Cosmetics and Beauty Products Sector Outlook — September 2026

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CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › COSMETICS AND BEAUTY PRODUCTS

Beauty Products: The Market Prices Distinct Models

This report shows where forward valuations sit and which operating questions matter most.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › COSMETICS AND BEAUTY PRODUCTS

   This is the cover page introducing NeuraCap's Cosmetics and Beauty Products sector outlook as of September 28, 2026.

   We open with the Cosmetics and Beauty Products sector as it stood on September 28, 2026, valued primarily on EV/EBITDA for CY2027E. This framing sets up the split between branded platforms and adjacent models that runs through the rest of the report.

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   CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › COSMETICS AND BEAUTY PRODUCTS Beauty Products: The Market Prices Distinct Models This report shows where forward valuations sit and which operating questions matter most. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five numbered sections plus the appendix that make up the report.

   We lay out the report's structure so you know exactly where to find the bottom line, the market landscape, valuation, precedent deals and strategic implications. The Bottom Line comes first by design — read section one alone and you still get the whole story. So what: that structure lets you go as deep as you need without losing the thread.

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   CONTENTS What This Report Covers 01 The Bottom Line Beauty Valuations Separate on Growth, Profit and Operating Proof 02 The Landscape Branded Beauty Dominates the Set, While Adjacent Models Widen the Range 03 Valuation & Situations The Premium End Remains Well Clear of the Discount End 04 Precedent Transactions Disclosed Deal Values Sit Alongside a Wide EBITDA Range 05 Strategic Implications Durable Growth Requires Proof at the Consumer, Product and Channel Level 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Cosmetics and Beauty Products Split Between Branded Platforms and Adjacent Models

   This page summarizes the report's central finding that the sector splits between branded platforms and adjacent models.

   We show the full story on one page: forward valuations built on EV/EBITDA for CY2027E across the rated companies. Branded platforms and adjacent business models pull in different directions, and that split is why one sector label doesn't mean one valuation story. So what: the operating model, not just the sector tag, is what should drive how a business is priced.

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   01 · THE BOTTOM LINE Cosmetics and Beauty Products Split Between Branded Platforms and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Sits Far Above the Discount End The premium end stands at 23.2x, compared with 5.8x at the discount end. That spread makes the durability of growth, brand economics and channel position central to the valuation discussion. 2 Faster Growth Sits with the Higher Multiple Among the 3 companies above the 9% growth split, forward EV / EBITDA is 15.8x. Among the 3 companies below it, the figure is 13.2x, an observed association rather than proof that growth alone accounts for the difference. 3 Profit Is the Right Lens for This Set 7 of 9 companies have a forward EV / EBITDA estimate, and the 7 companies with a forward EV / EBITDA estimate carry meaningful reported forward EBITDA. This lens captures economics after A and P investment, trade spend and allowances. 4 Buyer Diligence Reaches Beyond Headline Growth 6 of the 9 transactions disclose EV / EBITDA, but operating fit still varies by target. Sell-in versus sell-out, franchise extension, licence terms and space productivity shape how buyers test durability. 15.2x Sector median EV/EBITDA CY2027E consensus · 7 rated of 9 companies 23.2x Premium end EV/EBITDA vs 5.8x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 15 Transactions with disclosed terms 33 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This is a divider introducing the market map section.

   We turn now to the market map, where branded beauty sets the center of gravity and adjacent models widen the range. This section grounds the valuation discussion that follows.

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   SECTION 02 02 THE LANDSCAPE Branded Beauty Dominates the Set, While Adjacent Models Widen the Range The map combines brand-led businesses with models that carry different economics. 02 of 06 Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Mass Personal Care Brands Set the Centre of Gravity

   This page groups the 9 approved companies by business segment and shows median EV/EBITDA for each group.

   We group all 9 approved companies by business segment and show the median EV/EBITDA (CY2027E) for each group. Mass personal care names sit at the center of gravity, anchoring how the rest of the peer set is read. So what: that anchor point is what makes the premium and discount tiers meaningful later in the report.

