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Q4 & FY 2025 Earnings Update February 25, 2026
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Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook, business strategy, and growth initiatives. These statements involve risks and uncertainties that could cause actual results to differ materially. We undertake no obligation to update forward-looking statements except as required by law. Please refer to our SEC filings for a detailed description of risk factors that may affect our results. You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this presentation primarily on our current expectations and projections about future events and trends that we believe may impact our business, financial condition and operating results. Please note that these forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise or publicly release the results of any revision to these forward- looking statements in light of new information, future events, or the occurrence of unanticipated events, except as required by law. This presentation also includes non-GAAP financial measures, including Organic Revenue, Adjusted EBITDA, and Adjusted Gross Margin. These measures are not prepared in accordance with GAAP and should be considered alongside, not as substitutes for, GAAP measures. Reconciliations to the most directly comparable GAAP measures are provided in the Appendix to this presentation and in our SEC filings. Market data and industry information used through this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied upon management's review of independent industry surveys and publications and other available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data, information, and estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified the information provided by these or any other third-party sources referred to in this presentation. We make no representations or warranties as to the accuracy of any such statements, data, information, or estimates. Projections, assumptions, and estimates of our and our industry's future performance are subject to a high degree of uncertainty and risk. These uncertainties and risks, as well as other factors, could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by third-parties. This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners and are used herein merely for information purposes. 1
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2 Carla Vernón Chief Executive Officer Curtiss Bruce Chief Financial Officer Our Team
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Cleanly-formulated, Sustainably-designed personal care ©Disney/Pixar
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4 Key Messages ▪ Achieved Full Year 2025 Financial Outlook In Line with Updated Guidance ▪ 2026 Plans to Win in Baby Categories, Accelerate Growth Beyond Baby, and Strengthen Financial Profile ▪ Announcing $25 Million Inaugural Share Repurchase Authorization ▪ Provides Full Year 2026 Financial Outlook In Line with Long-term Algorithm 4
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5 Top line strength and margin momentum 2025 Highlights +5.3% FY Organic Revenue Growth1 In Line with LT Algorithm +5.0% FY Consumption Growth2 >2.5x vs. Category Average Volume-led Growth 7.6% Household Penetration3 All-time High (+1.7M New Households) +50bps Adj. Gross Margin Expansion1 Mix from Higher Margin, Higher Growth Wipes & Personal Care Portfolios Notes: 1. Non-GAAP measure. See appendix for reconciliation 2. MULO+ 52 weeks ending 01.04.26. 3. Numerator Insights 52 weeks ending 12.28.25
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6 Lead Baby Personal Care Growth Lead Baby Wipes Growth Strengthening Diaper Value +25% 2025 Consumption1 Growth Increasing investment and launching larger sizes +12% 2025 Consumption Growth1 Continued innovation • Invest behind value • Continue to deliver quality materials, fit and style Growth Priority #1: Winning in Baby Scaling in our position as #1 Natural Wipes & Baby Personal Care Brand1 Notes: 1. MULO+ 52 weeks ending 01.04.26
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a 7 Support Flushable Wipes Distribution Enter Kid Personal Care Category Innovate in Sanitizing Wipes • First launch in “Big Kid” aisle • 6-item lineup • Expanding partnership with Disney Pixar +175% 2025 Consumption Growth1 Top 5 in Amazon personal cleansing Significant distribution expansion Growth Priority #2: Accelerate Beyond Baby Expanding the Honest Brand and Honest Standards from kids to adults +73% 2025 Consumption Growth1 • Two new scents: grapefruit & lavender • New on-the-go format ©Disney/Pixar Notes: 1. MULO+ 52 weeks ending 01.04.26
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8 Improvements in 2026Honest Adj. Gross Margin1 • Mix from strategic business exits • Continued supply chain efficiencies • Improved inventory management • Reductions in SG&A Growth Priority #3: Strengthen Financial Profile Continue to improve margins and operational excellence 2023 2024 2025 2026 Est 29.2% 38.2% 38.7% Notes: 1. Non-GAAP measure. See appendix for reconciliation. Low 40%s
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9 Financials
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10 Transformation 2.0 creates clear line of sight toward sustainable scale Executing Powering Honest Growth Completed Actions in 2025 ✓ Exit: Honest.com direct fulfillment ✓ Exit: Apparel category ✓ Exit: Canadian business ✓ Action: Right-sized SG&A Remaining Actions in 2026 ❑ Action: Focus on strategic categories ❑ Action: Optimize footprint and inventory ❑ Action: Improve operating systems Annual Cost Savings $10-15M Up-front Costs $30-35M
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11 Notes: 1. Non-GAAP measure. See appendix for reconciliation. (In $Millions) Q4 2025 vs. LY Revenue Organic Revenue1 $88.0 $71.3 -11.8% +0.7% Gross Margin Adj. Gross Margin1 15.7% 38.3% -23.1 pts -0.5 pts Net Income/(Loss) Adj. Net Income1 ($23.6M) $0.4 ($22.8) $1.2 Adj. EBITDA1 Adj. EBITDA Margin1 $3.8 4.3% ($4.8) -4.3 pts Q4 2025 Financial Results
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12 Notes: 1. Non-GAAP measure. See appendix for reconciliation. (In $Millions) 2025 vs. LY Revenue Organic Revenue1 $371.3 $294.1 -1.9% +5.3% Gross MarginAdj. Gross Margin1 33.3% 38.7% -4.9 pts +0.5 pts Net Income/(Loss) Adj. Net Income1 ($15.7) $8.3 ($9.6) +$14.4 Adj. EBITDA1 Adj. EBITDA Margin1 $21.8 5.9% ($4.0) -0.9 pts Annual 2025 Financial Results
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a 13 Cash and Cash EquivalentsFree Cash Flow Share Repurchase Program 2025 Cash Flow Working Capital Improvements and Disciplined Capital Allocation Strategy $1.1 $13.6 2024 2025 $ Millions Significant working capital improvements $25M Board authorized inaugural share repurchase program Balanced investment in growth initiatives with focus on returning value to shareholders 2024 2025 $75.4 $89.6 $ Millions $0M Debt
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FY 2026 Financial Outlook Revenue -18% to -16% ($306M to $312M) Strategic business exits in base through Q4 2026 Organic Revenue1 4% - 6% Volume-led QoQ improvement throughout 2026 Adjusted Gross Margin1 Low 40%s Continued favorable mix and 2H weighted supply chain efficiencies Adjusted EBITDA1 $20M - $23M To mirror cadence of organic growth and adj. gross margin profile 14 2026 Outlook Key Assumptions Notes: 1. Non-GAAP measures.
