Core Insights - Match Group (MTCH) reported Q2 2025 earnings of $0.72 per share, missing estimates by 11.11%, but showing a 50% increase year-over-year [1][9] - Revenues were flat at $863.7 million, slightly beating estimates by 1.24%, with a 1% decrease on an FX-neutral basis [1][9] - The company expects Q3 2025 revenues of $910-$920 million, indicating 2-3% year-over-year growth [11] Revenue Breakdown - Direct revenues were $845.5 million, down 0.3% year-over-year, while indirect revenues increased 15.1% to $18.3 million [2] - Hinge drove top-line growth with direct revenues increasing 25.4% year-over-year [2][4] - Tinder's direct revenues decreased 3.9% year-over-year to $461.2 million, but surpassed estimates by 0.84% [3][9] User Metrics - Total payers decreased by 5% year-over-year to 14.09 million, missing estimates by 0.50% [3][9] - Revenue per payer (RPP) increased 5% year-over-year to $20, beating estimates by 1.56% [3][9] - Hinge's payers increased by 18% year-over-year to 1.75 million, with RPP rising 6% to $31.96 [4] Operating Performance - Total operating costs increased 1.6% year-over-year to $669.8 million, representing 77.6% of revenues [7] - Adjusted operating income was $289.9 million, down 5.4% year-over-year, with an adjusted operating margin of 33.6% [7] Financial Position - As of June 30, 2025, Match Group had cash and short-term investments of $340.4 million, down from $414 million as of March 31, 2025 [8] - Long-term debt remained flat at $3.5 billion [10] Future Guidance - For 2025, the company anticipates revenues towards the high end of the guided range of $3,375-$3,500 million, driven by positive FX impacts [12] - The expected adjusted operating income margin for the full year is 36.5%, factoring in $50 million in reinvestments [12]

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Core Insights - Match Group reported Q2 2025 GAAP revenue of $864 million, flat year-over-year but slightly above consensus estimates by $9.92 million, or 1.16% [1][2] - GAAP earnings per share were $0.49, matching analyst expectations, while adjusted operating income decreased by 5% to $290 million [1][2] - The company highlighted strong growth at Hinge but faced ongoing declines in Tinder payers and margins, indicating challenges in user trends and profitability [1][5] Financial Performance - Total payers across Match Group dropped to 14.1 million, down 5% year-over-year, although revenue per paying user increased by 5% [6] - Free cash flow for the first half of 2025 rose by 6.8% to $409 million, reflecting strong financial discipline [5] - Operating income decreased to $194 million, down 5.4% from the previous year [2] Business Overview - Match Group operates a diverse portfolio of online dating platforms, including Tinder and Hinge, targeting different user demographics [3] - The company focuses on brand portfolio strategy, technological innovation, and user safety to enhance user engagement [4] Technological Innovation - Significant reinvestment in AI capabilities was noted, with new features rolled out on Tinder, including AI-enabled Discovery and a redesigned Recommendations engine [8] - The introduction of the AI-powered Core Discovery Algorithm led to a 15% increase in contacts and matches on Hinge [7] Cost Management and Shareholder Returns - Match Group reported $100 million in annualized cost savings, with $50 million reinvested in product and market expansion [9] - The company repurchased 13.7 million shares for $420 million and paid out $95 million in dividends year-to-date [9] Future Outlook - Management expects Q3 2025 revenue between $910 million and $920 million, a projected increase of 2% to 3%, with adjusted operating income anticipated to decline by 3% [11] - For FY2025, revenue targets are set between $3.375 billion and $3.5 billion, with an adjusted operating income margin of approximately 36.5% [11] - Investors are advised to monitor Tinder's user trends and the overall growth of the payer base, as Hinge shows strong organic growth [12]

User Engagement - Match Group's Tinder app experienced a decline in paying users during the second quarter [1] Product Development & Strategy - The company's CEO indicates that the accelerated rollout of new products is beginning to gain traction, particularly among Gen-Z users [1]

