Barely There Annual Report

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For Educational Use Only.
Annual report and Branding for a Corporate Publication course.

Annual Report 2026


Contents

4

22

26

34

36

50

Letter From The CEO

Inclusivity In 2026

New Materials

Designing Comfort and Confidence

New Showroom

Financials

1 | Barely There


Our Mission

We believe that taking care

of the environment is as

important as taking care of

ourselves. Our eco-minded,

female forward brand looks

to create sustainable,

beautiful, and durable

intimates with comfort

and style in mind.

Annual Report 2026 |2



Letter from the ceo

In 2026, we invested in new technology, new

people and process changes. Furthermore, the

Company started several new strategy and

market initiatives to respond faster to changes

in the market. Even if the financial result is disappointing,

we believe the Company have taken

several crucial steps for a sustainable growth in

the coming years.

If we look at 2027, the market climate is still

tough, the sector is not growing and the digital

transition is continuing at an increased speed.

Nevertheless, following our last year’s initiatives,

we see that we are well prepared for these

circumstances and will continue to be a strong

player in the market due to our financial stability

and sustainable future. Looking forward into

2027, we are confident that

the initiatives we have taken already will result

in a growth for the Company. Furthermore, the

integration of Barely There goes well and we

start seeing good synergies there. This year:

• we will see that our new backup brand Senselley

Felina starts bringing good volumes;

• on the transparency and compliance side, we

will come out with a sustainability report of

the Company later in the year.

From a financial point, we still see that there is

a pressure on margins on all ends, but together

with some investments and focus on innovation

the Comapny’s margin will stabilize. Sales

will come with a healthy growth, but unfortunately

not all of it will transform into the profit

due to the implementation of additional innovations

and changes. The Management has a

clear focus at the moment on strengthening

the sustainable business model with a focus

on costs and we have a target to bring the Net

Debt to EBITDA ratio back to the previous

level in the coming 2 years.

Felicity Stephens

• we are preparing to launch a Market place in

our industry to facilitate the omni-channel

strategy implementation as well as to further

expand sales and establish a position of

Felina brand with a high contribution to the

Company’s profitability;

Chief Executive Officer

Annual Report 2026 | 4


rely There


Inclusivity in 2026

Barely

There has teamed up with modelling

agency MiLK management for a new body

positivity campaign celebrating the beauty of

diversity. The stunning campaign, titled #beautyhasnobounds,

features twelve models of

different shapes, sizes, ages, race and abilities

– all body positive advocates who demonstrate

that ‘traditional’ beauty standards or the idea of

‘ideal’ beauty is a myth that belongs in the past.

The shoot champions women of all forms, with

models Felicity Hayward and Sonny Turner are

carrying the torch for diversity in shape and

size, while 59-year-old model Nicky Griffin

beautifully represents mature beauty. Disabled

model Kelly Knox also is featured in the campaign

wearing a gorgeous red lingerie set, while

models Yerim Ko (of Korean, Japanese and Chinese

ethnicity) and Dutch model Jill Kortleve,

of Indian, Indonesian and Surinamese descent,

wave the flag for women of mixed heritage.

Commenting on the brands’ inspiring campaign,

Jenni Burt, Barely There’s Head of Buying and

Brand, said: ‘The shoot very much reflects our

core belief at Barely There, that all body types

are beautiful. We are also striving to provide

diversity and honesty in our photography – only

the product is retouched on our site – so that

Barely There provides an environment where all

women feel valued and represented.’ She also

added: ‘It is a journey, and having agencies like

MiLK as a fellow traveller really helps us along

the way. Hopefully it will also have a wide positive

impact on the

industry as a whole.’

Similarly, Anna Shillinglaw, Managing Director

at MiLK reinforced the point that the campaign

was created to represent raw, natural beauty.

‘With simple, classic imagery that was paired

back, feminine and real, Figleaves was the perfect

lingerie brand to partner with to create this

vision and dressed each model to let their own

natural beauty and character shine through,’ she

said.

Fans of Barely There have applauded the

campaign’s message, with one writing on their

Instagram: ‘This is why I love and support

#barelythere they make me feel like a woman

and not an outcast,’ and another agreeing: ‘I love

you guys. Seriously have loved your products

for years anyway, but this has just made me so

happy! #beautyhasnobounds‘. The collection

is made up of 90 pieces, selling bra sizes from

32A to 44DD and includes lingerie, bottoms and

loungewear in sizes XS to 3XL.

Annual Report 2026 | 22


New Material…

Creates

a strong

fabric that is

lightweight and

absorbant.

The minimial

growth requirements

make it less

expensive tofarm.

UV and

mold-resitant

fabric for a

longer lasting

material.

HEMP

Hemp is a

readily renewable

resource that uses

half the amount of

water as cotton and

does not require

pesticides.