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   02 · MARKET MAP Mass Personal Care Brands Set the Centre of Gravity 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MASS PERSONAL CARE BRANDS 7 cos median 15.2x The Estée Lauder (EL) e.l.f. Beauty (ELF) Coty (COTY) Inter Parfums (IPAR) Oddity Tech (ODD) Yatsen Holding (YSG) Solesence, Inc. (SLSN) This group represents 78% of the set and concentrates the brand, innovation and retailer questions that define beauty economics. ADJACENT MODELS 2 cos median 14.5x LandBridge Company (LB) Betterware de (BWMX) This 22% of the set widens the lens beyond branded beauty and carries materially different operating exposures.

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   02 · LANDSCAPE

   Branded Beauty Sets the Benchmark, but Adjacent Models Remain Close

   This page compares segment-level EV/EBITDA medians across the rated universe.

   We compare segment medians across the rated universe to show that branded beauty sets the benchmark while adjacent models stay close behind. The gap between segments is narrower than the gap within them, which tells us business model alone doesn't decide the ranking. So what: segment gives a starting point, but company-level detail in the appendix is where the real differentiation shows up.

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   02 · LANDSCAPE Branded Beauty Sets the Benchmark, but Adjacent Models Remain Close Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Mass personal care brands 7 78% 15.2x The Estée Lauder Companies Inc. (EL) · e.l.f. Beauty, Inc. (ELF) · +5 more Brands dominate the set. The group sits at 15.2x and spans prestige, mass and masstige exposures. Value depends on repeat purchase, newness, hero franchise depth and defensible retailer position. Adjacent models 2 22% 14.5x LandBridge Company LLC (LB) · Betterware de Mexico, S.A.P.I. de C.V. (BWMX) Adjacencies widen the lens. The group sits at 14.5x and includes models whose economics are less directly tied to a conventional beauty brand portfolio. Their inclusion shows why business model matters alongside the headline sector label.

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   SECTION 03

   03

   This is a divider introducing the valuation section.

   We move into valuation, where the premium end remains well clear of the discount end. Forward multiples already price in growth, which raises the bar for durability.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Remains Well Clear of the Discount End Forward EV / EBITDA already credits forecast growth, raising the bar for durability. 03 of 06 Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Clear Lead on Forward Valuation

   This page ranks all 7 rated companies by EV/EBITDA (CY2027E) against a 15.2x sector median.

   We rank all 7 rated companies by EV/EBITDA (CY2027E), from the premium end at 23.2x down to the discount end at 5.8x, against a 15.2x sector median. The spread is wide enough that tier position, not sector membership, is the first signal to read. So what: durability of growth is what separates the premium tier from the discount tier.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Clear Lead on Forward Valuation EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 15.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 23.2x CORE · median 15.2x DISCOUNT · median 5.8x Sector median 15.2x WHAT SEPARATES THE TWO ENDS The endpoints stay far apart. The premium end sits at 23.2x, while the discount end sits at 5.8x. The gap supports a company-specific review rather than a single sector-wide valuation assumption. Forecasts are already credited. Because the lens is forward EV / EBITDA, the ranking already reflects forecast growth and profit. A premium that remains under this lens sits alongside expectations for durability beyond the forecast period. Operating proof still matters. For beauty brands, the relevant proof includes consumer offtake, repeat purchase, space productivity, franchise extension and disciplined A and P investment.

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   03 · VALUATION DRIVERS

   Faster-Growing Names Carry the Higher Forward Multiple

   This page compares median EV/EBITDA across revenue-growth and EBITDA-margin cohorts.

   We split the rated names into faster- and slower-growth cohorts and into higher- and lower-margin cohorts, each at its own covered median. Faster-growing companies carry a median 15.8x versus 13.2x for slower peers — an observed association, not proof that growth alone drives the multiple. So what: growth quality deserves as much diligence as the growth rate itself.

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   03 · VALUATION DRIVERS Faster-Growing Names Carry the Higher Forward Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 9% · EBITDA-margin split at 18% The Growth Split Points to a Valuation Difference Among the 3 companies above 9% growth, forward EV / EBITDA is 15.8x. Among the 3 companies below 9% growth, it is 13.2x. Margin Alone Does Not Sort the Ranking Oddity Tech Ltd. (ODD) sits at 20.9x with an 8% margin, while Betterware de Mexico, S.A.P.I. de C.V. (BWMX) sits at 3.6x with a 20% margin. The contrast indicates that the market is weighing more than current profitability. Beauty Growth Needs Product and Channel Proof The durability test is whether growth reflects consumer offtake, productive doors and repeatable franchise extension rather than shipment timing, promotion or a single hero SKU.

