Playboy (PLBY) Investor presentation summary

Business model and turnaround

• Global lifestyle, media and licensing platform with 73 years of cultural IP, products and content in 100+ countries, and Honey Birdette as a premium DTC brand.

• Six consecutive quarters of positive Adjusted EBITDA; Q2 2026 Adjusted EBITDA doubled YoY.

• Strategy centers on high-margin licensing, streamlined operations and improved Honey Birdette profitability; senior debt has declined by nearly $73M.

Deleveraging and China partnership

• UTG acquired a 50% interest in the China licensing business for $45M cash; the deal includes $67M in guaranteed minimum annual distributions over 8 years and $10M in brand support over 3 years.

• $52M is designated for debt reduction across three closings; total guaranteed minimum payments are $122M, with potential profit-share upside.

• Senior debt fell from $218M to $145M; target is $108M gross debt by Q1 2028 and $7M in annualized cash-interest savings from 4Q 2025.

• First $15M UTG paydown was completed in Q1 2026; two further $18.3M paydowns are scheduled for Q1 2027 and Q1 2028.

Licensing and brand platform

• FY2025 licensing gross margin was 90%; 90% of licensing revenue was guaranteed, licensing represented 38% of total revenue, and $343M+ in future revenue remained unrecognized.

• Licensing generated $46M, with reach across 100+ countries, 27M social followers and billions of annual impressions.

• China and North America accounted for ~73% of 2025 licensing revenue; expansion opportunities include EMEA, Latin America and APAC.

• Apparel and accessories represented 72% of consumer-products licensing; beauty, wellness, home, gaming and experiential licensing are identified as growth categories.