Core Viewpoint - Match Group reported quarterly earnings of $0.72 per share, missing the Zacks Consensus Estimate of $0.81 per share, but showing an increase from $0.48 per share a year ago, indicating a -11.11% earnings surprise [1][2] Financial Performance - The company posted revenues of $863.74 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.24%, but slightly down from $864.07 million year-over-year [2] - Over the last four quarters, Match Group has exceeded consensus revenue estimates three times [2] Stock Performance - Match Group shares have increased approximately 3.6% since the beginning of the year, compared to a 7.6% gain in the S&P 500 [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.92 on revenues of $892.26 million, and for the current fiscal year, it is $3.39 on revenues of $3.45 billion [7] - The trend of estimate revisions for Match Group was mixed ahead of the earnings release, which may change following the recent report [6] Industry Context - The Internet - Software industry, to which Match Group belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

As filed with the Securities and Exchange Commission on August 5, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________to__________ Commission File No. 001-34148 Match Group, Inc. (Exact name of registrant as ...

Financial Data and Key Metrics Changes - Match Group's total revenue for Q2 was $864 million, flat year over year, and down 1% on an FX neutral basis [27][28] - Adjusted operating income (AOI) was $290 million, down 5% year over year, representing an AOI margin of 34% [28] - Tinder's direct revenue in Q2 was $461 million, down 4% year over year, with payers declining 7% to 9 million [29] - Hinge's direct revenue was $168 million, up 25% year over year, with payers growing 18% to 1.7 million [30] - Match Group Asia's direct revenue was $69 million, down 6% year over year, with an operating loss of $300,000 [31] Business Line Data and Key Metrics Changes - Tinder's revenue declined due to a lack of innovation and focus on short-term monetization, while Hinge showed strong growth driven by product innovation [28][30] - The E and E segment's direct revenue was $148 million, down 8% year over year, with payers declining 15% [30] - Indirect revenue increased by 15% year over year, driven by strength in the advertising business [28] Market Data and Key Metrics Changes - Hinge's MAU grew nearly 20% year over year in the first half of the year, with European markets seeing over 60% growth [22][30] - Match Group's overall user engagement metrics are showing signs of improvement, with a decrease in the rate of decline for new account registrations and MAU [54] Company Strategy and Development Direction - The company is undergoing a three-phase turnaround: reset, revitalize, and resurgence, with a focus on product innovation and user outcomes [6][12] - Tinder is being restructured to prioritize low-pressure connections, while Hinge aims to lead in intentional dating [25][26] - A $50 million investment plan is in place for product testing, geographic expansion, and new growth initiatives [25][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the online dating category's growth potential, citing Hinge's success as evidence of ongoing user interest [78] - The company is focused on regaining product market fit, particularly among younger users, and is optimistic about future growth driven by new product offerings [70][79] Other Important Information - The company plans to change its non-GAAP profitability measure from adjusted operating income to adjusted EBITDA starting next quarter [39] - A new marketing strategy is being implemented to support product launches and drive user growth [73] Q&A Session Summary Question: Update on Tinder's engagement with U.S. users under 30 - Management highlighted that recent product launches like DoubleDate are resonating well with younger users, with 90% of usage under 30 [43][44] Question: How to track the status of the turnaround - Management discussed monitoring metrics such as new account registrations, MAU, four-way chats, and contact exchanges to gauge progress [50][54] Question: Expansion of face check and alternative payments - Management is studying the impact of face check on user perception and safety, while alternative payments are showing promising results with a potential $65 million AOI savings opportunity [60][62] Question: Hinge's revenue acceleration drivers - Hinge's growth is attributed to product innovation, a focus on the female experience, and international expansion opportunities [88][91]

