Slides
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Q3 Fiscal 2026 Earnings Results
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measures taken by China, Mexico or Vietnam, the risks of potential changes in laws and regulations, including environmental, employment and health and safety and tax laws, and the costs and complexities of compliance with such laws, the risks associated with increased focus and expectations on climate change and other sustainability matters, the risks associated with significant changes in or the Company's compliance with regulations, interpretations or product certification requirements, the risks associated with global legal developments regarding privacy and data security that could result in changes to its business practices, penalties, increased cost of operations, or otherwise harm the business, the Company's dependence on whether it is classified as a “controlled foreign corporation” for U.S. federal income tax purposes which impacts the tax treatment of its non-U.S. income, the risks associated with legislation enacted in Bermuda and Barbados in response to the European Union's review of harmful tax competition and additional focus on compliance with economic substance requirements by Bermuda and Barbados, the risks associated with accounting for tax positions and the resolution of tax disputes, the risks associated with product recalls, product liability and other claims against the Company, and associated financial risks including but not limited to, increased costs of raw materials, energy and transportation, significant additional impairment of the Company's goodwill, indefinite-lived and definite-lived intangible assets or other long-lived assets, risks associated with foreign currency exchange rate fluctuations, the risks to the Company's liquidity or cost of capital which may be materially adversely affected by constraints or changes in the capital and credit markets, interest rates and limitations under its financing arrangements, and projections of product demand, sales and net income, which are highly subjective in nature, and from which future sales and net income could vary by a material amount. The Company undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise. Reconciliation of Non-GAAP Financial Measures: This presentation includes non-GAAP financial measures. Adjusted Operating Income, Adjusted Operating Margin, Adjusted Income, Adjusted Diluted EPS, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Effective Tax Rate, and Free Cash Flow (“Non-GAAP Financial Measures”) that are discussed in this presentation or in the accompanying tables may be considered non-GAAP financial measures as defined by SEC Regulation G, Rule 100. Accordingly, the Company is providing the tables within this presentation that reconcile these measures to their corresponding GAAP-based financial measures. The Company believes that these Non-GAAP Financial Measures provide useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company believes that these Non-GAAP Financial Measures, in combination with the Company’s financial results calculated in accordance with GAAP, provide investors with additional perspective regarding the impact of certain charges and benefits on applicable income, margin and earnings per share measures. The Company also believes that these Non-GAAP Financial Measures reflect the operating performance of its business and facilitate a more direct comparison of the Company’s performance with its competitors. The material limitation associated with the use of the Non-GAAP Financial Measures is that the Non-GAAP Financial Measures do not reflect the full economic impact of the Company’s activities. These Non-GAAP Financial Measures are not prepared in accordance with GAAP, are not an alternative to GAAP financial measures, and may be calculated differently than non-GAAP financial measures disclosed by other companies. Accordingly, undue reliance should not be placed on non-GAAP financial measures. Forward-Looking Statements and Reconciliation of Non-GAAP Financial Measures Forward-Looking Statements: Certain written and oral statements made by the Company and subsidiaries of the Company may constitute “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. This includes statements made in this presentation, in other filings with the SEC, and in certain other oral and written presentations. Generally, the words “anticipates”, “assumes”, “believes”, “expects”, “plans”, “may”, “will”, “might”, “would”, “should”, “seeks”, “estimates”, “project”, “predict”, “potential”, “currently”, “continue”, “intends”, “outlook”, “forecasts”, “targets”, “reflects”, “could”, and other similar words identify forward-looking statements. All statements that address operating results, events or developments