Slides
Page 1
Q3 2025 EARNINGS – November 6, 2025
Page 2
DISCLAIMER Q3 2025 EARNINGS 2 General Disclaimer This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of Olaplex Holdings, Inc. (the “Company”), nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Forward Looking Statements This presentation includes certain forward-looking statements and information relating to the Company that are based on the beliefs of management as well as assumptions made by, and information currently available to, the Company. These forward-looking statements include, but are not limited to, statements about: the Company’s financial position, operating results, growth, sales and profitability, including revenueshifts across channels; the Company's financial guidance for fiscal year 2025, including net sales, adjusted gross profit margin and adjusted EBITDA margin; demand for the Company’s products; the Company’s innovation strategy and pipeline, including the timing of product launches; the Company's international operations, including its distribution partners; the Company’s business transformation plans, strategies, investments, priorities and objectives, including the impact and timing thereof; the Company’s sales, marketing and education initiatives and related investments, and the impact, focus and timing thereof; general economic and industry trends, including tariffs; customer inventory practices and consumer sentiment; inventory levels; and other statements contained in this presentation that are not historical or current facts. When used in this presentation words suchas "may," "will," “could," "should," "intend," "potential," "continue," "anticipate," "believe," "estimate," "expect," "plan," "target," "predict," "project," "forecast," "seek" and similar expressions as they relate to the Company are intended to identify forward-looking statements. The forward-looking statements in this presentation reflect the Company’s current expectations and projections about future events and financial trends that management believes may affect the Company’s business, financial condition and results of operation. These statements are predictions based upon assumptions that may not prove to be accurate, and they are not guarantees of future performance. As such, you should not place significant reliance on the Company’s forward-looking statements. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements, including any such statements taken from third party industry and market reports. Forward-looking statements involve known and unknown risks, inherent uncertainties and other factors that are difficult to predict which may cause the Company’s actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements, including, without limitation: the Company’s dependence on the success of its business transformation plan; competition in the beauty industry; the Company’s ability to effectively maintain and promote a positive brand image, expand its brand awareness and maintain consumer confidence in the quality, safety and efficacy of its products; the Company’s ability to anticipate and respond to market trends and changes in consumer preferences and execute on its growth strategies and expansion opportunities, including with respect to new product introductions; the Company’s ability to accurately forecast customer and consumer demand for its products; the Company’s ability to limit the illegal distribution and sale by third parties of counterfeit versions of its products or the unauthorized diversion by third parties of its products; the Company's dependence on a limited number of customers for a large portion of its net sales; the Company’s ability to develop, manufacture and effectively and profitably market and sell future products; the Company’s ability to attract new customers and consumers and encourage consumer spending across its product portfolio; the Company’s ability to successfully implement new or additional marketing efforts; the Company’s relationships with and the performance of its suppliers, manufacturers, distributors and retailers and theCompany’s ability to manage its supply chain; impacts on the Company’s business from political, regulatory, economic, trade and other risks associated with operating internationally; the Company’s ability to manage its executive leadership changes and to attract and retain senior management and other qualified personnel; the Company’s reliance on its and its third-party service providers’ information technology; the Company’s ability to maintain the security ofconfidential information; the Company’s ability to establish and maintain intellectual property protection for its products, as well as the Company’s ability to operate its business without infringing, misappropriating or otherwise violating the intellectual property rights of others; the outcome of litigation and regulatory proceedings; the impact of changes in federal, state and international laws, regulations and administrative policy, including the One Big Beautiful Bill Act, tariffs and other trade policies;the Company’s existing and any future indebtedness, including the Company’s ability to comply with affirmative and negative covenants under its credit agreement; the Company’s ability to service its existing indebtedness and obtain additional capitalto finance operations and its growth opportunities; volatility of the Company’s stock price; the Company’s “controlled company” status and the influence of investment funds affiliated with Advent International, L.P. over the Company; the impact of general economic conditions, disruptions in business conditions, and the financial strength of the Company’s consumers and customers on the Company’s business; fluctuations in the Company’s quarterly results of operations; changes in the Company’s tax rates and the Company’s exposure to tax liability; the Company's ability to integrate or realize the intended benefits of its acquisitions or strategic investments; and the other factors identified under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") and in the other documentsthat the Company files with the SEC from time to time. Many of these factors are macroeconomic in nature and are, therefore, beyond the Company’s control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual results, performance or achievements may vary materially from those described in this presentation as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements in this presentation represent management’s views as of the date hereof. Unless required by law, the Company neither intends nor assumes any obligation to update these forward-looking statements for any reason after the date hereof to conform these statements to actualresults or to changes in the Company’s expectations or otherwise.
