Slide 1: Playboy Investor Presentation
P LA YB O Y PLAYBOY Investor Presentation Playboy, Inc. NASDAQ: PLBY Prepared : JUNE 2026
Slide 2: Legal Disclaimer
P LA YB O Y Legal Disclaimer This presentation (this “Presentation”) is provided for information purposes only and has been prepared to assist interested parties in making their own evaluation of Playboy, Inc . and its business (collectively, “Playboy” or the “Company”) and for no other purpose . No
Slide 3: Corporate Overview
P LA YB O Y Corporate Overview 3 A global lifestyle, media, and licensing company coupled with a growing DTC brand Global Recognition: One of the world's most recognizable brands, with products and content available in over 100 countries Timeless Brand: 73 years of cultural IP — journalism, photogra
Slide 4: The Turnaround Is Delivering Results
P LA YB O Y The Turnaround Is Delivering Results 4 Five consecutive quarters of positive Adjusted EBITDA 1 A reconciliation of Net Income (Loss) to Adjusted EBITDA can be found in the Company's annual report on Form 10 -K and quarterly reports on Form 10 -Q filed with the SEC 2 18-month period from
Slide 5: Strategic Licensing Partnership with UTG
P LA YB O Y Strategic Licensing Partnership with UTG 5 Playboy entered into a joint venture agreement to sell UTG a 50% interest in its China licensing business for $45M in cash $67M in guaranteed minimum annual distributions over 8 years $10M in brand support payments over 3 years $52 million will
Slide 6: Path to ~50% Debt Reduction by Q1 2028
P LA YB O Y • By Q1 2028, targeting: • $108M in gross debt • $7M in annualized cash interest savings from 4Q’25 • Reduced senior debt balance from $218M to $145M today • Completed first UTG paydown of $15M in Q1 2026 with two additional $18.3M paydowns scheduled for Q1 2027 and Q1 2028 6 Path to ~50
Slide 7: Two Growth Platforms - Four Drivers of Value
P LA YB O Y Two Growth Platforms - Four Drivers of Value Together these growth drivers create a more diversified and durable business 7 01 Licensing 02 Media & Experiences 03 Hospitality CASH FLOW 04 Honey Birdette Licensing, Media & Experiences, and Hospitality are powered by the Playboy brand. Hon
Slide 8: Playboy Platform: Brand Foundation
P LA YB O Y PLAYBOY PLATFORM: BRAND FOUNDATION 8
Slide 9: An Irreplaceable Brand
P LA YB O Y 9 An Irreplaceable Brand A unique asset: The Playboy brand — 73 years of cultural IP that cannot be recreated today Efficient to exploit: Creators, celebrities, and talent want to be in and associated with Playboy, so the best content comes to us at scale Drives growth: New content is th
Slide 10: A Brand That Converts to Revenue
P LA YB O Y A Brand That Converts to Revenue 10 Worldwide reach and recognition that already translate into high -margin licensing revenue $46M LICENSING REVENUE Highly profitable 100+ COUNTRIES Global footprint 27M SOCIAL FOLLOWERS Large audience Billions IMPRESSIONS /YR Earned visibility
Slide 11: A Dual-Audience Brand in a Wide-Open Market
P LA YB O Y • Playboy serves a large male audience seeking lifestyle, culture, relationships, and entertainment content • Men drive membership, subscriptions, and platform growth • Women participate as creators, Playmates, and cultural voices, helping drive brand relevance and licensed product sales
Slide 12: Commercial Demand Is Broader Than the Content Audience
P LA YB O Y 12 Commercial Demand I s Broader Than the Content Audience A rare advantage in media and lifestyle Content consumption skews male, while purchasing behavior is nearly evenly split between men and women Can create a broader commercial opportunity than other lifestyle and media brands A ba
Slide 13: A Brand With a Self-Reinforcing Engine
P LA YB O Y A Brand With a Self -Reinforcing Engine The magazine's prestige draws talent that creates content, builds audience, and drives commerce 13 Talent A magazine feature is rare and highly selective. That exclusivity is what makes inclusion such a powerful draw for the most sought -after tale
