Q3 FY 2021 EARNINGS WEBCAST FEBRUARY 3, 2021

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

TARANG P. AMIN CHAIRMAN &

CHIEF EXECUTIVE OFFICER

STRATEGIC FRAMEWORK

3

GROWTH OPPORTUNITIES

2

Q3 FY 2021 RESULTS

1

TODAY’S AGENDA

+7%+7%

+11%

+16%

+8%

+3%

+8%

Q1 FY 20

Q2 FY 20

Q3 FY 20

Q4 FY 20

Q4 FY 19

Q1 FY 21

Q2 FY 21

NET SALES GROWTH BY QUARTER. FY 19 - FY 20 GROWTH RATES EXCLUDE E.L.F. STORES (CLOSED IN FEBRUARY 2019)

+10%

Q3 FY 21

EIGHT CONSECUTIVE QUARTERS OF NET SALES GROWTH

GROWTH MARGIN21%+10%

$89MNET

SALESADJUSTED

EBITDA

$18M

Q3 FY 21 RESULTS

PREMIUM QUALITY

CRUELTY FREE

UNIVERSAL APPEAL

OUR SUPERPOWERS

ACCESSIBLE PRICES

DRIVE BRAND

DEMAND

DOUBLE DOWN

DIGITAL

COST SAVINGSINNOVATION

LEADING PRODUC-

TIVITY

EXECUTING ON OUR FIVE STRATEGIC IMPERATIVES

DRIVE BRAND DEMAND

SALES TREND - TOP 5 COLOR COSMETICS BRANDS

-40

-30

-20

-10

0

Maybelline L'Oreal Cover Girl Revlon e.l.f.

COVERGIRL -25%

MAYBELLINE -17%

REVLON -40%

E.L.F. -2%

L’OREAL -18%

NIELSEN XAOC LATEST 12 WEEKS ENDING 12/26/2020

-300

-225

-150

-75

0

75

150

Revlon Cover Girl L'Oreal Maybelline e.l.f.

COVERGIRL -70

MAYBELLINE +50

E.L.F. +100

L’OREAL +10

REVLON -220

5.9%SHARE

E.L.F.

SHARE TREND (BPS) - TOP 5 COLOR COSMETICS BRANDS

NIELSEN XAOC LATEST 12 WEEKS ENDING 12/26/2020

NEW

9MFOLLOWERS+11% GROWTH

+16% EMV GROWTH

EMV

= E

ARN

ED M

EDIA

VA

LUE.

SO

URC

E: T

RIBE

DY

NA

MIC

S

CONTINUING TO EXPLORE NEW FRONTIERS

NEWSMAKER OF THE YEAR2020 NEWSMAKER

OF THE YEAR

AD AGE TOP 10 MARKETERS

OF THE YEAR

FIRST RITUAL LAUNCHED

IN DECEMBER

COLLECTION EXPANDED IN JANUARY

>10B PRESS IMPRESSIONS

100M SOCIAL FOLLOWERS

BRINGING THE BRAND RECHARGE TO LIFE

DOUBLE DOWN ON DIGITAL

~TRIPLE DIGIT

GROWTH

Q3 FY 21 YEAR-TO-DATE DIGITAL CONSUMPTION YEAR-OVER-YEAR GROWTH

DIGITAL COMMERCE PENETRATION

Q3 FY 20 Q3 FY 21

10 % 16 %

% OF NEW CONSUMERS PURCHASING ON ELFCOSMETICS.COM, FROM 10/1/2020 TO 12/31/2020

~60%NEW CONSUMERS

SHOPPING ELFCOSMETICS.COM

GROWTH

~40%

MEMBERS2.3M

BEAUTY SQUAD LOYALTY MEMBERS AS OF 12/31/2020 | Q3 FY 21 GROWTH IN TOTAL ENROLLMENT VERSUS PY

OF SALES ON ELFCOSMETICS.COM

~70%

BEAUTY SQUAD LOYALTY PROGRAM

BEAUTY SQUAD EARLY ACCESS

CONTENT COMMUNITYCONVERSATION

THE UNIQUENESS OF KEYS SOULCARE

INNOVATION

STRENGTH IN CORE SEGMENTS

NIE

LSEN

XA

OC

LA

TEST

12

WEE

KS

END

ING

1

2/2

6/2

02

0,

EXC

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ES P

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ABE

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$ SHAREBRUSHES

#1$ SHAREPRIMERS

#1$ SHARE

CONCEALER

#2UNIT SHAREEYEBROW

#2$ SHARE

SPONGES

#2

POWERHOUSE INNOVATION ENGINE

Make this a Camo CC cream slide, maybe with some of our internal video showing what it is,

the benefits, and before/after, and also include some TikTok videos showing consumers

comparing it to the IT Cosmetics CC Cream

CAMO CC CREAM $14 VS. A PRESTIGE EQUIVALENT $40

+17%E.L.F.

