Playboy (NASDAQ: PLBY) maps licensing-led turnaround and major debt cut
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Playboy, Inc. provided an investor presentation outlining a licensing-led turnaround, balance sheet deleveraging, and growth plans across four pillars: licensing, media & experiences, hospitality, and Honey Birdette. For 2025, the company generated net revenues of $120.9M and improved its net loss to $12.7M from $79.4M in 2024, with Adjusted EBITDA rising to $17.0M.
The presentation highlights a strategic China licensing partnership with UTG, including $45M cash for 50% of the China licensing business and $122M in total guaranteed minimum payments, of which $52M is earmarked for debt reduction upon closing. Senior debt was already cut from $218M to $153M in Q4 2024, and the company targets about $105M of debt and roughly $9M in annual cash interest by Q1 2028.
Licensing delivered about $120M of 2025 revenue, with licensing representing 38% of total revenue, 90% gross margin, and 90% of licensing revenue under guarantees, totaling more than $340M in unrecognized future revenue. Honey Birdette returned to growth with 2025 sales of $71M, gross margin of 60%, and Adjusted Operating Income of $6.6M, driven by full-price selling and strong U.S. economics. Management emphasizes recurring, high-margin cash flow, four consecutive quarters of positive Adjusted EBITDA, and an asset-light strategy built around the Playboy brand’s 72-year cultural IP.
Positive
- Material deleveraging and interest reduction: Senior debt fell from $218M to $153M in Q4 2024, and the UTG transaction is expected to reduce principal by about 52% and annual cash interest by roughly 50% by Q1 2028.
- Return to positive Adjusted EBITDA: 2025 Adjusted EBITDA improved to $17.0M from a $6.3M loss in 2024, supported by four consecutive quarters of positive Adjusted EBITDA after restructuring and cost actions.
- High-visibility, high-margin licensing base: Licensing runs at about 90% gross margin, with 90% of licensing revenue under contractual guarantees and more than $340M in unrecognized future revenue, providing durable, recurring cash flow.
- Honey Birdette profitability and U.S. upside: Honey Birdette delivered $71M of 2025 sales, 60% gross margin, and $6.6M Adjusted Operating Income, with U.S. stores and eCommerce showing stronger unit economics than other markets.
Negative
- Continuing GAAP losses despite improvements: Even with stronger Adjusted EBITDA, 2025 still showed a GAAP net loss of $12.7M, following a much larger $79.4M loss in 2024, indicating the turnaround is not yet complete.
- Leverage and execution risk: Long-term debt remained about $174.2M at year-end 2025, and deleveraging targets, UTG transaction benefits, and new growth pillars in hospitality and media all depend on successful execution of planned transactions and initiatives.
Insights
Playboy shows real balance-sheet repair and cash-flow progress, but profitability is still emerging.
Playboy, Inc. is reframing itself as a high-margin, asset-light licensing and lifestyle platform. In 2025 it produced net revenues of $120.9M, sharply narrowed its net loss to $12.7M, and turned Adjusted EBITDA positive at $17.0M after heavy losses in 2024.
The strategic China deal with UTG is central. Playboy plans to sell 50% of its China licensing business for $45M cash plus guaranteed minimum distributions that sum to $122M, with $52M designated for debt reduction after closing. Combined with earlier steps, this is expected to cut debt principal by about 52% and halve annual cash interest through Q1 2028.
