Slide 1: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation August 3, 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 (Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; (3) acquisition- related items co
Slide 3: Our Game Plan: Continued Progress
Our Game Plan: Continued Progress CORE BUSINESS EXECUTION CAPITAL ALLOCATION CATALYSTS Corporate Consolidation • America’s largest publisher with portfolio • The Board of Directors increased the • Consolidation of corporate of iconic brands functions on track to result in $45M share repurchase autho
Slide 4: We Continue to Trade at a Substantial Discount to our Sum-of-the-Parts
We Continue to Trade at a Substantial Discount to our Sum-of-the-Parts Investors Are Effectively Acquiring These Private Holdings for Free Market Value as of (7/31/2026) PPLI Share Price $41.57 Shares Outstanding (M)1: 75.6 $1.2B Digital Revenue4 Equity Value $3.1B $335M of Adj. EBITDA4 Less: MGM St
Slide 5: People Inc. Digital Continues to Deliver Results in Q2
People Inc. Digital Continues to Deliver Results in Q2 Q2 Digital Revenue Q2 Digital Adj EBITDA ’24-’26 CAGR ’24-’26 CAGR ($M) 7% ($M) 9% $300 $80 $250 $70 $60 $200 $50 $150 $274 $290 $40 $74 $254 $100 $30 $63 $63 $20 $50 $10 $0 $0 Q2'24 Q2'25 Q2'26 Q2'24 Q2'25 Q2'26 Eleven consecutive quarters of D
Slide 6: People Inc. Q2 Digital Revenue Growth
People Inc. Q2 Digital Revenue Growth People Inc. Q2 Digital Revenue ($M) $300 $290 • Key Drivers: $274 Non-session- + Advertising: D/Cipher+, event-related, social $254 based Revenue and native programs $250 • 43% revenue + Performance Marketing: email, other platforms $125 + Licensing: Apple News,
Slide 7: People Inc. Select New Initiatives
People Inc. Select New Initiatives EVENTS SUBSCRIPTIONS DISTRIBUTION Food & Wine Classic Charleston Southern Living Insiders MyRecipes App Apple News Netflix Hot Luck PEOPLE Bundle Social Series Southern Living Tailgate Travel The Intern Unfiltered The Boss Poptake Note: expected future launch dates
Slide 8: People Inc. Q2 Financial Performance
People Inc. Q2 Financial Performance ($ in M) Q2 2025 Q2 2026 Growth Q2 Highlights: Revenue • Digital revenue growth of 6% Advertising $175 $174 (0%) • Strong growth from Licensing +23% and Performance marketing 61 69 13% Performance Marketing +13% Licensing and other 38 47 23% • Digital ads flat; s
Slide 9: People Inc. De-levering Through Strong FCF Growth
People Inc. De-levering Through Strong FCF Growth People Inc. Cumulative FCF since Q1’24 People Inc. Net Debt & Leverage ($M) ($M) 6.0 $350 $1,400 $1,278 $1,230 $1,157 5.0 $300 $1,200 $1,099 4.8x 4.0x $250 $1,000 4.0 3.5x 3.3x $200 $800 3.0 $150 $600 2.0 $100 $400 1.0 $50 $200 $0 $0 - Q1'24 Q2'24 Q3
Slide 10: MGM: Market Leader Trading at a Discount
MGM: Market Leader Trading at a Discount MGM operates a world-class gaming and hospitality portfolio as well as leading iGaming and online sports betting platforms operating across North America, Europe, Canada and South America Domestic Resorts MGM China MGM Osaka BetMGM MGM Digital (Wholly-Owned)
Slide 11: People Incorporated Q2 Financial Performance
People Incorporated Q2 Financial Performance Q2 Highlights: • Capital Allocation ($ in M) Q2 2025 Q2 2026 Growth • On June 16, 2026, the Board of Directors approved an Revenue authorization for People Incorporated to repurchase an People Inc. $427 $417 (2%) additional 10 million shares of its common
Slide 12: The Next Chapter: People Incorporated
Transition Update • On June 4, 2026, People Incorporated, formerly IAC Inc. (Nasdaq: IAC), completed its legal name change and commenced trading under the ticker symbol PPLI. • People Incorporated to complete leadership transition, appointing Neil Vogel as Chief Executive Officer and Timothy Quinn a
