Playboy (NASDAQ: PLBY) holders back equity plan as turnaround, debt cuts advance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Playboy, Inc. reports shareholder approval of a larger equity plan and highlights a continuing turnaround. Stockholders approved amending the 2021 Equity and Incentive Compensation Plan to add 10 million shares and re-elected two Class III directors, ratified RSM US LLP, backed executive pay on an advisory basis, and approved an adjournment proposal.
The company’s investor presentation shows Q1 2026 net revenues of about $30.2 million and Adjusted EBITDA of about $5.0 million, up from about $2.4 million a year earlier. Management cites five consecutive quarters of positive Adjusted EBITDA and a strategy centered on high-margin licensing and a premium Honey Birdette direct-to-consumer business.
Playboy describes a deleveraging plan, noting senior debt reduced from $218 million to $145 million with a path toward about $108 million by Q1 2028. A joint venture with UTG for a 50% interest in its China licensing business includes $45 million in cash, $67 million in guaranteed minimum annual distributions over eight years, and $10 million in brand support payments, with $52 million earmarked for debt reduction.
Positive
- None.
Negative
- None.
Insights
Shareholders expand equity plan as Playboy emphasizes deleveraging and recurring licensing cash flow.
Playboy, Inc. gained stockholder approval to add 10 million shares to its 2021 equity plan, which increases capacity for stock-based compensation but can incrementally dilute existing holders over time. All other annual meeting proposals, including director elections and Say on Pay, also passed.
The investor presentation stresses a shift toward high-margin licensing and an improving Honey Birdette business. Q1 2026 net revenues of about $30.2M and Adjusted EBITDA of about $5.0M, up from about $2.4M a year earlier, indicate better operating leverage, though GAAP results still show a net loss.
On the balance sheet, management highlights reducing senior debt from $218M to $145M over roughly an 18-month period and targeting about $108M by Q1 2028. The UTG China joint venture adds contracted cash flows—$45M upfront, $67M in guaranteed minimum distributions over eight years, and $10M of brand support—while shifting operating risk. Actual outcomes will depend on execution in licensing, Honey Birdette growth, and adherence to the planned debt paydowns.
8-K Event Classification
4 items: 1.01, 5.07, 8.01, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 5.07
Submission of Matters to a Vote of Security Holders
Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 net revenues: $30.236M
Q1 2026 Adjusted EBITDA: $5.016M
Senior debt balance: $218M to $145M
+5 more
8 metrics
Q1 2026 net revenues
$30.236M
Three months ended March 31, 2026
Q1 2026 Adjusted EBITDA
$5.016M
Versus $2.377M in Q1 2025
Senior debt balance
$218M to $145M
Reduction highlighted from Q3 2024 start to Q1 2026
Target gross debt
$108M
Management target by Q1 2028
UTG China JV cash consideration
$45M
50% interest in China licensing business
Guaranteed UTG distributions
$67M
Guaranteed minimum annual distributions over 8 years
Licensing revenue 2025
$46M
High-margin licensing revenue for fiscal 2025
Cash and cash equivalents
$30.167M
As of March 31, 2026
Key Terms
Adjusted EBITDA, non-GAAP financial measures, Redeemable noncontrolling interest, Say on Pay, +2 more
6 terms
Adjusted EBITDA financial
"Five consecutive quarters of positive Adjusted EBITDA 1"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measures financial
"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"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Redeemable noncontrolling interest financial
"Mezzanine equity: Redeemable noncontrolling interest $(208)"
A redeemable noncontrolling interest is a minority ownership stake in a business that the minority owner can require to be bought back for cash or that must be redeemed under set conditions. Investors care because it is not permanent equity: it represents a foreseeable cash obligation and can reduce the parent company’s reported equity and available cash, much like a loan from a roommate you must repay on request rather than shared ownership of the house.