The investment case increasingly rests on recurring licensing cash flows and Honey Birdette’s improving economics. Licensing carries 90% gross margin and over $340M of unrecognized guaranteed revenue, while Honey Birdette posted $71M in 2025 sales and $6.6M Adjusted Operating Income. Risks remain: the business is still loss-making on a GAAP basis, leverage is meaningful even after targeted reductions, and growth plans in hospitality, media, and U.S. retail require execution. Subsequent company filings will clarify whether the UTG transaction closes as outlined and whether four pillars can sustain profitable growth.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 23, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (310 ) 424-1800
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On March 23, 2026, Playboy, Inc. (the “Company”) made an investor presentation (the “Investor Presentation”) available on its website at https://investors.playboy.com/investors/events-and-presentations. The Company intends to use the Investor Presentation from time to time in investor communications and conferences. A copy of the Investor Presentation is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Forward-Looking Statements
This Current Report on Form 8-K, inclusive of any exhibits incorporated herein by reference, contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve certain risks and uncertainties, including statements regarding anticipated financial performance and results of the Company, the pending completion of a previously disclosed investment in the Company, the planned use of proceeds from such investment, further deleveraging of the Company, and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. Additionally, the Investor Presentation contains forward-looking statements regarding the business, plans and results of the Company and its subsidiaries. The Company cannot give any assurance that its business or plans will be successful and/or that its operational and/or financial results will be realized as expected. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond the Company’s control, and which could cause actual results to differ materially from those contemplated in such forward-looking statements, including, but not limited to, the risks as may be detailed from time to time in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports the Company files with the U.S. Securities and Exchange Commission. The Company’s actual results could differ materially from the results described in or implied by such forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update or revise these forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits | ||||
| Exhibit No. | Description | |||||||
| 99.1 | Investor Presentation, made available March 23, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 24, 2026 | PLAYBOY, INC. | |||||||
| By: | /s/ Chris Riley | |||||||
| Name: | Chris Riley | |||||||
| Title: | General Counsel & Secretary | |||||||
P LA YB O Y PLAYBOY Investor Presentation Playboy, Inc. NASDAQ: PLBY Prepared : MARCH 2026
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 purpose . No representations or warranties, express or implied are given in, or in respect of, this Presentation . To the fullest extent permitted by law in no circumstances will Playboy or any of its subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith . INDUSTRY & MARKET DATA Industry and market data used in this Presentation have been obtained from third party industry publications and sources as well as from research reports prepared for other purposes or the Company's internal data and estimates . Independent research reports, industry publications and other published industry sources generally indicate that the information therein was obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information . The Company has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness . This data is subject to change and the Company undertakes no obligation to update such data, except as required by law. FORWARD - LOOKING STATEMENTS Certain statements included in this Presentation that are not historical facts are forward - looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward - looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “model,” “target,” “goal,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters . These forward - looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity . These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Playboy’s management and are not predictions of actual performance . These forward - looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability . Actual events and circumstances are difficult or impossible to predict and will differ from assumptions . Many actual events and circumstances are beyond the control of Playboy . These forward - looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward - looking statements . Most of these factors are outside Playboy’s control and are difficult to predict . Factors that may cause such differences include, but are not limited to : (1) the inability to maintain the listing of the Company’s shares of common stock on Nasdaq ; (2) the risk that the Company’s completed or proposed transactions disrupt the Company’s current plans and/or operations, including the risk