Tantalize

anna.makdissi

Annual Report

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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