that the Company expects or anticipates may occur in the future, including statements related to sales, expenses, including cost reduction measures, earnings per share results, and statements expressing general expectations about future operating results, are forward-looking statements and are based upon its current expectations and various assumptions. The Company currently believes there is a reasonable basis for these expectations and assumptions, but there can be no assurance that the Company will realize these expectations or that these assumptions will prove correct. Forward-looking statements are only as of the date they are made and are subject to risks, many of which are beyond the Company's control, that could cause them to differ materially from actual results. Accordingly, the Company cautions readers not to place undue reliance on forward- looking statements. The forward-looking statements contained in this presentation should be read in conjunction with, and are subject to and qualified by, the risks described in the Company's Form 10-K for the year ended February 28, 2025, and in the Company's other filings with the SEC. Investors are urged to refer to the risk factors referred to above for a description of these risks. Such risks include, among others, the geographic concentration of certain United States (“U.S.”) distribution facilities which increases its risk to disruptions that could affect the Company's ability to deliver products in a timely manner, the occurrence of cyber incidents or failure by the Company or its third-party service providers to maintain cybersecurity and the integrity of confidential internal or customer data, a cybersecurity breach, obsolescence or interruptions in the operation of the Company's central global Enterprise Resource Planning systems and other peripheral information systems, the Company's ability to develop and introduce a continuing stream of innovative new products to meet changing consumer preferences, actions taken by large customers that may adversely affect the Company's gross profit and operating results, the Company's dependence on sales to several large customers and the risks associated with any loss of, or substantial decline in, sales to top customers, the Company's dependence on third-party manufacturers, most of which are located in Asia, and any inability to obtain products from such manufacturers or diversify production to other regions or source the same product in multiple regions or implement potential tariff mitigation plans, the Company's ability to deliver products to its customers in a timely manner and according to their fulfillment standards, the risks associated with trade barriers, exchange controls, expropriations, and other risks associated with domestic and foreign operations including uncertainty and business interruptions resulting from political changes and events in the U.S. and abroad, and volatility in the global credit and financial markets and economy, the Company's dependence on the strength of retail economies and vulnerabilities to any prolonged economic downturn, including a downturn from the effects of macroeconomic conditions, any public health crises or similar conditions, risks associated with weather conditions, the duration and severity of the cold and flu season and other related factors, the Company's reliance on its Chief Executive Officer and a limited number of other key senior officers to operate its business, risks associated with the use of licensed trademarks from or to third parties, the Company's ability to execute and realize expected synergies from strategic business initiatives such as acquisitions, including Olive & June, divestitures and global restructuring plans, including Project Pegasus, the risks of significant tariffs or other restrictions continuing to be placed on imports from China, Mexico or Vietnam, including by the current U.S. presidential administration which has promoted and implemented plans to raise tariffs and pursue other trade policies intended to restrict imports, or any retaliatory trade 2
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Business Segments Beauty & Wellness FY25 Net Sales: $1,001.3M Home & Outdoor FY25 Net Sales: $906.3M Who is Helen of Troy We are a leading global consumer products company offering creative products and solutions for our customers through a diversified portfolio of well-recognized and widely trusted brands. We have built leading market positions through new product innovation, product quality and competitive pricing through our two business segments: Beauty & Wellness and Home & Outdoor. Helen of Troy Limited trades on NASDAQ under the symbol: HELE. A Diversified House of Brands 3
