Playboy, Inc. · NASDAQ:PLBY
Playboy — Investor Presentation (November 2025)
33 slides from Playboy's investor presentation, Nov 20, 2025
Slide 1: Playboy Investor Presentation
P LA YB O Y PLAYBOY Investor Presentation Playboy, Inc. NASDAQ: PLBY Prepared : NOVEMBER 2025
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 par ties in making their own evaluation of Playboy, Inc. and its Playboy business (collectively, “Playboy” or the “Company”) and for no other purp
Slide 3: Legal Disclaimer
P LA YB O Y Legal Disclaimer USE OF PROJECTIONS This Presentation contains projected (or ‘pro forma’) financial information with respect to the Company. Such projected finan cia l information constitutes forward - looking information and is for illustrative purposes only and should not be relied upo
Slide 4: Strategic Transformation Has Stabilized the Business
P LA YB O Y ($2.3) ($2.6) $0.7 $0.0 $3.0 $4.8 $6.6 ($2.6) ($2.9) ($0.6) ($0.1) $2.4 $3.5 $4.1 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 ($s in millions) ($2.3) ($2.6) Strategic Transformation Has Stabilized the Business 4 Positioned the company around a high -margin licensing business Three consecut
Slide 5: Focusing on Four Pillars of Revenue Growth
P LA YB O Y 5 Focusing on Four Pillars of Revenue Growth Playboy, Inc. NASDAQ: PLBY Subscriptions Paid Voting Sponsorships TV and Film Media & Experiences 01 Enter New Geographies Expand Categories Licensing 02 Launch First Club in Miami Beach Hospitality 03 Flagship Stores and eCommerce Flagship &
Slide 6: Playboy: Pillars
P LA YB O Y PLAYBOY: PILLARS 1 -3 6
Slide 7: One of the Most Recognizable Brands in the World
P LA YB O Y One of the Most Recognizable Brands in the World 7 72 years of iconic cultural heritage and global recognition Billions of media impressions per year ~$48 million of licensing revenue 1 25+ million followers on social media Product sold in 100+ countries 1 Full year 2025 revenue guidance
Slide 8: Content Is Key to Our Strategy
P LA YB O Y 8 Content Is Key to Our Strategy Content is our brand marketing Drives brand relevancy and engagement Expands our audience Reaches our audience that now lives on social media Creates new IP we can use across the ecosystem The Company was built on content
Slide 9: Reclaiming the Core of What Made Playboy Iconic
P LA YB O Y • High -quality journalism, photography, and design - our historical differentiator • Editorial focus where Playboy has the experience to lead: • Sex, sexuality, relationships, dating, intimacy, and modern masculinity • Revival of legacy formats: • Playboy Advisor, longform essays, Playm
Slide 10: A Cultural Moment Built for Playboy
P LA YB O Y Young men are consuming content in record volume - sports, dating commentary, lifestyle podcasts - but are underserved by trusted, sophisticated voices The world is more disconnected, polarized, and anxious than ever; conversations around relationships, intimacy, and identity are happeni
Slide 11: Our Core Audience Is Men 18 to 44 Years Old
P LA YB O Y • Seek identity, confidence, connection, and guidance in dating, relationships, style, and lifestyle • Underserved by existing men’s media, which is fragmented, hyper - niche, or misaligned with modern male experiences • Buy the magazine • Consume our digital, social, and video content •
Slide 12: Our Halo Audience Is Women 18 to 34 Years Old
P LA YB O Y Participate as creators, Playmates, contestants, and cultural voices - powering discovery and visibility across social media Aesthetic and style preferences shape the brand’s global fashion identity Inspire and attract male engagement Generate content that fuels the brand Add credibility
Slide 13: The Magazine Is a Core Differentiator at the Top of the Funnel
P LA YB O Y The Magazine Is a Core Differentiator at the Top of the Funnel 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 p
Slide 14: Pillar 1: Media & Experiences
P LA YB O Y PILLAR 1: MEDIA & EXPERIENCES 14
Slide 15: Reimagining Subscriptions
P LA YB O Y • From clubs and events to print subscriptions - subscriptions will be core to the Playboy experience • Paywall content spans digital archives, magazine, and behind -the - scenes creator media • Integrates physical and digital experiences • Digital: magazine, podcasts, archives, contests
Slide 16: Paid Voting Scales Both Talent and Audience
P LA YB O Y Paid Voting Scales Both Talent and Audience 16 Another source feeding the 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 without paid media Engagement: Contestants mobilize t
