Playboy, Inc.

Management Commentary

Ben Kohn, Chief Executive Officer of Playboy, commented, “Playboy delivered a strong start to 2026, marked by continued revenue growth, a fifth consecutive quarter of positive Adjusted EBITDA, and meaningful progress across each of our strategic pillars. The initial closing of our partnership with UTG enabled us to immediately pay down $15 million of senior debt, further strengthening our balance sheet, with almost $37 million of additional UTG proceeds earmarked for debt reduction.

“We enter the remainder of 2026 with significant momentum. Our licensing foundation remains highly predictable, anchored by contractual guarantees and almost $333 million in unrecognized future licensing revenue. Honey Birdette is growing while maintaining margins, and our content engine is driving audience growth through Playboy magazine and related programming.

“With David Miller and Phillip Picardi in senior leadership roles, a strengthening balance sheet, and a world-class partner in UTG now managing our China business, we are executing from a position of strength. I look forward to continued execution in the months ahead as we work to deliver sustainable, long-term value for my fellow stockholders,” concluded Kohn.