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Leadership Features Balance of Fresh Perspective and Extensive Company & Industry Expertise • Served as interim Chief Executive Officer from May 2 to August 31, 2025 • Appointed CFO, including principal financial officer and principal accounting officer, in April 2023 • Rejoined the Company in March 2023 • Promoted to CFO from 2014 until his retirement in 2021 • Served as Helen of Troy assistant CFO from 2006 to 2014 • Prior to Helen of Troy, served seven years in public accounting at the Big Four firm KPMG, LLP and six years in various financial leadership roles at Tenet Healthcare Corporation, a healthcare services company Brian L. Grass Chief Financial Officer 4 G. Scott Uzzell Chief Executive Officer and Director • Appointed Chief Executive Officer, September 1, 2025 • Corporate Vice President & General Manager of Nike Inc.’s North America operating unit, July 2023 to December 2024 • Board Member of SC Johnson, January 2020 to Present • President & CEO of Converse, Inc., January 2019 to June 2023 • President of the Venturing & Emerging Brands Group, The Coca-Cola Company, January 2015 to December 2018 • President, EVP Commercial Officer of ZICO (The Coca-Cola Company) October 2012 to December 2014
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From Stabilization to Scale: Building Our Growth Foundation 3QFY26 Results In-Line with Outlook: o Grew Osprey, OXO, and Olive & June o Exceeded Olive & June expectations o Increased Organic DTC revenue 21% FY26 YTD Highlights: o Delivered $29M of free cash flow despite $58M tariff drag o Advanced our tariff mitigation strategies o Reignited “Power of One” culture work to re-energize our organization, our brands, and our people Key Priorities: o Consumer as our North Star, invest in innovation, and sharpen our focus o Preserving key investments in our people and our brands o Optimize spending to capitalize on innovation and marketing to drive revenue o Manage our balance sheet to drive cash flow and pay down debt 5
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Adjusted EBITDA Margin Gross Margin Adjusted Operating Margin Key Financial Metrics Quarter Highlights vs. Prior Year PeriodQ3 Fiscal 2026 Results Net Sales Revenue ($M) Adjusted Diluted EPS Year to Date Free Cash Flow ($M) $512.8 vs. $530.7 in Q3 FY25 46.9% vs. 48.9% in Q3 FY25 12.9% vs. 16.6% in Q3 FY25 14.7% vs. 18.2% in Q3 FY25 $1.71 vs. $2.67 in Q3 FY25 $28.8 vs. $56.1 YTD FY25 • Consolidated net sales declined -3.4% o Organic net sales decreased by -10.8% with -3.3%, or -$17.3M, of the decline due to tariff related revenue disruptions • Gross margin decreased -200 basis points primarily due to: o Net impact of higher tariffs and less favorable inventory obsolescence ▪ Partially offset by Olive & June and lower commodity and product costs, which are exclusive of tariffs • Adjusted EBITDA margin decreased -350 basis points primarily due to: o lower gross profit margin; and o a higher SG&A rate driven by: o the impact of the Olive & June acquisition; o higher outbound freight costs; o an increase in annual incentive compensation expense YOY; and o the impact of unfavorable operating leverage • Adjusted diluted EPS declined primarily due to lower adjusted operating income and higher interest expense, partially offset by a decrease in adjusted income tax expense. 6
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Q3 Consolidated Revenue Decline Driven by Tariff-Related Revenue Disruption, Softness at Retail, and Retail Inventory Reductions 7 Consolidated (-$17.9M) All Other (-$0.6M) Tariff Related (-$17.3M) Tariff-Related: • Decrease is driven by the pause or reduction of direct import orders from China by key Mass and Clubs retailers • Evolving dynamics in the China market reflecting a shift towards localized fulfillment models and heightened competition from domestic sellers who are benefiting from government subsidies • Impact of stop-shipments to support consistent price adoption by our retail partners All Other: • Business Volume: includes overall Point-of-Sale (POS) softness, driven by changing consumer behaviors, including prioritization of essential categories amid concerns regarding inflation and overall economic uncertainty, as well market dynamics related to pricing actions taken in response to tariffs • Retail Inventory: Conservative inventory management and normalization efforts by retailers amid evolving consumer trends and external environment uncertainty • CCF (Cough, Cold, Flu): Slower U.S. replenishment driven by a below average illness season • Pricing Actions: Strategic price increase benefit, excluding broader market dynamics and price elasticity impacts captured within business volume • Olive & June: Favorable impact of the Olive & June acquisition within the Beauty & Wellness segment $530.7 $512.8
