شركة ماتش جروب (MTCH): تحليل مصفوفة أنسوف

في مشهد المواعدة الرقمية سريع التطور، تقف Match Group في طليعة الابتكار الاستراتيجي، حيث تستخدم مصفوفة Ansoff القوية للتنقل في ديناميكيات السوق المعقدة. ومن خلال استكشاف استراتيجيات النمو بدقة عبر اختراق السوق، والتطوير، وابتكار المنتجات، والتنويع الاستراتيجي، تُظهر الشركة نهجًا متطورًا لجذب انتباه المستخدم وتوسيع نطاق بصمتها العالمية. من الاستفادة من تقنيات مطابقة الذكاء الاصطناعي المتطورة إلى استكشاف الأسواق الناشئة والمنصات الرائدة التي تركز على العلاقات، تعيد Match Group تحديد كيفية صياغة الاتصالات الحديثة في عالم رقمي متزايد.

شركة ماتش جروب (MTCH) - مصفوفة أنسوف: اختراق السوق

زيادة الإنفاق التسويقي على المنصات الرقمية

استثمرت شركة Match Group مبلغ 498.2 مليون دولار أمريكي في نفقات التسويق في الربع الرابع من عام 2022، وهو ما يمثل 44.4% من إجمالي الإيرادات. زاد الإنفاق على الإعلانات الرقمية بنسبة 22% على أساس سنوي على منصات مثل Google وFacebook وTikTok.

منصة	الاستثمار التسويقي	تكلفة اكتساب المستخدم
تيندر	276.5 مليون دولار	8.23 دولارًا لكل مستخدم جديد
المفصلة	42.3 مليون دولار	6.75 دولارًا لكل مستخدم جديد

تنفيذ الحملات الإعلانية المستهدفة

أبلغت Tinder عن وجود 75.4 مليون مستخدم نشط في الربع الرابع من عام 2022، مع معدل نمو للمستخدمين بنسبة 14% على أساس سنوي.

• معدل التحويل من المستخدمين المجانيين إلى المستخدمين المدفوعين: 12.3%
• متوسط الإيرادات لكل مستخدم يدفع: 22.47 دولارًا
• معدل الاحتفاظ بالحملات المستهدفة: 68%

تطوير ميزات الاشتراك المميز

حققت شركة Match Group إيرادات مباشرة بقيمة 807.4 مليون دولار أمريكي من خدمات الاشتراك في الربع الرابع من عام 2022.

التطبيق	تسعير الاشتراك	نمو المشتركين
تيندر جولد	29.99 دولارًا شهريًا	زيادة 22%
المفصلة المفضلة	19.99 دولارًا شهريًا	زيادة 18%

تعزيز تجربة المستخدم

استثمرت شركة Match Group 186.5 مليون دولار في تطوير المنتجات والتكنولوجيا في عام 2022.

• دقة خوارزمية مطابقة الذكاء الاصطناعي: 87%
• معدل الرضا عن تحسين واجهة المستخدم: 76%
• تحسين أداء التطبيق: أوقات تحميل أسرع بنسبة 35%

الاستفادة من تحليلات البيانات

وصل الاستثمار في تحليلات البيانات إلى 64.3 مليون دولار في عام 2022، حيث تعمل خوارزميات التخصيص على تحسين تفاعل المستخدم بنسبة 41%.

متري	الأداء
دقة توصية المستخدم	92%
تفاعل المستخدم النشط اليومي	متوسط 54 دقيقة

شركة ماتش جروب (MTCH) - مصفوفة أنسوف: تطوير السوق

توسيع التواجد الجغرافي في الأسواق الناشئة بمعدلات عالية لاختراق الهواتف الذكية

اعتبارًا من عام 2022، تُظهر معدلات انتشار الهواتف الذكية في الأسواق الناشئة الرئيسية إمكانات كبيرة:

البلد	معدل اختراق الهواتف الذكية
الهند	54.9%
البرازيل	62.3%
اندونيسيا	51.7%
المكسيك	59.4%

توطين منصات المواعدة لتلبية التفضيلات الثقافية المحددة

تركز استراتيجية التوطين التي تتبعها شركة Match Group على الأسواق الرئيسية:

