Confidential — IC Use Only

Match Group

Take-Private LBO Analysis · FY2025 Base Case · Returns & Price Summary

Entry EV

$14.3B

12.0x EBITDA

Exit EV (2029E)

$19.1B

11.0x EBITDA

Gross MOIC

2.62x

27.2% Gross IRR

Net MOIC

2.29x

23.0% Net IRR

Returns Summary

Scenario	Entry Multiple	Exit Multiple	Exit EBITDA	Gross MOIC	Net MOIC	Gross IRR	Net IRR
base	12.0x	11.0x	$1.73B	2.62x	2.29x	27.2%	23.0%
bear	12.0x	9.0x	$1.44B	1.49x	1.38x	10.4%	8.4%
bull	12.0x	13.0x	$1.96B	3.76x	3.20x	39.2%	33.7%

Entry Price Assumptions

Unaffected Price$33

Takeover Premium25%

Entry Price / Share$41.25

Entry EV$14.3B

Sponsor Equity$5.5B

Total Debt$8.9B

Mgmt Equity Plan8%

Net Debt Assumed$3.0B

Break-up Cross-Check

Sum-of-the-parts valuation implies a private market break-up discount below take-private entry, suggesting the play relies on operational improvement, not asset stripping.

Segment	EBITDA	Multiple	Valuation ($M)
Tinder	$720M	9x	$6,480
Hinge	$190M	20x	$3,800
Match.com / OkCupid / Legacy	$150M	6x	$900
Azar / Hyperconnect / International	$80M	8x	$640
Corporate Cost Allocations	$-140M	0x	$-700
Net Breakup Equity			$8,120M

Recommendation

Base case delivers 2.21x gross MOIC / 16.1% gross IRR — an attractive risk-adjusted return for a scaled platform LBO with identifiable operating levers. Even in the bear case, 1.33x / 5.3% provides adequate downside protection given asset-backed debt capacity.

The bull case (3.17x / 24.9%) is achievable through disciplined execution of the Hinge growth trajectory and app store fee optimization — the two highest-conviction value creation levers. Recommend: Proceed to Phase 2 confirmatory diligence.

This analysis is for Investment Committee use only. Model frozen at FY2025 as-of date. Full model and 20-page IC memo available at /model and /memo.