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Q3 Adjusted EPS Impacted by Revenue Shortfall and Trade Policy, Mitigated by Cost Discipline and Olive & June 8 * Excludes Olive & June and interest expense related to tariff-driven cash outflows Gross Profit ($1.60) • Tariff-Related: Disruption attributed to the pause or reduction of direct import orders from China by key Mass and Clubs retailers in response to higher tariffs and trade policy uncertainty, shift toward localized fulfillment models and heightened competition from domestic sellers benefiting from government subsidies, and isolated stop-shipments implemented to support consistent price adoption • Direct Tariff Costs: includes incremental tariff expense resulting from U.S. tariff policy changes in effect as of March 4, 2025, including policy evolution subsequent to this date, operating costs associated with Southeast Asia diversification and dual sourcing strategies, and interest expense related to tariff-driven cash outflows • Pricing Actions: Strategic price increases largely implemented by end of September, separate from broader market dynamics captured within business volume • Business Volume: includes overall POS softness, partially driven by changing consumer behaviors, including prioritization of essential categories amid concerns regarding inflation and overall economic uncertainty, as well as broader market dynamics related to pricing actions taken in response to tariffs • Reductions in SG&A and Interest Expense • Favorable impact of the acquisition of Olive & June $2.67 $1.71 Tariff-drivers ($0.45)
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Proprietary and Confidential On Track with Mitigation and Supplier Diversification Plans z Net Sales % Change & Tariff-Related Impact ($MM) Expected Tariff Impact(2) Mitigation Action Plan • Employing our mitigation actions and cost reduction measures, we now believe we can: o reduce the remaining unmitigated impact to less than $30 million in Fiscal 2026 o compared to our previous expectation of approximately $20 million • Each of our mitigation actions are levers to be pulled. Depending on how tariffs evolve, we can increase or decrease emphasis on these levers o One critical initiative in the mitigation plan is supplier diversification to lessen our exposure to China manufacturing for products sent to the U.S. o We break out the change in COGS exposure from these efforts from FY25 actual to planned FY26 and FY27 on slide ten • We believe we have employed a comprehensive and disciplined approach to developing our mitigation plan scenarios while also preserving priority new product development and marketing investment to further improve the health of our brands 1) Organic business decline of 13.7% is partially offset by contribution from Olive & June which contributed 13.2% to segment performance 2) Our calculations are based on tariffs as of January 7, 2026, and assumes that these are in effect through our fiscal year 2026. These include: 20% on China (reduced from 30% effective November 2025 and subject to a one-year pause through November 2026), 20% on Vietnam, and 19% on Thailand. Includes the estimated indirect revenue impacts on unit demand related to tariff-driven pricing actions. ~ <$30 Million Q3 Net Sales Decline YO -0.5%-6.7%-3.4% Consolidated Home & Outdoor Beauty & Wellness (1) Tariff-related revenue disruption -$17.3 -$4.4 -$12.9 Mitigated Unmitigated 9
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Supply Chain Built for Dynamic Tarriff Environment China Exposure 25% to 30% of Cost of Goods Sold by FYE 2026 a Represents shipments outside the U.S. not subject to U.S. tariffs b Cost of Goods Sold not subject to tariffs includes freight in, sourcing overhead, duties, etc. c Tariffs on Cost of Goods Sold from China enacted in 2025 (as of April 23, 2025) d Existing tariffs on Cost of Goods Sold from China that were put in place prior to 2025 e Tariffs on Cost of Goods Sold from China enacted in 2025 (as of Jan 7, 2026) Note: Excludes the Olive & June acquisition in all periods Dual Sourcing Strategy We have been committed to a dual sourcing strategy over the past several years as part of our supplier diversification plan. By end of FY26, 40% of our remaining China-based supply will be dual sourced, increasing to 60% of remaining China-based supply by end of FY27 China Existing 10% China Incremental 25% China 25% to 30% China 18% Vietnam 5% Vietnam 11% Vietnam 16% Thailand 2% Thailand 4% Mexico 8% Mexico 7% Mexico 7% US & Other 5% US & Other 5% US & Other 10% Other COGS 12% Other COGS 13% Other COGS 13% Direct Imports 12% Direct Imports 6% Direct Imports 6% International 23% International 27% International 26% FY25 COGS Revised FY26 COGS Est. FY27 COGS Est. a b c d aa b ~25% to ~30% ~35% d e ~18% b d e 10 FY25 COGS Revised FY26 COGS Est. Revised FY27 COGS Est.
