Q4 & FY20 CONFERENCE CALL MAY 21, 2020

As a reminder, this call contains forward-looking statements that are based on management's expectations—including those relating to the company’s

efforts to navigate the COVID-19 pandemic, category trends and longer-term outlook—and are subject to known and unknown risks and uncertainties,

and therefore, actual results may differ materially.

Important factors that may cause actual results to differ are detailed in today’s press release and the company’s SEC filings. In addition, the

company’s presentation today includes information presented on a non-GAAP basis. We refer you to today's press release for a reconciliation of the differences between the non-GAAP presentation and the most directly

comparable GAAP measures. All comparative net sales figures exclude e.l.f. stores. Please note after the presentation there is a separate dial-in for the

QA session, also noted in the press release.

TARANG P. AMIN CHAIRMAN &

CHIEF EXECUTIVE OFFICER

MANDY FIELDS SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER

TARANG P. AMIN CHAIRMAN &

CHIEF EXECUTIVE OFFICER

LONG-TERM INVESTMENT

THESIS

3

COVID-19 RESPONSE

2

FISCAL 2020 RESULTS

1

TODAY’S AGENDA

+7%

+11%

+16%

Q1 Q2 Q3 Q4

+8%

Transition Quarter

+3%

NET SALES GROWTH BY QUARTER, EXCLUDES E.L.F. STORES

FIVE CONSECUTIVE QUARTERS OF NET SALES GROWTH

$283 MILLION

+11%

FY 20 NET SALES

NET SALES GROWTH, EXCLUDES E.L.F. STORES

+300 bps

+1700 bps

SINCE 2019 SINCE 2014

+64%

FY20 GROSS MARGIN

$63 MILLION

~2xMARKETING + DIGITAL

WITH

FY20 ADJUSTED EBITDA

E.L.F.

COLOR

L52 Weeks L12 Weeks

-5.0%

-3.3%

+8.7% +8.7%

-3.8%

+8.1%

L24 Weeks

NIELSEN XAOC ENDING 3/21/20

OUTPERFORMING CATEGORY TRENDS

COVERGIRL -80

MAYBELLINE -30

REVLON +40

E.L.F. +50

L’OREAL -10

NIELSEN XAOC 52 WEEKS ENDING 3/21/20

4.8%SHARE

E.L.F.

FY 20 SHARE CHANGE (BPS) - TOP 5 COLOR COSMETICS BRANDS

FAVORITE TEEN BRAND

PIPER SANDLER ‘TAKING STOCK WITH TEENS SPRING 2020’

GEN Z LOVES E.L.F.

