GROWING BEAUTY FIRST TOXIN WITH THE FIRST NEW HA TECHNOLOGY IN A DECADE Proven Performance with proven safety in 5 clinical studies and the largest Phase 3 study against BOTOX® Cosmetic Designed for Precise outcomes that result in high patient satisfaction Unique HI-PURE Manufacturing that contributes to the efficacy and safety backed up by science *In the US pivotal trial, based on blinded live evaluator assessments using the WSRS, Evolysse ® Form demonstrated statistical significance vs. control at all time-points through 12 months, and Evolysse® Smooth demonstrated statistical significance vs. control at months 6 and 9 (p<0.05) 6
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U.S. Portfolio Expansion with Three Injectable Verticals Supported by a Pipeline That Will Deliver Three New Products Over The Next Four Years • A scaled neurotoxin foundation with Jeuveau® , which has achieved 14% market share across more than 19,000 accounts and continues to outperform the market in its seventh year of commercialization • Evolysse®, a recently launched line of HA injectable gels, is the #1 market share gainer in HA injectables, with two products currently approved: Smooth and Form • Flagship Evolysse® Sculpt approval expected by year-end 2026 • Evolysse® Lips approval expected by year-end 2027 • Profhilo®, the market-leading injectable for skin quality in Europe, adds a third vertical; U.S. development is underway, with approval expected in 2030 • Early-stage, sustained-release injectable for hair regrowth, with a milestone-based option to acquire International Portfolio Expansion Supports a Growing Direct Global Presence • Nuceiva®, an emerging neurotoxin, is now launched in nine markets outside the U.S., with a direct presence in the U.K., Ireland, Spain, Germany, Austria, Italy, and Australia, and distribution partnerships in Canada and France • Estyme® collection recently launched across all European Nuceiva ® markets with four HA injectable gels covering volumization, wrinkles, and folds: Sculpt, Lips, Smooth and Form • Expanded Symatese agreement adds Estyme® rights in Canada, Australia, and New Zealand which now aligns Estyme® with all international Nuceiva® markets; launches anticipated in 2028 1. Evolus Market Research: 10-13-23 Wave 3 A&U 2. ASAPS Survey N=687 patients 3. 2024 Filler Market Research A MORE DIVERSIFIED AND SCALING PORTFOLIO 7
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NASOLABIAL FOLDS Received FDA Approval; Launched in U.S. in Q2 2025 NASOLABIAL FOLDS Received FDA Approval; Launched in U.S. in Q2 2025 FDA Approval 2019 Hair HAIR GROWTH & DENSITY Early Stage SKIN QUALITY FDA Approval in 2030 (Expected) VOLUMIZING & CONTOURING FDA Approval in 2027 (Expected) MID -FACE VOLUME FDA Approval in Q4 2026 (Expected) 8
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* Market share (U.S.) is a company estimate Note on Launched Markets: For toxin, Evolus International includes UK, Europe, Australia, and Canada; For injectable HA gels, Evolus International includes UK and Europe JEUVEAU® SHARE OF U.S. NEUROTOXIN MARKET OVER THE LAST FEW YEARS* LARGE & UNDERPENETRATED MARKETS GROWING OUR NEUROTOXIN PRESENCE IN EVOLUS IS LAUNCHED IN THE MARKETS WITH THE BIGGEST OPPORTUNITY 4% 7% 7% 9% 11% 13% 14% 0% 2% 4% 6% 8% 10% 12% 14% 16% 2019 2020 2021 2022 2023 2024 2025 U.S. Launched International Launched Evolus Owns Rights to Launch 9
