Tantalize

annual
report
20
25

Table of
contents

4
6
8
Our Mission
Find out what is at the heart
of Tantalize and our believes.
From our CEO
why should our company matter
to our shareholders.
Our Responsibility
Lear about our True Tantalize program
and its values for our stakeholders.
10
12
14
We Care
The positive difference we make
for people in the dance industry.
Autisim Awareness
We teamed up with AFSNJ for
people in the dance industry.
Financial Highlights
Compare the numbers and financials
of the past three years.

our
mission
We pledge our support and dedication to the advancement
of dance, theater and recreation in communities worldwide.
Since 1887, Tantalize Dancewear is dedicated to the
performer in dance, theater and recreation. We are
committed to providing exceptional service to our
customers with innovative, high-quality products and
services, while continuously advancing market research
and technologies. Our total commitment to performance
has been our source of inspiration for over 100 years.
We believe our success is dependent upon the individual
commitment of our customers, our suppliers and each
of our employees to continually set new standards of
creativity and performance, while preserving our reputation
for dependability and distinction.
We maintain an ethical, healthy and profitable environment
in which each of our employees endeavors to provide
excellence in our products and services, while promoting
company growth. We pledge our support and dedication
to the advancement of dance, theater and recreation in
communities worldwide.
4 | TANTALIZE

ANNUAL REPORT 2025 | 5

from
our ceo
Tantalize, a fourth-generation
family-owned and operated
business, has named
fashion industry veteran,
Lynn Shanahan, as its CEO.
Shanahan is the first non
family member to run the
dance industry's most revered
footwear and apparel brand.
She is also the company's first
female CEO in its 130 yearold
history and is herself, an
award-winning, competitive
ballroom dancer.
To our shareholders,
I am very proud of what we have
achieved in 2025. Despite fairly
challenging market conditions and
the anticipated headwinds that we
had projected, we stayed focused on
ourgrowth drivers an executed against
our key priorities. We generated
consolidated sales of approximately
$2.6 billion and delivered earnings
of $1.47 per share and adjusted
earnings of $1.51 per share. We made
significant progress this year on all
6 | TANTALIZE

of our strategic initiatives, positioning
us very well to continue to deliver
profitable and responsible growth
and value to our shareholders.
The company generated record free
cash flow of $398 million for the full
year and executed on all of its capital
allocation priorities while returning
approximately $470 million to
shareholders through the payment
of dividends and share repurchases.
I am pleased by the positive results
from our business where, in spite
of overall market challenges, we
continued to increase our market
share in key product categories.
Throughout the year we achieved
better and broader placement at
leading mass retailers and expanded
our product offering. This increased
7 consumer’s exposure to our brands
and allowed us to successfully
Tantalize branded dance shoes
achieved 22% market share in the U.S.
at the end of the year, making it the
number one brand in unit share in the
U.S. dance shoes category. Tantalize
branded danceweae also continued its
growth in 2025, firmly positioned as
the number three brand in U.S. dance
wear and reaching over 10% market
share in January 2026. In the past
year, we effectively supported organic
growth within our brand by expanding
into new product categories and new
channels, leveraging our worldclass
manufacturing operations to deliver
better quality and value to consumers.
Sincerely,
Lynn Shanahan
Lynn Shanahan
President and CEO
compete directly with national brands.
ANNUAL REPORT 2025 | 7

our
responsibility
With more than 42,000 employees worldwide, we understand the
direct link between operating responsibly and our financial success
and future growth. Our True Tantalize program, with its four key
pillars, is designed to create value for our various stakeholders.