Page 3
DISCLAIMER 3Q3 2025 EARNINGS Market and Industry Data Looking This presentation includes market and industry data and forecasts that the Company has derived from independent consultants, publicly available information, various industry publications, other published industry sources and the Company’s internal data and estimates. While independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable, the Company has not independently verified such information. The Company’s internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management’s understanding of industry conditions. Although the Company believes that such information is reliable,the Company has not had this information verified by any independent sources. Similarly, the Company’s internal research is based upon management’s understanding of industry conditions, and such information has not been verified by any independent sources. To the extent that any estimates underlying such market-derived information and other factors are incorrect, actual results may differ materially from those expressed in the independent parties’ estimates and in the Company’s estimates. Non-GAAP Financial Measures This presentation contains “non-GAAP financial measures,” including adjusted gross profit, adjusted gross profit margin, adjusted EBITDA, adjusted EBITDA margin and adjusted SG&A. These are financial measures that are not calculated or presented in accordance with generally accepted accounting principles in the United States (“GAAP”) and may exclude items that are significant in understanding and assessingthe Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used and may be calculated differently. Please refer to the Appendix to this presentation for a reconciliation of these non-GAAP metrics to their most directly comparable financial measure stated in accordance with GAAP. This presentation includes forward-looking guidance for adjusted EBITDA margin and adjusted gross profit margin. The Company isnot able to provide, without unreasonable effort, a reconciliation of the guidance for adjusted EBITDA margin and adjusted gross profit margin to the most directly comparable GAAP measure because the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments included in the most directly comparable GAAP measure that would be necessary for such reconciliations, including (a) costs related to potential debt or equity transactions and (b) other non-recurring expenses that cannot reasonably be estimated in advance. These adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control and as a result it is also unable to predict their probable significance. Therefore, because management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables and individual adjustments will have on its reported results in accordance with GAAP, it is unable to provide areconciliation of the non-GAAP measures included in its fiscal year 2025 guidance.
Page 4
4 AMANDA BALDWIN Chief Executive Officer Q3 2025 EARNINGS
Page 5
5 No.1 Generate Brand Demand No.2 Harness Innovation No.3 Execute with Excellence Bonds and Beyond: 2025 focus
Page 6
No.1 Generate Brand Demand Q3 2025 EARNINGS Our Hair Mask Duo launch was the most integrated in our history with full 360 execution.
Page 7
No.2 Harness Innovation Q3 2025 EARNINGS Outperforming key retailer expectations across sell-in and sell-through Positive customer response 4.7 star review average* Strong existing and new customer reception Accelerating sell-through * Data per internal DTC data 8/22/25 – 9/12/25
Page 8
Integrated Business Planning Go-To- Market Joint Business Planning Innovation No.3 Execute with Excellence 2025 Progress • Pro Blitz strategy driving improved sell-through in participating regions • Global Sales and Education teams visiting and re- engaging directly with key partners • Outperformance in select international regions where we’ve executed our strategic plan Q3 2025 EARNINGS
Page 9
9 CATHERINE DUNLEAVY Chief Operating Officer & Chief Financial Officer Q3 2025 EARNINGS
Page 10
10All figures compared to Third quarter 2024. Q3 2025 EARNINGS Third Quarter 2025 Results Net Sales Net sales -3.8% to $114.6M Channel Sales Specialty Retail -13.5% Direct to Consumer -2.9% Professional 5.3%
Page 11
11 Third Quarter 2025 Results Q3 2025 EARNINGS All figures compared to Third quarter 2024. 1. Adjusted Gross Profit Margin and Adjusted SG&A are non -GAAP financial measures. Please refer to the Appendix for additional information on these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures. Gross Profit Margin 69.1% vs 68.6% Adjusted Gross Profit Margin1 71.5% vs 70.8% SG&A $64.1M vs $43.0M Adjusted SG&A1 $51.3M vs $40.4M
Page 12
12 All figures compared to Third quarter 2024. 1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please refer to the Appendix for additional infor mation on these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures. Third Quarter 2025 Results Q3 2025 EARNINGS Net Income $11.1M vs $14.8M Diluted EPS $0.02 vs $0.02 Adjusted EBITDA1 $30.8M vs $44.6M Adj. EBITDA Margin1 26.9% vs 37.5%
Page 13
13 Third Quarter 2025 Financial Position Q3 2025 EARNINGS Inventory $73.3M vs $75.2M September 30, 2025 compared to December 31, 2024 Cash and Cash Equivalents, and Cash Flows from Operations Cash Flows from Operations $26.0M vs $93.4M Nine months ended September 30, 2025 vs Nine months ended September 30, 2024 Cash and Cash Equivalents $286.4M vs $586.0M September 30, 2025 compared to December 31, 2024 Long-Term Debt (Net of current portion and deferred fees) $352.1M vs$643.7M September 30, 2025 compared to December 31, 2024
Page 14
