IAC (IAC) investor relations material

Executive summary

• Q4 2025 digital revenue rose 14% year-over-year, offsetting a 23% print decline, with strong performance despite AI-driven disruption in digital publishing.

• Adjusted EBITDA for the year was $331 million, with Q4 Adjusted EBITDA up 29% year-over-year to $141.6 million; net loss improved to $76.8 million in Q4 2025.

• Strategic focus on transforming content brands into standalone businesses, expanding MGM stake to 25% (valued at $2.2 billion), and repurchasing $337 million in shares, reducing share count by 10%.

• Angi was spun off as the 10th independent company, and strategic investments continued in core assets.

• Signed AI content partnerships with Meta and Microsoft, and completed Feedfeed acquisition.

Financial highlights

• Q4 2025 digital revenue reached $355 million, up 14% year-over-year; print revenue fell 23% to $168 million.

• FY 2025 digital revenue was $1.1 billion, up 10% year-over-year, with $331 million in Adjusted EBITDA.

• Care.com reported $47 million in Adjusted EBITDA for FY 2025 on $347 million revenue, but Q4 saw a $191 million operating loss due to $207 million goodwill impairment.

• Emerging & Other segment saw 18% revenue growth, with The Daily Beast revenue up 50% and Vivian returning to growth.

• Free cash flow for 2025 was $44.8 million, with cash and cash equivalents at $960.2 million and long-term debt at $1.4 billion.

Outlook and guidance

• 2026 guidance projects consolidated Adjusted EBITDA of $260–$340 million, with People Inc. expected at $310–$340 million.

• Digital revenue and Adjusted EBITDA expected to grow mid- to high-single digits in 2026.

• Care.com anticipates a return to revenue growth in 2026.

• Search segment faces uncertainty due to search ecosystem disruptions and potential Google contract changes.

• Ceasing quarterly guidance to focus on long-term execution; annual guidance will continue.