Slide 14: The Engine at Scale: The Great Playmate Search
P LA YB O Y The Engine at Scale: The Great Playmate Search 14 Every contestant becomes a distribution channel ~500K VOTERS —CONTEST ONE Every contestant brings their own audience onto our platforms. OWNED FIRST - PARTY AUDIENCE Voters are relationships we keep engaging —unlike anonymous newsstand bu
Slide 15: Proof the Engine Works as One System
P LA YB O Y Proof the Engine Works as One System April 2026 — the Karol G cover 22,000 ISSUES PRINTED Sold out at newsstand. 5.2B PRESS IMPRESSIONS Earned media in the release window. 70M+ SOCIAL VIEWS Karol G content, no paid amplification. 200K+ PLAYBOY.COM VISITORS Digital cover story traffic. Ou
Slide 16: Pillar 1: Licensing
P LA YB O Y PILLAR 1: LICENSING 16 Today's cash flow engine — high-margin, recurring, contractual revenue
Slide 17: Licensing Is Today's Cash Flow Engine
P LA YB O Y Licensing Is Today's Cash Flow Engine 17 High -margin, recurring revenue with significant contracted visibility Note: All figures based on FY2025 actual results 90% LICENSING GROSS MARGIN Highly profitable 90% OF LICENSING REVENUE GUARANTEED Predictable and recurring $330M + UNRECOGNIZED
Slide 18: Global Recognition Exceeds Global Penetration
P LA YB O Y Playboy’s G lobal R ecognition E xceeds I ts G lobal P enetration 18 $12.6 China U.S. & Canada$6.6 • China and North America represented approximately 73% of licensing revenue in 2025 • Global brand recognition significantly exceeds current market penetration, creating opportunities acro
Slide 19: Growth Beyond Apparel & Accessories
P LA YB O Y Apparel & Accessories anchors current consumer products licensing revenue Significant headroom in beauty, wellness, home, and gaming — each a category where Playboy has natural cultural permission Entertainment and experiential licensing is a long -term differentiator and growth driver 1
Slide 20: Pillar 2: Media & Experiences
P LA YB O Y PILLAR 2: MEDIA & EXPERIENCES 20 Recurring revenue from cultural relevance — content, membership, and sponsor -funded events
Slide 21: The Playmate Powers Every Brand Experience
P LA YB O Y The Playmate Powers Every Brand Experience E ach activated across content, product, experience, and community 01 CONTENT Playmates drive audience growth and social engagement. 02 PRODUCT The modern Playmate expands the brand into beauty, wellness, apparel, and lifestyle categories. 03 EX
Slide 22: Three Signature Content Franchises
P LA YB O Y 22 Three Signature Content Franchises Recurring content franchises that generate audience, sponsorship, and cultural relevance 01 THE PLAYMATE DISCOVERY SERIES 5- episode quarterly mini - series Talent - Creates a new class of year - round Playboy ambassadors. [B&W ARCHIVE] Iconic Interv
Slide 23: Archive Becomes More Valuable in an AI World
P LA YB O Y A 73 -Year Archive Becomes More Valuable in an AI World AI increases the value of content we already own 23 FROM ARCHIVE TO ASSET [ ARCHIVE FILM ] Iconic B&W cover or Mansion -era frame, restored to 4K 01 RESTORE Decade s-old footage upscaled to 4K. Mansion film and Interview tape restor
Slide 24: Building a Direct-to-Consumer Membership Platform
P LA YB O Y Building a Direct -to -Consumer Membership Platform Content attracts members. Community increases engagement, retention, and lifetime value DIGITAL $24.99 / yr · renews at $59.99 Members -only articles & pictorials. Every Playmate of the Month. Quarterly digital magazine. Full archive, 1
Slide 25: A Sponsor-Funded Event Calendar
P LA YB O Y A Sponsor -Funded Event Calendar Sponsor -funded events create recurring audience, content, and partnership opportunities Each event is designed to generate sponsorship revenue, months of content, and expanded partner relationships. FOUR PEAKS, ONE CALENDAR 01 GOLF TOURNAMENT Celebrity i
