Barely There Annual Report

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