Q1 2026 IAC Earnings Call Presentation

Q1'26 Investor Presentation

May 4, 2026

A streamlined and focused IAC with People Inc. and MGM stake as the core assets

Our Game Plan: Continued Progress

1As of the MGM Resorts International Q1 2026 Earnings Presentation on April 29, 2026.

3

2As of 5/1/2026.

We Are Trading at a Substantial Discount

1 Fully Diluted Shares Outstanding as of 5/1/2026.

2 IAC has approximately $0.9B in NOLs to offset against the MGM taxable unrealized gain as of 5/1/2026.

3 IAC cash and cash equivalents balance as of 3/31/2026, excluding People Inc.

4 Revenue and Adjusted EBITDA excluding Certain Items for the twelve months ended 3/31/2026.

5 Calculated as Net Debt/Adjusted EBITDA excluding Certain Items. People Inc. net debt and leverage as of 3/31/2026.

6Reconciliations of all GAAP to non-GAAP measures are available in the appendix.

$1.2B Digital Revenue

$330M of Adj. EBITDA

excluding Certain Items4

$1.1B Net Debt

3.4x Leverage5,6

~$600M of

combined basis

4

Q1 Digital Adj EBITDA

Q1'24

Q1'25

Q1'26

Q1 Digital Revenue1

'24-'26 CAGR

7%

'24-'26 CAGR

18%

($M) ($M)

$250

$200

$150

$100

$50

$60

$50

$40

$30

$20

$10

$0 $0

Q1'24 Q1'25 Q1'26

Ten consecutive quarters of Digital revenue growth

1Digital revenue has been recast to conform to current year presentation in all periods presented. Refer to slide number 9 for additional information.

5

Digital continues to deliver results in Q1

Core Sessions Off-Platform Views 2

(M)

2,500

2,000

1,500

'24-'26

1,841

2,211

2,273

CAGR

-10%

-39%

(M)

25,000

20,000

15,000

'24-'26

CAGR

1,000

500

+16%

10,000

5,000

+43%

-

Q1'24 Q1'25 Q1'26

-

Q1'24 Q1'25 Q1'26

• Growing Digital revenue at a 7% CAGR despite 63% decline in Google Search referrals over two years

• AI Overviews appear on nearly 70% of top People Inc. queries1

• People Inc. brands reach large and rapidly expanding audiences across Meta, Apple News, TikTok, YouTube

• Distributed content experiences driving new revenue growth across platforms

1 AI Overviews penetration is an internally-sourced metric that tracks the presence of AI Overviews on the top 10,000 People Inc. search keywords.

2 Reflects off-platform views from Core brands. 6

Q1 Audience Trends

$250

$200

$150

People Inc. Q1 Digital Revenue ($M)

$253

Non-session-based Revenue

• 41% revenue

• 24% y/y growth

  Includes:

• Advertising revenue

  • Social and native, events, sponsorships, email

  • D/Cipher+

• Licensing revenue: Apple News, distributed content, AI licensing, Walmart licensing

• ~25% of Performance Marketing revenue

  $100

  $50

  Session- based Revenue

  • 59% revenue

  • -1% y/y growth

    Includes:

• Advertising revenue

  • Traditional direct-sold display

  • Programmatic advertising

• ~75% of Performance Marketing revenue

$221

$235

$0

Q1'24 Q1'25 Q1'26

Session-based Revenue Non-session-based Revenue

7

Q1 Digital Revenue Growth

Adjusted EBITDA (excl. Certain Items)

Q1 Highlights:

• 8% Digital revenue growth

  • Revenue strength across Non-session-based Advertising, Licensing and Performance Marketing

• Digital Adjusted EBITDA growth of 20%

  • Adjusted EBITDA margin of 20%; +200bps vs Q1

    '25

  • Incremental Adjusted EBITDA margin of 45%

    Digital	$42	$50	20%
    Print	14	6	(55%)
    Other1	(12)	(13)	(9%)
    Total Adjusted EBITDA (excl. Certain Items)1	$44	$44	(1%)

• Print revenue and Adjusted EBITDA reflects continued secular declines in Print advertising

• Full year Print Adjusted EBITDA expected to offset Other/Corporate Overhead excluding ongoing Google ad-tech litigation expense (~$15M for FY 2026, $2M of which in Q1)

• Q1'26 Free Cash Flow increased $35M y/y to $48M

  1 Q1 2025 excludes a $36M net gain from an amendment of a lease, which provided for the surrender of certain office space early.

  8
  
  Q1 Financial Performance
  
  

  • 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 and previously disclosed on 4/7/26.

  • Strategic Rationale:

    • Expands addressable market: Targets independent ad agencies - incremental to People Inc. existing brand sales

    • Unlocks political advertising opportunity: Opportunity to service political ad demand using D/Cipher

    • Improved service levels: Better serve existing middle-market customers at higher margins for People Inc.

