Playboy details debt reduction plan and strategic growth pillars; targets $105M debt by Q1 2028

Playboy, Inc.

China licensing JV: sells 50% for $45M cash plus $67M guaranteed distributions and $10M brand support.
Senior debt reduced from $218M (Q3 2024) to $153M; targeting ~$105M by Q1 2028; cash interest to fall 50%.
Four consecutive quarters of positive Adjusted EBITDA; FY2025 licensing revenue $46M at 90% gross margin.
Honey Birdette adjusted operating income $6.6M in FY2025; Q4 2025 comp store sales positive despite tough compare.
Media & Experiences: new film/TV projects in development; hospitality non-binding LOI signed for Miami Beach club.

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