Iac Inc. · NASDAQ:IAC
Iac — Q4 2025 Earnings Presentation
21 slides from Iac's earnings presentation, Feb 4, 2026
Slide 1: Q4'25 Investor Presentation
Q4’25 Investor Presentation February 3, 2026
Slide 2: Non-GAAP Financial Measures
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 $337M of IAC buybacks since the beginning of 2025, including Spins • Industry-leading digital publisher $37M since Q3 Earnings2 • 14% Digital revenue growth in Q4’25 10% of IAC equity repurchased • $331M FY’25 Adj
Slide 4: We Are Trading at a Substantial Discount
We Are Trading at a Substantial Discount $1.1B Digital Revenue $331M of Adj. EBITDA $347M of Revenue $47M of Adj. EBITDA6 excluding Certain Items4 $1.16B Net Debt Market Value as of (2/2/2026) 3.5x Leverage5 IAC Share Price $37.02 Shares Outstanding¹ (M): 77.9 Equity Value $2.9B Less: MGM Stake (@ $
Slide 5: Q4 Financial Performance
Q4 Financial Performance ($ in M) Q4 2024 Q4 2025 Growth Q4 Highlights: Revenue • 14% Digital revenue growth, the highest y/y growth in Advertising $192 $210 9% 5 quarters Performance marketing 86 101 17% Licensing and other 32 44 36% • Digital Adjusted EBITDA excluding Certain Items up 9% with incr
Slide 6: Digital continues to deliver results in Q4
Digital continues to deliver results in Q4 Q4 Digital Revenue Q4 Digital Adj EBITDA excl. Certain Items1,2 ($M) ($M) ’23-’25 CAGR ’23-’25 CAGR $350 12% $140 9% $300 $120 $250 $100 “The Intern” $200 $80 $355 $138 $150 $311 $60 $127 $284 $115 $116 Sexiest Man Alive $100 $40 Events $50 $20 $0 $0 Q4'23
Slide 7: Q4 Audience Trends
Q4 Audience Trends Core Sessions Off-Platform Views 2 (M) ‘23-’25 (M) 2,500 CAGR 25,000 ‘23-’25 2,327 CAGR 2,255 -5% +36% 2,021 2,000 20,000 853 37% 612 -29% 1,223 37% 1,500 30% 15,000 54% 54% 1,000 10,000 21,109 1,474 +17% 14,761 1,409 500 1,032 5,000 11,450 0 - Q4'23 Q4'24 Q4'25 Q4'23 Q4'24 Q4'25
Slide 8: Q4 Digital Revenue Growth
Q4 Digital Revenue Growth People Inc. Q4 Digital Revenue ($M) $355 $350 Non-Sessions- Includes: $311 Based Revenue ▪ Advertising revenue $300 $284 ▪ 38% revenue ▪ Social and native, events, $136 $137 sponsorships, email ▪ 37% y/y growth $100 38% ▪ D/Cipher+ $250 $90 $89 32% ▪ Licensing revenue 32% ▪
Slide 9: MGM: Market Leader Trading at a Discount
MGM: Market Leader Trading at a Discount Digital Opportunity Direct Relationship Large Share of Unique International Gaming with Consumers Market in Las Vegas Osaka, Japan Over 50M MGM Reward members Dubai Brazil Venture Increasingly the center of entertainment and sports Undervalued Capital Allocat
Slide 10: IAC Q4 Financial Performance
IAC Q4 Financial Performance Q4 Highlights: ($ in M) Q4 2024 Q4 2025 Growth Revenue • Capital Allocation People Inc. $522 $512 (2%) • $37M in IAC share buybacks Care.com 94 86 (9%) Search 89 29 (68%) • Purchased an additional 1M shares of MGM for $40M Emerging & Other 17 20 18% • Care.com Intersegme
Slide 11: 2026 Guidance
2026 Guidance Full Year 2026 Observations ($ in M) FY 2026 Outlook1,2 • 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 Care.com 45-55 • Corporate expenses expected to exceed Print Search (5)-10 Adj
Slide 12: Repurchased 10% of Our Shares Since the Beginning of 2025
Repurchased 10% of Our Shares Since the Beginning of 2025 Reducing the number of shares outstanding from 85M to 78M 90M Shares Outstanding 80M $337M $300M $200M $179M 70M Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Cumulative spend on share repurchases as of the date of quarterly earnings release 12
Slide 13: Appendix
Appendix 13
Slide 14: IAC Reconciliation of Q4 Operating Income (Loss) to Adjusted EBITDA
IAC Reconciliation of Q4 Operating Income (Loss) to Adjusted EBITDA Three Months Ended December 31, 2025 Stock-based Operating Compensation Amortization of Goodwill ($ in M, rounding differences may occur) Income (Loss) Expense Depreciation Intangibles impairment Adjusted EBITDA Digital $112 $3 $4 $
Slide 15: People Inc. reconciliation of FY Operating Income (Loss) to Adjusted EBITDA excl. Certain Items
People Inc. reconciliation of FY Operating Income (Loss) to Adjusted EBITDA excl. Certain Items Twelve Months Ended December 31, 2025 ($ in M, rounding differences may occur) Digital Print Other Total Operating Income (Loss) $207 $29 ($23) $213 Stock-based compensation expense 12 2 15 28 Depreciatio
Slide 16: People Inc. reconciliation of FY Digital Operating Income margin to Adjusted EBITDA margin
People Inc. reconciliation of FY Digital Operating Income margin to Adjusted EBITDA excl. Certain Items margin Twelve Months Ended December 31, 2025 ($ in M, rounding differences may occur) Digital Revenue $1,108 Digital Operating Income 207 Digital Operating Income margin 19% Certain Items1 8 Digit
Slide 17: People Inc. Reconciliation of Net Debt
People Inc. Reconciliation of Net Debt ($ in M, rounding differences may occur) December 31, 2025 Cash and cash equivalents $284 Total principal balance of long-term debt 1,441 Net Debt $1,157 17
Slide 18: People Inc. reconciliation of Q4 Digital Operating Income to Digital Adjusted EBITDA
People Inc. reconciliation of Q4 Digital Operating (Loss) Income to Digital Adjusted EBITDA excl. Certain Items Three Months Ended December 31, ($ in M, rounding differences may occur) 2023 2024 2025 Digital Operating (Loss) Income ($6) $90 $112 Stock-based compensation expense 2 2 3 Depreciation 7
Slide 19: People Inc. reconciliation of Q4 Operating Income margin to Adjusted EBITDA margin
People Inc. reconciliation of Q4 Operating Income margin to Adjusted EBITDA margin excl. Certain Items Three Months Ended December 31, ($ in M, rounding differences may occur) 2024 2025 Digital Revenue $311 $355 Digital Operating Income 90 112 Digital Operating Income margin 29% 32% Certain Items1 4
Slide 20: Care reconciliation of FY Operating Loss to Adjusted EBITDA
Care reconciliation of FY Operating Loss to Adjusted EBITDA ($ in M, rounding differences may occur) Twelve Months Ended December 31, 2025 Operating Loss ($171) Stock-based compensation expense 4 Depreciation 3 Amortization of intangibles 4 Goodwill Impairment 207 Adjusted EBITDA $47 20
Slide 21: Care reconciliation of Q4 Operating Loss margin to Adjusted EBITDA margin
Care reconciliation of Q4 Operating Loss margin to Adjusted EBITDA margin Three Months Ended December 31, 2025 ($ in M, rounding differences may occur) Revenue $86 Operating Loss (191) Operating Loss margin (223%) Stock-based compensation expense 1 Depreciation 0 Amortization of intangibles 1 Goodwi