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15 Appendix 15
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2025 2024 2025 2024 Revenue $88.0 $99.8 $371.3 $378.3 Less revenue from: Apparel (9.8) (16.6) (38.5) (46.2) Honest.com (6.4) (11.6) (35.3) (48.6) Canada (0.6) (0.9) (3.4) (0.4) Organic Revenue $71.3 $70.8 $294.1 $279.3 Organic Rev Growth +0.7% +5.3% Reconciliation of Revenue to Organic Revenue For Twelve Months Ended December 31, 2025 For Three Months Ended December 31, 2025($Millions) 16
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Mar 31, 2025 June 30, 2025 Sept 30, 2025 Dec 31, 2025 Revenue $97.3 $93.5 $92.6 $88.0 Less revenue from: Apparel (10.5) (7.8) (10.4) (9.8) Honest.com (10.3) (9.8) (8.8) (6.4) Canada (1.3) (0.7) (0.8) (0.6) Organic Revenue $75.2 $75.1 $72.6 $71.3 Reconciliation of Revenue to Organic Revenue For Three Months Ended ($Millions) 17
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18 2025 2024 2025 2024 Gross Margin 15.7% 38.8% 33.3% 38.2% Restructuring-related costs 22.6% --% 5.4% --% Adjusted Gross Margin 38.3% 38.8% 38.7% 38.2% For Twelve Months Ended December 31, 2025 For Three Months Ended December 31, 2025(percent of revenue) Reconciliation of Gross Margin to Adjusted Gross Margin
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19 2025 2024 2025 2024 Net Loss ($23.6) ($0.8) ($15.7) ($6.1) Restructuring-related costs 24.0 -- 24.0 -- Adjusted Net Income $0.4 ($0.8) $8.3 ($6.1) For Twelve Months Ended December 31, 2025 For Three Months Ended December 31, 2025(percent of revenue) Reconciliation of Net Loss to Adjusted Net Income
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20 Reconciliation of Net Income/Loss to Adjusted EBITDA ($ Millions) Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Net income (loss) ($18.9) ($13.4) ($8.1) $1.1 ($39.2) ($1.4) ($4.1) $0.2 ($0.8) ($6.1) $3.3 $3.9 $0.8 ($23.6) ($15.7) Interest and other (income) expense, net 0.2 0.0 0.1 (0.0) 0.3 0.0 0.0 (0.1) (0.2) (0.3) (0.8) (1.0) (0.6) (0.6) (3.0) Income tax provision 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.2 Depreciation and amortization 0.7 0.7 0.7 0.7 2.7 0.7 0.7 0.7 0.7 2.8 0.7 0.7 0.7 0.7 2.9 Stock-based compensation 3.8 6.4 3.7 1.9 15.8 2.5 8.9 2.2 2.1 15.7 2.4 2.7 2.4 3.0 10.5 Securities litigation expense 1.2 1.8 1.4 0.4 4.7 0.4 1.3 4.1 6.7 12.4 1.0 0.1 0.0 0.0 1.3 Executive officer transition expense 1.3 0.0 0.8 0.0 2.1 0.2 0.7 0.0 0.0 0.9 0.0 1.1 0.0 0.0 1.2 Restructuring costs 1.4 0.4 0.4 0.1 2.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24.0 24.0 Payroll tax expense related to stock-based compensation 0.1 0.0 0.0 0.0 0.1 0.2 0.1 0.1 0.1 0.4 0.3 0.1 0.1 0.0 0.4 Adj. EBITDA ($10.3) ($4.1) ($1.1) $4.3 ($11.2) $2.6 $7.6 $7.1 $8.5 $25.9 $6.9 $7.6 $3.5 $3.8 $21.8 Revenue $99.8 $378.3 $88.0 $371.3 Adj. EBITDA % Revenue 8.6% 6.8% 4.3% 5.9%
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21 Thank You