Playboy, Inc. Q4 FY2025 earnings call

2025 was a defining year with strategic transformation, 4 consecutive quarters of positive adjusted EBITDA, debt reduction; made senior hires; UTG - China partnership to accelerate deleveraging; media and experiences rebuilding editorial, relaunching website, magazine relaunch going well; licensing with strong revenue and partnership; hospitality relaunching clubs; Honey Burdette strong performance

Media and experiences: Built to generate revenue across multiple streams. Licensing: Generated over $46 million in 2025 fiscal year, over 38% of total revenue, 90% gross margin; UTG China partnership aids debt reduction. Hospitality: Relaunching membership clubs, making progress with Miami Beach Club. Honey Burdette: Q4 sales grew 9% y/y, full price sales up 21%, gross margin expanded to 77.8%

UTG - China deal expected to close this week, ~$52M for debt reduction, immediately accretive; 2026 investment in media content, selective licensing, hospitality club progress, Honey Burdette expansion

Forelooking statements subject to risks, actual results may differ from forecasts; risks set forth in SEC filings

Q: Talk about rebuild of website and monetization focus.

A: Website as digital hub for content and membership, focusing on conversion.

Q: Repositioning brand for 18 - 40 - year - old males.

A: Resonating well, testing content, using data, taking back roots through women's voice.

Q: Honey Burdette growth and Valentine's Day.

A: Full - price selling driving margins, best Valentine's Day, plans to expand.

Q: Cross - marketing between Playboy and Honey Burdette.

A: Launching Playboy capsule collection by Honey Burdette with possible paid voting contest