Slide 1: Investor Presentation
PLAYBOY PLAYBOY Investor Presentation Playboy, Inc. NASDAQ: PLBY Prepared : JUNE 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 business (collectively, “Playboy” or the “Company”) and for no other purpose . No representat
Slide 3: Corporate Overview
Corporate Overview A global lifestyle, media, and licensing company coupled with a growing DTC brand Global Recognition: One of the world's most recognizable brands, with NASDAQ PLBY products and content available in over 100 countries 2025 Revenue $120.9M Cash & Cash Timeless Brand: 73 years of cul
Slide 4: The Turnaround Is Delivering Results
The Turnaround Is Delivering Results Five consecutive quarters of positive Adjusted EBITDA 2024 2025 2026 Doubled Adjusted EBITDA YoY in the first quarter of 2026 Adjusted EBITDA 1 | ($ in millions) $7.1 Positioned the company around a high - margin licensing business $5.0 Decreased senior debt by n
Slide 5: Strategic Licensing Partnership with UTG
Strategic Licensing Partnership with UTG Accelerates Deleveraging 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 PLAYBO
Slide 6: Path to ~50% Debt Reduction by Q1 2028
Path to ~50% Debt Reduction by Q1 2028 Deleveraging Creates Financial Flexibility ■ Gross Debt Balance • By Q1 2028, targeting: $218 ■ Cash Interest $ in millions • $108M in gross debt $19.3 $160 $153 • $7M in annualized cash interest savings from 4Q’25 PLAYBOY $16.6 $145 $14.5 $127 • Reduced senior
Slide 7: Two Growth Platforms - Four Drivers of Value
Two Growth Platforms - Four Drivers of Value Together these growth drivers create a more diversified and durable business 01 Licensing 02 Media & 03 Hospitality 04 Honey Birdette PLAYBOY Experiences CASH FLOW AUDIENCE GROWTH EXPERIENCES DTC GROWTH Licensing, Media & Experiences, and Hospitality are
Slide 8: Playboy Platform: Brand Foundation
PLAYBOY PLATFORM: BRAND FOUNDATION PLAYBOY 8
Slide 9: An Irreplaceable Brand
An Irreplaceable Brand A self -sustaining foundation behind three of our four growth pillars A unique asset: The Playboy brand — 73 years of cultural IP that cannot be recreated today Efficient to exploit: PLAYBOY Creators, celebrities, and talent want to be in and associated with Playboy, so the be
Slide 10: A Brand That Converts to Revenue
A Brand That Converts to Revenue Worldwide reach and recognition that already translate into high -margin licensing revenue $46M 100+ LICENSING REVENUE COUNTRIES Highly profitable Global footprint PLAYBOY 27M Billions SOCIAL FOLLOWERS IMPRESSIONS /YR Large audience Earned visibility 10
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 • Playboy serves a large male audience seeking lifestyle, culture, relationships, and entertainment content • Men drive membership, subscriptions, and platform growth PLAYBOY • Women parti
Slide 12: Commercial Demand Is Broader Than the Content Audience
Commercial Demand I s Broader Than the Content Audience A rare advantage in media and lifestyle CONTENT CONSUMPTION 77% 23% Content consumption skews male, while purchasing behavior is nearly evenly split between men and women MALE FEMALE Can create a broader commercial opportunity than other PLAYBO
Slide 13: A Brand With a Self-Reinforcing Engine
A Brand With a Self -Reinforcing Engine The magazine's prestige draws talent that creates content, builds audience, and drives commerce Stage 1 Stage 2 Stage 3 Stage 4 Talent Content Audience Commerce PLAYBOY A magazine feature is rare and Talent creates content that Content expands audience reach A
Slide 14: The Engine at Scale: The Great Playmate Search
The Engine at Scale: The Great Playmate Search Every contestant becomes a distribution channel ~500K OWNED ROSTER VOTERS — CONTEST ONE FIRST - PARTY AUDIENCE WINNERS & FINALISTS PLAYBOY Every contestant brings their own Voters are relationships we keep engaging Contestants become influencer partners
Slide 15: Proof the Engine Works as One System
Proof the Engine Works as One System April 2026 — the Karol G cover PROOF IN MARKET 22,000 5.2B 70M+ 200K+ PLAYBOY ISSUES PRINTED PRESS IMPRESSIONS SOCIAL VIEWS PLAYBOY.COM VISITORS Sold out at newsstand. Earned media in the release window. Karol G content, no paid amplification. Digital cover story
Slide 16: Pillar 1: Licensing
PILLAR 1: LICENSING Today's cash flow engine — high -margin, recurring, contractual revenue PLAYBOY 16
Slide 17: Licensing Is Today's Cash Flow Engine
Licensing Is Today's Cash Flow Engine High -margin, recurring revenue with significant contracted visibility 90% 90% LICENSING GROSS MARGIN OF LICENSING REVENUE GUARANTEED Highly profitable Predictable and recurring PLAYBOY $330M + 38% UNRECOGNIZED FUTURE REVENUE LICENSING AS A PERCENT OF TOTAL Long
Slide 18: Global Recognition Exceeds Global Penetration
Playboy’s G lobal R ecognition E xceeds I ts G lobal P enetration Significant Global Expansion Opportunity (excludes licensed digital businesses) $6.6 U.S. & Canada $12.6 25% OF TOTAL China • China and North America represented 48% OF TOTAL approximately 73% of licensing revenue in 2025 PLAYBOY • Gl
Slide 19: Growth Beyond Apparel & Accessories
Growth Beyond Apparel & Accessories Expanding licensed category representation across lifestyle, beauty, home, and gaming Apparel & Accessories 72% Apparel & Accessories anchors current consumer products licensing revenue Gaming 12% Wellness 5% Significant headroom in beauty, wellness, home, and gam
