Slides
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February X, 2025 Q3 2025 Supplemental Materials November 4, 2025
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2 Disclosures and Definitions Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures in addition to financial measures presented in accordance with U.S. GAAP. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. See pages 20-37 for a reconciliation of the non-GAAP financial measures to their most comparable GAAP measure. Definitions “Tinder” consists of the world-wide activity of the brand Tinder®. “Hinge” consists of the world-wide activity of the brand Hinge®. “Evergreen & Emerging” (“E&E”) consists of the world-wide activity of our Evergreen brands including Match®, Meetic®, OkCupid®, Plenty Of Fish®, and a number of demographically focused brands and our Emerging brands including BLK®, Chispa , The League®, Archer®, Upward®, Yuzu , Salams®, HER , and other smaller brands. “Match Group Asia” (“MG Asia”) consists of the world-wide activity of the brands Pairs and Azar®. “Direct Revenue” is revenue that is received directly from end users of our services and includes both subscription and à la carte revenue. “Indirect Revenue” is revenue that is not received directly from end users of our services, a majority of which is advertising revenue. “Payers” are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period presented. At a consolidated level and a business unit level to the extent a business unit consists of multiple brands, duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are unable to identify unique individuals across brands in the Match Group portfolio. “Revenue Per Payer” (“RPP”) is the average monthly revenue earned from a Payer and is Direct Revenue for a period divided by the Payers in the period, further divided by the number of months in the period. “Leverage on a gross basis” is calculated as principal debt balance divided by Adjusted EBITDA for the period referenced. “Leverage on a net basis” is calculated as principal debt balance less cash and cash equivalents and short-term investments divided by Adjusted EBITDA for the period referenced.
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Q3 2025 Business Performance Snapshot
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4 1 Net Income and Adjusted EBITDA include $61 million of legal settlement costs and $2 million of restructuring costs in Q3’25. Q3 2025 Business Performance Total Revenue Q3 2025 $914M +2% vs. Q3 2024 Direct Revenue Q3 2025 $897M +2% vs. Q3 2024 Payers RPP Q3 2025 14.5M (5)% vs. Q3 2024 Q3 2025 $20.58 +7% vs. Q3 2024 Net Income1 Adjusted EBITDA1 Q3 2025 $161M +18% vs. Q3 2024 Q3 2025 $301M (12)% vs. Q3 2024 18% Margin 33% Margin Operating Cash Flow Free Cash Flow YTD Sept 30, 2025 $758M YTD Sept 30, 2025 $716M
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5 Note: All data shown on an as reported basis unless otherwise noted. All business units exclude corporate and unallocated costs. NM = Not meaningful 1 Tinder Operating Income and Adjusted EBITDA include $61 million of legal settlement costs. Q3 2025 Business Unit Performance $69.1 (4)% Y/Y (4)% FXN 1,112 +6% Y/Y $20.73 (10)% Y/Y $0.8 NM 1% margin $15.3 (14)% Y/Y 22% margin Direct Revenue ($M) Payers (000s) RPP Operating Income ($M) OI Margin % Adj. EBITDA ($M) Adj EBITDA Margin % $490.6 (3)% Y/Y (4)% FXN 9,258 (7)% Y/Y $17.66 +5% Y/Y $183.7 (22)% Y/Y 36% margin $203.8 (23)% Y/Y 40% margin $184.7 +27% Y/Y +26% FXN 1,873 +17% Y/Y $32.87 +9% Y/Y $46.3 +10% Y/Y 25% margin $62.6 +22% Y/Y 34% margin $152.2 (4)% Y/Y (5)% FXN 2,284 (13)% Y/Y $22.22 +10% Y/Y $31.4 NM 20% margin $47.4 +14% Y/Y 30% margin 1
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Trended Financial Highlights
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7 $895 $860 $831 $864 $914 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Consolidated Total Revenue In $ Millions Y/Y Growth 2% (1)% (3)% 0% 2% Y/Y FXN Growth 3% 1% (1)% (1)% 1%
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8 $136 $158 $118 $125 $161 15% 18% 14% 15% 18% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Net Income Net Income Margin $343 $324 $275 $290 $301 38% 38% 33% 34% 33% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Adj. EBITDA Adj. EBITDA Margin 1 Net Income in Q3’24 includes $37 million of impairments of intangible assets and other charges related to the shutdown of Hakuna and other of our live streaming services. 2 Net Income and Adjusted EBITDA include $14 million of legal settlement costs and $18 million of restructuring costs in Q2’25 and $61 million of legal settlement costs and $2 million of restructuring costs in Q3’25. Net Income ($M) and Margin1,2 Adjusted EBITDA ($M) and Margin2 Consolidated Net Income & Adjusted EBITDA
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9 $19.26 $19.29 $19.07 $20.00 $20.58 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 15.2 14.6 14.2 14.1 14.5 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Consolidated Payers & RPP Y/Y Growth (3)% (4)% (5)% (5)% (5)% 5% 3% 1% 5% 7% Payers (M) RPP
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10 $266 $259 $228 $246 $204 52% 53% 49% 52% 40% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Adj. EBITDA Adj. EBITDA Margin 9.9 9.5 9.1 9.0 9.3 $16.87 $16.72 $16.38 $17.14 $17.66 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP $234 $226 $193 $217 $184 45% 46% 42% 46% 36% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 OI OI Margin $503 $476 $447 $461 $491 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Tinder Trended Performance Adjusted EBITDA ($M) and Margin1Operating Income ($M) and Margin1 Direct Revenue ($M) Payers (M) & RPP 1 Operating Income and Adjusted EBITDA include $61 million of legal settlement costs in Q3’25.
