Playboy will head into 2026 doubling down on disciplined growth, tighter capital deployment and fewer, more productive assets — with Honey Birdette positioned as a key lever for margin-led expansion rather than store-led scale.
Speaking to investors, the group outlined a 2026 agenda focused on sustaining positive EBITDA, expanding high-margin revenue streams and extracting greater value from existing IP, rather than pursuing aggressive footprint growth. Within that framework, Honey Birdette will prioritise eCommerce profitability, selective international expansion and further rationalisation of physical retail.
The lingerie brand’s 2026 roadmap centres on lifting conversion and lifetime value online, with Playboy flagging loyalty integration, continued reduction in discounting and broader localisation as key drivers. Honey Birdette will expand translated sites beyond its current eight languages, with the Middle East and Asia-Pacific markets identified as the next growth territories, signalling a shift toward capital-light international reach rather than store rollouts.
Physical retail will play a narrower role. Playboy said Honey Birdette will continue to exit underperforming locations, concentrating revenue and profit in its top-performing stores. Those top 20 sites already account for the majority of earnings, and management indicated future investment would favour productivity and experience over footprint expansion.
The sharper focus follows a period of operational reset that has stabilised Honey Birdette’s economics, giving the group confidence to lean into growth without compromising cash flow. Reduced inventory exposure and higher average order values have improved working capital dynamics, which Playboy sees as critical heading into a still-volatile global retail environment.
At a group level, Playboy’s 2026 priorities reflect a broader repositioning toward predictable earnings. Licensing remains the financial backbone of the business, providing recurring, high-margin revenue that underwrites selective investment across media, hospitality and owned brands. The company said it will continue to prioritise guaranteed licensing income while carefully sequencing growth initiatives elsewhere.
Playboy enters 2026 with positive adjusted EBITDA momentum, lower debt and a simplified operating structure following the divestment of non-core assets. Management stressed that future growth will be judged less on top-line expansion and more on margin durability, cash generation and return on invested capital.
For Honey Birdette, that means the next phase is not about reopening the growth taps — but proving the brand can scale digitally, globally and profitably inside a more disciplined Playboy group.