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Tariff Impact Nearly Mitigated by FY27 Less: Cost reduction measures Gross unmitigated tariff impact Less: Tariff mitigation actions Equals: Net remaining impact on operating income FY 2026 $50 - $55 Million Less than $30 million FY 2027 $70 - $80 Million Less than $10 million (1) • Supplier & Cost Negotiations • Portfolio management (Product Optimization) • Directing new product development activities outside of China • Strategic & selective pricing actions • Suspended costs that are not critical or in support of supplier diversification or dual sourcing actions • Actions to reduce overall personnel costs • Resumed optimized marketing, promotion & NPD investments focused on highest returns • Working capital and balance sheet productivity 1) Reduction in net remaining impact on an annualized basis is primarily driven by the full-year effect of price increases and increased supplier diversification. FY27 assumes reduced China tariff rates (from 30% to 20%) effective November 2025, subject to a one-year pause through November 2026, with tariff rates of 20% in Vietnam and 19% in Thailand. Any resulting tariff cost savings are assumed to be reinvested to maintain competitive positioning until tariff permanency is determined. Any benefits would likely fall into FY27.11
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Full Year Fiscal 2026 Outlook Consolidated Expected Consolidated Note: Please refer to the Company’s most recent earnings release for full Outlook and Assumptions.12 Consolidated Net Sales $1.758 to $1.773 BN Home & Outdoor net sales $812 to $819 MM Beauty & Wellness net sales $946 to $954 MM SG&A Ratio 38% to 40% Interest Expense $58 to $59 MM Non-GAAP Adjusted Effective Tax Rate 13.4% to 14.7% Weighted average diluted shares outstanding 23.0 MM Adjusted diluted EPS (non-GAAP) $3.25 to $3.75
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Q4 Outlook Revision: Base Business Growth Offset by Tariff-Related Pressures, Lower Pricing Benefits, and Post-Holiday Inventory Rebalancing 13 Consolidated (-$7.3M) • Tariff-Related: Impact of stop-shipments to support consistent price adoption • Pricing Actions: Reduced pricing actions benefit reflecting delays, partial effectiveness, and mix impact • Business Volume: includes increased closeout activity to reduce inventory levels and stronger demand within technical packs, partially offset by slower CCF season, slower-than-expected ecommerce ramp within Olive & June, consumer trade down behavior and higher trade and promotion expense • Retail Inventory: Reflects post-holiday inventory rebalancing following strong replenishment activity in the third quarter $464.0 $456.7 High-end High-end Tariff-related impact (-$7.0M)
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Q4 Outlook Revision: Adjusted EPS Impacted by Tariff-Related Pressures, Retail Inventory Rebalancing, and Preservation of Investments 14 • Tariff-Related: Impact of stop-shipments to support consistent price adoption • Pricing Actions: Reduced pricing actions benefit reflecting delays, partial effectiveness, and mix impact • Business Volume: includes increased closeout activity to reduce inventory levels, which pressures margins, and stronger demand within technical packs, partially offset by slower CCF season, slower-than-expected ecommerce ramp within Olive & June, consumer trade down behavior and higher trade and promotion expense • Retail Inventory: Reflects post-holiday inventory rebalancing following strong replenishment activity in the third quarter High-end High-end Prior Outlook Tariff-Related Pricing Actions Business Volume Retail Inventory SG&A Current Outlook Gross Profit ($0.26) Tariff-related impact ($0.16) $1.45 $1.03
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Why Invest in Helen of Troy ✓ New CEO brings fresh perspective and extensive brand building expertise ✓ Outstanding talent and re-energized culture ✓ An innovative assortment of value oriented & premium products showcasing clever product solutions tailored to serve all consumers ✓ Exceptional go-to-market capabilities designed to be where the shopper shops ✓ Our state-of-the-art Tennessee distribution center provides long-term efficiency and scalability opportunities ✓ Our asset-light approach emphasizes flexibility, efficiency, and agility ✓ Shareholder-friendly approach with thorough and transparent disclosures ✓ Normalized free cash flow yield 15
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Home & Outdoor Innovation
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Osprey X Houdini Collaboration Circular by Design 17 New!