Say on Pay regulatory
"To hold a non-binding, advisory vote to approve the compensation of the Company’s named executive officers (“Say on Pay”);"
Say on pay is a shareholder vote—typically nonbinding—on a company’s executive compensation package, allowing investors to approve or reject how top managers are paid. Think of it as a public performance review: widespread disapproval can signal poor governance, prompt changes to pay practices, attract activist investors, and influence investor confidence and share value. It matters because it gives owners a direct way to influence compensation that affects company incentives and long-term performance.
guaranteed minimum annual distributions financial
"$67M in guaranteed minimum annual distributions over 8 years"
forward-looking statements regulatory
"contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
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): June 16, 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 1.01 Entry into a Material Definitive Agreement.
On June 16, 2026, as further described in Item 5.07 below, the stockholders of Playboy, Inc. (the “Company”) approved the amendment (the “Amendment”) of the Company’s Amended & Restated 2021 Equity and Incentive Compensation Plan (as so amended, the “Plan”) to increase the number of shares of Company common stock, par value $0.0001 per share (the “Common Stock”), available under the Plan by 10 million shares. No other changes were made to the Plan. The Amendment became effective as of June 16, 2026. A copy of the Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On June 16, 2026, the Company held its 2026 Annual Meeting of Stockholders (the “Annual Meeting”) to consider and vote on the following seven proposals, each of which is described in greater detail in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 30, 2026:
1.To elect two Class III directors (Tracey Edmonds and James Yaffe) to the Company’s Board of Directors;
2.To approve an amendment to the Plan, to increase the number of shares of Common Stock available under such plan by 10 million shares (the “Incentive Plan Amendment Proposal”);
3.To ratify the appointment of RSM US LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026;
4.To hold a non-binding, advisory vote to approve the compensation of the Company’s named executive officers (“Say on Pay”); and
5.To approve the adjournment or postponement of the Annual Meeting, from time to time, to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to approve the Incentive Plan Amendment Proposal (the “Adjournment Proposal”).
Below are the final voting results for each of the items voted on at the Annual Meeting, indicating that: (i) each of the director nominees received a plurality of the votes cast and, therefore, each was elected, (ii) the Incentive Plan Amendment Proposal was approved by a majority of votes cast, (iii) a majority of the votes cast voted to ratify RSM US LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, (iv) a majority of the votes cast voted in favor of approving, on a non-binding, advisory basis, the compensation of the Company’s named executive officers, and (v) a majority of the votes cast voted to approve the Adjournment Proposal.
| Election of Directors: | ||||||||||||||
| For | Withheld | Broker Non-Votes | ||||||||||||
| Tracey Edmonds | 66,785,683 | 6,442,410 | 22,070,425 | |||||||||||
| James Yaffe | 66,833,063 | 6,395,030 | 22,070,425 | |||||||||||
| Incentive Plan Amendment Proposal: | |||||||||||||||||
| For | Against | Abstain | Broker Non-Votes | ||||||||||||||
| Approve an amendment to the Plan to increase the number of shares of Common Stock available under the Plan by 10 million shares | 64,871,388 | 8,324,758 | 31,947 | 22,070,425 | |||||||||||||
| Ratification of Auditors: | ||||||||||||||
| For | Against | Abstain | ||||||||||||
| Ratify the appointment of RSM US LLP as independent registered public accountants of the Company for 2026 | 94,484,116 | 582,623 | 231,779 | |||||||||||
| Say on Pay: | |||||||||||||||||
| For | Against | Abstain | Broker Non-Votes | ||||||||||||||
| Non-binding advisory vote to approve the compensation of the Company’s named executive officers | 65,300,890 | 7,874,378 | 52,825 | 22,070,425 | |||||||||||||
| Adjournment Proposal: | ||||||||||||||
| For | Against | Abstain | ||||||||||||
| Approve the adjournment or postponement of the Annual Meeting, from time to time, to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to approve the Incentive Plan Amendment Proposal | 65,663,365 | 7,529,785 | 34,943 | |||||||||||
Item 8.01 Other Events.