• تعمل Tinder في 190 دولة
• توسعت المفصلة إلى 51 دولة
• تهيمن منصة الأزواج على سوق المواعدة اليابانية مع 3.8 مليون مستخدم نشط

استهداف الشرائح الديموغرافية المحرومة

فرص السوق لقطاعات المواعدة المتخصصة:

الشريحة الديموغرافية	حجم السوق المحتمل
المواعدة لكبار السن (أكثر من 50 عامًا)	35.6 مليون عازب في الولايات المتحدة
مواعدة LGBTQ+	20 مليون مستخدم محتمل في الولايات المتحدة

شريك مع شركات الاتصالات المحلية

شراكات الاتصالات الاستراتيجية في عام 2022:

• التعاون مع Reliance Jio في الهند
• الشراكة مع Telefonica في أمريكا اللاتينية
• اتفاقية مع شركة تشاينا موبايل لتكامل المنصة الرقمية

تطوير استراتيجيات التسويق الخاصة بالمنطقة

الاستثمار التسويقي ومقاييس اكتساب المستخدمين:

المنطقة	الإنفاق التسويقي	اكتساب المستخدم الجديد
آسيا والمحيط الهادئ	42.3 مليون دولار	6.7 مليون مستخدم جديد
أمريكا اللاتينية	31.5 مليون دولار	4.9 مليون مستخدم جديد

Match Group, Inc. (MTCH) - مصفوفة أنسوف: تطوير المنتجات

إطلاق منصات مواعدة جديدة تستهدف فئات عمرية محددة أو تفضيلات العلاقات

أطلقت شركة Match Group Stir في عام 2022، مستهدفة الآباء الوحيدين، حيث أعرب 30% من الآباء الوحيدين عن اهتمامهم بمنصات المواعدة المتخصصة. أبلغت Hinge عن وجود 3 ملايين مستخدم نشط في عام 2022، مع التركيز على الباحثين عن علاقات جدية الذين تتراوح أعمارهم بين 25 و35 عامًا.

منصة	الهدف الديموغرافي	قاعدة المستخدمين (2022)
المفصلة	الباحثون عن علاقة جادة, 25-35	3,000,000
اثارة	الوالدين الوحيدين	500,000

دمج ميزات اتصالات الفيديو المتقدمة والمواعدة الافتراضية

قدمت Tinder ميزة مكالمات الفيديو في عام 2020، حيث أعرب 45% من المستخدمين عن اهتمامهم بأدوات المواعدة الافتراضية. أبلغ موقع Match.com عن زيادة بنسبة 60% في استخدام تفاعل الفيديو خلال فترات الوباء.

• زاد استخدام ميزة مكالمات الفيديو بنسبة 60% في 2020-2021
• 45% من المستخدمين يفضلون خيارات المواعدة الافتراضية

تطوير تقنية مطابقة التوافق المدعومة بالذكاء الاصطناعي

استثمرت شركة Match Group 25 مليون دولار في تطوير تكنولوجيا الذكاء الاصطناعي في عام 2022. وتقوم الخوارزميات الآن بمعالجة 500 مليون تفاعل للمستخدم شهريًا لتحسين دقة المطابقة.

استثمار الذكاء الاصطناعي	تمت معالجة تفاعلات المستخدم	مطابقة تحسين الدقة
$25,000,000	500,000,000 شهريا	زيادة 22%

إنشاء أدوات متخصصة تركز على العلاقات

قدمت شركة Match Group خدمات التدريب على العلاقات بالشراكة مع 50 مستشارًا محترفًا. تحقق الخدمة إيرادات سنوية بقيمة 5 ملايين دولار مع 75000 مستخدم.

• 50 مستشارًا للعلاقات المهنية
• 5.000.000 دولار إيرادات الخدمة السنوية
• 75.000 مستخدم نشط

تقديم شامل Profile ميزات التحقق والسلامة

طبقت شركة Match Group تقنية التحقق من الصور، مما أدى إلى تقليل التزييف profile الحوادث بنسبة 35% تكلفة تطوير ميزات السلامة 12 مليون دولار في عام 2022.