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NEUROTOXINS FILLERS 7% CAGR 5% CAGR $5.9B $6.8B $3.9B Notes: Evolysse® is licensed in the U.S. only Estyme® is licensed in the UK, Europe, Canada, Australia and New Zealand. Market sizes reflect the markets in which Evolus holds licensing rights for Jeuveau®, Nuceiva®, Evolysse®, and Estyme®. Sources: Medical Insight’s The Global Aesthetic Market Study, Jan 2025 | Guidepoint Point of Sale Data, Q4 2025 | DRG Clarivate Aesthetic Injectables Market Insights, Sep 2025 | BIP Consulting Market Analysis, Q3 2025 LONG TERM GLOBAL AESTHETIC MARKET IS A GROWTH MARKET UNDERLYING DEMAND FOR AESTHETIC PROCEDURES REMAINS RESILIENT WITH DERMAL FILLER MARKET EXPERIENCING CORRECTION $1.9B $3.5B $4.3B $2.0B $2.4B $2.5B 2019 2025 2028 10
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STRONG HISTORICAL REVENUE GROWTH CONSISTENTLY OUTPACING THE MARKET WITH DOUBLE-DIGIT REVENUE GROWTH FOR SIX CONSECUTIVE YEARS ~40% CAGR $56.5M $99.7M $148.6M $202.1M $266.3M $297.2M 2020 2021 2022 2023 2024 2025 11
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CUSTOMER PARTNERSHIP Co-branded marketing, education, and training aligned to practice economics and commercial success LEADING DIGITAL ECOSYSTEM Integrated digital platform that simplifies operations, and drives loyalty, engagement, and growth through data-driven insights. CONSUMER LOYALTY + FREQUENCY Rewards and engagement programs that reinforce repeat usage and sustained consumer demand STRUCTURAL ADVANTAGE Cash-pay model enables scale and profitability A PERFORMANCE BEAUTY PLATFORM DIFFERENT BY DESIGN TO TRANSITION THE CATEGORY AND DELIVER LONG-TERM GROWTH 12
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DIFFERENTIATED CASH PAY BUSINESS MODEL WHY CASH PAY? Supports value proposition by: • Eliminating third-party reimbursement complexity • Delivering flexible, customer-driven pricing • Enabling scalable co-branded marketing partnerships • Driving consumer demand directly to our customers • Building durable customer loyalty 13
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CO-BRANDED MARKETING THAT EMPOWERS CUSTOMERS STREAMING TV OUT-OF-HOME ADVERTISING PAID SOCIAL ADS INFLUENCER CONTENT CREATION 400M+ IMPRESSIONS FROM 2025 CAMPAIGNS 14
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MEDICAL EDUCATION THAT SUPPORTS CUSTOMERS LIVE EVENTS 500+ IN 2026: 2026 full-year projections as of October 2026. EVOLUS ACADEMY 4K+ INJECTORS EDUCATED MEDICAL AFFAIRS TEAM 12K+ INJECTORS EDUCATED 15
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DIGITAL CAPABILITIES BRIDGING CUSTOMER AND CONSUMER ENGAGEMENT CONNECTS CUSTOMERS AND CONSUMERS through digital engagement Simplifies PURCHASING AND INVENTORY MANAGEMENT Drives consumer loyalty through SEAMLESS REWARDS AND REDEMPTION PROVIDES DASHBOARDS & METRICS to measure what matters ENABLES PRICING, BENEFITS, & GROWTH INCENTIVES through Evolux® Activates co-branded media to BUILD AWARENESS AND DRIVE DEMAND DIGITAL ECOSYSTEM SCALES DEMAND AND DEEPENS ENGAGEMENT AT LOW INCREMENTAL COST 16
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MODERN LOYALTY PROGRAM Evolux® is Evolus’ portfolio-wide loyalty program that rewards customers for purchasing across Jeuveau® and Evolysse® with transparent pricing benefits and increased co-branded media support based on their total combined spend. 17
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A DIGITALLY NATIVE, GROWING MILLENNIAL CONSUMER BASE DRIVING LONG TERM DEMAND • More likely to engage through mobile-first experiences • High quality expectations support premium, branded aesthetics • Self-care orientation drives repeat, preventative treatments • Social connectivity accelerates awareness and referral • Experience-seeking behavior favors differentiated, branded platforms 18