On June 17, 2026, 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 | ||||||||||
| 10.1 | Amendment to the Playboy, Inc. Amended & Restated 2021 Equity Incentive Compensation Plan, effective as of June 16, 2026 | ||||||||||
| 99.1 | Investor Presentation, made available June 17, 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: June 17, 2026 | PLAYBOY, INC. | |||||||
| By: | /s/ Chris Riley | |||||||
| Name: | Chris Riley | |||||||
| Title: | General Counsel and Secretary | |||||||
P LA YB O Y PLAYBOY Investor Presentation Playboy, Inc. NASDAQ: PLBY Prepared : JUNE 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 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 business, 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 A global lifestyle, media, and licensing company coupled with a growing DTC brand Global Recognition: One of the world's most recognizable brands, with products and content available in over 100 countries Timeless Brand: 73 years of cultural IP — journalism, photography, and design that are nearly impossible to replicate today Dual Audience: Men drive engagement and subscriptions; women participate as creators and consumers of licensed products Asset -Light Model: Licensing, media, and hospitality generate high -margin revenue DTC Growth Platform: Honey Birdette provides direct - to-consumer growth in premium lingerie NASDAQ PLBY 2025 Revenue $120.9M Cash & Cash Equivalents 1 $30.2M Shares Outstanding 2 117.5M Float 2 59.3M Shares Insider Holdings 49.6% Headquarters 3 Miami Beach, FL 1. As of March 31, 2026 2. As of June 10, 2026 3. As announced on 8/13/2025
P LA YB O Y The Turnaround Is Delivering Results 4 Five consecutive quarters of positive Adjusted EBITDA 1 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 2 18-month period from the end of 3Q'24 to the end of 1Q’26 Doubled Adjusted EBITDA YoY in the first quarter of 2026 Positioned the company around a high -margin licensing business Decreased senior debt by nearly $73 million 2 Simplified operations through divestitures and outsourcing Focused on brand health and increasing profitability at Honey Birdette Adjusted EBITDA 1 | ($ in millions) - $2.5 $2.4 $5.0 - $2.9 $3.5 - $0.6 $4.1 - $0.1 $7.1 2024 2025 2026
P LA YB O Y Strategic Licensing Partnership with UTG 5 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 $52 million will be used for debt reduction over three closings UTG assumes operating risk while Playboy retains annual payments and ability to participate in any upside UTG is an experienced and globally respected Chinese licensing operator, managing a robust portfolio of brands, including Jeep and Dickies Accelerates Deleveraging $122M in total guaranteed minimum payments with possible profit share upside
P LA YB O Y • By Q1 2028, targeting: • $108M in gross debt • $7M in annualized cash interest savings from 4Q’25 • Reduced senior debt balance from $218M to $145M today • Completed first UTG paydown of $15M in Q1 2026 with two additional $18.3M paydowns scheduled for Q1 2027 and Q1 2028 6 Path to ~50% Debt Reduction by Q1 2028 Deleveraging Creates Financial Flexibility $218 $153 $160 $145 $127 $108 $19.3 $10.2 $16.6 $14.5 $12.2 $9.7 Q3 '24 Q4 '24 Q4 '25 Q1 '26 Q1 '27 Q1 '28 Start Forgiveness PIK Ends Paydown 1 Paydown 2 Paydown 3 ■ Gross Debt Balance ■ Cash Interest $ in millions
P LA YB O Y Two Growth Platforms - Four Drivers of Value Together these growth drivers create a more diversified and durable business 7 01 Licensing 02 Media & Experiences 03 Hospitality CASH FLOW 04 Honey Birdette Licensing, Media & Experiences, and Hospitality are powered by the Playboy brand. Honey Birdette provides a separate premium direct -to-consumer growth engine. EXPERIENCES DTC GROWTHAUDIENCE GROWTH
P LA YB O Y PLAYBOY PLATFORM: BRAND FOUNDATION 8
P LA YB O Y 9 An Irreplaceable Brand A unique asset: The Playboy brand — 73 years of cultural IP that cannot be recreated today Efficient to exploit: Creators, celebrities, and talent want to be in and associated with Playboy, so the best content comes to us at scale Drives growth: New content is the engine — it keeps the brand relevant and powers licensing, media, and hospitality A self -sustaining foundation behind three of our four growth pillars