Slide 26: Pillar 3: Hospitality
P LA YB O Y PILLAR 3: HOSPITALITY 26 An asset -light way to bring the brand into the physical world
Slide 27: Hospitality Extends the Brand Beyond Events
P LA YB O Y Miami Beach selected for the first new flagship Playboy Club License the Playboy brand to experienced hospitality operators Third-party capital funds development and operations Playboy earns brand and membership economics Limited capital requirements and controlled risk profile 27 Hospit
Slide 28: Pillar: Honey Birdette U.S. Online & In-Store
P LA YB O Y PILLAR 4 (HONEY BIRDETTE): U.S. ONLINE & IN -STORE 28 A premium DTC brand with U.S. upside — profitability rebuilt, growth returning
Slide 29: Improving Profitability Through Premium Positioning
P LA YB O Y 29 Improving Profitability Through Premium Positioning 1. A reconciliation of direct - to-consumer Operating income to direct - to-consumer Adjusted Operating Income can be found in the Company's quarterly and annual reports on Form 10 -Q and 10 -K filed with the SEC. 2. Excludes interco
Slide 30: The Repositioning Is Working
P LA YB O Y 30 The Repositioning Is Working Physical retail has delivered six consecutive quarters of positive comp growth Growth has been achieved while maintaining premium pricing discipline Ecommerce returned to growth following difficult post -pandemic comparisons Both channels are contributing
Slide 31: The U.S. Represents Our Largest Growth Opportunity
P LA YB O Y 31 The U.S. Represents Our Largest Growth Opportunity This is not a product -market- fit story - it's a distribution story Underpenetrated in the U.S. 1. Mix between U.S. and Australia only. Combined those two markets represent 90% of revenue. 2. U.S. population size from the United Stat
Slide 32: U.S. Stores Deliver Superior Unit Economics
P LA YB O Y 32 U.S. Stores Deliver Superior Unit Economics New store formats reduce buildout costs while maintaining premium brand presentation Future expansion remains focused on locations with proven return thresholds Opportunity to open approximately ten flagship stores over the next two to three
Slide 33: The U.S. Customer Generates the Highest Returns
P LA YB O Y 33 U.S. customers spend more on their first purchase Customer acquisition costs are among the lowest in the business Three-year lifetime value significantly exceeds every major market Strong economics support continued investment in customer acquisition $119 $278 $195 Australia U.S. Glob
Slide 34: Investment Summary
P LA YB O Y Irreplaceable brand. Seven decades of cultural IP powering a diversified business model across four growth pillars Durable cash flow. High -margin licensing revenue — 90% guaranteed 1 — with $340M+ in unrecognized future revenue and expanding profitability at Honey Birdette Financial dis
Slide 35: Thank You
P LA YB O Y 35 THANK YOU Investor Relations Contact: investors@playboy.com Instagram icon - Free download on Iconfinder Facebook Logo PNG With Transparent Background Download Tiktok, Logo, Brand. Royalty-Free Stock Illustration Image - Pixabay Hilarious brand kit confirms the X logo is here to stay
Slide 36: Appendix: Financials
P LA YB O Y APPENDIX: FINANCIALS 36
Slide 37: Income Statement & Adjusted EBITDA
P LA YB O Y Income Statement & Adjusted EBITDA 37 INCOME STATEMENT Q1 2026 Q1 2025 Net revenues $30,236 $28,875 Cost of sales $(9,544) $(9,053) Selling and administrative expenses $(23,234) $(25,397) Impairments $ — $(301) Other operating income (expense), net $901 $(384) Operating income (loss) $(1
Slide 38: Balance Sheet
P LA YB O Y Balance Sheet 38 Mar 31, 2026 Dec 31, 2025 ASSETS Current assets: Cash and cash equivalents $30,167 $37,801 Restricted cash $100 $100 Receivables, net $3,678 $4,120 Inventories, net $11,421 $12,934 Prepaid expenses and other current assets $11,004 $7,425 Assets held for sale $3,088 $3,08