Full Press Release Details
2 Transforming Healthy Aging Forward-Looking Statements Forward-Looking
Statements Certain statements in this Presentation may be considered "forward-looking statements" within the meaning of the provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements
generally relate to future events of BioTE Holdings, LLC's ("BioTE" or the "Company") future financial or operating performance. For example, projections of future revenue and other metrics are forward-looking
statements. In some cases, you can identify forward-looking statements by terminology such as "may," "can," "should," "will," "estimate," "plan," "project,"
"forecast," "intend," "expect," "hope," "anticipate," "believe," "seek," "target," "continue," "could," "might,"
"ongoing," "potential," "predict," "would," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are based on current expectations, assumptions,
estimates and projections about our business and our industry, and are not guarantees of our future performance. These statements are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are beyond ability
to control or predict, which may cause actual results to differ materially from those expressed or implied herein, including, but not limited to: the success of our dietary supplements to attain significant market acceptance among clinics,
practitioners and their patients; our customers' reliance on certain third parties to support the manufacturing of bio-identical hormones for prescribers; our and our customers' sensitivity to regulatory, economic, environmental and
competitive conditions in certain geographic regions; our ability to increase the use by practitioners and clinics of the Biote Method at the rate that we anticipate or at all; our ability to grow our business; the significant competition we face in
our industry; the impact of strategic acquisitions and the implementation of our growth strategies; our limited operating history; our ability to protect our intellectual property; the heavy regulatory oversight in our industry; changes in
applicable laws or regulations; changes to international tariffs; the inability to profitably expand in existing markets and into new markets; the possibility that we may be adversely impacted by other economic, business and/or competitive factors,
including the impact of hurricane and other natural disasters; future exchange and interest rates; and other risks and uncertainties indicated in the section captioned "Risk Factors" in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2025 filed with the United States Securities Exchange Commission ("SEC") on March 13, 2026 and any other materials subsequently filed or furnished with the SEC. These forward-looking statements are based upon estimates
and assumptions that are inherently uncertain. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such
forward- looking statements will be achieved. You are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements contained in this release, whether as
a result of new information, future events or otherwise, except as required by applicable law. Financial Information; Non-GAAP Financial Measures This Presentation includes certain financial measures not presented in accordance with generally
accepted accounting principles ("GAAP") including, but not limited to, Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items
that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of
profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. A reconciliation of these measures to the most directly
comparable GAAP measure is included in the appendix to these slides on pages 23-24. The Company believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to the
Company's financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in
comparing its financial results with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by
management about which expense and income are excluded or included in determining these non-GAAP financial measures. This Presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in
making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that
would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP
financial measures is included. Certain monetary amounts, percentages and other figures included in this Presentation have been subject to rounding adjustments. Certain other amounts that appear in this Presentation may not sum due to rounding. Use
of Projections This Presentation contains financial forecasts with respect to the Company's projected financial results for the fiscal year ended December 31, 2025, including Revenue and, Adjusted EBITDA and Adjusted EBITDA Margin. The
Company's independent auditor has not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, it did not express an opinion or provide
any other form of assurance with respect thereto for the purpose of this Presentation. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial
information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial
information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in the prospective financial information.
Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Industry and Market Data This
Presentation includes certain information and statistics obtained from third-party sources. The Company has not independently verified the accuracy or completeness of any such third-party information. No Offer This Presentation shall not constitute
an offer to sell or a solicitation of an offer to buy the securities of Biote, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such state or jurisdiction.
3 Transforming Healthy Aging Looking Forward Biote offers an Our Vision
evidence-based, To be a part of individualized, and everyone's routine comprehensive healthcare as approach to they age healthcare
4 Transforming Healthy Aging 1 Biote by the Numbers The Established
Leader in Hormone Optimization $192.2M > 9,200 2025 Revenue Biote-Certified Practitioners 2 ~6M $53.5M Procedures 2025 Adj. EBITDA Performed 2 27.8% ~400,000 2025 Adj. EBITDA Active Patients Margin 1. All information as of December 31, 2025
unless otherwise stated. 2. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial figures. Please see slides 23-24 for a reconciliation of these measures to their most closely comparable GAAP measures.