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11 $51 $44 $43 $54 $63 35% 30% 28% 32% 34% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Adj. EBITDA Adj. EBITDA Margin $145 $148 $152 $168 $185 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1.6 1.6 1.7 1.7 1.9 $30.26 $30.42 $29.90 $31.96 $32.87 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP $42 $31 $29 $39 $46 29% 21% 19% 23% 25% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 OI OI Margin Hinge Trended Performance Adjusted EBITDA ($M) and MarginOperating Income ($M) and Margin Payers (M) & RPPDirect Revenue ($M)
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12 $158 $155 $149 $148 $152 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 2.6 2.5 2.4 2.3 2.3 $20.14 $20.80 $20.76 $21.34 $22.22 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP $3 $26 $7 ($4) $31 2% 16% 4% (3%) 20% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 OI OI Margin 1 Ex-Live excludes Direct Revenue associated with our live streaming services within E&E, which we shut down in Q3’24. 2 Operating Income in Q3’24 includes impairments of intangible assets and other charges related to the shutdown of our live streaming services. 3 Operating Income and Adjusted EBITDA include $14 million of legal settlement costs in Q2’25. E&E Trended Performance Adjusted EBITDA ($M) and Margin3Operating Income/(Loss) ($M) and Margin2,3 Payers (M) & RPPDirect Revenue Ex-Live1 ($M) $42 $48 $29 $16 $47 26% 31% 19% 11% 30% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Adj. EBITDA Adj. EBITDA Margin
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13 $69 $67 $64 $69 $69 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 1,046 1,012 999 1,067 1,112 $23.00 $21.95 $21.23 $21.53 $20.73 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Payers RPP ($19) ($0) $3 ($0) $1 (26%) (1%) 5% (0%) 1% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 OI OI Margin MG Asia Trended Performance Adjusted EBITDA ($M) and Margin 1 Ex-Live excludes Direct Revenue from Hakuna, which was shut down in Q3’24. 2 Operating Income in Q3’24 includes impairments of intangible assets and other charges related to the shutdown of Hakuna. Operating (Loss)/Income ($M) and Margin2 Payers (K) & RPPDirect Revenue Ex-Live1 ($M) $18 $16 $19 $16 $15 25% 24% 30% 23% 22% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Adj. EBITDA Adj. EBITDA Margin
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14 $829M $882M $963M 2023 2024 LTM Q3'25 $252M $247M $178M $231M $307M Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Quarterly Free Cash Flow ($M) Annual & LTM FCF ($M) and FCF Conversion % Free Cash Flow FCF Conversion % 66% 70% 81%
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15 $195M $225M $130M $48M $47M $46M $241M $117M $243M $272M $176M Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Share Repurchases Dividends $667M $141M $546M $753M $808M 2023 2024 LTM Q3'25 Share Repurchases Dividends Note: Diluted shares outstanding is calculated using the methods and assumptions described in our press release; these are different from GAAP dilution, which is calculated based on the treasury stock method. See page 10 of our Q3’25 press release for additional information. 1 On a trade date basis for the respective quarter. 2 Diluted shares outstanding shown as reported at the time of each respective quarters earnings release. Annual & LTM Capital Return Capital Returns Quarterly Capital Return % of FCF 66% 85% 84%Diluted Shares2 267 260 256 249 245 1