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19% 14% 36% 32% 35% 38% 10% 16% 2025 2030E DEMAND SHIFTING TOWARD MILLENNIALS AND GEN Z PROJECTED ADOPTION AMONG THE MILLENNIAL & YOUNGER DEMOGRAPHIC: Source: From Extreme to Mainstream:The Future of AestheticsInjectables.McKinsey & Company, Dec. 2021 AT LEAST 3X AS LIKELY AS THE OLDER DEMOGRAPHIC BOOMER & OLDER ≤1964 GEN Z & YOUNGER ≥1997 SHARE OF AESTHETICS PATIENTS BY GENERATION MILLENNIAL 1981 – 1996 GEN X 1965 – 1980 Source: Qsight, Medical Aesthetics Industry Trends, January 2025, Octane Aesthetics Tech Forum PROJECTED TO REPRESENT >50% OF NORTH AMERICAN AESTHETIC SALES BY 2030 MILLENNIALS ARE EXPECTED TO BE THE LARGEST TOXIN COHORT BY 2028 19
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EASY DIGITAL LOYALTY PLATFORM THAT DRIVES NEW CONSUMER STARTS AND REPEAT ENGAGEMENT INSTANT CO-BRANDED Nice work! Your specialist should now be providing you with a $40 discount on your treatment today. t Text Message Today 9:41 AM 20
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0% 10% 20% 30% 40% 50% 60% 70% 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 116K 273K 484K 608K 671K 748K 824K 903K 975K >1.0M >1.1M >1.2M >1.3M >1.3M >1.4M >1.5M >1.6M Q4 2020 Q4 2021 Q4 2022 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 REWARDS ENGAGEMENT IS SCALING WITH REPEAT USAGE DRIVING INCREASED CONSUMER LOYALTY TOTAL CONSUMER REDEMPTIONS (000s) EXISTING CONSUMER SHARE EVOLUS REWARDS ENROLLMENTS SURPASSED 1.6 MILLION IN Q3 20261 EXISTING PATIENTS DRIVE A GROWING SHARE OF REWARDS REDEMPTIONS REINFORCING LOYALTY1 1 Cumulative measures 21
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8% 9% 12% 18% 48% TOXINS FILLERS TOXINS FILLERS TOXINS FILLERS MED SPAS: 1 2 PLASTIC SURGEONS: DERMATOLOGISTS: FILLERS ARE THE #1 ADD-ON PROCEDURE FOR TOXIN USERS FILLERS ARE THE #2 SERVICE PROVIDED ACROSS ALL CHANNELS MARKET EXPANSION OPPORTUNITY—FILLERS TOXINS AND FILLERS ARE THE TOP 2 MEDICAL AESTHETIC PROCEDURES FILLER SKINCARE SKIN REJUVENATION ENERGY BASED DEVICES WEIGHT LOSS Source: BCG Aesthetic Research Presented at IMCAS 2023 22
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EVOLYSSE ® AN INNOVATIVE TECHNOLOGY THAT COMPLEMENTS THE JEUVEAU ® BRAND 23
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SYMATESE SCIENCE GENESIS 25+ YEARS IN R&D AND MANUFACTURING OF AESTHETICS & MEDICAL BIOMATERIALS R&D PARTNERSHIP STRENGTHENED WITH L'ORÉAL ON BIOMATERIALS 2013 SYMATESE FOUNDED BY INDUSTRY EXPERTS LAUNCHED FIRST 2 PRODUCTS: HEMOTESE® & COLLAPAT®II ENTERED PARTNERSHIP WITH L'ORÉAL SOLD RIGHTS OF XpresHAn TECHNOLOGY /OBT® AND RELATED DERMAL FILLERS TO GALDERMA LAUNCH OF NEVELIA®, DERMAL REGENERATION MATRIX 1997 2003 2004 2007 2011 2021 PEROUSE PLASTIE BREAST IMPLANTS SOLD TO MENTOR 24
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FIRST HA INJECTABLE INNOVATION BREAKTHROUGH IN A DECADE 2025 NASHA® TECHNOLOGY HYLACROSS® TECHNOLOGY VYCROSS® TECHNOLOGY PNT® TECHNOLOGY COLD-X® TECHNOLOGY 1996 2000 2005 2008 2015 OBT® TECHNOLOGY Based on the first regulatory approval date for each technology 25
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EVOLYSSE® MANUFACTURING CROSS-LINKING HA CONDITIONS • Typical cross-linking: Heat • Cold-X® cross-linking: Cold DESIGNED TO CREATE A MORE NATURAL INJECTABLE HA GEL • Cross-linking technology o Preserve the hyaluronic acid chain o Decrease fragmentation o Less BDDE is required to get the same properties o Highly efficient gels COLD-X® TECHNOLOGY BY SYMATESE HEAT COLD FRAGMENTS BDDE HA 26
