Waldencast (WALD) 27th Annual ICR Conference 2025 summary

Strategic vision and platform approach

• Aims to build a global, best-in-class multi-brand beauty and wellness platform by creating and acquiring high-growth, purpose-driven brands.

• Focuses on portfolio management and developing capabilities that drive growth and profitability at scale.

• Operates with an asset-light, nimble structure, leveraging deep industry experience to avoid legacy inefficiencies.

• Maintains brand independence on consumer-facing aspects to preserve entrepreneurial spirit and speed to market.

• Centralizes back-end functions and advanced capabilities like media, data, and e-commerce to achieve scale and efficiency.

Brand portfolio and operational model

• Current portfolio includes Milk Makeup (Gen Z-focused, clean beauty) and Obagi Medical (science-based, physician-dispensed skincare).

• Each brand retains its own management and reward structure, fostering autonomy and ownership.

• Platform enables sharing of best practices and investment in capabilities too costly for single brands.

• Acquisition strategy targets brands with strong consumer emotional affinity and potential for margin improvement.

• Gross margin improvements are reinvested into high-ROI marketing, driving top-line growth and G&A dilution.

Financial performance and growth outlook

• Q3 revenue growth reached 34%, with full-year guidance above 25.7%.

• Gross margin improved from 48% to 69% (2022–2023), with adjusted EBITDA at 11.2%.

• Year-to-date growth accelerated to 27%, with nearly 75% gross margin.

• Expects to finish the year with EBITDA margin in the mid-teens.

• Growth strategy is repeatable and scalable, with plans to expand into new categories and geographies.