Financial Data and Key Metrics Changes - Match Group's total revenue for Q2 was $864 million, flat year over year, and down 1% on an FX neutral basis [28] - Operating income was $194 million, down 5% year over year, representing an operating income margin of 22% [29] - Adjusted operating income (AOI) was $290 million, down 5% year over year, with an AOI margin of 34% [29] - Tinder's direct revenue was $461 million, down 4% year over year, with payers declining 7% to 9 million [30] - Hinge's direct revenue was $168 million, up 25% year over year, with payers growing 18% to 1.7 million [31] Business Line Data and Key Metrics Changes - Tinder's revenue per payer (RPP) grew 3% year over year to $17.14 [30] - Hinge's RPP grew 6% year over year to $31.96, driven by strong user growth and monetization optimization [31] - E and E direct revenue was $148 million, down 8% year over year, with payers declining 15% to 2.3 million [32] - Match Group Asia's direct revenue was $69 million, down 6% year over year, with pairs increasing 6% year over year to 1.1 million [33] Market Data and Key Metrics Changes - Hinge grew its monthly active users (MAU) by nearly 20% year over year in the first half of the year, with European markets seeing over 60% growth [23] - Match Group's indirect revenue was up 15% year over year, driven by strength in the advertising business [29] Company Strategy and Development Direction - The company is undergoing a three-phase turnaround: reset, revitalize, and resurgence, with a focus on user outcomes and product innovation [5][12] - Tinder is being restructured to prioritize low-pressure ways to connect, while Hinge focuses on intentional dating [12][20] - The company plans to allocate approximately $50 million in 2025 towards product testing, geographic expansion, and early-stage bets [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the online dating category's growth potential, citing Hinge's success as evidence of ongoing user interest [26][82] - The company anticipates a year-over-year revenue growth of 2% to 3% for Q3, with a focus on reinvesting savings into product innovation [36][38] Other Important Information - The company plans to change its non-GAAP profitability measure from adjusted operating income to adjusted EBITDA starting next quarter [41] - A new marketing strategy is being implemented to improve engagement with younger users, particularly under 30 [47][48] Q&A Session Summary Question: Update on Tinder's engagement with U.S. users under 30 - Management highlighted that features like DoubleDate are resonating well with this demographic, with 90% of users being under 30 [47][48] Question: How to track the status of the turnaround - Management indicated that they are monitoring metrics such as new account registrations, MAU, four-way chats, and contact exchanges to gauge progress [56][58] Question: Expansion of face check feature - Management is studying the impact of the face check feature on trust and safety, revenue, and user perception [63] Question: Insights on alternative payments - Testing of alternative payments has shown a 30% shift in transactions from in-app purchases to the web, resulting in a 10% increase in net revenue [66] Question: Addressing weaknesses among younger users - Management noted that while there is still some pressure on younger users, they are not seeing further macroeconomic impacts and are testing various monetization strategies [89] Question: Key drivers for Hinge's revenue acceleration - Hinge's growth is attributed to product innovation, a focus on the female experience, onboarding improvements, and international expansion [92][94]

Exhibit 99.2 Q2 2025 Match Group Prepared Remarks Since stepping into the CEO role six months ago, my goal has been to confront the hard truths, take decisive action, and reshape Match Group and Tinder into an innovative product-and-engineering- first company, optimized for user outcomes and built for the long term. Over the last six months, that is exactly what we have done. This is a three-phase turnaround: first we Reset the company, then we Revitalize the products, and last, we undergo a Resurgence with ...

Core Insights - Match Group reported strong financial results for Q2 2025, with total revenue of $864 million, exceeding guidance and Wall Street expectations, despite a $14 million legal settlement charge [1][4][9] - The company is undergoing a three-phase transformation strategy: Reset, Revitalize, and Resurgence, aimed at improving structure, product development, and long-term growth [2][3] - Hinge experienced a 25% year-over-year revenue growth, while Tinder launched new features to enhance user experience and engagement [10] Financial Performance - Total revenue for Q2 2025 was $864 million, with a direct revenue of $848 million, showing a slight increase from $845 million in Q2 2024 [5] - Operating income decreased by 5% year-over-year to $194 million, with an operating income margin of 22% [5][9] - Adjusted operating income also declined by 5% year-over-year to $290 million, maintaining an adjusted operating income margin of 34% [5][9] User Metrics - The number of payers decreased by 5% year-over-year to 14.1 million, while revenue per payer (RPP) increased by 5% to $20.00 [5][9] - Hinge's monthly active users (MAU) grew nearly 20% year-over-year in the first half of 2025, with significant growth in European markets [10] Strategic Initiatives - Match Group plans to reinvest approximately $50 million in the second half of 2025 into strategic initiatives, including product testing and geographic expansion [3] - Tinder's new features, such as Double Date and AI-enabled Discovery, aim to address user pain points and improve platform trust [10] Dividend and Share Repurchase - The Board of Directors declared a cash dividend of $0.19 per share, payable on October 17, 2025 [8] - The company repurchased 13.7 million shares at an average price of $31 per share, deploying over 125% of free cash flow for capital return to shareholders year-to-date [9][15]