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EVOLYSSE® VERSATILITY 2027 | APPROVAL (EXPECTED) 2026 | Q4 APPROVAL (EXPECTED) RECEIVED FDA APPROVAL LAUNCHED IN U.S. Q2 2025 • INDICATIONS INDICATIONS 27
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THE GOLD STANDARD THAT DEFINES SKIN QUALITY IN EUROPE PROFHILO® CATEGORY-DEFINING POSITION Market-leading injectable for skin quality in Europe, with broad clinical adoption and global brand recognition. Sources: Evolus press release, July 8, 2026; IBSA Profhilo® brochure. Profhilo® is a registered trademark of IBSA Institut Biochimique SA. A CATEGORY-LEADING BRAND EXPANDS EVOLUS INTO A DISTINCT THIRD INJECTABLE VERTICAL DISTINCT PATIENT BENEFIT A unique HA formulation for superficial application designed to improve hydration, elasticity, and smoothness rather than restore volume or contour. COMPLEMENTARY PORTFOLIO FIT Adds skin quality alongside Jeuveau® neurotoxin and Evolysse® fillers, enabling Evolus to address a broader range of patient needs through the same customer base. U.S. OPPORTUNITY Skin quality injectable market remains underdeveloped in the U.S., with significant long-term growth potential. DISCIPLINED ECONOMICS No upfront payment, transfer-price economics aligned with Evolus’ long-term gross-margin framework. 81% OF HCPS SATISFIED/ VERY SATISFIED 86% OF PATIENTS SATISFIED/ VERY SATISFIED 70+ COUNTRIES 4.8M+ TREATMENTS WORLDWIDE 2015 GLOBAL LAUNCH 28
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GLP-1 ADOPTION: A DURABLE TAILWIND FOR AESTHETICS WEIGHT LOSS ADOPTION IS EXPANDING THE PATIENT FUNNEL AND CREATING NEW, VISIBLE NEEDS ACROSS FACIAL VOLUME, SKIN LAXITY , AND SKIN QUALITY WHY GLP-1s EXPAND THE AESTHETICS MARKET A new patient funnel emerges as weight-loss patients seek aesthetic care; many are new to or returning to the category More needs per patient as rapid weight loss can reveal facial deflation, wrinkles and laxity, supporting multimodal treatment plans A durable treatment cycle as patients maintain weight loss and pursue ongoing correction, refinement, and maintenance over time Sources: Gallup July 2026: Roughly 1 in 7 US adults have taken GLP-1 drugs, poll shows: https://news.gallup.com/poll/712157/glp-usage-reaches-new-high.aspx; McKinsey & Co., “Targeted and timely: Curating aesthetic care for GLP-1 patients” (May 2026; provider survey n=127); BCG Aug. 2025: https://media-publications.bcg.com/Five-Growth-Imperatives- for-Medical-Aesthetics-in-Times-of-Uncertainty.pdf?linkId=850965256; Market estimates are third-party forecasts. 1 in 7 U.S. adults had taken a GLP-1 drug by June 2026, evidence that medical weight loss has already reached mass-market scale 70% of providers plan to increase aesthetic offerings for GLP-1 patients, adding capacity and widening access to treatment $2.0B projected 2030 market for aesthetic treatments addressing GLP-1-related concerns, nearly 3X the estimated $0.7B in 2025 29
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EVOLUS IS UNIQUELY POSITIONED FOR THE GLP-1 OPPORTUNITY A COMPLEMENTARY INJECTABLE PORTFOLIO CAN ADDRESS THE PRINCIPAL FACIAL EFFECTS OF WEIGHT LOSS ACROSS EXPRESSION, STRUCTURE, AND SKIN QUALITY ONE CUSTOMER, MULTIPLE NEEDS, ONE EVOLUS PORTFOLIO Portfolio breadth enables providers to address expression lines, volume loss, and skin quality with complementary, not substitutive, modalities Commercial leverage from one sales force, one customer relationship, and portfolio bundling can