Slide 1: Q1'26 Investor Presentation
Q1’26 Investor Presentation May 4, 2026
Slide 2: Non-GAAP Financial Measures and Forward-Looking Statements
NON-GAAP FINANCIAL MEASURES This presentation contains references to non-GAAP measures. Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-rela
Slide 3: Our Game Plan: Continued Progress
Our Game Plan: Continued Progress Core Business Execution Capital Allocation Catalysts Strategic Divestitures • Industry-leading digital publisher • $111M of IAC buybacks since Q4 • 8% Digital revenue growth in Q1’26 earnings, 4% of IAC equity2 Completed sale of Care.com • Digital Adjusted EBITDA of
Slide 4: We Are Trading at a Substantial Discount
We Are Trading at a Substantial Discount $1.2B Digital Revenue $330M of Adj. EBITDA excluding Certain Items4 $1.1B Net Debt Market Value as of (5/1/2026) 3.4x Leverage5,6 IAC Share Price $44.97 Shares Outstanding¹ (M): 75.6 Equity Value $3.4B Less: MGM Stake (@ $38.50/sh)2 ($2.6)B Less: IAC Cash3 ($
Slide 5: Digital continues to deliver results in Q1
Digital continues to deliver results in Q1 Social Events PEOPLE App D/Cipher Q1 Digital Revenue1 Q1 Digital Adj EBITDA ($M) ($M) ’24-’26 CAGR ’24-’26 CAGR 7% 18% $250 $60 $50 $200 $40 $150 MyRecipes Apple News Commerce AI Licensing $253 $30 $221 $235 $100 $50 $20 $42 $36 $50 $10 $0 $0 Q1'24 Q1'25 Q1
Slide 6: Q1 Audience Trends
Q1 Audience Trends Core Sessions Off-Platform Views 2 (M) ‘24-’26 (M) CAGR ‘24-’26 2,500 25,000 2,273 2,211 CAGR 2,000 1,841 -10% 20,000 759 1,245 34% 463 -39% 37% 1,500 25% 15,000 55% 54% 1,000 10,000 20,962 +43% 16,545 1,452 1,378 +16% 500 1,027 5,000 10,192 - - Q1'24 Q1'25 Q1'26 Q1'24 Q1'25 Q1'26
Slide 7: Q1 Digital Revenue Growth
Q1 Digital Revenue Growth People Inc. Q1 Digital Revenue ($M) $253 $250 Non-session- Includes: $235 based Revenue ▪ Advertising revenue $221 ▪ Social and native, events, ▪ 41% revenue sponsorships, email $200 $103 ▪ 24% y/y growth $83 ▪ D/Cipher+ $72 41% ▪ Licensing revenue: Apple News, distributed
Slide 8: Q1 Financial Performance
Q1 Financial Performance Q1 Highlights: ($ in M) Q1 2025 Q1 2026 Growth Revenue • 8% Digital revenue growth Advertising $145 $146 1% • Revenue strength across Non-session-based Performance marketing 57 66 15% Advertising, Licensing and Performance Marketing Licensing and other 32 41 26% Total Digita
Slide 9: D/Cipher Reporting & Recast Background
D/Cipher Reporting & Recast Background • Overview: Effective 1/1/26, the digital portion of MNI, a legacy agency business, was moved from the Print segment to the Digital segment, reporting to the D/Cipher management team. Historical financials were recast to reflect this change as outlined below an
Slide 10: MGM: Market Leader Trading at a Discount
MGM: Market Leader Trading at a Discount Digital Opportunity Direct Relationship Large Share of Unique International Gaming with Consumers Market in Las Vegas Osaka, Japan Over 50M MGM Reward members Dubai Brazil Venture Increasingly the center of entertainment and sports Undervalued Capital Allocat
Slide 11: IAC Q1 Financial Performance
IAC Q1 Financial Performance Q1 Highlights: • Capital Allocation ($ in M) Q1 2025 Q1 2026 Growth Revenue • $111M in IAC share buybacks since Q4 earnings People Inc. $393 $386 (2%) • Purchased an additional 1M shares of MGM for $37M Search 70 17 (76%) • Completed sale of Care.com with net proceeds of
Slide 12: The Next Chapter: People Incorporated
Transition Summary • IAC will change its name to People Incorporated and is expected to trade under the ticker (NASDAQ: PPLI) on or before Q2 2026 earnings • Given the Company’s narrowed focus on core assets People Inc. and its investment in MGM, IAC is consolidating its holding company corporate fu
Slide 13: 2026 Guidance
2026 Guidance Full Year 2026 Observations ($ in M) FY 2026 Outlook1 • People Inc. Adjusted EBITDA • Expect both Digital revenue and Digital Adjusted People Inc. $310-$340 EBITDA to grow mid-to-high single-digits in 2026 Emerging & Other 5-15 • Corporate expenses expected to exceed Print Corporate2 (
Slide 14: Repurchased 13% of Our Shares Since the Beginning of 2025
Repurchased 13% of Our Shares Since the Beginning of 2025 Reducing the number of shares outstanding from 85M to 76M 90M Shares Outstanding $448M 80M $337M $300M $200M $179M 70M Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Cumulative spend on share repurchases as of the date of quarterly earnings release 14
Slide 15: Appendix
Appendix 15
Slide 16: IAC Reconciliation of Q1 Operating Income (Loss) to Adjusted EBITDA
IAC Reconciliation of Q1 Operating Income (Loss) to Adjusted EBITDA Three Months Ended March 31, 2026 S tock-based Operating Compensation Amortization of Adjusted ($ in M, rounding differences may occur) Income (Loss) Expense Depreciation Intangibles EBITDA Digital $28 $3 $4 $16 $50 Print 2 0 1 3 $6
Slide 17: People Inc. Reconciliation of Net Debt and Free Cash Flow
People Inc. Reconciliation of Net Debt and Free Cash Flow ($ in M, rounding differences may occur) March 31, 2026 Cash and cash equivalents $316 Total principal balance of long-term debt 1,435 Net Debt $1,119 Adjusted EBITDA excluding Certain Items1 $330 Leverage Ratio 3.4x Three Months Ended March
Slide 18: People Inc. reconciliation of Operating (Loss) Income to Adjusted EBITDA
People Inc. reconciliation of Operating (Loss) Income to Adjusted EBITDA Three Months Ended March 31, 2024 ($ in M, rounding differences may occur) Digital Operating Loss ($1) Stock-based compensation expense 2 Depreciation 5 Amortization of intangibles 30 Digital Adjusted EBITDA $36 Twelve Months E
Slide 19: People Inc. reconciliation of Q1 Operating Income margin to Adjusted EBITDA margin
People Inc. reconciliation of Q1 Operating Income margin to Adjusted EBITDA margin Three Months Ended March 31, ($ in M, rounding differences may occur) 2025 2026 Digital Revenue $235 $253 Digital Operating Income 18 28 Digital Operating Income margin 8% 11% Stock-based compensation expense 2 3 Depr