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    03 · SITUATION MAP

    Margin and Multiple Create Four Different Operating Agendas

    This page maps companies on EV/EBITDA versus the sector median and EBITDA margin versus the covered median.

    We cut the rated set on EV/EBITDA against the 15.2x sector median and EBITDA margin against the 18% covered median, producing four distinct situations. These are observations, not recommendations, and they show that margin and multiple don't always move together. So what: the right operating agenda depends on which quadrant a business sits in.

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    03 · SITUATION MAP Margin and Multiple Create Four Different Operating Agendas Cut on EV / EBITDA vs the sector median (15.2x) (rows) and EBITDA margin vs the covered median (18%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Profit Above-median multiple · above-median EBITDA margin 1 names e.l.f. Beauty, Inc. (ELF) The one company in this position is e.l.f. Beauty, Inc. (ELF). Its standing combines an above-middle multiple with an above-middle EBITDA margin, placing durability and reinvestment discipline at the centre of the agenda. Premium Before Margin Above-median multiple · below-median EBITDA margin 2 names Inter Parfums, Inc. (IPAR) · Oddity Tech Ltd. (ODD) The 2 companies in this position are Inter Parfums, Inc. (IPAR) and Oddity Tech Ltd. (ODD). Their above-middle multiples sit beside below-middle EBITDA margins, making future margin conversion and revenue quality important tests. Profit Before Premium Below-median multiple · above-median EBITDA margin 2 names The Estée Lauder Companies Inc. (EL) · Betterware de Mexico, S.A.P.I. de C.V. (BWMX) The 2 companies in this position are The Estée Lauder Companies Inc. (EL) and Betterware de Mexico, S.A.P.I. de C.V. (BWMX). Their above-middle EBITDA margins have not been matched by above-middle multiples, pointing attention toward growth durability, mix and channel confidence. Rebuild Both Below-median multiple · below-median EBITDA margin 1 names Coty Inc. (COTY) The one company in this position is Coty Inc. (COTY). Both measures sit below the middle of the set, so the operating debate spans growth, margin structure and portfolio focus.

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    03 · THE AGENDA

    The Right Operating Move Depends on the Source and Quality of Growth

    This page frames the operating questions an owner or acquirer should resolve based on the source and quality of growth.

    We translate the cohort data into the questions an owner or acquirer should be asking about the source and quality of growth. These are directional NeuraCap views grounded in the data shown earlier, not investment advice. So what: the right next step depends on where a business sits on quality of growth, not just its headline rate.

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    03 · THE AGENDA The Right Operating Move Depends on the Source and Quality of Growth NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Turn Hero Products into Franchises Extend proven hero SKUs into repeatable franchises without diluting the core proposition or adding unproductive shade and SKU tail. What changes the answer: The answer changes when repeat purchase and franchise extensions begin to contribute more consistently than launch-driven demand. Choose Velocity Before Door Count Balance distribution expansion against sales per door, retailer concentration and planogram-reset exposure. What changes the answer: The answer changes when new doors add sustained consumer offtake without weakening space productivity. Protect Productive Brand Investment Direct A and P investment, trade spend and gratis and sampling toward products and channels with repeatable consumer response. What changes the answer: The answer changes when incremental investment supports repeat purchase and profitable replenishment rather than temporary sell-in. Test Build Versus Buy Compare internal development with acquisitions where a category, consumer group, price tier or geography remains underrepresented. What changes the answer: The answer changes when the cost and time to build exceed the strategic fit available through a credible target.

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    SECTION 04

    04

    This is a divider introducing the precedent transactions section.