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Osprey Mountain Bound World Class Winter Travel Gear 18 New! Osprey Mountain Bound Ski & Snowboard Boot BagOsprey Mountain Bound Roller
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Hydro Flask Kids 12 Oz Tumbler with Lid and Straw for School Insulated Stainless Steel World of Eric Carle Caterpillar 19
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Hydro Flask Limited Edition Collaborations with U.S. Snowboard & Arbor Collaboration 20
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Hydro Flask Limited Edition & Holiday Innovations 21
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OXO Trident Series Cookware Durable, leakproof, stain-resistant, BPA free, dishwasher safe, microwave safe, freezer safe New! 22
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OXO Tot Baby-Led Weaning Suite A range of self-feeding solutions aimed to give baby and parents more confidence during this feeding milestone New! 23
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OXO Good Grips Non-Stick Pro Ceramic Coated Metal Bakeware Wide range of products—sheet, cake, muffin, loaf, pizza pans and more New! 24
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Beauty & Wellness Innovation
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Olive & June and Peachybbies Collaboration 26 New!
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Olive & June Holiday: 2026 The Year My Nails Turned Pretty New! 27
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The 2025 Allure Best of Beauty Awards BEST BREAKTHROUGHS Olive & June The Gel Mani System BEST CURL ENHANCER Curlsmith Curl Defining Styling Soufflé BEST BRUSH DRYER Revlon One-Step Volumizer Plus BEST HEAT PROTECTOR Drybar Hot Toddy Heat Protectant Mist BEST STATIC CURLING IRON Hot Tools Pro Artist 24K Gold Extended Barrel Curling Iron BEST CURL ENHANCER Curlsmith Curl Defining Styling Soufflé New! 28
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Drybar Sparkling Soda Finishing Spray Collection, Ultra-Fine Mist, Adds Shine to Finished Look New! 29
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Drybar Rum Punch Strong Hold Volumizing Hairspray | Holds Style for 24 Hours, No Flakiness or Buildup, Maximum Hold for Hair Styles and Updos, Vegan & Cruelty Free New! 30
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Drybar Seltzer Spritz Flexible Hold Hairspray | Holds Style for 8 Hours* with Touchable Finish, Adds Softness, Ultrafine Mist Diffuser for Even, Quick Drying Application, Vegan & Cruelty Free New! 31
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Curlsmith – “It's a Curl's World” New!
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Curlsmith – Awestruck Definition Cream New! 33
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Curlsmith – Moisture Memory Release New! 34
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PUR 8 Cup Slim Pitcher New! 35
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Braun ExactFit 1 Upper Arm Blood Pressure Monitor Upper Arm Blood Pressure Monitor with professional, clinically proven accuracy New! 36
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Braun ExactFit 3 Upper Arm Blood Pressure Monitor Upper Arm Blood Pressure Monitor with professional, clinically proven accuracy New! 37
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Honeywell Allergen Plus 3-in-1 HEPA Air Purifier, Fan & Adjustable Airflow New! 38
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Honeywell Allergen Plus - Table Fan New! 39
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Elevating Lives, Soaring Together