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16 2.4x 2.3x 2.5x 12/31/2023 12/31/2024 9/30/2025 3.1x 3.1x 3.4x 12/31/2023 12/31/2024 9/30/2025 1 Leverage is calculated utilizing the non-GAAP measure Adjusted EBITDA as the denominator. For a reconciliation of the non-GAAP measure for each period presented, see page 37. 2 Reflects debt maturity schedule as of September 30, 2025. Debt Maturity Schedule ($M)2Gross and Net Leverage1 Gross Leverage (TTM) Net Leverage (TTM) 2025 20332027 2028 2029 2030 2031 $499 $450 $500 $500 $350 $575 $500 $500 Exchangeable Notes Senior Notes Revolver Leverage Ratios and Debt Maturity Schedule 2026 $700 2032
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Appendix
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18 Trended Revenue Metrics 2023 2024 2025 Year Ended December 31, YTD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Revenue (in millions, rounding differences may occur) Direct Revenue: Tinder $ 441.1 $ 474.7 $ 508.5 $ 493.2 $ 481.5 $ 479.9 $ 503.2 $ 476.0 $ 447.4 $ 461.2 $ 490.6 $ 1,917.6 $ 1,940.6 $ 1,399.2 Hinge 82.8 90.3 107.3 116.1 123.8 133.6 145.4 147.7 152.2 167.5 184.7 396.5 550.4 504.4 Evergreen & Emerging 174.9 174.5 174.2 167.8 168.6 160.9 158.4 155.1 149.2 147.9 152.2 691.4 643.0 449.3 MG Asia 75.7 76.6 76.8 73.6 71.5 73.7 72.2 66.6 63.7 68.9 69.1 302.6 283.9 201.7 Total Direct Revenue 774.4 816.1 866.8 850.8 845.3 848.1 879.2 845.4 812.4 845.5 896.7 3,308.1 3,418.0 2,554.6 Indirect Revenue 12.7 13.4 14.8 15.5 14.3 15.9 16.3 14.8 18.7 18.3 17.6 56.4 61.4 54.6 Match Group $ 787.1 $ 829.6 $ 881.6 $ 866.2 $ 859.6 $ 864.1 $ 895.5 $ 860.2 $ 831.2 $ 863.7 $ 914.3 $ 3,364.5 $ 3,479.4 $ 2,609.2 Payers (in thousands) Tinder 10,653 10,469 10,412 9,968 9,713 9,634 9,945 9,491 9,107 8,970 9,258 10,375 9,696 9,111 Hinge 1,085 1,193 1,327 1,362 1,424 1,484 1,602 1,619 1,697 1,747 1,873 1,242 1,532 1,772 Evergreen & Emerging 3,212 3,109 3,056 2,887 2,839 2,718 2,621 2,485 2,395 2,309 2,284 3,066 2,666 2,329 MG Asia 924 859 917 969 954 1,005 1,046 1,012 999 1,067 1,112 919 1,004 1,060 Match Group 15,874 15,630 15,712 15,186 14,930 14,841 15,214 14,607 14,198 14,093 14,527 15,602 14,898 14,272 RPP Tinder $ 13.80 $ 15.12 $ 16.28 $ 16.49 $ 16.52 $ 16.61 $ 16.87 $ 16.72 $ 16.38 $ 17.14 $ 17.66 $ 15.40 $ 16.68 $ 17.06 Hinge $ 25.42 $ 25.23 $ 26.95 $ 28.42 $ 28.96 $ 30.01 $ 30.26 $ 30.42 $ 29.90 $ 31.96 $ 32.87 $ 26.61 $ 29.94 $ 31.62 Evergreen & Emerging $ 18.15 $ 18.71 $ 19.01 $ 19.38 $ 19.80 $ 19.73 $ 20.14 $ 20.80 $ 20.76 $ 21.34 $ 22.22 $ 18.79 $ 20.10 $ 21.43 MG Asia $ 27.31 $ 29.71 $ 27.92 $ 25.32 $ 24.96 $ 24.44 $ 23.00 $ 21.95 $ 21.23 $ 21.53 $ 20.73 $ 27.50 $ 23.56 $ 21.16 Match Group $ 16.26 $ 17.41 $ 18.39 $ 18.67 $ 18.87 $ 19.05 $ 19.26 $ 19.29 $ 19.07 $ 20.00 $ 20.58 $ 17.67 $ 19.12 $ 19.89
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19 2023 2024 2025 Year Ended December 31, YTD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Net income attributable to Match Group, Inc. shareholders (in millions) Match Group $ 120.8 $ 137.3 $ 163.7 $ 229.7 $ 123.2 $ 133.3 $ 136.5 $ 158.3 $ 117.6 $ 125.5 $ 160.7 $ 651.5 $ 551.3 $ 403.8 Net Income Margin 15 % 17 % 19 % 27 % 14 % 15 % 15 % 18 % 14 % 15 % 18 % 19 % 16 % 15 % Operating Income (Loss) (in millions, rounding differences may occur) Tinder $ 221.5 $ 239.6 $ 256.0 $ 238.5 $ 210.0 $ 218.5 $ 234.3 $ 226.3 $ 193.3 $ 217.0 $ 183.7 $ 955.5 $ 889.2 $ 594.1 Hinge 12.9 11.4 23.2 26.9 18.5 30.2 42.2 30.6 28.6 38.9 46.3 74.3 121.5 113.9 Evergreen & Emerging 19.6 24.1 26.1 12.6 17.3 19.6 3.1 26.0 6.7 (4.4) 31.4 82.5 66.1 33.7 MG Asia (1.9) 2.3 (2.6) (6.5) (7.7) (5.4) (18.9) (0.4) 3.4 (0.3) 0.8 (8.7) (32.3) 4.0 Corporate and Unallocated Costs (53.8) (62.6) (59.1) (11.1) (53.5) (58.5) (50.1) (59.1) (59.5) (57.3) (41.0) (186.7) (221.1) (157.8) Match Group $ 198.3 $ 214.8 $ 243.6 $ 260.3 $ 184.7 $ 204.5 $ 210.7 $ 223.4 $ 172.6 $ 193.9 $ 221.3 $ 916.9 $ 823.3 $ 587.8 Operating Income (Loss) Margin Tinder 49 % 49 % 49 % 47 % 43 % 44 % 45 % 46 % 42 % 46 % 36 % 49 % 45 % 41 % Hinge 16 % 13 % 22 % 23 % 15 % 23 % 29 % 21 % 19 % 23 % 25 % 19 % 22 % 23 % Evergreen & Emerging 11 % 14 % 15 % 7 % 10 % 12 % 2 % 16 % 4 % (3) % 20 % 12 % 10 % 7 % MG Asia (2) % 3 % (3) % (9) % (11) % (7) % (26) % (1) % 5 % — % 1 % (3) % (11) % 2 % Match Group 25 % 26 % 28 % 30 % 21 % 24 % 24 % 26 % 21 % 22 % 24 % 27 % 24 % 23 % Adjusted EBITDA (in millions, rounding differences may occur) Tinder $ 240.2 $ 263.1 $ 281.0 $ 265.1 $ 239.8 $ 251.7 $ 266.3 $ 259.2 $ 228.5 $ 246.2 $ 203.8 $ 1,049.4 $ 1,017.0 $ 678.5 Hinge 15.9 20.7 31.3 39.8 29.0 42.2 51.4 43.9 42.6 53.8 62.6 107.6 166.5 159.0 Evergreen & Emerging 35.1 45.0 46.4 37.3 38.3 42.3 41.6 48.3 28.7 16.1 47.4 163.8 170.4 92.1 MG Asia 15.0 17.9 16.0 12.9 13.3 13.8 17.8 15.9 19.0 16.0 15.3 61.8 60.8 50.2 Corporate and Unallocated Costs (43.6) (45.4) (41.6) 6.5 (40.9) (43.6) (34.6) (43.2) (43.5) (42.1) (27.7) (124.1) (162.4) (113.3) Match Group $ 262.5 $ 301.3 $ 333.1 $ 361.6 $ 279.4 $ 306.4 $ 342.5 $ 323.9 $ 275.2 $ 289.9 $ 301.4 $ 1,258.5 $ 1,252.4 $ 866.5 Adjusted EBITDA Margin Tinder 53 % 54 % 54 % 52 % 49 % 51 % 52 % 53 % 49 % 52 % 40 % 53 % 51 % 47 % Hinge 19 % 23 % 29 % 34 % 23 % 32 % 35 % 30 % 28 % 32 % 34 % 27 % 30 % 32 % Evergreen & Emerging 20 % 25 % 26 % 22 % 22 % 26 % 26 % 31 % 19 % 11 % 30 % 23 % 26 % 20 % MG Asia 20 % 23 % 21 % 17 % 19 % 19 % 25 % 24 % 30 % 23 % 22 % 20 % 21 % 25 % Match Group 33 % 36 % 38 % 42 % 33 % 35 % 38 % 38 % 33 % 34 % 33 % 37 % 36 % 33 % Trended Profitability Metrics
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20 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended March 31, 2023 Tinder Hinge E&E MG Asia Corporate & unallocated costs Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 120,809 Add back: Net loss attributable to redeemable noncontrolling interests (118) Income tax provision 41,639 Other income, net (3,392) Interest expense 39,351 Operating Income (Loss) $ 221,482 $ 12,873 $ 19,598 $ (1,862) $ (53,802) $ 198,289 Stock-based compensation expense 15,645 2,629 8,977 5,004 9,308 41,563 Depreciation 3,056 387 3,907 2,332 870 10,552 Amortization of intangibles — — 2,581 9,536 — 12,117 Adjusted EBITDA $ 240,183 $ 15,889 $ 35,063 $ 15,010 $ (43,624) $ 262,521 Revenue $ 451,499 $ 82,753 $ 177,006 $ 75,866 $ — $ 787,124 Net Income Margin 15 % Operating Income (Loss) Margin 49 % 16 % 11 % (2) % NA 25 % Adjusted EBITDA Margin 53 % 19 % 20 % 20 % NA 33 %
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21 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended June 30, 2023 Tinder Hinge E&E MG Asia Corporate & unallocated costs Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 137,345 Add back: Net income attributable to redeemable noncontrolling interests — Income tax provision 41,141 Other income, net (3,432) Interest expense 39,742 Operating Income (Loss) $ 239,567 $ 11,353 $ 24,125 $ 2,331 $ (62,580) $ 214,796 Stock-based compensation expense 18,144 8,875 13,728 3,827 16,063 60,637 Depreciation 5,400 461 4,927 2,614 1,163 14,565 Amortization of intangibles — — 2,210 9,105 — 11,315 Adjusted EBITDA $ 263,111 $ 20,689 $ 44,990 $ 17,877 $ (45,354) $ 301,313 Revenue $ 485,702 $ 90,331 $ 176,677 $ 76,842 $ — $ 829,552 Net Income Margin 17 % Operating Income Margin 49 % 13 % 14 % 3 % NA 26 % Adjusted EBITDA Margin 54 % 23 % 25 % 23 % NA 36 %