    We turn to the transaction record, where disclosed deal values sit alongside a wide EBITDA range. The set spans brands, professional beauty and broader portfolios.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Disclosed Deal Values Sit Alongside a Wide EBITDA Range The transaction record spans brands, professional beauty and broader portfolios. 04 of 06 Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Brands, Portfolios and Professional Beauty

    This page walks through 3 of 15 disclosed-terms transactions as case studies.

    We walk through 3 of the 15 transactions with disclosed terms as case studies, each on LTM financials at announcement. These deals span brands, portfolios and professional beauty, and the multiples aren't directly comparable to the CY2027E public basis. So what: precedent deals confirm that buyer diligence varies by target type, not just by headline growth.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Brands, Portfolios and Professional Beauty 3 of 15 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2019 $16.1B JAB Holding Company S.à r.l. JAB Holding Company S.à r.l. pursued Coty Inc. at substantial portfolio scale. EV / LTM revenue 1.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests interest in a broad beauty portfolio with established brand and channel reach. Its scale distinguishes it from single-brand precedents. HOW THE TARGET WAS VALUED The disclosed value was $16.1B at 1.8x EV / Revenue. This provides a revenue cross-check rather than a direct benchmark under the lead EV / EBITDA lens. Jul-2015 $12.5B Coty Inc. acquires Galleria Co. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Value shown as recorded in the filing; deal value unit unresolved. HOW THE TARGET WAS VALUED The filing records $12.5B of enterprise value. Jun-2020 $4.3B Kohlberg Kravis Roberts & Co. L.P. Kohlberg Kravis Roberts & Co. L.P. acquired Professional Beauty Business at platform scale. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests sponsor interest in a professional beauty platform with established channel reach. The fit rests on category position and scale rather than a single consumer brand. HOW THE TARGET WAS VALUED The disclosed value was $4.3B. The transaction provides a scale benchmark, while no multiple is used in the valuation comparison.

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    SECTION 05

    05

    This is a divider introducing the strategic implications section.

    We close the analysis with strategic implications, where durable growth needs proof at the consumer, product and channel level. Owners can strengthen their standing through revenue quality, franchise depth and disciplined investment.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Growth Requires Proof at the Consumer, Product and Channel Level Owners can strengthen their standing through revenue quality, franchise depth and disciplined investment. 05 of 06 Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Value Through Better Revenue Quality and Franchise Depth

    This page sets out the questions owners, management teams and boards should resolve over the next twelve months.

    We lay out directional questions for owners, management teams and boards on revenue quality, franchise depth and capital allocation by business model. These are NeuraCap views drawn from the analysis in this report, not recommendations. So what: the next twelve months reward businesses that can prove their growth is durable, not just reported.

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Value Through Better Revenue Quality and Franchise Depth NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Build Growth That Survives Scrutiny Prioritise consumer offtake, repeat purchase and productive distribution. Growth supported by these measures is easier to distinguish from shipment timing or promotion. FOR MANAGEMENT TEAMS Protect Margin Without Starving Newness Align innovation cadence, trade spend and A and P investment with the franchises and channels showing durable consumer response. FOR BOARDS Allocate Capital by Business Model Assess brands, licences, direct-to-consumer channels and adjacent models on their own economics. The peer set shows that one sector label can contain very different valuation positions.

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    SECTION 06

    06

    This is a divider introducing the appendix covering the full universe, methodology and sources.

    We close with the full comparables universe, the methodology and the source index behind every figure in the report.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all rated public comparables on EV/EBITDA (CY2027E), grouped by valuation tier.

    We list all 7 rated companies on EV/EBITDA (CY2027E), shaded above or below the 15.2x sector median, alongside 2 additional names carrying no eligible multiple. Every row links to its underlying source. So what: this is the full evidence base behind the tiers discussed earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (15.2x); amber marks below · 7 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥18.4x · median 23.2x · 2 companies LandBridge Company LLC LB Adjacent: land and mineral royalties $7.2B 25.4x n/a n/a n/a Oddity Tech Ltd. ODD Mass personal care brands $1.3B 20.9x 15% 8% 23 CORE — 10.6x–18.4x · median 15.2x · 3 companies e.l.f. Beauty, Inc. ELF Mass personal care brands $6.6B 15.8x 11% 20% 31 Inter Parfums, Inc. IPAR Mass personal care brands $4.0B 15.2x 7% 16% 24 The Estée Lauder Companies Inc. EL Mass personal care brands $40.8B 13.2x 4% 19% 23 DISCOUNT — <10.6x · median 5.8x · 2 companies Coty Inc. COTY Mass personal care brands $5.9B 8.0x -5% 14% 9 Betterware de Mexico, S.A.P.I. de C.V. BWMX Beauty specialty retail and direct-to-consumer $860M 3.6x 17% 20% 37

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists all 15 disclosed-terms precedent transactions, newest first, part one of two.