that the Company does not complete any such proposed transactions or achieve the expected benefits from any transactions ; (3) the ability to recognize the anticipated benefits of corporate transactions, commercial collaborations, cost reduction initiatives and proposed transactions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, and the Company’s ability to retain its key employees ; (4) costs related to being a public company, corporate transactions, commercial collaborations and proposed transactions ; (5) changes in applicable laws or regulations ; (6) the possibility that the Company may be adversely affected by global hostilities, supply chain delays, inflation, interest rates, tariffs, foreign currency exchange rates or other economic, business, and/or competitive factors ; (7) risks relating to the uncertainty of the projected financial information of the Company, including changes in the Company’s estimates of cash flows and the fair value of certain of its intangible assets, including goodwill ; (8) risks related to the organic and inorganic growth of the Company’s businesses, and the timing of expected business milestones ; (9) changing demand or shopping patterns for the Company’s products and services ; (10) failure of licensees, suppliers or other third - parties to fulfill their obligations to the Company ; (11) the Company’s high concentration of licensing revenue from a small number of licensees ; (12) the Company’s ability to comply with the terms of its indebtedness and other obligations ; (13) changes in financing markets or the inability of the Company to obtain financing on attractive terms ; and (14) other risks and uncertainties indicated from time to time in the Company’s annual report on Form 10- K, including those under “Risk Factors” therein, and in the Company’s other filings with the Securities and Exchange Commission . The Company cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward - looking statements, which speak only as of the date which they were made . The Company does not undertake any obligation to update or revise any forward - looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based . In addition, forward - looking statements reflect Playboy’s expectations, plans or forecasts of future events and views as of the date of this Presentation . Playboy anticipates that subsequent events and developments will cause Playboy’s assessments to change . However, while Playboy may elect to update these forward - looking statements at some point in the future, Playboy specifically disclaims any obligation to do so . These forward - looking statements should not be relied upon as representing Playboy’s assessments as of any date subsequent to the date of this Presentation . Accordingly, undue reliance should not be placed upon the forward - looking statements . NO OFFER OR SOLICITATION This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction . No offering of securities will be made except by means of a prospectus meeting the requirements of Securities Act of 1933, as amended, or an exemption therefrom . USE OF PROJECTIONS This Presentation contains projected (or ‘pro forma’) financial information with respect to the Company . Such projected financial information constitutes forward - looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results . The assumptions and estimates underlying such financial forecast information or pro forma financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties . See “Forward - Looking Statements” above . Actual results may differ materially from the results contemplated by the projected financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved . FINANCIAL INFORMATION ; NON - GAAP FINANCIAL MEASURES The financial information, data and projections contained in this Presentation do not conform to Regulation S - X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any filings made by the Company with the SEC or any amendments thereto, and such differences may be material . Unless the context otherwise requires, all references in this Presentation to the “Company,” “we,” “us” or “our” refer to Playboy, Inc . and its consolidated subsidiaries, including Playboy Enterprises, Inc . Some of the financial information and data contained in this Presentation has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”) . The Company believes that the use of these non- GAAP financial measures provides an additional tool for investors to use in evaluating historical or projected operating results and trends in and in comparing the Company’s financial measures with other similar companies, some of which present similar non- GAAP financial measures to investors . Management does not consider these non- GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP . The principal limitation of these non- GAAP financial measures is that they may exclude significant expenses or revenue that are required by GAAP to be recorded in the Company’s financial statements . In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and revenue items are excluded or included in determining these non- GAAP financial measures . In order to compensate for these limitations, management typically presents non - GAAP financial measures in connection with GAAP results . You should review the Company’s audited financial statements and any reconciliations of non - GAAP measures to the closest GAAP measure, which may be included in this Presentation and/or the Company’s filings with the SEC . TRADEMARKS This Presentation contains trademarks, service marks, trade names, copyrights and other information owned by the Company and other companies, which are the property of their respective owners . The use of third - party intellectual property or other information by the Company in this Presentation is used to describe past or current collaborations or press or social media mentions or depictions of the Company and its products and does not constitute an active affiliation with or endorsement by such third - party . 2