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22 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended September 30, 2023 Tinder Hinge E&E MG Asia Corporate & unallocated costs Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 163,727 Add back: Net income attributable to redeemable noncontrolling interests 29 Income tax provision 47,328 Other income, net (7,905) Interest expense 40,380 Operating Income (Loss) $ 255,994 $ 23,180 $ 26,138 $ (2,605) $ (59,148) $ 243,559 Stock-based compensation expense 16,990 7,515 13,508 7,288 16,444 61,745 Depreciation 7,991 557 4,660 2,962 1,140 17,310 Amortization of intangibles — — 2,088 8,401 — 10,489 Adjusted EBITDA $ 280,975 $ 31,252 $ 46,394 $ 16,046 $ (41,564) $ 333,103 Revenue $ 520,688 $ 107,265 $ 176,675 $ 76,972 $ — $ 881,600 Net Income Margin 19 % Operating Income (Loss) Margin 49 % 22 % 15 % (3) % NA 28 % Adjusted EBITDA Margin 54 % 29 % 26 % 21 % NA 38 %
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23 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended December 31, 2023 Tinder Hinge E&E MG Asia Corporate & unallocated costs Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 229,658 Add back: Net income attributable to redeemable noncontrolling interests 22 Income tax benefit (4,799) Other income, net (5,043) Interest expense 40,414 Operating Income (Loss) $ 238,476 $ 26,855 $ 12,599 $ (6,539) $ (11,139) $ 260,252 Stock-based compensation expense 17,865 12,440 14,055 7,280 16,514 68,154 Depreciation 8,750 521 5,238 3,763 1,108 19,380 Amortization of intangibles — — 5,457 8,353 — 13,810 Adjusted EBITDA $ 265,091 $ 39,816 $ 37,349 $ 12,857 $ 6,483 $ 361,596 Revenue $ 505,721 $ 116,136 $ 170,567 $ 73,804 $ — $ 866,228 Net Income Margin 27 % Operating Income (Loss) Margin 47 % 23 % 7 % (9) % NA 30 % Adjusted EBITDA Margin 52 % 34 % 22 % 17 % NA 42 %
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24 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended March 31, 2024 Tinder Hinge E&E MG Asia Corporate & unallocated costs Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 123,198 Add back: Net income attributable to redeemable noncontrolling interests 36 Income tax provision 30,625 Other income, net (9,474) Interest expense 40,353 Operating Income (Loss) $ 210,042 $ 18,505 $ 17,321 $ (7,667) $ (53,463) $ 184,738 Stock-based compensation expense 20,541 9,915 14,048 8,081 11,235 63,820 Depreciation 9,253 535 4,838 4,590 1,305 20,521 Amortization of intangibles — — 2,069 8,298 — 10,367 Adjusted EBITDA $ 239,836 $ 28,955 $ 38,276 $ 13,302 $ (40,923) $ 279,446 Revenue $ 493,110 $ 123,753 $ 171,136 $ 71,648 $ — $ 859,647 Net Income Margin 14 % Operating Income (Loss) Margin 43 % 15 % 10 % (11) % NA 21 % Adjusted EBITDA Margin 49 % 23 % 22 % 19 % NA 33 %
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25 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended June 30, 2024 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 133,314 Add back: Net income attributable to redeemable noncontrolling interests 6 Income tax provision 41,693 Other income, net (10,525) Interest expense 40,038 Operating Income (Loss) $ 218,530 $ 30,214 $ 19,636 $ (5,365) $ (58,489) $ — $ 204,526 Stock-based compensation expense 23,415 11,464 14,620 6,758 13,610 — 69,867 Depreciation 9,752 547 5,154 4,336 1,303 — 21,092 Amortization of intangibles — — 2,906 8,046 — — 10,952 Adjusted EBITDA $ 251,697 $ 42,225 $ 42,316 $ 13,775 $ (43,576) $ — $ 306,437 Revenue $ 492,908 $ 133,569 $ 163,757 $ 73,838 $ — $ (6) $ 864,066 Net Income Margin 15 % Operating Income (Loss) Margin 44 % 23 % 12 % (7) % NA NA 24 % Adjusted EBITDA Margin 51 % 32 % 26 % 19 % NA NA 35 %