25| Barely There


Clothing

made from

bamboo is 100%

biodegradable.

Bamboo requires very

little when growing and

cant withstand droughts.

It can be grown without

chemicals and when

harvested correctly does

not require replanting.

Bamboo fabrics

are naturally antibacterical

which

helps to deoderize

the garment by

killing bacteria.

BAMBOO

Fabrics made

from bamboo are

four times more

absorbant

than cotton.

SameRenewability

Annual Report 2026 | 26


Designing Comfort

In

2026 we expanded upon our options

for adaptable clothing. After we started using

a more diverse set of models, we realized that

our accessable intimate options were still lacking.

Our team of designers worked with data

from a survey we sent out along with actual

women that we were designing for.

Barely There released three new options in

2026, velcro closure bras, expanded skintone

binders, and pocket cup bras with inserts. So

far limited designs in each of these new styles

have been released, but in 2027 we plan on

adding new designs to them. We want all who

wear our products to be comfortable and confident

in them.

Our velco closure bras are perfect for those

with limited fine motor skills. The bra features

lightly lined cups for comfort and flex. The closure

works like a wrap top and the velcro strap

is extended for different adjustable sizes.

As many remember Barely There became on of

the first company to sell ready made binders in

store. This year with the increase in sales, we

fully expanded the colors available. A full range

of skintones in available via custom order and

our ready made binders feature almost all of

the colors available. Along with expanded

colors, we are releasing a seamless binder

using the same technology used to make our

seamless underwear and shapewear.

Our final product released this year was our

pocket cup bra and inserts. These bras are

made with our extra soft hemp fabric and

feature hidden buttons that allow for the

cups of the bra to be opened. Each bra

ordered comes with pads that can be put

in the cups. We designed this with

masectomy paitents in mind who are

readjusting post op. The bras can be

custom ordered which allow for a

fuller customization of size for the

most natural look. It is also the perfect bra for

those transitioning as the bra is aclean line

t-shirt style bra that does not stick out.

33| Barely There


and Confidence

Lightly Lined Velcro Wrap Closure Bra

Expanded Skin Tone Binders

Customizable Pocket Cup Bra

Annual Report 2026 | 34


New Showroom

This

year we opened our first fully accessible

showroom, which is located in California.

The showroom features large open areas that

make it easy to move around, as well as plenty

of seating. The walls feature product displays

versus having mannequin in scattered throughout

the showroom, this makes it easier and

safer for wheelchairs to move through. all of are

shelves are located below the displays that why

everyone will be able to easily reach the product

they are looking for. Another feature is the spacious

fitting rooms that have a curtain instead of

a door for easier access.

Our staff is trained in taking measurements and

helping to assist customers of an ability that

come in to the store. Appointment booking is

availible for scheduling both over the phone or

online, this will pair one of our knowledgable

staff with our customer for their entire visit.

As part of the regular shopping experience, we

offer customers to chance to get measured and

have a custom sized garment sent directly to

their home, if the size or color needed is not

already in the showroom.

35 | Barely There


Annual Report 2026 | 36


Financials

S ection 5

Market for the Registrant’s Common Equity,

Related Stockholder Matters and Issuer

Purchases of Equity Securities.

Our common stock is traded on the NYSE under the symbol “BT”. As of March 11, 2026, there

were 656 stockholders of record. However, when including associates who own shares through our

employee stock purchase plan, and others holding shares in broker accounts under street name, we

estimate the stockholder base at approximately 43,000.

Performance Graph

The following Performance Graph and related

information shall not be deemed “soliciting

material” or to be filed with the SEC, nor shall

such

information be incorporated by reference

into any future filing under the Securities Act

of 1933 or Securities Exchange Act of 1934,

each as amended, except to the extent that we

specifically incorporate it by reference into such

filing. The following graph compares the

changes in the cumulative total return to holders

of our common stock with that of the S&P

Midcap 400 and our peer group as described

below. The comparison of the cumulative total

returns for each investment assumes that $100

was invested in our common stock and the respective

index on February 1, 2021 and includes

reinvestment of all dividends. The plotted points

are based on the closing price on the last

trading day of the fiscal year indicated.

49 | Barely There


200

Comparison of Cululative Five Year Total Return

Among Barely There, the S&P MidCap 400 Index, and a Peer Group.

150

100

50

2022

2023

2024

2025

2026

Barely There

S&P MidCap 400 Index

Peer Group

2/01/21 1/31/22 1/30/23 1/28/24 2/03/25 2/02/26

Barely There 100 107.92 116.04 119.86 148.74 181.91

S&P MidCap 400 Index 100 110.89 103.47 135.43 155.48 151.75

Peer Group 100 111.72 95.52 82.83 90.77 87.88

Annual Report 2026 | 50


1346 East Industry Drive

Bakersfield CA, 93306

barelythere.com

530-540-6758

rely There

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