PLAYBOY + VICTORIA'S SECRET ?

Pure speculation. No inside information and no confirmed deal **Victoria's Secret has surged recently and is now worth about $6.7B. Playboy is worth only about $140M. That's less than 3% of VSXYs market cap** **I think Victoria's Secret will acquire Playboy** **Thesis: Sex. That's it. "Sydney Sweeney has great jeans", Sadie Sink + Calvin Klein etc. America rejects the w\*\*\* and goes back to healthy + sexy. Playboy is a symbol of sex** PLBY today is basically Playboy IP + licensing + Honey Birdette And Honey Birdette is the part that really catches my attention. Q2 2026: * Honey Birdette sales +18.2% YoY * Comparable sales +15% * Gross margin 65.1% * PLBY revenue $31.2M * Adjusted EBITDA $7.0M vs $3.5M a year ago Now look at Victoria's Secret VS already has the infrastructure: stores + e-commerce + sourcing + logistics + marketing + a huge lingerie customer base Why not put Honey Birdette inside that machine and scale it much faster???? Then you also get the Playboy IP and licensing platform The valuation is tiny relative to VS The real opportunity is Honey Birdette using VS infrastructure for sourcing, logistics, marketing and international distribution Add Playboy licensing on top and the strategic value could be much higher than PLBY's standalone value My thesis isn't that a deal is already happening It's simply: If I were running Victoria's Secret and Honey Birdette kept growing like this I'd be looking very seriously at PLBY My speculative takeover range: $2.50–$3.50/share Not a rumor/not a financial advice