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26 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended September 30, 2024 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 136,468 Add back: Net income attributable to redeemable noncontrolling interests 13 Income tax provision 41,159 Other income, net (7,100) Interest expense 40,120 Operating Income (Loss) $ 234,304 $ 42,207 $ 3,110 $ (18,895) $ (50,066) $ — $ 210,660 Stock-based compensation expense 22,601 8,599 13,310 5,844 14,134 — 64,488 Depreciation 9,420 620 5,918 8,031 1,313 — 25,302 Impairments and amortization of intangibles — — 19,230 22,860 — — 42,090 Adjusted EBITDA $ 266,325 $ 51,426 $ 41,568 $ 17,840 $ (34,619) $ — $ 342,540 Revenue $ 516,778 $ 145,425 $ 161,181 $ 72,282 $ — $ (182) $ 895,484 Net Income Margin 15 % Operating Income (Loss) Margin 45 % 29 % 2 % (26) % NA NA 24 % Adjusted EBITDA Margin 52 % 35 % 26 % 25 % NA NA 38 %
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27 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended December 31, 2024 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 158,296 Add back: Net loss attributable to noncontrolling interests (18) Income tax provision 39,266 Other income, net (13,716) Interest expense 39,560 Operating Income (Loss) $ 226,346 $ 30,556 $ 26,021 $ (418) $ (59,117) $ — $ 223,388 Stock-based compensation expense 23,584 12,695 12,944 5,135 14,848 — 69,206 Depreciation 9,235 621 5,822 3,877 1,029 — 20,584 Amortization of intangibles — — 3,471 7,295 — — 10,766 Adjusted EBITDA $ 259,165 $ 43,872 $ 48,258 $ 15,889 $ (43,240) $ — $ 323,944 Revenue $ 488,341 $ 147,688 $ 158,094 $ 66,754 $ — $ (701) $ 860,176 Net Income Margin 18 % Operating Income (Loss) Margin 46 % 21 % 16 % (1) % NA NA 26 % Adjusted EBITDA Margin 53 % 30 % 31 % 24 % NA NA 38 %
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28 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended March 31, 2025 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 117,570 Add back: Net income attributable to noncontrolling interests 1 Income tax provision 22,382 Other income, net (2,616) Interest expense 35,256 Operating Income (Loss) $ 193,348 $ 28,625 $ 6,678 $ 3,447 $ (59,505) $ — $ 172,593 Stock-based compensation expense 25,315 13,232 12,227 4,834 14,786 — 70,394 Depreciation 9,805 718 6,317 3,674 1,215 — 21,729 Amortization of intangibles — — 3,453 7,025 — — 10,478 Adjusted EBITDA $ 228,468 $ 42,575 $ 28,675 $ 18,980 $ (43,504) $ — $ 275,194 Revenue $ 463,416 $ 152,243 $ 152,429 $ 63,823 $ — $ (733) $ 831,178 Net Income Margin 14 % Operating Income Margin 42 % 19 % 4 % 5 % NA NA 21 % Adjusted EBITDA Margin 49 % 28 % 19 % 30 % NA NA 33 %
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29 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended June 30, 2025 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 125,478 Add back: Net income attributable to noncontrolling interests — Income tax provision 32,227 Other expense, net 4,056 Interest expense 32,160 Operating Income (Loss) $ 216,968 $ 38,926 $ (4,397) $ (262) $ (57,314) $ — $ 193,921 Stock-based compensation expense 23,722 14,044 10,409 5,652 13,640 — 67,467 Depreciation 5,524 865 6,500 3,623 1,549 — 18,061 Amortization of intangibles — — 3,559 6,939 — — 10,498 Adjusted EBITDA $ 246,214 $ 53,835 $ 16,071 $ 15,952 $ (42,125) $ — $ 289,947 Revenue $ 476,701 $ 167,505 $ 151,349 $ 69,155 $ — $ (972) $ 863,738 Net Income Margin 15 % Operating Income (Loss) Margin 46 % 23 % (3) % — % NA NA 22 % Adjusted EBITDA Margin 52 % 32 % 11 % 23 % NA NA 34 %
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30 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Three Months Ended September 30, 2025 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 160,749 Add back: Net income attributable to noncontrolling interests 7 Income tax provision 32,882 Other income, net (9,328) Interest expense 37,024 Operating Income (Loss) $ 183,743 $ 46,314 $ 31,447 $ 801 $ (40,971) $ — $ 221,334 Stock-based compensation expense 17,624 15,238 5,956 5,332 12,156 — 56,306 Depreciation 2,451 1,071 6,268 3,938 1,117 — 14,845 Amortization of intangibles — — 3,702 5,219 — — 8,921 Adjusted EBITDA $ 203,818 $ 62,623 $ 47,373 $ 15,290 $ (27,698) $ — $ 301,406 Revenue $ 505,344 $ 184,671 $ 156,252 $ 69,364 $ — $ (1,356) $ 914,275 Net Income Margin 18 % Operating Income Margin 36 % 25 % 20 % 1 % NA NA 24 % Adjusted EBITDA Margin 40 % 34 % 30 % 22 % NA NA 33 %