Slide 17: Opportunities in TV and Film
P LA YB O Y Re -establishing Playboy’s content studio, leveraging 70+ 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 Ca
Slide 18: Converting Lifestyle Aspiration into Participation Revenue
P LA YB O Y A scalable model built on exclusive experiences, community engagement, and premium access tiers By reintroducing curated events and experiences, we invite people back into that world Fans don’t just consume Playboy; they want to belong to it Access to the brand becomes a form of modern c
Slide 19: Pillar 2: Licensing
P LA YB O Y PILLAR 2: LICENSING 19
Slide 20: Licensing Is the Foundation of Today's Cash Flow
P LA YB O Y Licensing Is the Foundation of Today’s Cash Flow 20 40% Expected Licensing Revenue as a Percent of Total in 2025 Focusing on our brand licensing business 91% 2024 Licensing Gross Margin Highly profitable 86% Percent of Total Licensing Revenue Guaranteed in 2025 Predictable and recurring
Slide 21: Gender-balanced Commercial Demand
P LA YB O Y 21 Gender -balanced Commercial Demand A rare advantage in media and lifestyle While men dominate content consumption, licensing product data shows women as a major purchasing cohort Reinforces Playboy’s position as a global lifestyle brand, not just a men’s media brand The dual -audience
Slide 22: Expanding Playboy's Global Reach
P LA YB O Y Expanding Playboy’s Global Reach 22 $11.0 China U.S. & Canada$7.5 2024 Revenue ($ in millions) 0.9 China + U.S. & Canada represented 70% of licensing revenue in 2024 Restructured our China partnership with Li & Fung and bought out CAA’s financial interest Significant white space in EMEA,
Slide 23: Expanding Licensed Category Representation
P LA YB O Y Digital is our largest category as a result of licensing our non - magazine NSFW subscription businesses to Byborg for $20 million per year Apparel & Accessories anchors SFW and consumer products licensing revenue - clear proof of global demand Massive headroom beyond Apparel & Accessori
Slide 24: Pillar 3: Hospitality
P LA YB O Y PILLAR 3: HOSPITALITY 24
Slide 25: Playboy Has a Rich History in Hospitality
P LA YB O Y Relaunching membership clubs as an outward extension of the brand Anticipate launching the first club in Miami Beach as the new “mansion” Signed a non -binding LOI to raise money from 3 rd parties to fund building and operating of clubs Expect to work with world -class hospitality partne
Slide 26: Pillar 4 (Honey Birdette): Flagship & eCommerce
P LA YB O Y PILLAR 4 (HONEY BIRDETTE) : FLAGSHIP & ECOMMERCE 26
Slide 27: Focusing on Brand Health and Cash Flow
P LA YB O Y 27 Focusing on 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 annual report on Form 10 - K and quarterly reports on Form 10 - Q filed with the SEC . 2 Excludes interc
Slide 28: Honey Birdette: 2026 Roadmap
P LA YB O Y 28 Honey Birdette: 2026 Roadmap Focus on ecommerce: • Reduced discounting 1 • Gross product margin has increased to 75% from 69% • Average order value has increased to $187 from $172 YTD • Redesigned the website • Optimize conversion • Incorporate loyalty (launching by the end of Novembe
Slide 29: Investment Highlights
P LA YB O Y Priceless IP that is nearly impossible to replicate today Diversified business model for future growth Growing base of high -margin, recurring licensing revenue, 86% in the form of guarantees 1 Sizeable long -term value with over $340 million in total contractual licensing guarantees Exp
Slide 30: Thank You
P LA YB O Y 30 THANK YOU Investor Relations Contact: investors@playboy.com Instagram icon - Free download on Iconfinder Facebook Logo PNG With Transparent Background Download Tiktok, Logo, Brand. Royalty-Free Stock Illustration Image - Pixabay Hilarious brand kit confirms the X logo is here to stay
Slide 31: Appendix: Financials
P LA YB O Y APPENDIX: FINANCIALS 31
Slide 32: Income Statement & Adjusted EBITDA
P LA YB O Y Income Statement & Adjusted EBITDA 32 2025 2024 2025 2024 Net Revenues 28,994$ 29,438$ 86,017$ 82,642$ Costs and Expenses: Cost of Sales (6,954) (11,475) (25,746) (32,000) Selling and Administrative Expenses (20,434) (24,521) (68,197) (71,863) Impairments (245) (21,706) (2,087) (24,722)
Slide 33: Balance Sheet
P LA YB O Y Balance Sheet 33 `September 30, `December 31, 2025 2024 Assets Cash and Cash Equivalents (incl. restricted cash) 27,563$ 31,004$ Receivables 3,681 7,271 Inventory 7,980 8,922 Prepaids and Other Current Assets 8,963 5,472 Assets Held for Sale 3,088 4,835 Total Current Assets 51,275 57,504