استثمار السلامة	وهمية Profile تخفيض	معدل نجاح التحقق
$12,000,000	تخفيض 35%	82%

ماتش جروب، Inc. (MTCH) - مصفوفة أنسوف: التنويع

اكتشف الأسواق المجاورة

أعلنت شركة Match Group عن إيرادات بقيمة 3.24 مليار دولار أمريكي في عام 2022. ويقدر حجم سوق الشبكات الاحترافية بنحو 47.3 مليار دولار أمريكي بحلول عام 2027.

قطاع السوق	الإيرادات المحتملة	توقعات النمو
منصات الشبكات المهنية	12.5 مليون دولار	8.3% معدل نمو سنوي مركب
منصات اتصال الصداقة	7.8 مليون دولار	6.5% معدل نمو سنوي مركب

استثمر في تقنيات المواعدة الواقعية

من المتوقع أن يصل سوق الواقع الافتراضي العالمي إلى 62.1 مليار دولار بحلول عام 2027.

• التكلفة التقديرية لتطوير منصة المواعدة عبر الواقع الافتراضي: 5.2 مليون دولار
• اكتساب المستخدمين المحتملين: 1.3 مليون مستخدم
• الإيرادات السنوية المتوقعة من الواقع الافتراضي: 24.6 مليون دولار

تطوير خدمات العلاقة المجاورة

تبلغ قيمة سوق التدريب على العلاقات 2.1 مليار دولار في عام 2022.

نوع الخدمة	القيمة السوقية	النمو المتوقع
استشارات التوفيق بين	850 مليون دولار	نمو سنوي 9.2%
ورش العلاقات	450 مليون دولار	نمو سنوي 7.5%

الحصول على منصات القطاع التكميلية

من المتوقع أن يصل سوق الصحة العقلية إلى 537.97 مليار دولار بحلول عام 2030.

• تكلفة الاستحواذ المقدرة لمنصة الصحة العقلية: 18.5 مليون دولار
• قاعدة المستخدمين المحتملة: 2.7 مليون مستخدم
• الإيرادات السنوية المتوقعة: 42.3 مليون دولار

إنشاء منصات مواعدة تدعم تقنية Blockchain

من المتوقع أن يصل سوق blockchain العالمي إلى 469.49 مليار دولار بحلول عام 2030.

التكنولوجيا	تكلفة التطوير	المستخدمين المحتملين
منصة المواعدة Blockchain	7.6 مليون دولار	1.1 مليون مستخدم
آلية التحقق من Web3	3.2 مليون دولار	850.000 مستخدم

Match Group, Inc. (MTCH) - Ansoff Matrix: Market Penetration

Market Penetration focuses on increasing market share within existing markets using current products. For Match Group, Inc., this means driving higher usage and monetization from the current user base across its established apps like Tinder and Hinge in core geographies such as the US and Europe.

Increase Tinder's subscription conversion rate through A/B testing premium features.

While specific 2025 A/B testing results for Tinder are not public, the industry benchmark conversion rate for dating apps from app listing views to downloads was 20% on Google Play and 18.2% on iOS in 2024, setting the performance target for any new premium feature testing. Tinder's direct revenue in Q2 2025 was $461.2 million, despite a 4% year-over-year decline in direct revenue and a 7% year-over-year drop in its 9.0 million payers.

Run targeted, high-ROI marketing campaigns in core US and European markets.

Match Group, Inc. is clearly executing targeted marketing, as evidenced by the planned 17% year-over-year increase in marketing spend for Q3 2025, aimed at supporting brand campaigns at Tinder and Hinge. The success of this targeting is visible in Hinge's performance; its Monthly Active Users (MAU) in European expansion markets were up more than 60% year-over-year in 2025, showing strong ROI in those specific geographies.

Offer bundled subscriptions across multiple Match Group apps for a slight discount.

Specific discount percentages for bundled subscriptions across the portfolio are not disclosed. However, the overall payer base across the company declined 5% year-over-year to 14.1 million in Q2 2025, while the overall Revenue Per Payer (RPP) increased 5% to $20.00. This suggests that while volume is down, monetization efforts, which could include bundling, are successfully extracting more value per paying user.

Optimize pricing tiers in mature markets to capture more value from heavy users.

Pricing tier optimization is evident through the growth in Revenue Per Payer (RPP) across key brands, indicating successful upselling or price increases on premium tiers. For example, Tinder's RPP grew 3% year-over-year to $17.14 in Q2 2025, and Hinge's RPP grew 6% to $31.96 in the same quarter. This RPP growth is a direct measure of capturing more value from the existing paying base.

