Slide 1: Investor Presentation
PLAYBOY PLAYBOY Investor Presentation Playboy, Inc. NASDAQ: PLBY Prepared : MARCH 2026
Slide 2: Legal Disclaimer
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 purpose . No rep
Slide 3: Corporate Overview
Corporate Overview Playboy is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead happier, more fulfilling lives. NASDAQ: PLBY Share Price 1 $1.76 Global Recognition: One of the most recognizable brands in the world, with products an
Slide 4: Strategic Transformation Has Stabilized the Business
Strategic Transformation Has Stabilized the Business Positioned the company around a high -margin licensing business Four consecutive quarters of positive Adjusted EBITDA Adjusted EBITDA 2 Reduced operating complexity — divested non -core assets and outsourced Adjusted EBITDA excluding litigation co
Slide 5: Strategic China Licensing Partnership
Strategic China Licensing Partnership Central to our near -term deleveraging 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
Slide 6: Continuing to Deleverage the Balance Sheet
Continuing to Deleverage the Balance Sheet UTG transaction is the catalyst — reducing debt principal by ~52% and cash interest by ~50% through Q1 2028 Reduced senior debt balance from $218M to $153M through debt forgiveness Debt Balance ($M) | Ann. Cash Interest ($M) and preferred exchange in Q4 202
Slide 7: Focusing on Four Pillars of Growth
Focusing on Four Pillars of Growth Each pillar is high -margin and mutually reinforcing — together they diversify revenue and reduce concentration risk. 01 02 03 04 Licensing Media & Experiences Hospitality Honey Birdette $340M+ Unrecognized revenue •Subscriptions LOI Signed Financial group Positive
Slide 8: Playboy: Brand Foundation
PLAYBOY PLAYBOY: BRAND FOUNDATION 8
Slide 9: One of the Most Recognizable Brands in the World
One of the Most Recognizable Brands in the World 72 years of iconic cultural heritage and global recognition Product sold in ~180 countries PLAYBOY 25+ million followers on social media Billions of media impressions per year ~$46 million of licensing revenue 1 1 Full year 2025 9
Slide 10: Content Powers the Ecosystem
Content Powers the Ecosystem An irreplaceable archive that drives traffic, engagement, and monetization 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 dri
Slide 11: A Dual-Audience Brand in a Wide-Open Market
A Dual -Audience Brand in a Wide -Open Market Male and female audiences drive distinct but complementary demand • 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
Slide 12: Gender-Balanced Commercial Demand
Gender -Balanced Commercial Demand A rare advantage in media and lifestyle Social Media Followers 1 Men dominate content consumption, but licensing data Male 77% shows women as a major purchasing cohort Positions Playboy as a global lifestyle brand, not just a Female 23% PLAYBOY men’s media property
Slide 13: The Magazine Drives Awareness and Talent
The Magazine Drives Awareness and Talent Attracts models, celebrities, photographers, and collaborators who want status association Talent Being featured in the physical magazine is the carrot to capture creators, models, and celebrities Content PLAYBOY Talent creates the content that powers our soc
Slide 14: Paid Voting Scales Both Talent and Audience
Paid Voting Scales Both Talent and Audience Statistics from the First Contest These highly engaged creators and their audiences flow directly into Playboy’s monetization funnel 16,000 Contestants Scale: Tens of thousands of creators enter The Playmate Search contest 135,000,000 Instagram followers t
Slide 15: Pillar 1: Licensing
PLAYBOY PILLAR 1: LICENSING 15
Slide 16: Licensing Is the Foundation of Today's Cash Flow
Licensing Is the Foundation of Today’s Cash Flow Licensing gets stronger with increased brand awareness 90% Licensing 90% Percent of Total Licensing Revenue Gross Margin Guaranteed Highly profitable Predictable and recurring PLAYBOY 86% Revenue from 38% Licensing Revenue Top 20 Licensees as a Percen
Slide 17: Expanding Playboy's Global Reach
Expanding Playboy’s Global Reach 2025 Revenue ($ in millions) $12.6 China $6.6 U.S. & Canada Playboy’s global recognition exceeds its global penetration 0.9 China + U.S. & Canada contributed over 70% of licensing revenue in 2025 PLAYBOY Significant white space in EMEA, Latin America & APAC Licensed
Slide 18: Unlocking Categories Competitors Can't Touch
Unlocking Categories Competitors Can’t Touch Expanding licensed category representation across lifestyle, beauty, home, and gaming China and NSFW digital (not included in the bar chart) will Category as % of 2025 Licensing Revenue generate $30M in guaranteed distributions in 2026 Apparel & Accessori
Slide 19: Pillar 2: Media & Experiences
PLAYBOY PILLAR 2: MEDIA & EXPERIENCES 19
Slide 20: Reimagining Subscriptions
Reimagining Subscriptions Playboy sells access to and participation in a lifestyle • 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 PLAYBOY
Slide 21: Opportunities in TV and Film
Opportunities in TV and Film Tapping into heritage and developing new content 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 PLAYBOY Strate
Slide 22: Turning Brand Aspiration into Experience Revenue
Turning Brand Aspiration into Experience Revenue Bringing back Playboy’s signature experiences Scalable model built on exclusive experiences, community engagement, and premium access tiers PLAYBOY Curated events and experiences reintroduce fans to the Playboy world — they don't just consume the bran
Slide 23: Pillar 3: Hospitality
PLAYBOY PILLAR 3: HOSPITALITY 23
Slide 24: Reviving an Iconic Hospitality Brand
Reviving an Iconic Hospitality Brand Over its 72 -year history, Playboy has owned/licensed 45 clubs across nine countries 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 thir
Slide 25: Pillar (Honey Birdette): U.S. Online & In-Store
PLAYBOY PILLAR 4 (HONEY BIRDETTE) : U.S. ONLINE & IN -STORE 25
Slide 26: Brand Health and Cash Flow
Brand Health and Cash Flow Reoriented customers to buy at full price in 2024 and 2025 Increased profitability despite the dip in sales Maintain focus on full price sales Exploit the U.S. as our growth market in 2026 PLAYBOY 1/2/3 Sales Gross Margin Adjusted Operating Income ($ in millions) ($ in mil
Slide 27: Return to Top-line Growth
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 Brick -and -Mortar Comp Store Sales To
Slide 28: U.S. Market is Our Biggest Opportunity
U.S. Market is Our Biggest Opportunity Strongest unit economics across both physical and online stores 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 phy
Slide 29: Disciplined Retail Store Expansion in the U.S.
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 less than 1,00
Slide 30: U.S. eCommerce Has the Highest Online ROI
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 Additional flagship
Slide 31: Investment Summary
Investment Summary 1 Irreplaceable brand. 72 years of cultural IP powering a diversified business model across four growth pillars 1 Durable cash flow. High -margin licensing revenue — 90% guaranteed — with $340M+ in unrecognized future 2 revenue and expanding profitability at Honey Birdette PLAYBOY
Slide 32: Thank You
THANK YOU PLAYBOY Investor Relations Contact: investors@playboy.com Download Tiktok, Logo, Brand. Royalty-Free Hilarious brand kit confirms the X Facebook Logo PNG With Instagram icon - Free download Stock Illustration Image - Pixabay logo is here to stay ... Transparent Background on Iconfinder 32
Slide 33: Appendix: Financials
PLAYBOY APPENDIX: FINANCIALS 33
Slide 34: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA Year Ended December 31, 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,
Slide 35: Balance Sheet
Balance Sheet As of December 31, 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 & Equip