($ in M)

Total Digital Revenue & Growth Rates - Adjusted for Change

1

Financial Impact:

• Results in ~200bps drag on Digital revenue growth in

  Q1'26

• Improving margins by servicing clients with D/Cipher

• Election years cause volatility; especially 2024

  presidential election cycle

• No change to 2026 revenue guidance

1 Q1 2026 pre-recast total Digital revenue excludes MNI-related revenue that would have been recorded in the Print segment prior to the recast and includes estimated revenue from MNI-sold D/Cipher Digital products using the the

9

average of prior year margins and intercompany methodology.

D/Cipher Reporting & Recast Background

International Gaming

Osaka, Japan Dubai

Large Share of Unique Market in Las Vegas

Increasingly the center of entertainment and sports

Digital Opportunity

Brazil Venture

1MGM Northfield Park sold for $546M in April 2026, as reported on the MGM Resorts International Q1 2026 Earnings Call on April 29, 2026.

10

2As of the MGM Resorts International Q1 2026 Earnings Presentation on April 29, 2026.

MGM: Market Leader Trading at a Discount

($ in M) Q1 2025 Q1 2026 Growth

People Inc. $393 $386 (2%)

Emerging & Other 18 20 10%

Total Revenue $482 $423 (12%)

($ in M) Q1 2025 Q1 2026 Growth

People Inc. $80 $44 (46%)

Emerging & Other (5) 4 NM

Total Adjusted EBITDA $36 $3 (93%)

Q1 Highlights:

• Capital Allocation

  Revenue

  • $111M in IAC share buybacks since Q4 earnings

  • Purchased an additional 1M shares of MGM for $37M

    Search 70 17 (76%)

• • Completed sale of Care.com with net proceeds of $296M

  • Sold an unutilized domain name for $7.5M

    Intersegment eliminations (0) (0) NM

• Emerging & Other - 10% revenue growth and $9M Adjusted EBITDA improvement driven by:

  • Elimination of costs related to a legacy legal matter settled in Q3 2025

  • The Daily Beast and Vivian Health

• One-time expenses:

  • Q1'25: $36M net gain from an amendment of a lease at People Inc.

    Adjusted EBITDA

  • Q1'26:

    Search 3 (8) NM

11

IAC Q1 Financial Performance

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 functions with those of its People Inc. business through a reduction in workforce, technology integration, and other cost-saving measures over the coming quarters that are expected to generate annual run-rate operating expense savings of $40M and approximately

  $20-$25M in reduced stock-based compensation expense

• As part of the transition away from a holding company structure, IAC officers Christopher Halpin (EVP, COO & CFO) and Kendall Handler (EVP, CLO) will depart the company in August, following a transition period and will serve as advisors to People Incorporated through March 2027

• Barry Diller will continue as Chairman, and following Q2 2026 earnings, Neil Vogel is expected to become Chief Executive Officer and Tim Quinn Chief Financial Officer of the simplified entity that will be People Incorporated

  For FY 2026 IAC expects to incur the following one-time expenses:

• $14M in severance and related expenses ($10M recognized in Q1 2026)

• $48M in stock-based compensation expense

  • $0.5M to $1M in other costs 12

Stock-based compensation expense2 (90-85)

Amortization of intangibles (80-70)

Full Year 2026 Observations

• People Inc.

  • Expect both Digital revenue and Digital Adjusted EBITDA to grow mid-to-high single-digits in 2026

  • Corporate expenses expected to exceed Print Adjusted EBITDA by $15M due to estimated Google litigation expense

  • In aggregate, guiding to $310-$340M of

    consolidated People Inc. Adjusted EBITDA

    Depreciation (30-25)

• Search - The consolidated operations of the Search segment will be presented as discontinued operations in Q2 2026 and prior periods will be reflected as discontinued operations to conform to this presentation

  Total Operating income $10-$80

• Emerging & Other - Revenue and Adjusted EBITDA growth

driven by Vivian Health and The Daily Beast

1 As of Q1 2026 Earnings on 5/5/2026.

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2As a result of IAC consolidating its corporate functions with those of People Inc., the Corporate Adjusted EBITDA range reflects an estimate of $14M in severance and related expenses and $0.5M to $1M of other costs, and the stock-based compensation expense range reflects an estimate of $48M related to the acceleration and modification of employee awards.

2026 Guidance

Repurchased 13% of Our Shares Since the Beginning of 2025

Reducing the number of shares outstanding from 85M to 76M

90M

Shares Outstanding

80M

$179M $200M

$300M

$337M

$448M

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

Appendix

15

16

IAC Reconciliation of Q1 Operating Income (Loss) to Adjusted EBITDA

1 For the twelve months ended March 31, 2026.

17

People Inc. Reconciliation of Net Debt and Free Cash Flow

1 Consists of $15M of severance-related costs driven by headcount reductions to better align the business with strategic growth priorities, partially offset by a $5M net gain from an amendment of a lease, which

provided for the surrender of certain office space early.

18

2 Consists of a $36M of net gain from amendments of a lease to surrender certain office space early in Q1 2025.

People Inc. reconciliation of Operating (Loss) Income to Adjusted EBITDA

19

People Inc. reconciliation of Q1 Operating Income margin to Adjusted EBITDA margin