5 Transforming Healthy Aging Investment Highlights Proprietary Trusted
Leader in Large & Growing Growing, Profitable Technology, Hormone Addressable & Capital-light Clinical, Education Optimization Markets Business Model & Training Platform Becoming the Leading Single-Source Provider of Evidence-Based
Therapeutic Wellness Solutions
6 Transforming Healthy Aging Why Hormone Optimization ~47M Women Hormone
Deficiency Impacts Quality of Life and affected with menopausal Heightens Risk of Chronic Disease (8) symptoms Common Hormone deficiency (1) symptoms: increases risk of: (2)(3) Low energy Heart disease ~20M Men (4)(5)
Insomnia Breast cancer (6) Decreased libido Osteoporosis over age 45 are affected Brain fog Neurodegenerative (9) by low testosterone (7) Irritability diseases Depression Hot
flashes/sweats Bladder problems
7 Transforming Healthy Aging Biote: A Better Solution for Practitioners
& Patients 1 Network of >9,200 certified practitioners OB/GYN Biote-certified practitioners customize Family Practice/Internal Medicine treatment therapies based on our Urology proprietary algorithms to meet each
Functional Medicine patient's unique needs and preferences Nurse Practitioners Our Practitioner Certification Process is Our proprietary technology empowers rigorous, involving pre-screening, an practitioners with a
single-source intensive two-day training program, and platform, exclusive software solutions continuous education and evaluation in and strategic marketing support practice 1. As of December 31, 2025.
8 Transforming Healthy Aging A More Proactive and Holistic Approach to
Healthcare Practitioners Seek: Single-source technology platform Therapies to address common health conditions Revenue opportunities that enhance clinic economics Patients Seek: Ease and convenience from a single provider
Evidence-based results Broad range of complementary wellness therapies
9 Biote 2012-2023 Hormone Optimization Leader Biote 2024-2026 Becoming a
Therapeutic Wellness Leader Evidence-Based Tech-Enabled + Therapeutics Platform Expansive Portfolio DRIVEN by Comprehensive of Products BEST-IN-CLASS Biote personalized People Weight Loss/ BioteRx Body Comp Biote wellness solutions
Provider/ Development Sexual Health Premier Education Performance-driven Method 2.0 Patient Platform Algorithms Preventive Health Accountable Centric Research Data Driven
Nutraceuticals Aesthetics
10 Transforming Healthy Aging Large & Growing Markets 82% of US
Consumers Consider US Therapeutic Wellness a Top or Important Wellness (10) Priority in their Everyday Lives $400B+ Growing patient interest in personal health & wellness (10) 5-10% CAGR Patient desire for evidence-based results
Hormone Trend toward preventive medicine Replacement $7B+ Hormone Deficiency Affects (13) 7% CAGR ~200M Americans (11) (12) with 80% Untreated
11 Transforming Healthy Aging Significant Geographic & Practitioner
1 Expansion Opportunity Practitioner Opportunity 2 Building on our success in our core states 260,000 US Practitioners with to efficiently scale our presence Relevant Specialties Tech-enabled, franchise- like highly-scalable business model
78,000 Accelerated practitioner Targeted Specialists on-boarding process 108 Commercial Team 9,200 Current Biote-Certified Practitioners Purple = Core States Green = Emerging Market 1. All information as of December 31, 2025 unless
otherwise stated. 2. As of 2019.
12 Transforming Healthy Aging Nutraceuticals Complement Our Hormone
Therapy Offerings Biote-branded dietary supplements and cosmeceuticals Complementary to procedures performed by Biote-certified practitioners Nutraceuticals strengthen the patient connection to Biote and enhance practitioner
13 Transforming Healthy Aging BioteRx: New Therapeutic Wellness
Offerings from a Trusted Network of Providers Wellness Categories Hormone Optimization Weight Loss/ Thyroid Body Composition Health Sexual Preventive Health Wellness Hair Loss/ Aesthetic Dermatology
14 Transforming Healthy Aging Our Scalable & Proprietary Platform
Drives Clinic Success + + + + = The Biote Method Clinical Didactic & Access to Practice Practice Proprietary Decision High Quality Training Clinical Retention Practice Support Certification Products and Support Management Software Training
Software 1 Our advantages : Over 90% practice retention Biote-trained clinic network is the largest in the country Proprietary algorithms and best-in-class technology platform 108 commercial team members across the U.S.
