Slide 1: Playboy Investor Presentation
P LA YB O Y PLAYBOY Investor Presentation Playboy, Inc. NASDAQ: PLBY Prepared : MARCH 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 Playboy business (collectively, “Playboy” or the “Company”) and for no other purp
Slide 3: Corporate Overview
P LA YB O Y Corporate Overview 3 Playboy is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead happier, more fulfilling lives. Global Recognition: One of the most recognizable brands in the world, with products and content available
Slide 4: Strategic Transformation Has Stabilized the Business
P LA YB O Y Strategic Transformation Has Stabilized the Business 4 Positioned the company around a high -margin licensing business 1 Based on fiscal year 2025 licensing revenue 2 15- month period from the end of 3Q'24 to the end of 4Q'25 3 A reconciliation of Net Income (Loss) to Adjusted EBITDA can
Slide 5: Strategic China Licensing Partnership
P LA YB O Y Strategic China Licensing Partnership 5 UTG is an experienced and globally respected Chinese licensing operator, managing a robust portfolio of brands, including Jeep and Dickies Playboy to sell UTG 50% of China licensing business for $45M in cash with additional $67M in guaranteed minim
Slide 6: Continuing to Deleverage the Balance Sheet
P LA YB O Y Reduced senior debt balance from $218M to $153M through debt forgiveness and preferred exchange in Q4 2024 Commenced partial interest PIK structure, reducing annualized cash interest from $19.3M to $10.2M Upon closing of the UTG transaction, three anticipated debt paydowns of $15M in Q1
Slide 7: Focusing on Four Pillars of Growth
P LA YB O Y Focusing on Four Pillars of Growth 01 Licensing $340M+ Unrecognized revenue 90% Gross margin 90% Revenue guaranteed ─────────── •Enter new geographies •Expand categories 02 Media & Experiences •Subscriptions •Sponsorships •TV and Film 03 Hospitality LOI Signed Financial group LOI Signed
Slide 8: Playboy: Brand Foundation
P LA YB O Y PLAYBOY: BRAND FOUNDATION 8
Slide 9: One of the Most Recognizable Brands in the World
P LA YB O Y One of the Most Recognizable Brands in the World 9 72 years of iconic cultural heritage and global recognition Billions of media impressions per year ~$46 million of licensing revenue 1 25+ million followers on social media Product sold in ~180 countries 1 Full year 2025
Slide 10: Content Powers the Ecosystem
P LA YB O Y 10 Content Powers the Ecosystem Decades of journalism, photography, and design form an archive that doubles as a low -cost marketing engine Print magazine serves as the prestige anchor; digital, newsletters, and social video drive daily engagement Creator -generated content — from Playma
Slide 11: A Dual-Audience Brand in a Wide-Open Market
P LA YB O Y • Young men are consuming lifestyle, dating, and culture content at record volumes — a growing market underserved by credible, established brands • Men drive membership, subscriptions, and platform growth • Women participate as creators, Playmates, and cultural voices — fueling brand rel
Slide 12: Gender-Balanced Commercial Demand
P LA YB O Y 45% 55% Male Female Social Media Followers 1 12 Gender -Balanced Commercial Demand A rare advantage in media and lifestyle Men dominate content consumption, but licensing data shows women as a major purchasing cohort Positions Playboy as a global lifestyle brand, not just a men’s media p
Slide 13: The Magazine Drives Awareness and Talent
P LA YB O Y The Magazine Drives Awareness and Talent 13 Talent Being featured in the physical magazine is the carrot to capture creators, models, and celebrities Content Talent creates the content that powers our social and digital channels and marketing with minimal internal production Audience Con
Slide 14: Paid Voting Scales Both Talent and Audience
P LA YB O Y Paid Voting Scales Both Talent and Audience 14 These highly engaged creators and their audiences flow directly into Playboy’s monetization funnel Scale: Tens of thousands of creators enter The Playmate Search contest to win a chance at becoming a Playmate or inside cover model — growth w
Slide 15: Pillar 1: Licensing
P LA YB O Y PILLAR 1: LICENSING 15
Slide 16: Licensing Is the Foundation of Today's Cash Flow
P LA YB O Y Licensing Is the Foundation of Today’s Cash Flow 16 38% Licensing Revenue as a Percent of Total Room to grow as the business transitions 90% Licensing Gross Margin Highly profitable 90% Percent of Total Licensing Revenue Guaranteed Predictable and recurring Licensing gets stronger with i
Slide 17: Expanding Playboy's Global Reach
