Playboy, Inc.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, has evaluated our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were not effective.

We have been actively remediating our material weaknesses with the guidance of a global accounting and consulting firm, and the results of those efforts are reflected in this disclosure. Our material weaknesses will not be considered fully remediated until the applicable controls have operated for a sufficient period of time and our management concludes, following testing, that such controls are operating effectively. We intend to reach that conclusion as expeditiously as possible.

Management has identified the following areas where material weaknesses in its internal control over financial reporting existed and where the Company has achieved demonstrable remediation progress:

Control Environment, Risk Assessment, and Monitoring

We continue to strengthen our entity-level controls across the control environment, risk assessment procedures, and monitoring functions. Building on the remediation efforts implemented in prior periods, we have continued to enhance our organizational structure, accountability, internal controls capabilities, and oversight mechanisms designed to prevent or detect material misstatements to our condensed consolidated financial statements. We have also continued to strengthen our risk identification, assessment, and monitoring processes and the supporting framework used to evaluate whether the components of internal control are present and function effectively.

Control Activities and Information and Communication

We continue to strengthen the design, implementation, documentation, and operation of controls in the areas for which material weaknesses were identified, including the following:

•We continue to strengthen the design, implementation, and operation of general information technology controls across program change management, user access, and segregation of duties for systems supporting our internal control processes. We also continue to enhance technology-enabled processes and the reliability of information technology-derived data used in the performance of business process and management review controls.

•We continue to enhance and mature our accounting policies, procedures, and controls across our key business processes to support timely, complete, and accurate financial accounting, reporting, and disclosures. These efforts have included further strengthening the design, documentation, and execution of business process controls and corporate-level oversight controls, including the precision of management review activities.

•We continue to enhance management review controls over complex accounting areas and disclosures, including asset impairments, revenue contracts, income tax, stock-based compensation, leases, debt amendments, and other complex accounting matters. As part of these efforts, we are evaluating and implementing opportunities to further standardize and automate the preparation, aggregation, and analysis of information used in the performance of management review controls, while maintaining appropriate management oversight and review.

•We continue to strengthen controls over the existence, accuracy, completeness, valuation and cutoff of inventory and to enhance the documentation and execution of controls in this area.

The material weaknesses described above did not result in any material misstatement of our condensed consolidated financial statements for the periods presented.

Remediation Efforts

We continue to advance our remediation program by strengthening the structural and foundational elements of our internal control over financial reporting and enhancing the design, documentation, and execution of controls across our information technology and business processes. Our efforts have increasingly focused on establishing a sustainable control environment, strengthening management review controls, and generating and retaining sufficient evidence to support management's assessment of control effectiveness.

Our ongoing internal control remediation efforts include the following:

•We continue to strengthen our internal controls function and accounting resources responsible for overseeing risk assessment procedures, monitoring internal controls, and advancing remedial actions.

•We continue to formalize and enhance our accounting and information technology policies, including policies and procedures relating to security, change management, user access, and segregation of duties controls, to support a more robust and sustainable control framework.

•We continue to work with an outside firm to review our processes, procedures, systems, and controls and to assist management in enhancing control design, implementation, documentation, and testing.

In addition to the progress we have achieved above, we are continuing to advance the following activities:

•Enhancing and formalizing our accounting, business operations, and information technology policies, procedures, and controls to support complete, accurate, and timely financial accounting, reporting, and disclosures.

•Strengthening general information technology controls over our accounting and operating systems and the reliability of information produced and maintained by those systems and used in the performance of business process controls.

•Enhancing controls addressing the completeness and accuracy of underlying data and information used in the performance of controls over accounting transactions and disclosures.

•Further enhancing management review controls, including the precision of review, evidence of procedures performed, and the use of standardized and automated processes to support the preparation and analysis of information subject to management review.

•Developing and executing monitoring activities to assess the design and operating effectiveness of controls over financial reporting and identifying changes to control design or execution where appropriate.

Our remediation program reflects our continued commitment to building and maintaining a sustainable and effective internal control environment. We have made progress in establishing the structural and foundational elements of our internal control framework and continue to mature the related information technology and business process controls. While continued operation, validation, and testing over sustained financial reporting cycles remain necessary to fully demonstrate remediation, we remain committed to the continuous improvement of our internal control over financial reporting.

Changes in Internal Control over Financial Reporting

As described above, we are in the process of implementing changes to our internal control over financial reporting to remediate the material weaknesses described herein. Other than the ongoing remediation efforts described above, there were no changes in our internal control over financial reporting during the quarter ended September 30, 2026.

Limitations on Effectiveness of Controls and Procedures

The effectiveness of any system of internal control over financial reporting, including ours, is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting, including ours, no matter how well designed and operated, can only provide reasonable, not absolute, assurances. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business, but there can be no assurance that such improvements will be sufficient to provide us with effective internal control over financial reporting.