#6 #4

DRIVE BRAND

DEMAND

DOUBLE DOWN

DIGITAL

COST SAVINGS

FIRST TO MASS

LEADING PRODUC-TIVITY

EXECUTING ON OUR FIVE STRATEGIC IMPERATIVES

OUR MISSION: BEST OF BEAUTY

ACCESSIBLE TO EVERY EYE, LIP AND FACE

DIGITAL ENGAGEMENT

2

ADAPT AT E.L.F. SPEED

3

VALUE EQUATION

1

WELL POSITIONED TO CONTINUE TO GAIN MARKET SHARE

DRIVE BRAND DEMAND

FIRST TO MASS

HOLY GRAILS

100% VEGAN &

CRUELTY-FREE

PREMIUM QUALITY

UN- BELIEVABLE

PRICE

UNIVERSAL APPEAL

OUR SUPERPOWERS

#EYESLIPSFACE

TIK TOK CHALLENGE

SPOTIFY GLOBAL VIRAL

50 LIST

#4

VIEWS ON TIKTOK

5B+VIDEO CREATES

ON TIKTOK

3.5M+MOST SUCCESSFUL

VIRAL CAMPAIGN IN TIKTOK US HISTORY

#1

E.L.F. BECOMES GLOBAL MUSIC

SENSATION

MUSIC VIDEO VIEWS ON YOUTUBE

2.3M+

INSTAGRAM FOLLOWERS

+22%EARNED

MEDIA VALUE

+60%GOOGLE SEARCH

+6%

DOUBLE DOWN DIGITAL

elfcosmetics.com

#1MASS COSMETICS

E-COMMERCE SITE

RETAILER.COM & AMAZON

CONSUMPTION

+50%1.8MBEAUTYSQUAD

LOYALTY PROGRAM MEMBERS

DOUBLE DIGIT TRAFFIC & NEW

CONSUMERS

2XSOCIAL

SHOPPING ENABLED

FIRST TO MASS PRODUCT

#1 IN PRIMERS 33.7% $ SHARE

+3.6 $ SHARE PTS

#1 IN BRUSHES 35.2% $ SHARE

+1.6 $ SHARE PTS

#1 #2 & #3 BROW PENCILS 10.9% UNIT SHARE

+2.4 UNIT SHARE PTS

Nie

lsen

XAO

C L

12W

end

ing

1/25

/20

NIELSEN XAOC L52W ENDING 3/21/20

STRENGTH IN CORE SEGMENTS

PORELESS PUTTY PRIMER

NIELSEN XAOC L52W ENDING 3/21/20 NIELSEN XAOC L24W ENDING 3/21/20

MASS PRIMER

#1MASS FACE

MAKEUP ITEM

#1

CAMO CONCEALER

+7.4 $ SHARE POINTS

PORELESS PUTTY PRIMER +11.9 $ SHARE

POINTS

LIQUID GLITTER EYESHADOW

48% NEW CUSTOMERS

HOLY GRAILS

NIELSEN XAOC L12W ENDING 3/21/20

SKINCARE+27%FY20

SKIN CARE SALES

LEADING PRODUCTIVITY

PROJECT UNICORN

MOST PRODUCTIVE

BRAND

MOST PRODUCTIVE

BRAND

EXPANDING THIS FALL

EXPANDING THIS FALL

COST SAVINGS

$13.7MCOST SAVINGS

REDEPLOYED TO MARKETING &

DIGITAL

FAVORABLE F/X

COST SAVINGS

PRICE INCREASE CHINA TARIFFS

NEW LIQUID FILL MANUFACTURING PLANT

STRATEGIC EXTENSIONS

As clean as it gets High-performance Hard-working Plant-based cosmetics

40 EWG certified products

AN UNWAVERING COMMITMENT TO CLEAN & QUALITY

Broccoli Seed Oil Organic Aloe

Vera

Organic Green Tea

Avocado Oil

Mango Seed Oil

Organic Chamomile

Algae

Olive Oil

Pomegranate

CRUELTYFREE

High-performance plant-based ingredients

Chic yet effortless aesthetic

Good for skin

Lightweight & hydrating

Active & advanced hybrid botanicals

NEW BRAND CY 2021

SINGLE BRAND COMPANY

MULTI-BRAND HOUSE

E.L.F. W3LL PEOPLE BRAND INCUBATOR

COVID-19

E.L.F.CATEGORY

-30%-38%

COVID-19 IMPACT

NIELSEN L4W ENDING 4/18/20, COLOR COSMETICS CATEGORY

L4 Weeks

5.2%E.L.F. SHARE

+60BPS

EYES. LIPS. FACE. SAFE.

CREATED PSA TO RAISE AWARENESS

~10K VIDEOS CREATED

4M LIKES

23K SHARES ON TIKTOK

EYES. LIPS. FACE. SAFE.

HAND SANITIZER

EYES. LIPS. FACE. SAFE.