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Glossary of Terms Adjusted Diluted Earnings per Share (Adjusted Diluted EPS or Adjusted EPS) – Non-GAAP Adjusted Income divided by diluted shares outstanding Adjusted EBITDA – Earnings before interest, taxes, depreciation, asset impairment charges, restructuring charges, non-cash share-based compensation expense, and intangible asset amortization expense (as applicable) Adjusted EBITDA Margin – Non-GAAP Adjusted EBITDA divided by net sales Adjusted Income – GAAP net income (loss) excluding asset impairment charges, intangible asset reorganization, CEO succession costs, restructuring charges, non- cash share-based compensation expense, and intangible asset amortization expense (as applicable) Adjusted Operating Income – GAAP operating income (loss) excluding asset impairment charges, restructuring charges, non-cash share-based compensation expense, and intangible asset amortization expense (as applicable) Adjusted Operating Margin – Non-GAAP Adjusted Operating Income divided by net sales Asset Impairment Charges – Non-cash asset impairment charges were recognized, during the first, second, and third quarters of fiscal 2026, to reduce goodwill and other intangible assets, which impacted both the Beauty & Wellness and Home & Outdoor segments CEO Succession Costs – Represents costs incurred in connection with the departure of the Company’s former CEO primarily related to severance and recruitment costs EBITDA – Earnings before interest, taxes, depreciation and amortization expense, as reported Free Cash Flow (FCF) – Net cash provided by operating activities less capital and intangible asset expenditures FY – Fiscal year ending on the last day of February of the respective year Growth Investment – The percentage of revenue used for growth investments Intangible Asset Reorganization – Represents income tax expense from the recognition of a valuation allowance on a deferred tax asset related to the Company’s intangible asset reorganization in fiscal 2025 Restructuring Charges – Charges in connection with the Company’s restructuring plan, Project Pegasus during Q3 FY25 and costs related to personnel terminations in Q2 FY26 41
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Reconciliation of Non-GAAP Financial Measures – GAAP Operating (Loss) Income and Operating Margin to Adjusted Operating Income and Adjusted Operating Margin (Non-GAAP) (Unaudited) (in thousands) 42 Three Months Ended November 30, 2025 Home & Outdoor Beauty & Wellness Total Operating loss, as reported (GAAP) $ (72) — % $ (8,298) (2.9)% $ (8,370) (1.6)% Asset impairment charges 24,000 10.5 % 41,906 14.8 % 65,906 12.9 % Subtotal 23,928 10.4 % 33,608 11.9 % 57,536 11.2 % Amortization of intangible assets 1,377 0.6 % 2,331 0.8 % 3,708 0.7 % Non-cash share-based compensation 2,013 0.9 % 3,017 1.1 % 5,030 1.0 % Adjusted operating income (non-GAAP) $ 27,318 11.9 % $ 38,956 13.8 % $ 66,274 12.9 % Three Months Ended November 30, 2024 Home & Outdoor Beauty & Wellness Total Operating income, as reported (GAAP) $ 40,313 16.4 % $ 34,805 12.2 % $ 75,118 14.2 % Restructuring charges 770 0.3 % 2,748 1.0 % 3,518 0.7 % Subtotal 41,083 16.7 % 37,553 13.2 % 78,636 14.8 % Amortization of intangible assets 1,770 0.7 % 2,777 1.0 % 4,547 0.9 % Non-cash share-based compensation 2,476 1.0 % 2,254 0.8 % 4,730 0.9 % Adjusted operating income (non-GAAP) $ 45,329 18.4 % $ 42,584 15.0 % $ 87,913 16.6 %