Environment
Our commitment to pursue continuous improvement and
reduction of our environmental footprint is driven by our
long-term vision, our investments and our understanding
of the full life cycle of our operations and products.
People
While our capital investments are a key part of our success,
our over 42,000 employees remain Tantalize’s most
important resource. We are proud to create stimulating and
rewarding work environments for employees who share in
the Company’s success.
Community
We take pride in being an active member in communities
where we operate by acting responsibly and creating
sustainable economic impacts.
Product
Tantalize has built a reputation for delivering high quality
and great value products. Our hight quality system, in
combination with stringent environmental management
systems, assures our customers that the products we
deliver are safe and manufactured to the highest standards.
ANNUAL REPORT 2025 | 9

10 | TANTALIZE

because we
care
For over 130 years,
we have made a positive difference for people, young
and old, in the dance industry. Tantalize Dancewear has
donated to multiple schools and non-profit organizations
comm0itted to expanding the reach of dance.
Our foundation has also established The Tantalize Award
that is presented annually to honor extraordinary talent
and contributions to the dance community. Aside from
dance, our reach has spread to athletes, gymnasts, yogis
and more. Although our roots will always be in dance, we
couldn't happier to enrich the lives of non-dancers as well.
The future of Tantalize is to inspire & support people in
and out of the dance world, in any way we can!
ANNUAL REPORT 2025 | 11

we support
autism
awareness
Tantalize’s mission since day one has been to support
their community through dance and theater. Although
our products may help dancers around the world leap
over new challenges, we are consistently looking for
new ways to give back to the people that continue to
support us. That is, AFSNJ, Autism Family Services
of New Jersey, an amazing charitable agency who
is also working towards a better future for Autistic
individuals and their families.
New Jersey is home to some of our stores, employees
and Tantalize athletes. The Garden state also holds
the highest ratio of autistic children, 1 out of 59, in
the country. This means plenty of families are looking
for support to help their special needs children have a
great quality of life However, it is hard for parents to
find an occupational therapist that specializes in autistic
children or recreational activities that have properly
trained staff. That is why AFSNJ is such an important
charitable agency, as they provide these families
with behavioral services, after-school care, recreation
programs and other helpful resources.
12 | TANTALIZE

ANNUAL REPORT 2025 | 13

NET SALES
DILUTED EARNINGS PER SHARE
financial
highlights
(in U.S $ millions)
23 24 25
ADJUSTED EBITDA
(in U.S $ millions)
23 24 25
Diluted earnings per share
Adjusted diluted earnings per share
NET DEBT TO ADJUSTED EBITDA
0.8x
1.0x
0.6x
FREE CASH FLOW
(in U.S $ millions)
-82
159
398
388
504
524
23 24 25
23 24 25
CAPITAL EXPENDITURES
(in U.S $ millions)
332
230
140
2,299
2,569
2,585
(in U.S $)
1.12
1.14
1.42
1.46
1.47
1.51
23 24 25
23 24 25

STATEMENT OF EARNINGS
20
25
20
24
20
23
Net sales 2,585.1 2,568.6 2,299.2
Adjusted EBITDA 523.8 503.8 388.4
Operating Income 367.5 367.5 284.8
Adjusted operating income 378.9 378.9 289.6
Net earnings 346.1 346.1 276.6
Diluted earnings per share 1.42 1.42 1.12
Adjusted net earnings 355.4 355.4 281.0
Adjusted diluted earnings per share 1.46 1.46 1.14
CASH FLOW
Cash flows from operating activities 537.9 384.4 244.6
Capital expenditures (140.2) (229.6) (331.9)
Free cash flow 398.4 (81.9) 173.2
FINANCIAL POSITION
Cash flows from operating activities 537.9 384.4 244.6
Capital expenditures (140.2) (229.6) (331.9)
Free cash flow 398.4 (81.9) 173.2
STATEMENT OF EARNINGS
Adjusted EBITDA margin 20.3% 503.8 388.4
Adjusted operating margin 14.8% 367.5 284.8
Adjusted net earnings margin 13.8 378.9 289.6
Return on shareholders’ equity 13.5% 346.1 276.6
Net debt to adjusted EBITDA 1.0x 1.42 1.12
ANNUAL REPORT 2025 | 15

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