$65M CASH ON HAND

MANDY FIELDS SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER

Q1 Q2 Q3 Q4

NET SALES GROWTH, EXCLUDES E.L.F. STORES

+7%

+11%

+16%

+8%

POSITIVE NET SALES GROWTH IN EVERY QUARTER OF FY20

DRIVE BRAND

DEMAND

DOUBLE DOWN

DIGITAL

COST SAVINGS

FIRST TO MASS

LEADING PRODUC-TIVITY

EXECUTING ON OUR FIVE STRATEGIC IMPERATIVES

FY20FY19

NET SALES GROWTH, EXCLUDES E.L.F. STORES

7%

13%$62M

NEARLY DOUBLED MARKETING INVESTMENT

TOP LINE GROWTH

$63M

ADJUSTED EBITDA

+11%

FY19 FY20

NET SALES GROWTH, EXCLUDES E.L.F. STORES

$283 MILLION

+11%

FY 20 NET SALES

NIELSEN XAOC L52W ENDING 3/21/20

FASTEST GROWING BRAND IN COMPETITIVE SET

Wet N Wild -10.2%

E.L.F. 8.7%

Cover Girl -10.1%

Maybelline -4.9%

L’Oreal -3.9%

NYX -1.9%

Revlon 1.3%

FY14 FY17 FY19

FY14–FY18 REPRESENT DECEMBER 31 YEAR END, FY19–FY20 REPRESENT MARCH 31 YEAR END

47%

64%

FY16FY15

52%

58%

61% 61% 61%

FY20FY18

+300 BPSGROSS MARGIN EXPANSION

OVERCOMING TARIFFS

MARGIN ACCRETIVE

MIXCOST

SAVINGS

PRICE INCREASES

$$RMB

GROSS MARGIN DRIVERS

FY20FY19

45%49%

FY20FY19

7%

13%

ADJUSTED SG&A MARKETING + DIGITAL

$13.7MCOST SAVINGS

REDEPLOYED TO MARKETING &

DIGITAL

ADJUSTED EBITDA

$63M

FY20

$62M

FY19

FY19

$33M

FY20

$32M

ADJUSTED NET INCOME

$0.63

FY20 FY19

$0.66

ADJUSTED EPS

$44MCASH FLOW FROM

OPERATIONS

$26MW3LL

PEOPLE ACQUISITION

$8ME.L.F.

SHARE PURCHASES

CASH BALANCE

$46M

FY20

$54M

FY19

FY20 WAS A GREAT YEAR OVERALL

COVID-19

L4 Weeks Ending 2/22

-29%

+13%

L4 Weeks Ending 4/18

L4 Weeks Ending 5/2

-9%

NIELSEN XAOC YOY SALES - COLOR COSMETICS + SKINCARE

RECENT CONSUMPTION TRENDS

SUSPENDING FISCAL 2021 GUIDANCE

OUR COMMUNITY

OUR PEOPLE

LIQUIDITY COST SAVINGS

PRINCIPLES GUIDING OUR COVID-19 RESPONSE PLANS

~$65M

CASH ON HAND

$30M

UNDRAWN REVOLVING CREDIT FACILITY

+

REDUCED FIXED CHARGE COVERAGE RATIO

INCREASED MAXIMUM PERMITTED TOTAL NET LEVERAGE RATIO

CREDIT AGREEMENT AMENDMENT

~$95M

CASH ON HAND +

REVOLVING CREDIT FACILITY

SALES

LONG TERM FRAMEWORK

Scenario #1WITHOUT significant spacegains or strategic extensions

Scenario #2WITH significant space gains

and strategic extensions

ADJUSTED EBITDA

LOW TO MID SINGLE DIGIT NET SALES CAGR

OUTPACES SALES GROWTH

MID TO HIGH SINGLE DIGIT NET SALES CAGR

OUTPACES SALES GROWTH

RETURN TO NORMALCY

SHORT-TERM UNCERTAINTY

LONG-TERM MODEL

TARANG P. AMIN CHAIRMAN &

CHIEF EXECUTIVE OFFICER

79

WE HAVE THE RIGHT TEAM

Employee base that represents the young, diverse consumers we serve

TARANG P. AMIN CHAIRMAN & CEO

MANDY FIELDS SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER

RICHARD F. BARUCH JR. SENIOR VICE PRESIDENT &

CHIEF COMMERCIAL OFFICER

SCOTT K. MILSTEN SENIOR VICE PRESIDENT, GENERAL COUNSEL, CORPORATE SECRETARY

& CHIEF PEOPLE OFFICER

KORY MARCHISOTTO SENIOR VICE PRESIDENT & CHIEF MARKETING OFFICER

FANNY XU VICE PRESIDENT, GENERAL

MANAGER, CHINA OPERATIONS

EXECUTIVE TEAM

Highly-experienced, blue-chip background executive team with proven experience managing and growing brand portfolios

JOSH FRANKS SENIOR VICE PRESIDENT,

OPERATIONS

MILLENNIAL

55%WOMEN

70%DIVERSE

45%

TARANG P. AMIN CHAIRMAN & CEO LAUREN COOKS LEVITAN RICHELLE P. PARHAM

BETH M. PRITCHARD LEAD INDEPENDENT DIRECTORKIRK L. PERRY SABRINA L. SIMMONS

MAUREEN C. WATSON RICHARD G. WOLFORD

(OUT OF 4,800+ PUBLIC COMPANIES)

1OF10

PUBLIC COMPANIES WITH OVER

60%

WOMEN ON BOARD OF DIRECTORS

BOARD OF DIRECTORS

WE HAVE THE RIGHT TEAM

WE KNOW OUR CONSUMERS AND HOW

TO ENGAGE THEM

WE KNOW HOW TO MAKE PRODUCTS PEOPLE WANT

WE MOVE AT E.L.F. SPEED

WE HAVE WORLD-CLASS OPERATIONS

WE KNOW HOW TO WIN IN MARKET

WE KNOW HOW TO BUILD BRANDS

THANK YOU