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Three Months Ended November 30, 2025 2024 Net (loss) income, as reported (GAAP) $ (84,056) (16.4)% $ 49,616 9.3 % Interest expense 15,855 3.1 % 12,164 2.3 % Income tax expense 60,042 11.7 % 13,536 2.6 % Depreciation and amortization 12,837 2.5 % 13,222 2.5 % EBITDA (non-GAAP) 4,678 0.9 % 88,538 16.7 % Add: Asset impairment charges 65,906 12.9 % — — % Restructuring charges — — % 3,518 0.7 % Non-cash share-based compensation 5,030 1.0 % 4,730 0.9 % Adjusted EBITDA (non-GAAP) $ 75,614 14.7 % $ 96,786 18.2 % 43 Reconciliation of Non-GAAP Financial Measures – GAAP Net (Loss) Income to EBITDA (Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization), Adjusted EBITDA and Adjusted EBITDA Margin (Non-GAAP) (Unaudited) (in thousands)
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Reconciliation of Non-GAAP Financial Measures – GAAP (Loss) Income and Diluted (Loss) Earnings Per Share to Adjusted Income and Adjusted Diluted Earnings Per Share (Non-GAAP) (Unaudited) (in thousands, except per share data) 44 Three Months Ended November 30, 2025 (Loss) Income Diluted (Loss) Earnings Per Share Before Tax Tax Net of Tax Before Tax Tax Net of Tax As reported (GAAP) $ (24,014) $ 60,042 $ (84,056) $ (1.04) $ 2.61 $ (3.65) Asset impairment charges 65,906 (6,232) 72,138 2.84 (0.27) 3.11 Intangible asset reorganization — (44,056) 44,056 — (1.90) 1.90 Subtotal 41,892 9,754 32,138 1.81 0.42 1.39 Amortization of intangible assets 3,708 638 3,070 0.16 0.03 0.13 Non-cash share-based compensation 5,030 521 4,509 0.22 0.02 0.19 Adjusted (non-GAAP) $ 50,630 $ 10,913 $ 39,717 $ 2.18 $ 0.47 $ 1.71 Weighted average shares of common stock used in computing: Diluted loss per share, as reported 23,035 Adjusted diluted earnings per share (non-GAAP) 23,180 Three Months Ended November 30, 2024 Income Diluted Earnings Per Share Before Tax Tax Net of Tax Before Tax Tax Net of Tax As reported (GAAP) $ 63,152 $ 13,536 $ 49,616 $ 2.76 $ 0.59 $ 2.17 Restructuring charges 3,518 316 3,202 0.15 0.01 0.14 Subtotal 66,670 13,852 52,818 2.91 0.61 2.31 Amortization of intangible assets 4,547 664 3,883 0.20 0.03 0.17 Non-cash share-based compensation 4,730 354 4,376 0.21 0.02 0.19 Adjusted (non-GAAP) $ 75,947 $ 14,870 $ 61,077 $ 3.32 $ 0.65 $ 2.67 Weighted average shares of common stock used in computing reported and non-GAAP diluted earnings per share 22,882
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Reconciliation of Non-GAAP Financial Measures – GAAP Net Cash Provided by Operating Activities to Free Cash Flow (Non-GAAP) (Unaudited) (in thousands) 45 Nine Months Ended November 30, 2025 2024 Net cash provided by operating activities (GAAP) $ 59,813 $ 78,236 Less: Capital and intangible asset expenditures (31,006) (22,155) Free cash flow (non-GAAP) $ 28,807 $ 56,081
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Fiscal 2026 Outlook for Net Sales Revenue (Unaudited) (in thousands) 46 Consolidated: Fiscal 2025 Fiscal 2026 Outlook Net sales revenue $ 1,907,665 $ 1,758,000 — $ 1,773,000 Net sales revenue decline (7.8)% — (7.1)%
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Reconciliation of Non-GAAP Financial Measures – Fiscal 2026 Outlook for GAAP Diluted (Loss) Earnings Per Share to Adjusted Diluted Earnings Per Share (Non- GAAP) and GAAP Effective Tax Rate to Adjusted Effective Tax Rate (Non-GAAP) (Unaudited) 47 Nine Months Ended November 30, 2025 Outlook for the Balance of the Fiscal Year (Three Months) Fiscal 2026 Outlook Tax Rate Fiscal 2026 Outlook Diluted (loss) earnings per share, as reported (GAAP) $ (36.70) $ 0.63 — $ 1.13 $ (36.07) — $ (35.57) (8.7)% — (8.9)% Asset impairment charges 34.99 — — — 34.99 — 34.99 CEO succession costs 0.15 — — — 0.15 — 0.15 Restructuring charges 0.13 — — — 0.13 — 0.13 Amortization of intangible assets 0.55 0.20 — 0.20 0.75 — 0.75 Non-cash share-based compensation 0.64 0.22 — 0.22 0.86 — 0.86 Income tax effect of adjustments 2.86 (0.42) — (0.42) 2.44 — 2.44 23.4 % — 22.3 % Adjusted diluted earnings per share (non-GAAP) $ 2.72 $ 0.53 — $ 1.03 $ 3.25 — $ 3.75 14.7 % — 13.4 %