P LA YB O Y A Brand That Converts to Revenue 10 Worldwide reach and recognition that already translate into high -margin licensing revenue $46M LICENSING REVENUE Highly profitable 100+ COUNTRIES Global footprint 27M SOCIAL FOLLOWERS Large audience Billions IMPRESSIONS /YR Earned visibility
P LA YB O Y • Playboy serves a large male audience seeking lifestyle, culture, relationships, and entertainment content • Men drive membership, subscriptions, and platform growth • Women participate as creators, Playmates, and cultural voices, helping drive brand relevance 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 12 Commercial Demand I s Broader Than the Content Audience A rare advantage in media and lifestyle Content consumption skews male, while purchasing behavior is nearly evenly split between men and women Can create a broader commercial opportunity than other lifestyle and media brands A balanced purchaser base increases licensing opportunities across a wider range of product categories The result is a brand that monetizes across both audiences, not just the audience that consumes the content 1 Weighted average across all of Playboy’s social channels. As of 10/31/2025. 2 Based on data provided by licensees. As of 9/30/2025. 77% 23% MALE FEMALE 45% 55% MALE FEMALE CONTENT CONSUMPTION LICENSING PURCHASERS
P LA YB O Y A Brand With a Self -Reinforcing Engine The magazine's prestige draws talent that creates content, builds audience, and drives commerce 13 Talent A magazine feature is rare and highly selective. That exclusivity is what makes inclusion such a powerful draw for the most sought -after talent. Content Talent creates content that powers our social and digital channels with limited internal production costs Audience Content expands audience reach across social and digital platforms Commerce Audience engagement creates opportunities across media, licensing, experiences, and hospitality Stage 1 Stage 2 Stage 3 Stage 4
P LA YB O Y The Engine at Scale: The Great Playmate Search 14 Every contestant becomes a distribution channel ~500K VOTERS —CONTEST ONE Every contestant brings their own audience onto our platforms. OWNED FIRST - PARTY AUDIENCE Voters are relationships we keep engaging —unlike anonymous newsstand buyers. ROSTER WINNERS & FINALISTS Contestants become influencer partners we keep working with, win or not. PROOF THE ENGINE IS SCALING CONTEST ONE 16K contestants → 500K voters · completed CONTEST TWO 45K contestants → voting opened June 8th
P LA YB O Y Proof the Engine Works as One System April 2026 — the Karol G cover 22,000 ISSUES PRINTED Sold out at newsstand. 5.2B PRESS IMPRESSIONS Earned media in the release window. 70M+ SOCIAL VIEWS Karol G content, no paid amplification. 200K+ PLAYBOY.COM VISITORS Digital cover story traffic. Our goal is to make this operating cadence repeatable across the FY26 calendar. Release high -quality content more often. PROOF IN MARKET 15
P LA YB O Y PILLAR 1: LICENSING 16 Today's cash flow engine — high-margin, recurring, contractual revenue
P LA YB O Y Licensing Is Today's Cash Flow Engine 17 High -margin, recurring revenue with significant contracted visibility Note: All figures based on FY2025 actual results 90% LICENSING GROSS MARGIN Highly profitable 90% OF LICENSING REVENUE GUARANTEED Predictable and recurring $330M + UNRECOGNIZED FUTURE REVENUE Long -Term Strategic Licensee Relationships 38% LICENSING AS A PERCENT OF TOTAL Largest source of recurring revenue
P LA YB O Y Playboy’s G lobal R ecognition E xceeds I ts G lobal P enetration 18 $12.6 China U.S. & Canada$6.6 • China and North America represented approximately 73% of licensing revenue in 2025 • Global brand recognition significantly exceeds current market penetration, creating opportunities across • EMEA • Latin America • APAC $7.2 Rest of World 25% OF TOTAL 48% OF TOTAL 27% OF TOTAL Significant Global Expansion Opportunity (excludes licensed digital businesses)