Drive re-engagement of lapsed paying users with personalized, limited-time offers.

Match Group, Inc. is focusing on broader lifecycle marketing, as Google is simplifying lifecycle targeting with new GA audience templates to reach lapsed customers. While a specific re-engagement success rate for lapsed paying users isn't quantified, the company is reinvesting $50 million in the second half of 2025 across the portfolio for product testing and marketing, which includes efforts to drive user growth and engagement, which inherently targets lapsed users.

Here are the key performance indicators reflecting Market Penetration efforts in 2025:

Metric	Value (Q2 2025 or Latest)	Year-over-Year Change	Source App/Segment
Total Payers	14.1 million	-5%	Match Group Consolidated
Overall Revenue Per Payer (RPP)	$20.00	+5%	Match Group Consolidated
Tinder Direct Revenue	$461.2 million	-4%	Tinder
Hinge Direct Revenue	$168 million	+25%	Hinge
Hinge Payers	1.7 million	+18%	Hinge
Hinge RPP	$31.96	+6%	Hinge

The overall global penetration for online dating is estimated at only 12%, suggesting significant room for growth even within existing markets. The company is also expecting an estimated $14 million in savings from alternative payments in Q4 2025 alone, which frees up capital for reinvestment into these penetration strategies.

• Test premium features to lift conversion above 20% on Google Play.
• Targeted marketing spend set for a 17% YoY increase in Q3 2025.
• Hinge MAU in Europe up over 60% YoY in 2025 expansion markets.
• RPP growth of 5% shows success in monetizing existing payers.
• Global untapped market represents an opportunity of an estimated 250 million offline and lapsed daters.
• Reinvestment of $50 million planned for product testing and marketing in H2 2025.

Match Group, Inc. (MTCH) - Ansoff Matrix: Market Development

You're looking at how Match Group, Inc. (MTCH) can drive growth by taking existing successful products into new geographic territories. This is Market Development, and the data shows where they are actively placing their bets, especially with Hinge.

Launch Hinge aggressively in high-growth Asian markets like Japan and South Korea.

Match Group, Inc. sees significant potential in Asia, where the dating app penetration rate is only about 7 per cent compared to Western markets. The strategy focuses on 'high-intent' users seeking serious relationships. Pairs, a Japan-based, marriage-matchmaking app owned by Match Group, Inc., reported a 9 per cent increase in user registrations in the third quarter ended September 30, 2024. Furthermore, Pairs recently launched in South Korea, a market similar to Japan in its demand for serious relationships. Hinge, the relationship-focused app, is a key driver, showing Direct Revenue of $184.7 million in the third quarter of 2025, a surge of 27 per cent year-over-year. Hinge's payers grew 19 per cent to 1.7 million in the first quarter of 2025.

Adapt app features and payment methods for emerging markets in Latin America and Africa.

Match Group, Inc. is targeting Latin America with Hinge, which is set to expand into Mexico and Brazil later in 2025. For other emerging areas, the company is pushing Azar, which originated from the $1.73 billion acquisition of Hyperconnect in February 2021. Azar reported 9.5 million monthly active users as of the end of 2024, an increase of 14 per cent year-over-year, with paying customers growing 29 per cent to 600,000. The League is also planning launches in the Middle East and India to address demand for premium experiences in those regions. To support these geographic expansions, Match Group, Inc. plans to reinvest approximately $50 million in the second half of 2025.

The performance of key brands in international or expansion-focused segments illustrates the mixed results of this strategy:

Segment/Brand	Metric	Q3 2025 Value	Year-over-Year Change
Hinge (Direct Revenue)	Revenue ($ millions)	184.7	+27%
Match Group Asia	Direct Revenue ($ millions)	69.1	-4%
Match Group Asia	Payers (millions)	1.11	+6%
Hinge	Payers (millions)	1.7+	+18% (Q2 2025)

Acquire local dating apps in new regions to gain immediate user base and cultural insight.