deepen account penetration and share of wallet Long-term growth runway as GLP-1 adoption expands aesthetics participation, increases multimodal treatment and supports recurring maintenance Sources: Reuters May 2024: Roughly 1 in 8 US adults have taken GLP-1 drugs like Wegovy, poll shows: https://www.reuters.com/world/us/roughly-1-8-us-adults-have-taken-glp-1-drugs-like-wegovy-poll-shows-2024-05-10/; McKinsey & Co., “Targeted and timely: Curating aesthetic care for GLP-1 patients,” May 2026 (provider survey n=127) supports the GLP-1 aesthetic archetype/treatment and provider-demand data on slide.; *See Evolysse® patient labeling.; **Profhilo® U.S. commercialization is subject to development and regulatory approval. TOXIN Jeuveau® treats dynamic lines, an established, repeat-use category that can serve as the entry point to a broader treatment plan FILLER Evolysse® restores facial volume and softens wrinkles; its patient labeling recognizes weight loss as a factor in wrinkle formation* SKIN Profhilo® adds a future U.S. skin-quality vertical focused on hydration, elasticity, and smoothness, complementary to toxin and filler** 30
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FINANCIALS 31
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$33.9M $50.0M $61.1M $69.0M $78.0M 2022 2023 2024 2025 2026 1Within this presentation, “profitability” is defined as achieving positive Adjusted EBITDA. Please refer to “non -GAAP information” at the end of this presentation. Q3 2026 RESULTS $78.0M NET REVENUE, UP 13% Y-O-Y • Continued momentum of Jeuveau® • Continued ramp of Evolysse® • Continued expansion of the international portfolio • Commercialization of Estyme® KEY PERFORMANCE INDICATORS IN Q3 DEMONSTRATE STRONG FUNDAMENTALS AND CONSISTENT GROWTH • Approximately 530 new purchasing accounts added • Over 265K consumer redemptions, approximately 70% representing repeat consumers ACHIEVED POSITIVE ADJUSTED EBITDA1 OF $1.2 MILLION, A $4.2 MILLION Y-O-Y IMPROVEMENT DELIVERED FOURTH CONSECUTIVE QUARTER OF PROFITABILITY1 AND REAFFIRMED FY 2026 REVENUE OUTLOOK Q3 NET REVENUE 32
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$34.9M $56.5M $99.7M $148.6M $202.1M $266.3M $297.2M $330M – $337M 2019 2020 2021 2022 2023 2024 2025 2026 MINIMAL NON-GAAP OPERATING EXPENSE1 GROWTH LOW – MID-SINGLE ACCELERATING OPERATING LEVERAGE NET REVENUE PROJECTED DOUBLE DIGIT REVENUE GROWTH Note: Company guidance as of November 4, 2026. 11% – 13% +11% – +13% ADJUSTED EBITDA1 MARGIN DOUBLE-DIGIT TOTAL REVENUE GROWTH WITH A LARGELY FLAT COST BASE DRIVES IN 2026: 1 Please refer to “non-GAAP information” at the end of this presentation. 33 0% – 2%
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$149M $202M $266M $297M $330M ─ $337M $138M $164M $185M $210M $210M – $213M 93% 81% 69% 71% 62% ─ 65% $0 $50 $100 $150 $200 $250 $300 $350 $400 2022 2023 2024 2025 2026 Revenue Non-GAAP OpEx Non-GAAP OpEx Ratio • Consistent operating leverage delivered through 2024 • 2025 reflected a planned investment year with the addition of Evolysse®, marking the evolution to a multi-product portfolio • Beginning in 2026, with the portfolio foundation in place, Evolus is positioned to deliver meaningful operating leverage EXPANDING OPERATING LEVERAGE SINGLE PRODUCT COMPANY INVESTMENT YEAR MOMENTUM IN OPERATING LEVERAGE -30% -12% 0% -3% 2028 REVENUE: $450M ─ $500M LOW TO MID SINGLE DIGIT % ADJ. EBITDA1 MARGIN % 2028 ADJ. EBITDA1 MARGINS: 13% ─ 15% 34 1 Adjusted EBITDA is a non-GAAP measure lease refer to “non-GAAP information” at the end of this presentation.