P LA YB O Y Apparel & Accessories anchors current consumer products licensing revenue Significant headroom in beauty, wellness, home, and gaming — each a category where Playboy has natural cultural permission Entertainment and experiential licensing is a long -term differentiator and growth driver 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 19 Growth Beyond Apparel & Accessories Expanding licensed category representation across lifestyle, beauty, home, and gaming
P LA YB O Y PILLAR 2: MEDIA & EXPERIENCES 20 Recurring revenue from cultural relevance — content, membership, and sponsor -funded events
P LA YB O Y The Playmate Powers Every Brand Experience E ach activated across content, product, experience, and community 01 CONTENT Playmates drive audience growth and social engagement. 02 PRODUCT The modern Playmate expands the brand into beauty, wellness, apparel, and lifestyle categories. 03 EXPERIENCE She is what sponsors pay to access and why members pay a premium . She turns a venue into a Playboy moment. 04 COMMUNITY She drives memberships, subscriptions, and direct audience engagement. ONE ASSE T, FOUR ACTIVATIONS 21
P LA YB O Y 22 Three Signature Content Franchises Recurring content franchises that generate audience, sponsorship, and cultural relevance 01 THE PLAYMATE DISCOVERY SERIES 5- episode quarterly mini - series Talent - Creates a new class of year - round Playboy ambassadors. [B&W ARCHIVE] Iconic Interview portrait 02 THE PLAYBOY INTERVIEW, REVIVED Premium long - form video Prestige - One definitive cultural conversation per quarter, distributed across every platform. 03 THE PLAYBOY CULTURAL INDEX Data on desire, relationships, and the good life Data - Generates earned media, sponsorship opportunities, and brand authority. Recurring content that compounds audience, engagement, and sponsorship value.
P LA YB O Y A 73 -Year Archive Becomes More Valuable in an AI World AI increases the value of content we already own 23 FROM ARCHIVE TO ASSET [ ARCHIVE FILM ] Iconic B&W cover or Mansion -era frame, restored to 4K 01 RESTORE Decade s-old footage upscaled to 4K. Mansion film and Interview tape restored at a fraction of original cost. 02 REPACKAGE Static photography becomes cinematic Reels, and peak moments auto -clip into new formats for every modern platform. 03 DISCOVER [ ASSET LIBRARY ] Contact -sheet grid —the searchable archive at scale Millions of assets made searchable and monetizable —AI surfaces the right moment, audience, and partner on demand.
P LA YB O Y Building a Direct -to -Consumer Membership Platform Content attracts members. Community increases engagement, retention, and lifetime value DIGITAL $24.99 / yr · renews at $59.99 Members -only articles & pictorials. Every Playmate of the Month. Quarterly digital magazine. Full archive, 1953 –today. AS IT EVOLVES Voting credits · merchandise discount s · event ticket priority DIGITAL + PRINT $69.99 / yr · renews at $99.99 Everything in Digital, plus the collectible quarterly print magazine delivered, and the annual Playmate calendar. AS IT EVOLVES Member events · discovery series voting · limited drops · Founders ’ C ircle Our objective is to deepen member engagement while increasing lifetime value. 24
P LA YB O Y A Sponsor -Funded Event Calendar Sponsor -funded events create recurring audience, content, and partnership opportunities Each event is designed to generate sponsorship revenue, months of content, and expanded partner relationships. FOUR PEAKS, ONE CALENDAR 01 GOLF TOURNAMENT Celebrity invitational. Sponsor and foursome economics validated at scale. 02 PLAYMATE OF THE YEAR The annual marquee. Talent, press, and the calendar's biggest content moment. 03 HALLOWEEN Playboy's most iconic cultural moment, redesigned for sponsorship and audience engagement. 04 ART BASEL Premium cultural activation that combines press, partnerships, and brand visibility. 25
P LA YB O Y PILLAR 3: HOSPITALITY 26 An asset -light way to bring the brand into the physical world
P LA YB O Y Miami Beach selected for the first new flagship Playboy Club License the Playboy brand to experienced hospitality operators Third-party capital funds development and operations Playboy earns brand and membership economics Limited capital requirements and controlled risk profile 27 Hospitality Extends the Brand Beyond Events Creating destinations where consumers can experience the brand year -round 45 I C O N I C C L U B S Owned and licensed worldwide 9 C O U N T R I E S Global hospitality footprint at peak 73 Y E A R S Of brand heritage and cultural relevance
