e.l.f. Beauty Q2 net sales up 33% to $122.3M; raises FY2023 outlook

Net sales increased 33% to $122.3 million, primarily driven by strength in both our retailer and e-commerce channels. • Gross margin increased approximately 190 basis points to 65%, primarily driven by price increases, cost savings and product mix, partially offset by inventory adjustments and higher transportation costs. • Selling, general and administrative expenses ("SG&A") increased $13.7 million to $64.2 million, or 52% of net sales. Adjusted SG&A (SG&A excluding the items identified in the reconciliation table below) increased $11.0 million to $56.2 million, or 46% of net sales. The increase was primarily due to an increase in compensation and benefits, marketing and digital spend, and operations costs. • The provision for income taxes was $1.6 million. • Net income was $11.7 million on a GAAP basis. Adjusted net income (net income excluding the items identified in the reconciliation table below) was $20.1 million. • Diluted earnings per share were $0.21 on a GAAP basis.

Six Months Ended September 30, 2022 Results For the six months ended September 30, 2022 , compared to the six months ended September 30, 2021: • Net sales increased 30% to $245.0 million, primarily driven by strength in both our retailer and e-commerce channels. • Gross margin increased approximately 290 basis points to 66%, primarily driven by price increases, cost savings, and product mix, partially offset by inventory adjustments and higher transportation costs. • SG&A increased $24.5 million to $125.7 million, or 51% of net sales. Adjusted SG&A increased $20.4 million to $111.2 million, or 45% of net sales. The increase was primarily due to an increase in compensation and benefits, marketing and digital spend and operations costs. • The provision for income taxes was $6.3 million. • Net income was $26.2 million on a GAAP basis. Adjusted net income was $41.2 million. • Diluted earnings per share were $0.48 on a GAAP basis.

Updated Fiscal 2023 Outlook Previous Fiscal 2023 Outlook Net sales $478-486 million $448-456 million Adjusted EBITDA $93.5-95.0 million $83.5-85.0 million Adjusted effective tax rate 22-23% 25-26% Adjusted net income $59.0-60.5 million $47.0-48.5 million Adjusted diluted earnings per share $1.07-1.10 $0.84-0.87 Fiscal year ending diluted shares outstanding 56 million 56 million

On October 31, 2022, the Board appointed Gayle Tait to the Board as a Class I director, effective on November 4, 2022

On October 27, 2022 , Kirk Perry resigned from the Board of Directors (the “ Board ”) of the Company, effective as of November 4, 2022.