14 Fiscal Year 2025 Guidance 1. Adjusted Gross Profit Margin & adjusted EBITDA Margin are non-GAAP financial measures. The Company is not able to provide, without unreasonable effort, a reconciliation of the guidance for adjusted gross profit margin and adjusted EBITDA margin to the most directly comparable GAAP measure because the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments included in the most directly comparable GAAP measure that would be necessary for such reconciliations, including (a) costs related to potential debt or equity transactions & (b) other non -recurring expenses that cannot reasonably be estimated in advance. These adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company’s control and as a result it is also unable to predict their probab le significance. Therefore, because management cannot estimate on a forward-looking basis without unreasonable effort the impact these variables & individual adjustments will have on its reported results in accordance with GAAP, it is unable to pr ovide a reconciliation of the non-GAAP financial measures included in its fiscal year 2025 guidance. Net Sales $410M to $431M -3% to +2% Compared to fiscal year 2024 Adjusted Gross Profit Margin1 70.5% to 71.5% Adjusted EBITDA Margin1 20% to 22% Q3 2025 EARNINGS
Page 15
Thank you
Page 16
16 Appendix
Page 17
NON-GAAP RECONCILIATION Q3 2025 EARNINGS 17 Numbers may not foot due to rounding 1. Represents litigation costs related to the Lilien securities class action. The Company considers litigation costs related to the Lilien securities class action, as described in Note 12 to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, to be non-recurring and non-ordinary. While the Company did not adjust for these costs during the year ended December 31, 2024 because the amounts incurred in 2024 were not material, commencing with the three months ended March 31, 2025, the Company has included an adjustment for these costs as a result of the court's denial of the Company's motion to dismiss in February 2025. The Company believes adjusting for such costs in the presentation of its adjusted EBITDA, adjusted EBITDA margin and adjusted SG&A provides investors with meaningful information regarding the Company's core operating performance. 2. Represents non-recurring and non-ordinary costs related to the acquisition of all of the outstanding capital stock of Purvala Bioscience, Inc. ("Purvala") by Olaplex, Inc. on August 20, 2025. * Costs for this period were less than $500 thousand dollars, and round to zero in this presentation. Adjusted EBITDA ($MM) For the Three Months Ended September 30, 2025 2024 Net Income $ 11 $ 15 Depreciation and amortization of intangible assets 14 13 Interest expense, net 5 9 Income tax (benefit) provision (2) 5 Share-based compensation 3 3 Certain litigation-related expenses1 * — Acquisition-related costs2 9 — Tax Receivable Agreement liability adjustment (9) — Adjusted EBITDA $ 31 $ 45 Adjusted EBITDA margin 26.9 % 37.5 % Adjusted SG&A ($MM) For the Three Months Ended September 30, 2025 2024 SG&A $ 64 $ 43 Share-based compensation (3) (3) Certain litigation-related expenses1 * — Acquisition-related costs2 (9) — Adjusted SG&A $ 51 $ 40
Page 18
NON-GAAP RECONCILIATION Q3 2025 EARNINGS 18 Numbers may not foot due to rounding For the Three Months Ended September 30, 2025 2024 Gross Profit $ 79 $ 82 Amortization of patented formulations 3 3 Adjusted Gross Profit $ 82 $ 84 Adjusted Gross Profit Margin 71.5 % 70.8 % Adjusted Gross Profit ($MM)
Page 19
NON-GAAP RECONCILIATION Q3 2025 EARNINGS 19 Adjusted EBITDA ($MM) For the Nine Months Ended September 30, 2025 2024 Net Income $ 4 $ 28 Depreciation and amortization of intangible assets 40 40 Interest expense, net 22 26 Income tax (benefit) provision (3) 9 Share-based compensation 10 9 Certain litigation-related expenses1 9 — Acquisition-related costs2 9 — Executive reorganization costs3 — * Tax Receivable Agreement liability adjustment (9) — Adjusted EBITDA $ 81 $ 112 Adjusted EBITDA margin 25.5 % 34.8 % Adjusted SG&A ($MM) For the Nine Months Ended September 30, 2025 2024 SG&A $ 178 $ 129 Share-based compensation (10) (9) Certain litigation-related expenses1 (9) — Acquisition-related costs2 (9) — Executive reorganization costs3 — * Adjusted SG&A $ 150 $ 120 Numbers may not foot due to rounding 1. Represents litigation costs related to the Lilien securities class action. The Company considers litigation costs related to the Lilien securities class action, as described in Note 12 to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025, to be non-recurring and non-ordinary. While the Company did not adjust for these costs during the year ended December 31, 2024 because the amounts incurred in 2024 were not material, commencing with the three months ended March 31, 2025, the Company has included an adjustment for these costs as a result of the court's denial of the Company's motion to dismiss in February 2025. The Company believes adjusting for such costs in the presentation of its adjusted EBITDA, adjusted EBITDA margin and adjusted SG&A provides investors with meaningful information regarding the Company's core operating performance. 2. Represents non-recurring and non-ordinary costs related to the acquisition of all of the outstanding capital stock of Purvala Bioscience, Inc. ("Purvala") by Olaplex, Inc. on August 20, 2025. 3. Represented benefit payments associated with the departure of the Company's Chief Executive Officer that occurred in fiscal year 2023 and Chief Operating Officer that occurred in fiscal year 2022. * Costs for this period were less than $500 thousand dollars, and round to zero in this presentation.
Page 20
NON-GAAP RECONCILIATION Q3 2025 EARNINGS 20 Numbers may not foot due to rounding For the Nine Months Ended September 30, 2025 2024 Gross Profit $ 222 $ 226 Amortization of patented formulations 7 7 Adjusted Gross Profit $ 229 $ 233 Adjusted Gross Profit Margin 72.2 % 72.2 % Adjusted Gross Profit ($MM)