e.l.f. Beauty Q3 net sales +49% to $146.5M; raises FY2023 guidance sharply

Updated Fiscal 2023 Outlook The Company is providing the following updated outlook for fiscal 2023. The updated outlook for fiscal 2023 reflects an expected 38-39% year-over-year increase in net sales, as compared to an expected 22-24% year-over-year increase previously. Updated Fiscal 2023 Outlook Previous Fiscal 2023 Outlook Net sales $541-545 million $478-486 million Adjusted EBITDA $110.5-112 million $93.5-95 million Adjusted effective tax rate 19% 22-23% Adjusted net income $75.5-77 million $59-60.5 million Adjusted diluted earnings per share $1.37-1.40 $1.07-1.10 Fiscal year ending diluted shares outstanding 56 million 56 million

For the nine months ended December 31, 2022 , compared to the nine months ended December 31, 2021: • Net sales increased 36% to $391.5 million, primarily driven by strength in both our retailer and e-commerce channels. • Gross margin increased approximately 255 basis points to 67%, primarily driven by price increases, cost savings, and product mix, partially offset by inventory adjustments and higher transportation costs. • SG&A increased $44.6 million to $201.2 million, or 51% of net sales. Adjusted SG&A increased $40.0 million to $179.4 million, or 46% of net sales. The increase was primarily due to an increase in marketing and digital spend, compensation and benefits, operations costs, retail fixturing and visual merchandising costs. • The provision for income taxes was $10.5 million. • Net income was $45.3 million on a GAAP basis. Adjusted net income was $68.0 million. • Diluted earnings per share were $0.82 on a GAAP basis. Adjusted diluted earnings per share were $1.24.

For the three months ended December 31, 2022 , compared to the three months ended December 31, 2021: • Net sales increased 49% to $146.5 million, primarily driven by strength in both our retailer and e-commerce channels. • Gross margin increased approximately 180 basis points to 67%, primarily driven by price increases, cost savings and product mix, partially offset by inventory adjustments and costs related to space gains and Spring shelf resets. • Selling, general and administrative expenses ("SG&A") increased $20.1 million to $75.4 million, or 51% of net sales. Adjusted SG&A (SG&A excluding the items identified in the reconciliation table below) increased $19.6 million to $68.2 million, or 47% of net sales. The increase was primarily due to an increase in marketing and digital spend, compensation and benefits, operations costs, retail fixturing and visual merchandising costs. • The provision for income taxes was $4.3 million. • Net income was $19.1 million on a GAAP basis. Adjusted