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 in over 100 countries Timeless Brand: 72 years of cultural IP — journalism, photography, and design that is nearly impossible to replicate today Dual Audience: Men drive engagement and subscriptions; women participate as creators and purchasers of licensed products Licensing -Led Model: High -margin licensing, media, and hospitality form the asset - light core; Honey Birdette adds a premium direct -to-consumer growth engine NASDAQ: PLBY Share Price 1 $1.76 Market Cap 1 $202.9M TTM Revenue 2 $120.9M Cash & Cash Equivalents 2 $37.8M Shares Outstanding 1 115.3M Float 57.8M Insider Holdings 49.9% Headquarters Los Angeles 1. As of March 20, 2026 2. Year Ended December 31, 2025
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 be found in the Company's annual report on Form 10 - K and quarterly reports on Form 10 - Q filed with the SEC Four consecutive quarters of positive Adjusted EBITDA Reduced operating complexity — divested non -core assets and outsourced eCommerce and non -magazine NSFW operations Built a predictable, recurring licensing revenue base — 90% contractual guarantees 1 with over $340M in unrecognized revenue Decreased senior debt by nearly $58 million 2 through balance sheet restructuring, with continued focus on paydown Increased profitability and expanding margins at Honey Birdette Focused on four pillars of growth in 2026 ($2.6) ($2.9) $0.7 $0.0 $3.0 $4.8 $6.6 $8.0 ($0.6) ($0.1) $2.4 $3.5 $4.1 $7.1 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 ($s in millions) ($2.3) ($2.6) Adjusted EBITDA 2 Adjusted EBITDA excluding litigation costs
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 minimum annual distributions and $10M in brand support payments UTG will manage all operational aspects of Playboy's licensing activities in China, Hong Kong and Macau Expected to advance asset -light strategy and deliver meaningful improvements to capital structure upon closing $52 million will be used for debt reduction upon final closing Central to our near -term deleveraging $122M in total guaranteed minimum payments with additional profit share upside
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 2026 and $18.3M in each of Q1 2027 and Q1 2028 By Q1 2028, targeting ~$105M in debt with ~$9.7M in annualized cash interest 6 Continuing to Deleverage the Balance Sheet UTG transaction is the catalyst — reducing debt principal by ~52% and cash interest by ~50% through Q1 2028 $218 $153 $160 $145 $125 $105 $19.3 $10.2 $16.6 $14.5 $12.2 $9.7 Q3 '24 Q4 '24 Q4 '25 Q1 '26 Q1 '27 Q1 '28 Debt Balance ($M) | Ann. Cash Interest ($M) Start Forgiveness PIK Ends Paydown 1 Paydown 2 Paydown 3
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 Club operator ─────────── •First club in Miami Beach •Asset -light model 04 Honey Birdette Positive FY2025 comps Expanding Operating margin trend Growing U.S. store count ─────────── •Flagship stores in the U.S. •eCommerce in the U.S. A licensing -led platform with recurring revenue, expanding margins, and a premium DTC growth engine in Honey Birdette. 7 Each pillar is high -margin and mutually reinforcing — together they diversify revenue and reduce concentration risk.
P LA YB O Y PLAYBOY: BRAND FOUNDATION 8
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
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 Playmates, contests, and cultural collaborators — keeps channels active and reduces internal production costs An irreplaceable archive that drives traffic, engagement, and monetization
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 relevancy and licensed product sales • Both audiences convert commercially — men and women each represent significant purchasing cohorts across licensed products 11 A Dual -Audience Brand in a Wide -Open Market Male and female audiences drive distinct but complementary 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 property Dual -audience demand provides resilience and multiple monetization lanes 23% 77% Female Male Licensed Product Purchases 2 1 Weighted average across all of Playboy’s social channels. As of 10/31/2025. 2 Based on data provided by our eShop and other licensees. As of 9/30/2025.
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 Content fuels audience growth, expanding our reach across social and digital platforms Commerce Audience participates in the community through media and experiences (subscriptions both physical and digital), licensing , and hospitality Attracts models, celebrities, photographers, and collaborators who want status association