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1 Please refer to “non-GAAP information” at the end of this presentation. FY 2026 OUTLOOK UPDATED GUIDANCE AND EXPECTATIONS: • Reaffirms full-year 2026 total net revenues of $330 million to $337 million, which represents 11% to 13% growth over the prior year. • Reaffirms full-year 2026 adjusted gross profit 1 margin of 67.0% to 67.5%. • Updates non-GAAP operating expenses for the full-year 2026 to between $210 million and $213 million, from $212 million to $216 million, representing a 0% to 2% growth over 2025 non-GAAP operating expenses, and reflecting continued disciplined expense management while supporting strategic investments in long-term portfolio expansion. • Expects Evolysse® and Estyme® injectable HA gels to contribute 10% to 12% of full-year 2026 total net revenue, reflecting: • U.S. commercialization of Evolysse® Form and Evolysse® Smooth; • Commercialization of the Estyme® collection in Europe; and • No revenue contribution from Evolysse® Sculpt, which is anticipated to receive U.S. approval in the fourth quarter of 2026. • Reaffirms a low- to mid-single digit Adjusted EBITDA 1 margin for full-year 2026. • Reaffirms its 2028 long-term financial outlook reflecting total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%, and Adjusted EBITDA margins of 13% to 15% for 2028. 35
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LONG-TERM OUTLOOK 36
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REFLECTING: • A durable, differentiated portfolio, anchored by the long-term growth trajectory of Jeuveau®, increasing contribution from the Evolysse® collection, and a pipeline runway that continues to build on the performance beauty strategy • Growing market share, driven by continued outperformance, portfolio expansion, and commercial execution • International business performance remaining on track, supported by growing share of toxin in existing markets and the successful launch of Estyme® in Europe ASSUMING: • Strengthening U.S. Jeuveau® share to mid-teens • Growing U.S. Evolysse® share to high single-digits • Greater than 15% of revenue coming from international • Mid-single digit market CAGR with toxin market leading growth, followed by fillers 2028 LONG-TERM OUTLOOK PROJECTING $450M TO $500M TOTAL NET REVENUE & ADJUSTED EBITDA 1 MARGINS OF 13% TO 15% 37 1 Please refer to “non-GAAP information” at the end of this presentation.
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THANK YOU 38
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NON-GAAP INFORMATION Within this presentation, “profitability” is defined as achieving positive Adjusted EBITDA. Adjusted gross profit excludes amortization of an intangible asset from gross profit. Adjusted gross profit margin is adjusted gross profit as a percentage of total net revenues. Historical GAAP-to-non-GAAP reconciliations appear in the Q3 2026 earnings release financial schedules. This presentation includes references to non-GAAP operating expenses, non-GAAP operating income (loss), and non-GAAP operating income margin which each exclude (i) the revaluation of contingent royalty obligations, (ii) stock-based compensation expense, (iii) depreciation and amortization, and (iv) restructuring costs. Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, revaluation of the contingent royalty obligations, stock- based compensation expense, depreciation and amortization, restructuring costs, and other income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total net revenues. Management believes that each of non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin enables investors to assess the company in the same way that management assesses the company’s operating performance against comparable companies with conventional accounting methodologies. The company’s definitions of non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and may differ from other companies reporting similarly named measures. Due to the forward-looking nature of non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin outlook disclosed in this presentation, a reconciliation of such non-GAAP measures to the comparable GAAP financial measures is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking non-GAAP financial measures since they have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on the company’s GAAP financial results. 39