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31 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Year Ended December 31, 2023 Tinder Hinge E&E MG Asia Corporate & unallocated costs Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 651,539 Add back: Net loss attributable to noncontrolling interests (67) Income tax provision 125,309 Other income, net (19,772) Interest expense 159,887 Operating Income (Loss) $ 955,519 $ 74,261 $ 82,460 $ (8,675) $ (186,669) $ 916,896 Stock-based compensation expense 68,644 31,459 50,268 23,399 58,329 232,099 Depreciation 25,197 1,926 18,732 11,671 4,281 61,807 Impairments and amortization of intangibles — — 12,336 35,395 — 47,731 Adjusted EBITDA $ 1,049,360 $ 107,646 $ 163,796 $ 61,790 $ (124,059) $ 1,258,533 Revenue $ 1,963,610 $ 396,485 $ 700,925 $ 303,484 $ — $ 3,364,504 Net Income Margin 19 % Operating Income (Loss) Margin 49 % 19 % 12 % (3) % NA 27 % Adjusted EBITDA Margin 53 % 27 % 23 % 20 % NA 37 %
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32 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Year Ended December 31, 2024 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 551,276 Add back: Net income attributable to noncontrolling interests 37 Income tax provision 152,743 Other income, net (40,815) Interest expense 160,071 Operating Income (Loss) $ 889,222 $ 121,482 $ 66,088 $ (32,345) $ (221,135) $ — $ 823,312 Stock-based compensation expense 90,141 42,673 54,922 25,818 53,827 — 267,381 Depreciation 37,660 2,323 21,732 20,834 4,950 — 87,499 Impairments and amortization of intangibles — — 27,676 46,499 — — 74,175 Adjusted EBITDA $ 1,017,023 $ 166,478 $ 170,418 $ 60,806 $ (162,358) $ — $ 1,252,367 Revenue $ 1,991,137 $ 550,435 $ 654,168 $ 284,522 $ — $ (889) $ 3,479,373 Net Income Margin 16 % Operating Income (Loss) Margin 45 % 22 % 10 % (11) % NA NA 24 % Adjusted EBITDA Margin 51 % 30 % 26 % 21 % NA NA 36 %
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33 Reconciliation of Net Income to Adjusted EBITDA GAAP to Non-GAAP Reconciliations Nine Months Ended September 30, 2025 Tinder Hinge E&E MG Asia Corporate & unallocated costs Eliminations Total Match Group (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 403,797 Add back: Net income attributable to noncontrolling interests 8 Income tax provision 87,491 Other income, net (7,888) Interest expense 104,440 Operating Income (Loss) $ 594,059 $ 113,865 $ 33,728 $ 3,986 $ (157,790) $ — $ 587,848 Stock-based compensation expense 66,661 42,514 28,592 15,818 40,582 — 194,167 Depreciation 17,780 2,654 19,085 11,235 3,881 — 54,635 Amortization of intangibles — — 10,714 19,183 — — 29,897 Adjusted EBITDA $ 678,500 $ 159,033 $ 92,119 $ 50,222 $ (113,327) $ — $ 866,547 Revenue $ 1,445,461 $ 504,419 $ 460,030 $ 202,342 $ — $ (3,061) $ 2,609,191 Net Income Margin 15 % Operating Income Margin 41 % 23 % 7 % 2 % NA NA 23 % Adjusted EBITDA Margin 47 % 32 % 20 % 25 % NA NA 33 %