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 without paid media Engagement: Contestants mobilize their followers and produce daily user -generated content — reducing internal costs while keeping channels active with fresh, authentic material Success: Early results show a path to a multi -million -dollar business — hundreds of thousands of participants casting millions of paid votes annually > 1,700,000 Votes cast 135,000,000 Instagram followers 90,000,000 TikTok followers > 400,000 Fans voting 160,000 Pieces of media uploaded 16,000 Contestants Statistics from the First Contest
P LA YB O Y PILLAR 1: LICENSING 15
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 increased brand awareness 86% Revenue from Top 20 Licensees Unlocking growth with best -in -class partners Note: All figures based on FY2025 actual results
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 Licensed adult content contributed an incremental $20 million of licensing revenue in 2025 (not shown in the accompanying map) $7.2 Rest of World
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 Entertainment & experiential licensing is a long -term differentiator and monetization engine 1% 1% 2% 2% 3% 3% 5% 12% 72% Land-Based Entertainment Home & Lifestyle Print Magazine Food & Beverage Beauty/Bath & Body Tobacco Wellness Gaming Apparel & Accessories Category as % of 2025 Licensing Revenue 18 Unlocking Categories Competitors Can’t Touch Expanding licensed category representation across lifestyle, beauty, home, and gaming
P LA YB O Y PILLAR 2: MEDIA & EXPERIENCES 19
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 drops • Membership monetizes engagement at every stage of the funnel, converting audience participation into recurring revenue 20 Reimagining Subscriptions Playboy sells access to and participation in a lifestyle
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 Capital and The Great Playmate Search television adaptation Strengthens monetization flywheel: drives audience engagement, expands brand awareness, and enhances licensing value Business model: licensing revenue and profit share 21 Opportunities in TV and Film Tapping into heritage and developing new content
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 memberships, and branded hospitality partnerships 22 Turning Brand Aspiration into Experience Revenue Bringing back Playboy’s signature experiences
P LA YB O Y PILLAR 3: HOSPITALITY 23
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 Limited capital risk for Playboy 24 Reviving an Iconic Hospitality Brand Over its 72 -year history, Playboy has owned/licensed 45 clubs across nine countries
P LA YB O Y PILLAR 4 (HONEY BIRDETTE) : U.S. ONLINE & IN -STORE 25
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 of $4.0 million in 2023, $3.7 million in 2024, and $3.9 million in 2025. 3. 2024 excludes a one -time gain of $0.9 million because of an AP credit for technology services. 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 41% 56% 60% 2023 2024 2025 Gross MarginSales $78 $70 $71 2023 2024 2025 ($ in millions) Adjusted Operating Income 1/2/3 ($6.5) $5.5 $6.6 2023 ($ in millions) 2024 2025
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% 28% 22% 17% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 5% -18% -2% -5% -2% 16% 3% 11% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Brick -and -Mortar Comp Store Sales Total Company Comp Store Sales
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 attractive in the U.S. 48% 52% Australia U.S. Sales Mix 1 1. Mix between U.S. and Australia only. Combined those two markets represent 90% of revenue. 2. U.S. population size from the United States Census Bureau and Australia population size from the Australian Bureau of Statist ics . All figures as of year -end 2025. 3. Lingerie market sizes from IMARC Group. All figures for 2025. $3 B $23 B Australia U.S. Addressable Market 3 for Lingerie $28 M $343 M Australia U.S. Population 2 Strongest unit economics across both physical and online stores
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 less than 1,000 square feet for new stores Non-U.S. U.S. Sales per Square Foot 1.8 x 14% 33% Non-U.S. U.S. 4-Wall EBITDA Margin 2.4 x
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 Additional flagship stores to increase brand awareness $119 $278 $195 Australia U.S. Global Average Order Value 1/2 7.8% 7.0% 7.3% Australia U.S. Global Advertising as % of Sales 1/2 1. All figures for 4Q 2025. 2. Global category is composed of all countries Honey Birdette ships product - Australia, the United States, the United Kingdom, and the E.U. 3. Based on cohort data from 2014 – November 2025. $239 $580 $454 Australia U.S. U.K. & E.U. 3-Year Lifetime Revenue 3
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 $340M+ in unrecognized future revenue and expanding profitability at Honey Birdette Financial discipline. Four consecutive quarters of positive Adj. EBITDA, active debt reduction, and a clear path to deleveraging Investment Summary 31 1 2 3 1 Based on fiscal year 2025 licensing revenue
P LA YB O Y 32 THANK YOU Investor Relations Contact: investors@playboy.com Instagram icon - Free download on Iconfinder Facebook Logo PNG With Transparent Background Download Tiktok, Logo, Brand. Royalty-Free Stock Illustration Image - Pixabay Hilarious brand kit confirms the X logo is here to stay ...