1. All information as of December 31, 2025 unless otherwise stated.
15 Commitment to Research Transforming Healthy Aging The Aging
Male Leadership in Education, European Journal of Breast Health Therapeutic Advances in Endocrinology and Metabolism Training & Research (14) Breast Cancer Study Testosterone and/or Testosterone/Estradiol delivered
subcutaneously significantly reduced the incidence of breast cancer (15) Safety Study Overall complication rate was <1% Leading Voice in Training & Education National training center in Irving, TX 4 regional training
centers across U.S. 5 medical advisors and 12 clinical faculty Evolution of Hormone Optimization and Wellness The New York Times Magazine Men's Health USA Today Healthline
16 Transforming Healthy Aging 2025 Financial Results & 2026 Outlook
2025 Results 2026 Guidance $192.2 Revenue Revenue: Above $190M 1 $53.5M Adj. EBITDA . 1 Adj EBITDA 1 27.8% Adj. EBITDA Margin Above $38M >9,200 Practitioners 1. Adjusted EBITDA and Adjusted EBITDA Margin
are non-GAAP financial figures. Please see slides 23-24 for a reconciliation of these measures to their most closely comparable GAAP measures.
17 Transforming Healthy Aging Capital Allocation Priorities Organic
Drive growth, gain efficiency and expand capabilities Investments Company repurchased approximately 5.5M shares of its Class V voting stock Share for $25.1M Repurchases Company executed an amendment to the settlement agreement repurchasing the
remaining 2.8M shares of Class V voting stock for $12.5M Company amended its settlement agreement with the former owner to repurchase the remaining 6.1M shares of Class V voting stock for $18.5M and paid it in Jan 2026 Under its share repurchase
program, the Company purchased $3.4M of its Class A common stock in 2025 leaving a remaining balance of $11.0M in the program
18 Transforming Healthy Aging Strengthened Capabilities
Strategic acquisition strengthens control over our supply chain and enhances our efficiency Deep expertise in 503B manufacturing Enables longer-term development of innovative wellness therapeutics Vertical integration of
manufacturing provides direct control over our new product research efforts Manufacturing insourcing expected to drive margin improvement
19 Transforming Healthy Aging Our 2026 Priorities Strengthen
our efforts to maximize the value from our top-tier providers Fully leverage the capabilities of our enhanced clinical decision support software Continue to develop more high-value and differentiated offerings for our practitioners
and patients Intensify our focus on adding new practitioners Ample capacity to accelerate growth in newly trained practitioners and optimize their clinic success through our quickstart program Positioning Biote to serve a
broader range of physicians beyond early adopters of the Biote Method Drive revenue growth by strengthening accountability and improving consistency and discipline Implementing these changes quickly, with an expectation they will
take time to show results Confident in our ability to create a stronger commercial organization with increased productivity later this year
20 Transforming Healthy Aging Key Takeaways Leveraging our
leadership in hormone optimization to capture the significant growth opportunity in therapeutic wellness Our addressable market is substantial, and that we have only just begun to tap into the geographic expansion opportunity in front of us
Best-in-class technology, training and education platform distinguishes the Biote brand Efficient and scalable business model generates strong profitability and solid cash flow We are well-Positioned to Become the Leading
Single-Source Provider of Evidence-Based Therapeutic Wellness Solutions
23 Reconciliation of Adjusted EBITDA to Net (Loss) Income Year Ended
December 31, (in thousands) 2025 2024 Net income $ 3 1,597 $ 4 6 (1) 10,961 1 1,001 Interest expense, net Income tax (benefit) expense 5 ,987 9 70 (2) 3,670 3 ,574 Depreciation and amortization (3) 8,921 8 ,735 Share-based compensation expense (4)
314 9 72 Litigation expenses-former owner (5) 1 ,602 2 ,688 Litigation-other (6) (226) 5 ,018 Legal settlement and related expenses (7) - 1 ,324 Inventory fair value write-up (8) - 8 2 Transaction-related expenses (9) 572 -