P LA YB O Y Expanding Playboy’s Global Reach 17 $12.6 China U.S. & Canada$6.6 2025 Revenue ($ in millions) 0.9 Playboy’s global recognition exceeds its global penetration China + U.S. & Canada contributed over 70% of licensing revenue in 2025 Significant white space in EMEA, Latin America & APAC Lic
Slide 18: Unlocking Categories Competitors Can't Touch
P LA YB O Y China and NSFW digital (not included in the bar chart) will generate $30M in guaranteed distributions in 2026 Apparel & Accessories anchors consumer products licensing revenue Significant headroom in high -growth adjacencies — beauty, home, gaming, and wellness are largely untapped Enter
Slide 19: Pillar 2: Media & Experiences
P LA YB O Y PILLAR 2: MEDIA & EXPERIENCES 19
Slide 20: Reimagining Subscriptions
P LA YB O Y • Subscriptions will be core to the Playboy experience — from clubs and events to print and digital content • Integrates physical and digital experiences • Digital: magazine, podcasts, archives, contests, and creator content • Physical: limited -edition print, event access, and product d
Slide 21: Opportunities in TV and Film
P LA YB O Y Re-establishing Playboy's content studio, leveraging 72 years of cultural IP and media assets Developing original programming inspired by historic franchises like The Playboy Interview and Playboy After Dark Strategic partnerships in development, including a feature film with Hefner Capi
Slide 22: Turning Brand Aspiration into Experience Revenue
P LA YB O Y Scalable model built on exclusive experiences, community engagement, and premium access tiers Curated events and experiences reintroduce fans to the Playboy world — they don't just consume the brand, they want to belong to it Revenue streams include ticketed events, sponsorships, VIP mem
Slide 23: Pillar 3: Hospitality
P LA YB O Y PILLAR 3: HOSPITALITY 23
Slide 24: Reviving an Iconic Hospitality Brand
P LA YB O Y Relaunching membership clubs as an outward extension of the brand First location anticipated in Miami Beach as the new flagship "mansion" Signed a non -binding LOI to secure third -party capital for club build -out and operations Expect to partner with a world -class hospitality operator
Slide 25: Pillar 4: Honey Birdette U.S. Online & In-Store
P LA YB O Y PILLAR 4 (HONEY BIRDETTE) : U.S. ONLINE & IN -STORE 25
Slide 26: Brand Health and Cash Flow
P LA YB O Y 26 Brand Health and Cash Flow 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 intercompany expense allocation
Slide 27: Return to Top-line Growth
P LA YB O Y 27 Return to Top -line Growth Brick -and -mortar stores, where we do not discount, turned the corner at the end of 2024 Q4 2025 comp store sales were up despite a strong Q4 2024 baseline eCommerce has lapped tough comps — 2026 Valentine's Day was highly successful -10% -10% -2% 13% 22% 2
Slide 28: U.S. Market is Our Biggest Opportunity
P LA YB O Y 28 U.S. Market is Our Biggest Opportunity Population in the U.S. is 12x larger than Australia TAM in the U.S. is 8x larger than Australia Honey Birdette's sales in the U.S. are approximately the same size as Australia Economics of both physical retail stores and eCommerce are more attrac
Slide 29: Disciplined Retail Store Expansion in the U.S.
P LA YB O Y 29 Disciplined Retail Store Expansion in the U.S. Potential for ten flagship stores in the U.S. over the next 2 -3 years Highly productive on the top and bottom lines versus non -U.S. stores Redesigned store concept to reduce buildout costs to $400 per S.F. Maintain average store size of
Slide 30: U.S. eCommerce Has the Highest Online ROI
P LA YB O Y 30 U.S. eCommerce Has the Highest Online ROI Highest initial order value Lowest media spend per dollar of revenue to acquire a customer Highest 3 -year lifetime revenue Expanding paid social media and influencer marketing to push KPIs higher Website redesign to lift conversion rates Addi
Slide 31: Investment Summary
P LA YB O Y Irreplaceable brand. 72 years 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 discipli
Slide 32: Thank You
P LA YB O Y 32 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 33: Appendix: Financials
P LA YB O Y APPENDIX: FINANCIALS 33
Slide 34: Income Statement & Adjusted EBITDA
P LA YB O Y Income Statement & Adjusted EBITDA 34 2025 2024 Net Revenues 120,928 116,135 Costs and Expenses: Cost of Sales (35,077) (41,780) Selling and Administrative Expenses (91,029) (98,716) Impairments (2,087) (26,078) Other Operating Income, Net (763) (399) Operating Income (Loss) (8,028) (50,
Slide 35: Balance Sheet
P LA YB O Y Balance Sheet 35 2025 2024 Assets Cash and Cash Equivalents 37,801 30,904 Accounts Receivable, Net 4,120 7,271 Inventory, Net 12,934 8,922 Other Current Assets 7,525 5,572 Assets Held for Sale 3,088 4,835 Total Current Assets 65,468 57,504 Restricted Cash 4,920 2,318 Property & Equipment