SKINCARE CONSUMPTION

YOY CONSUMPTION GROWTH. NIELSEN XAOC LATEST 12 WEEKS ENDING 12/26/2020

-5%S K I N C A R E C AT E G O RY

ELFCOSMETICS.COM AMAZON.COM

8% ~25%

TRACKED CHANNELS

SKINCARE PENETRATION

LATEST 12 WEEKS THROUGH DECEMBER 2020

DERMATOLOGIST-DEVELOPED, CLEAN FORMULAS

DR. RENÉE SNYDER

SKIN-NOURISHING INGREDIENTS

SOUL-NURTURING RITUALSSOUL-NURTURING RITUALS

OFFERINGS THAT CARE FOR THE WHOLE SELF

LEADING PRODUCTIVITY

PROJECT UNICORN

ELEVATE BRAND PRESENTATION

3 PATENTS

BETTER DISPLAY

FIT MORE ITEMS ON SHELF

ELIMINATED 650K LBS OF PACKAGING

LBS

SHELF SPACE EXPANSION

EXPANDED FALL 2020

EXPANDING SPRING 2021

EXPANDING SPRING 2021

EXPANDING SPRING 2021

29 COUNTRIES (ONLINE)

U.S. (ONLINE & IN STORES)

U.K. (ONLINE)

8 COUNTRIES (ONLINE & IN STORES)

COST SAVINGS

GROSS MARGIN

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

PRICING

SUPPLIER CONCESSIONS

SG&A LEVERAGE

MITIGATING FX IMPACT

STRATEGIC FRAMEWORK

EXC

LUS

IVE D

ISTR

IBU

TION

AC

CES

SIB

LE D

ISTR

IBU

TIO

NPRESTIGE PRICE

MASS PRICE~$5 AUR

~$20 AUR

~$20-40 AUR

MOVING AT E.L.F. SPEED

CORE VALUE PROPOSITION

CONTINUE TO GAIN MARKET SHARE

DIGITAL STRENGTH

MANDY FIELDS SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER

FISCAL 2021 OUTLOOK

2

Q3 FY 2021 RESULTS

1

TODAY’S AGENDA

$89 MILLION

+10%

Q3 FY 21 NET SALES

Q3 FY 21 NET SALES DRIVERS

E-COMMERCE INTERNATIONAL NATIONAL RETAILERS

ORDER TIMING

64% GROSS MARGIN

Q3 FY 21 RESULTS

44%49%

ADJUSTED SG&A

Q3 FY 20 Q3 FY 21

15%

MARKETING & DIGITAL INVESTMENT

Q3 FY 20 Q3 FY 21

12%

$18M ADJUSTED EBITDA

21%MARGIN

Q3 FY 21 RESULTS

Q3 FY 20

$12M

Q3 FY 21

$12M

ADJUSTED NET INCOME

$0.22

Q3 FY 21Q3 FY 20

$0.24

ADJUSTED EPS

CASH ON HAND + REVOLVING CREDIT FACILITY

$85 MILLION

STRONG LIQUIDITY

INVENTORY DRIVERS

NEW BRANDS

SPACE EXPANSION

FX

INVESTING IN FIVE STRATEGIC

IMPERATIVES

KEYS SOULCARE LAUNCH

LL PEOPLE BRAND

RECHARGE

EW

CASH PRIORITIES

RAISED FISCAL 2021 GUIDANCE

ADJUSTED EBITDA $59M TO $60M

ADJUSTED EPS $0.63 TO $0.64

NET SALES +7% TO 9%

ADJUSTED NET INCOME $33M TO $34M

Q4 NET SALES DRIVERS

MACRO VOLATILITY

TOUGHER COMPS

MERCHANDISING

BUSINESS MOMENTUM

STIMULUS

ORDER TIMING

KEYS SOULCARE

FY 2021 GUIDANCE

$59MTO

$60M

ADJUSTED EBITDA

PRICE INCREASES

COST SAVINGS

SG&A LEVERAGE

MITIGATING FX IMPACT

LONG-TERM ECONOMIC MODEL

MID TO HIGH SINGLE

DIGITS

NET SALES CAGR

OUTPACE SALES

GROWTH

ADJUSTED EBITDA CAGR

CAGR REPRESENTS EXPECTATIONS OVER A 3 YEAR TIME FRAME, THROUGH FY 2024

INCLUSIVE. ACCESSIBLE. CRUELTY FREE.

THANK YOU