Slide 13: Adjusted EBITDA Definition Update
Adjusted EBITDA Definition Update • Beginning in Q2 2026, People Incorporated revised its definition of Adjusted EBITDA to exclude certain items that are not indicative of core ongoing operating performance and certain items that affect comparability between periods including: • Restructuring costs,
Slide 14: Adjusted EBITDA Definition Update
Adjusted EBITDA Definition Update People Inc. (Operating Subsidiary) FY Q1 Q2 Q3 Q4 FY Q1 Q2 ($ in M) 2024 2025 2025 2025 2025 2025 2026 2026 Adjusted EBITDA (as previously defined) $295 $80 $70 $65 $142 $357 $44 $66 Restructuring costs, including certain severance and employee separation benefits 1
Slide 15: 2026 Guidance
2026 Guidance Full-Year 2026 Observations ($ in M) FY 2026 Outlook1 People Inc. Adjusted EBITDA • Expect both Digital revenue and People Inc. $325-$355 Digital Adjusted EBITDA to grow Emerging & Other 10-15 mid-to-high single-digits in 2026 Corporate (80) • Print Adjusted EBITDA expected to offset P
Slide 16: Guidance Bridge for New Adjusted EBITDA Definition
Guidance Bridge for New Adjusted EBITDA Definition Prior Change Due to Change Due to Current FY 2026 New Adj Updated FY 2026 ($ in M) Comments Outlook EBITDA Outlook Outlook as of Q1 Earnings Definition as of Q2 Earnings Adjusted EBITDA People Inc. $310-$340 $15 $325-$355 Google litigation cost Emer
Slide 17: Appendix
People Incorporated Appendix
Slide 18: People Incorporated Reconciliation of Operating (Loss) Income to Adjusted EBITDA
People Incorporated Reconciliation of Operating (Loss) Income to Adjusted EBITDA FY Q1 Q2 Q3 Q4 FY Q1 Q2 2024 2025 2025 2025 2025 2025 2026 2026 ($ in M, rounding differences may occur) Operating (loss) income ($75) $21 ($7) ($27) $78 $64 ($32) ($14) Stock-based compensation expense 73 (21) 18 16 15
Slide 19: People Inc. Reconciliation of Operating (Loss) Income to Adjusted EBITDA
People Inc. Reconciliation of Operating (Loss) Income to Adjusted EBITDA FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 2023 2024 2025 2025 2025 2025 2025 2026 2026 ($ in M, rounding differences may occur) Operating (loss) income ($151) $107 $43 $35 $29 $106 $213 $10 $34 Stock-based compensation expense 24 26 5 7 8 8 2
Slide 20: People Incorporated Reconciliation of Q2 Operating (Loss) Income to Adjusted EBITDA
People Incorporated Reconciliation of Q2 Operating (Loss) Income to Adjusted EBITDA Three Months Ended June 30, 2026 (Gains) and Losses Restructuring Costs from Lease Including Certain Impairments, S tock-based S everance and Terminations and Operating Income Compensation Amortization of Employee S
Slide 21: People Inc. Reconciliation of Operating Income to Adjusted EBITDA
People Inc. Reconciliation of Operating Income to Adjusted EBITDA Twelve Months Ended June 30, 2026 ($ in M, rounding differences may occur) Operating Income $179 Stock-based compensation expense 32 Depreciation 23 Amortization of intangibles 82 Restructuring costs, including certain severance and e
Slide 22: People Inc. Reconciliation of Net Debt and Free Cash Flow
People Inc. Reconciliation of Net Debt and Free Cash Flow ($ in M, rounding differences may occur) December 31, 2023 December 31, 2024 December 31, 2025 June 30, 2026 Cash and cash equivalents $262 $250 $284 $330 Total principal balance of long-term debt 1,540 1,480 1,441 1,429 Net Debt $1,278 $1,23
Slide 23: People Inc. Reconciliation of Q2 Digital Operating Income Margin to Adjusted EBITDA Margin
People Inc. Reconciliation of Q2 Digital Operating Income Margin to Adjusted EBITDA Margin Three Months Ended June 30, ($ in M, rounding differences may occur) 2025 2026 Digital Revenue $274 $290 Digital Operating Income 38 49 Digital Operating Income margin 14% 17% Stock-based compensation expense