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34 Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects GAAP to Non-GAAP Reconciliations Three Months Ended September 30, 2025 $ Change % Change 2024 (Dollars in millions, rounding differences may occur) Direct Revenue, as reported $ 896.7 $ 17.5 2 % $ 879.2 Foreign exchange effects (12.0) Direct Revenue, excluding foreign exchange effects $ 884.6 $ 5.4 1 % $ 879.2 Tinder Direct Revenue, as reported $ 490.6 $ (12.6) (3)% $ 503.2 Foreign exchange effects (8.2) Tinder Direct Revenue, excluding foreign exchange effects $ 482.4 $ (20.8) (4)% $ 503.2 Hinge Direct Revenue, as reported $ 184.7 $ 39.2 27 % $ 145.4 Foreign exchange effects (1.6) Hinge Direct Revenue, excluding foreign exchange effects $ 183.0 $ 37.6 26 % $ 145.4 E&E Direct Revenue, as reported $ 152.2 $ (6.1) (4)% $ 158.4 Foreign exchange effects (2.5) E&E Direct Revenue, excluding foreign exchange effects $ 149.8 $ (8.6) (5)% $ 158.4 MG Asia, Direct Revenue, as reported $ 69.1 $ (3.0) (4)% $ 72.2 Foreign exchange effects 0.3 MG Asia Direct Revenue, excluding foreign exchange effects $ 69.4 $ (2.7) (4)% $ 72.2
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35 Reconciliation of GAAP Revenue to Non-GAAP Revenue, Excluding Foreign Exchange Effects GAAP to Non-GAAP Reconciliations Three Months Ended September 30, 2025 $ Change % Change 2024 (Dollars in millions, rounding differences may occur) Total Revenue, as reported $ 914.3 $ 18.8 2 % $ 895.5 Foreign exchange effects (12.2) Total Revenue, excluding foreign exchange effects $ 902.1 $ 6.6 1 % $ 895.5 Three Months Ended June 30, 2025 $ Change % Change 2024 (Dollars in millions, rounding differences may occur) Total Revenue, as reported $ 863.7 $ (0.3) — % $ 864.1 Foreign exchange effects (11.2) Total Revenue, excluding foreign exchange effects $ 852.5 $ (11.5) (1)% $ 864.1 Three Months Ended March 31, 2025 $ Change % Change 2024 (Dollars in millions, rounding differences may occur) Total Revenue, as reported $ 831.2 $ (28.5) (3)% $ 859.6 Foreign exchange effects 19.4 Total Revenue, excluding foreign exchange effects $ 850.6 $ (9.0) (1)% $ 859.6 Three Months Ended December 31, 2024 $ Change % Change 2023 (Dollars in millions, rounding differences may occur) Total Revenue, as reported $ 860.2 $ (6.1) (1)% $ 866.2 Foreign exchange effects 14.8 Total Revenue, excluding foreign exchange effects $ 875.0 $ 8.8 1 % $ 866.2 Three Months Ended September 30, 2024 $ Change % Change 2023 (Dollars in millions, rounding differences may occur) Total Revenue, as reported $ 895.5 $ 13.9 2 % $ 881.6 Foreign exchange effects 11.0 Total Revenue, excluding foreign exchange effects $ 906.5 $ 24.9 3 % $ 881.6
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36 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow GAAP to Non-GAAP Reconciliations Years Ended December 31, 2023 2024 LTM Q3'25 (Dollars in thousands) Net cash provided by operating activities $ 896,791 $ 932,719 $ 1,012,310 Capital expenditures (67,412) (50,578) (49,667) Free cash flow $ 829,379 $ 882,141 $ 962,643 For the Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 (Dollars in thousands) Net cash provided by operating activities $ 264,941 $ 254,710 $ 193,117 $ 243,842 $ 320,641 Capital expenditures (13,106) (7,567) (15,427) (12,870) (13,803) Free cash flow $ 251,835 $ 247,143 $ 177,690 $ 230,972 $ 306,838
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37 Reconciliation of Net Income to Adjusted EBITDA used in Leverage Ratios GAAP to Non-GAAP Reconciliations Years Ended December 31, 2023 2024 LTM Q3'25 (Dollars in thousands) Net income attributable to Match Group, Inc. shareholders $ 651,539 $ 551,276 $ 562,093 Add back: Net (loss) income attributable to noncontrolling interests (67) 37 (10) Income tax provision 125,309 152,743 126,757 Other income, net (19,772) (40,815) (21,604) Interest expense 159,887 160,071 144,000 Stock-based compensation expense 232,099 267,381 263,373 Depreciation 61,807 87,499 75,219 Impairments and amortization of intangibles 47,731 74,175 40,663 Adjusted EBITDA $ 1,258,533 $ 1,252,367 $ 1,190,491