Slide 20: Pillar 2: Media & Experiences
PILLAR 2: MEDIA & EXPERIENCES Recurring revenue from cultural relevance — content, membership, and sponsor -funded events PLAYBOY 20
Slide 21: The Playmate Powers Every Brand Experience
The Playmate Powers Every Brand Experience E ach activated across content, product, experience, and community ONE ASSE T, FOUR ACTIVATIONS CONTENT 01 Playmates drive audience growth and social engagement. PLAYBOY PRODUCT 02 The modern Playmate expands the brand into beauty, wellness, apparel, and li
Slide 22: Three Signature Content Franchises
Three Signature Content Franchises Recurring content franchises that generate audience, sponsorship, and cultural relevance 02 THE PLAYBOY INTERVIEW, REVIVED [B&W ARCHIVE] Premium long - form video Iconic Interview portrait Prestige - One definitive cultural conversation per quarter, distributed acr
Slide 23: Archive Becomes More Valuable in an AI World
A 73 -Year Archive Becomes More Valuable in an AI World AI increases the value of content we already own FROM ARCHIVE TO ASSET [ ARCHIVE FILM ] [ ASSET LIBRARY ] Iconic B&W cover or Mansion - era frame, restored to Contact - sheet grid —the searchable archive at PLAYBOY 4K scale 01 02 03 RESTORE REP
Slide 24: Building a Direct-to-Consumer Membership Platform
Building a Direct -to -Consumer Membership Platform Content attracts members. Community increases engagement, retention, and lifetime value DIGITAL DIGITAL + PRINT $24.99 / yr · renews at $59.99 $69.99 / yr · renews at $99.99 Members -only articles & pictorials. Every Playmate of the Everything in D
Slide 25: A Sponsor-Funded Event Calendar
A Sponsor -Funded Event Calendar Sponsor -funded events create recurring audience, content, and partnership opportunities FOUR PEAKS, ONE CALENDAR 01 02 03 04 PLAYBOY GOLF PLAYMATE OF THE HALLOWEEN ART BASEL TOURNAMENT YEAR Celebrity invitational. The annual marquee. Talent, Playboy's most iconic Pr
Slide 26: Pillar 3: Hospitality
PILLAR 3: HOSPITALITY An asset -light way to bring the brand into the physical world PLAYBOY 26
Slide 27: Hospitality Extends the Brand Beyond Events
Hospitality Extends the Brand Beyond Events Creating destinations where consumers can experience the brand year -round Miami Beach selected for the first new flagship Playboy Club 45 ICONIC CLUBS Owned and licensed worldwide License the Playboy brand to experienced hospitality operators 9 PLAYBOY CO
Slide 28: Pillar: Honey Birdette U.S. Online & In-Store
PILLAR 4 (HONEY BIRDETTE): U.S. ONLINE & IN -STORE A premium DTC brand with U.S. upside — profitability rebuilt, growth returning PLAYBOY 28
Slide 29: Improving Profitability Through Premium Positioning
Improving Profitability Through Premium Positioning Repositioning the brand toward full -price sales materially improved margins Reoriented customers toward full - price purchasing behavior Gross margin expanded from 41% to 60% in two years Adjusted operating income improved from a loss to sustained
Slide 30: The Repositioning Is Working
The Repositioning Is Working Growth is returning as the benefits of the premium repositioning take hold 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 difficul
Slide 31: The U.S. Represents Our Largest Growth Opportunity
The U.S. Represents Our Largest Growth Opportunity Strongest unit economics across both physical and online stores This is not a product - market- fit story - it's a distribution story Underpenetrated in the U.S. POPULATION AUS 28M 12x PLAYBOY U.S. 3 38 M U.S. vs. AUS ADDRESSABLE MARKET FOR AUS $3B
Slide 32: U.S. Stores Deliver Superior Unit Economics
U.S. Stores Deliver Superior Unit Economics Materially higher sales productivity and profitability 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 fl
Slide 33: The U.S. Customer Generates the Highest Returns
The U.S. Customer Generates the Highest Returns Higher spend, lower acquisition cost, and superior lifetime value 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 Str
Slide 34: Investment Summary
Investment Summary Irreplaceable brand. Seven decades of cultural IP powering a diversified business model across 1 four growth pillars 1 2 Durable cash flow. High -margin licensing revenue — 90% guaranteed — with $340M+ in unrecognized future revenue and expanding profitability at Honey Birdette PL
Slide 35: Thank You
THANK YOU PLAYBOY Investor Relations Contact: investors@playboy.com Download Tiktok, Logo, Brand. Royalty-Free Hilarious brand kit confirms the X Facebook Logo PNG With Instagram icon - Free download Stock Illustration Image - Pixabay logo is here to stay ... Transparent Background on Iconfinder 35
Slide 36: Appendix: Financials
APPENDIX: FINANCIALS PLAYBOY 36
Slide 37: Income Statement & Adjusted EBITDA
Income Statement & Adjusted EBITDA INCOME STATEMENT ADJUSTED EBITDA RECONCILIATION ($ in thousands) ($ in thousands) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Net revenues $30,236 $28,875 Net loss $(3,963) $(9,041) Cost of sales $(9,544) $(9,053) Interest expense, net $2,499 $1,888 Selling and administrative
Slide 38: Balance Sheet
Balance Sheet ($ in thousands) Mar 31, 2026 Dec 31, 2025 ($ in thousands) Mar 31, 2026 Dec 31, 2025 ASSETS LIABILITIES AND EQUITY Current assets: Current liabilities: Cash and cash equivalents $30,167 $37,801 Accounts payable $12,001 $11,930 Restricted cash $100 $100 Deferred revenues, current $8,02