P LA YB O Y PILLAR 4 (HONEY BIRDETTE): U.S. ONLINE & IN -STORE 28 A premium DTC brand with U.S. upside — profitability rebuilt, growth returning
P LA YB O Y 29 Improving Profitability Through Premium Positioning 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 related to an accounts payable credit for technology services. 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 profitability Positioned to return to top - line growth from a stronger earnings base 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 $6.6 2023 2024 2025 ($ in millions) Repositioning the brand toward full -price sales materially improved margins
P LA YB O Y 30 The Repositioning Is Working 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 difficult post -pandemic comparisons Both channels are contributing to a sustainable return to top - line growth - 10% - 10% - 2% 13% 22% 28% 22% 17% 17% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 5% - 18% - 2% - 5% - 2% 16% 3% 11% 10% 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Brick -and -Mortar Comp Store Sales Total Company Comp Store Sales Growth is returning as the benefits of the premium repositioning take hold
P LA YB O Y 31 The U.S. Represents Our Largest Growth Opportunity This is not a product -market- fit story - it's a distribution story Underpenetrated in the U.S. 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. Strongest unit economics across both physical and online stores POPULATION AUS 28M U.S. 338 M 12x U.S. vs. AUS ADDRESSABLE MARKET FOR LINGERIE AUS $3B U.S. $23B 7.7x U.S. vs. AUS HONEY BIRDETTE SALES MIX AUS 48% U.S. 52% ~par U.S. vs. AUS
P LA YB O Y 32 U.S. Stores Deliver Superior Unit Economics 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 flagship stores over the next two to three years $645 $1,142 Non-U.S. U.S. 14% 33% Non-U.S. U.S. 1.8x vs. Non -U.S. 2.4x vs. Non -U.S. Materially higher sales productivity and profitability Average Sales per Square Foot Average 4 -Wall EBITDA Margin
P LA YB O Y 33 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 Strong economics support continued investment in customer acquisition $119 $278 $195 Australia U.S. Global 7.8% 7.0% 7.3% Australia U.S. Global 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. Average Order Value Advertising as % of Sales 3-Year Lifetime Revenue The U.S. Customer Generates the Highest Returns Higher spend, lower acquisition cost, and superior lifetime value
P LA YB O Y Irreplaceable brand. Seven decades 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. Five consecutive quarters of positive Adj. EBITDA, active debt reduction, and a clear path to deleveraging Investment Summary 34 1 2 3 1 Based on fiscal year 2025 licensing revenue
P LA YB O Y 35 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 36
P LA YB O Y Income Statement & Adjusted EBITDA 37 INCOME STATEMENT Q1 2026 Q1 2025 Net revenues $30,236 $28,875 Cost of sales $(9,544) $(9,053) Selling and administrative expenses $(23,234) $(25,397) Impairments $ — $(301) Other operating income (expense), net $901 $(384) Operating income (loss) $(1,641) $(6,260) Interest expense, net $(2,499) $(1,888) Other income (expense), net $1,027 $202 Loss before income taxes $(3,113) $(7,946) Benefit (expense) from income taxes $(850) $(1,095) Net loss $(3,963) $(9,041) ADJUSTED EBITDA RECONCILIATION Q1 2026 Q1 2025 Net loss $(3,963) $(9,041) Interest expense, net $2,499 $1,888 Tax expense (benefit) $850 $1,095 Depreciation and amortization $945 $804 EBITDA $331 $(5,254) Transaction expenses $3,474 $ — Transition expenses $ — $3,830 Severance $67 $2,271 Stock -based compensation $1,169 $687 Impairments $ — $301 Other $(25) $542 Adjusted EBITDA $5,016 $2,377 Source: Playboy, Inc. 10-Q for the three months ended March 31, 2026 and March 31, 2025. ($ in thousands) ($ in thousands)