P LA YB O Y APPENDIX: FINANCIALS 33
P LA YB O Y Income Statement & Adjusted EBITDA 34 2025 2024 Net Revenues 120,928 116,135 Costs and Expenses: Cost of Sales (35,077) (41,780) Selling and Administrative Expenses (91,029) (98,716) Impairments (2,087) (26,078) Other Operating Income, Net (763) (399) Operating Income (Loss) (8,028) (50,838) Interest Expense, Net (8,225) (23,689) Other Income, Net 2,355 (1,722) Loss Before Income Taxes (13,898) (76,249) Benefit (Expense) from Income Taxes 1,226 (3,148) Net Income (Loss) (12,672) (79,397) Net Income (Loss) Attributable to Playboy, Inc. (12,672) (79,397) Net Income (Loss) per Share, basic and diluted (0.13)$ (1.04)$ Weighted-average Shares Outstanding, Basic 100,265 76,049 Weighted-average Shares Outstanding, Diluted 100,265 76,049 Net Income (Loss) (12,672)$ (79,397)$ Adjusted for: Interest Expense 8,225 23,689 (Benefit) Expense from Income Taxes (1,226) 3,148 Depreciation and Amortization 3,038 7,007 EBITDA (2,635) (45,553) Adjusted for: Licensing Commissions Settlement 2,400 - Transition Expenses 5,000 - Severance 2,713 886 Stock-Based Compensation 4,715 7,311 Impairments 2,087 26,078 Adjustments 2,758 5,025 Adjusted EBITDA 17,038$ (6,253)$ Year Ended December 31,
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, Net 4,227 4,871 Goodwill 37,467 36,007 Other Intangible Assets, Net 155,882 155,973 Other Non-Current Assets 24,408 28,031 Total Assets 292,372 284,704 Liabilities and Mezzanine Rquity and Stockholders' Equity/(Deficit) Accounts Payable 11,930 10,672 Long-Term Debt, Current Portion 1,524 381 Other Current Liabilities and Accrued Expenses 50,340 44,791 Total Current Liabilities 63,794 55,844 Deferred Revenues, Net of Current Portion 14,252 5,762 Long-Term Debt, Net of Current Portion 172,645 176,194 Other Noncurrent Liabilities 23,514 30,982 Total Liabilities 274,205 268,782 Mezzanine Equity Series B Convertible Preferred Stock - 23,861 Redeemable Non-Controlling Interest (208) (208) Total Stockholders Equity/(Deficit) 18,375 (7,731) Total Liabilities and Mezzanine Equity and Stockholders' Equity/(Deficit) 292,372 284,704 As of December 31,
FAQ
What key strategy did Playboy, Inc. (PLBY) highlight in its investor presentation?
Playboy emphasized a licensing-led, asset-light strategy anchored by its global brand. Management is focusing on high-margin licensing, media and experiences, hospitality, and Honey Birdette to generate recurring cash flow, expand margins, and reduce reliance on capital-intensive operations.
How did Playboy, Inc. (PLBY) perform financially in 2025?
Playboy reported 2025 net revenues of $120.9 million and a net loss of $12.7 million. This was a sharp improvement versus a $79.4 million loss in 2024, while Adjusted EBITDA swung to a positive $17.0 million after significant restructuring and cost reduction.
What is the UTG China licensing deal discussed by Playboy, Inc. (PLBY)?
Playboy plans to sell 50% of its China licensing business to UTG for $45 million in cash. The agreement includes $122 million in total guaranteed minimum payments and $10 million in brand support, with $52 million earmarked for debt reduction when the transaction closes.
How is Playboy, Inc. (PLBY) working to reduce its debt and interest costs?
The company reduced senior debt from $218 million to $153 million in Q4 2024. With the planned UTG proceeds, Playboy targets about $105 million of debt and roughly $9 million in annual cash interest by Q1 2028, materially easing its balance-sheet burden.
What role does licensing play in Playboy, Inc. (PLBY)’s business model?
Licensing is now the foundation of Playboy’s cash flow and profitability. In 2025, licensing represented 38% of total revenue, carried about 90% gross margin, and 90% of licensing revenue was guaranteed, supporting more than $340 million of unrecognized future revenue.
How is Honey Birdette contributing to Playboy, Inc. (PLBY)’s results?
Honey Birdette delivered improving margins and profitability in 2025. The brand generated $71 million in sales, achieved 60% gross margin, and produced $6.6 million of Adjusted Operating Income, with particularly attractive unit economics in U.S. stores and eCommerce.
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