    We list all 15 transactions with disclosed terms, newest first, out of 33 recorded, with multiples on LTM financials at announcement where disclosed. Deal values link to the underlying filing. So what: this is the complete disclosed record clients can trace deal by deal.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 Bridgepoint → Obagi Medical $460M n/a n/a Bridgepoint acquired Obagi Medical for $460M. The transaction suggests continued interest in scaled brands with a defined category position. Nov-2025 n/a → The Procter & Gamble Company n/a n/a 14.0x Nov-2025 n/a → The Procter & Gamble Company n/a n/a 15.8x Value shown as recorded in the filing; status defaulted announced. Nov-2021 Waldencast Acquisition Corp. → Obagi Global Holdings Limited and Milk Makeup LLC n/a n/a 17.2x Nov-2021 Kohlberg Kravis Roberts & Co. L.P. → Wella n/a n/a 12.3x Value shown as recorded in the filing; deal value unit unresolved. Jun-2020 Kohlberg Kravis Roberts & Co. L.P. → Professional Beauty Business $4.3B n/a n/a Kohlberg Kravis Roberts & Co. L.P. acquired Professional Beauty Business. The target adds a professional channel and portfolio angle to the transaction record. May-2019 Natura & Co Holding S.A. → Avon Products, Inc. n/a n/a 9.5x Mar-2019 Church & Dwight Co., Inc. → Flawless & Finishing Touch (IdeaVillage Products) n/a n/a 16.4x Value shown as recorded in the filing; deal value unit unresolved. Feb-2019 JAB Holding Company S.à r.l. → Coty Inc. $16.1B 1.8x n/a JAB Holding Company S.à r.l. pursued Coty Inc. The transaction sits at the scaled portfolio end of the selected precedents.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the full list of disclosed-terms precedent transactions, newest first, part two of two.

    We continue the same disclosed-terms transaction list, newest first, carrying through the remaining rows of the 15 disclosed deals. Deal multiples remain LTM at announcement and are not directly comparable to the CY2027E public basis. So what: the complete precedent record sits here for reference alongside the case studies.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 18 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2017 LVMH Moët Hennessy Louis Vuitton S.E. → Christian Dior S.E. n/a n/a 15.6x Jan-2017 Coty Inc. → Younique, LLC $600M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2016 Revlon, Inc. → Elizabeth Arden, Inc. n/a n/a 34.3x Jul-2015 Coty Inc. → Galleria Co. $12.5B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. n/a n/a → The Estée Lauder Companies Inc. n/a 3.5x n/a Value shown as recorded in the filing; status defaulted announced. n/a n/a → The Estée Lauder Companies Inc. $0M 3.5x n/a Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, assumptions and data-quality exclusions.

    We set out how this report was built: the valuation basis, what was excluded and where every underlying disclosure lives. Every figure links back to its source, or the appendix names where it was read. So what: clients can trace any number in this deck back to its origin.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Cosmetics and Beauty Products and it clears the coverage gate with 7 of 9 companies (78%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 3 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 403 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (402) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, Higher Forward Multiples Sit with Faster Growth, While Margins Vary.

    This closing page restates that higher forward multiples sit with faster growth while margins vary across the set.

    We close on the finding that carries through the whole report: higher forward multiples sit with faster growth, while margins vary across the set. So what: the companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace.

    Everything on this page

    In This Set, Higher Forward Multiples Sit with Faster Growth, While Margins Vary. NeuraCap AI — Cosmetics and Beauty Products Coverage September 2026 · Prepared by NeuraCap AI · Confidential Cosmetics and Beauty Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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