P LA YB O Y Balance Sheet 38 Mar 31, 2026 Dec 31, 2025 ASSETS Current assets: Cash and cash equivalents $30,167 $37,801 Restricted cash $100 $100 Receivables, net $3,678 $4,120 Inventories, net $11,421 $12,934 Prepaid expenses and other current assets $11,004 $7,425 Assets held for sale $3,088 $3,088 Total current assets $59,458 $65,468 Restricted cash, noncurrent $4,423 $4,920 Property and equipment, net $4,442 $4,227 Operating right -of-use assets $14,892 $16,019 Goodwill $38,016 $37,467 Other intangible assets, net $155,991 $155,882 Contract assets, noncurrent $7,767 $7,467 Other noncurrent assets $793 $922 Total assets $285,782 $292,372 Mar 31, 2026 Dec 31, 2025 LIABILITIES AND EQUITY Current liabilities: Accounts payable $12,001 $11,930 Deferred revenues, current $8,027 $11,015 Operating lease liabilities, current $7,264 $7,406 Long - term debt, current portion $ — $1,524 Other current liabilities and accrued $32,400 $31,919 Total current liabilities $59,692 $63,794 Deferred revenues, noncurrent $12,532 $14,252 Long - term debt, net of current $157,497 $172,645 Deferred tax liabilities, net $6,411 $6,418 Operating lease liabilities, noncurrent $13,211 $14,770 Other noncurrent liabilities $2,359 $2,326 Total liabilities $251,702 $274,205 Mezzanine equity: Redeemable noncontrolling interest $(208) $(208) Stockholders' equity: Common stock $12 $11 Treasury stock $(7,273) $(5,445) Additional paid - in capital $777,751 $757,441 Accumulated other comprehensive loss $(26,124) $(26,716) Accumulated deficit $(710,879) $(706,916) Total stockholders' equity $33,487 $18,375 Noncontrolling interest $801 $ — Total equity $34,288 $18,375 Total liabilities, mezzanine equity and equity $285,782 $292,372 ($ in thousands). Source: Playboy, Inc. 10-Q and 10 -K ($ in thousands) ($ in thousands)
FAQ
What did Playboy (PLBY) stockholders approve at the 2026 annual meeting?
Stockholders approved all proposals, including re-electing two Class III directors, amending the 2021 equity plan to add 10 million shares, ratifying RSM US LLP for 2026, supporting Say on Pay, and authorizing potential adjournment to solicit more proxies for the incentive plan amendment.
How is Playboy (PLBY) describing its financial turnaround in 2026?
Playboy highlights five consecutive quarters of positive Adjusted EBITDA and Q1 2026 net revenues of about $30.2 million. Adjusted EBITDA reached about $5.0 million versus about $2.4 million a year earlier, reflecting cost control, focus on high-margin licensing, and improved Honey Birdette profitability.
What is the key debt reduction plan outlined by Playboy (PLBY)?
Playboy reports reducing senior debt from $218 million to $145 million and targets about $108 million of gross debt by Q1 2028. The plan includes scheduled paydowns, lower cash interest over time, and use of proceeds from strategic transactions to further deleverage the balance sheet.
What are the main terms of Playboy’s (PLBY) joint venture with UTG in China?
Playboy agreed to sell UTG a 50% interest in its China licensing business for $45 million in cash. The deal includes $67 million in guaranteed minimum annual distributions over eight years, $10 million in brand support payments, and $52 million designated for debt reduction over three closings.
How important is licensing revenue to Playboy’s (PLBY) business model?
Licensing is presented as Playboy’s primary cash flow engine, with 2025 licensing revenue of $46 million and about 90% gross margin. Management notes about 90% of licensing revenue is guaranteed and more than $330 million in unrecognized future revenue is contracted, supporting recurring high-margin income.
What performance trends is Playboy (PLBY) seeing at Honey Birdette?
Honey Birdette’s repositioning toward full-price sales increased gross margin from 41% to 60% between 2023 and 2025. Adjusted operating income improved from a loss to profitability, while both brick-and-mortar and total company comparable sales turned positive, supporting a return to more profitable growth.
What key Q1 2026 financial figures did Playboy (PLBY) disclose?
For Q1 2026, Playboy reported net revenues of $30.236 million and a net loss of $3.963 million. Adjusted EBITDA was $5.016 million, compared with $2.377 million in Q1 2025. Cash and cash equivalents were $30.167 million, and total assets were $285.782 million as of March 31, 2026.