Match Group, Inc. has historically used acquisitions to enter new markets; for instance, it acquired Korea-based Hyperconnect for $1.73 billion in February 2021. In the current year, 2025, the company completed 1 acquisition, which was Salams, an app-based religion-centric matrimonial platform, in April 2025. The total number of acquisitions made by Match Group, Inc. stands at 8 as of September 2025. These acquisitions have occurred across 5 countries, including South Korea.

Partner with major telecom providers in new countries for bundled data and subscription deals.

Specific financial figures or partnership details regarding bundled data deals with major telecom providers in Latin America or Africa for 2025 are not publicly itemized in the latest reports. However, the overall Total Revenue for Match Group, Inc. in the third quarter of 2025 reached $914 million, a 2 per cent increase year-over-year. The company's overall Payers base across all apps was 14.5 million in Q3 2025.

Translate and localize all app content, including safety and community guidelines, for new regions.

Match Group, Inc.'s portfolio of brands offers services in over 40 languages globally. This scale supports the localization required for successful market development. The company is also focused on platform trust, with Tinder expanding the rollout of Face Check to confirm user authenticity. The overall company generated $437 million in operating cash flow and $409 million in free cash flow year-to-date through June 30, 2025.

Finance: draft the Q4 2025 cash flow projection incorporating the $50 million planned reinvestment by Friday.

Match Group, Inc. (MTCH) - Ansoff Matrix: Product Development

You're looking at how Match Group, Inc. (MTCH) is building new value streams by evolving its existing products, which is the core of Product Development in the Ansoff Matrix. The company is clearly leaning into technology to refresh its flagship apps, even as overall payer counts see some pressure.

For the third quarter of 2025, Match Group posted Total Revenue of $914.3 million, up 2% year-on-year, meeting analyst expectations. This revenue growth is happening while the total number of paying users across the portfolio sits at 14.53 million in Q3 2025, which is down 687,000 year-on-year. The story here is monetization: the overall Revenue Per Payer (RPP) saw a significant increase of 7% year-over-year in Q3. This suggests that product enhancements, even if they don't immediately drive massive new user sign-ups, are successfully encouraging existing users to spend more.

Match Group executed against a $50 million reinvestment plan in Q3, specifically targeting product testing and feature acceleration across the portfolio. This investment is directly funding the Product Development strategy you are outlining.

AI-Driven Features for Match Quality

Integrating advanced AI is central to the Revitalize phase of Match Group's turnaround. For Tinder, this means moving beyond simple matching. The company rolled out the AI-driven Chemistry matching feature in Q3. Furthermore, Hinge's success is partly attributed to its AI-based recommendation engine, which resulted in a 15% increase in matches and contacted exchanges in Q1. Match Group has created a centralized AI group to build shared tooling across all brands, showing a commitment to scaling this technology.

Expanding Social Utility Beyond Core Dating

While specific revenue data for entirely new, non-dating social features isn't broken out, Match Group is clearly testing social-adjacent experiences. Tinder launched Double Date and College Modes globally or in testing phases, which are designed to offer lower-pressure, more social ways to connect, especially for Gen Z users. The company also owns Azar, an AI-powered live video chat app gaining traction in various regions, which represents a foray into real-time, experience-focused connections.

Premium Tiers and Hinge's Ascent

Hinge is the standout performer here, showing strong growth that suggests premium features are resonating with its relationship-focused user base. In Q3 2025, Hinge's direct revenue hit $185 million, marking a 27% year-over-year increase. This was driven by a 17% increase in payers and a 9% increase in RPP for the quarter. While a dedicated executive tier isn't quantified, the strong RPP growth suggests users are willing to pay a premium for better filtering or features, with projections showing Hinge reaching $1 billion in annual revenue by 2027.

Engagement Through Richer Profiles

The focus on richer profile elements is evident, particularly on Hinge, which introduced new prompt-driven profile elements that are improving user engagement. While explicit data on a full rollout of video-first profiles across the portfolio isn't available, the investment in AI tools like Tinder's Photo Finder shows a direction toward more dynamic content presentation. The success of Azar, a live video chat app, also signals the company's belief in real-time interaction as a future engagement driver.

New Safety Features as Monetization Levers

Trust and safety enhancements are being integrated directly into the product roadmap. Tinder rolled out Face Check, which has already shown a 60% reduction in exposure to bad actor profiles and a 40% decrease in bad actor reports in Q3. Earlier in the year, new trust and safety initiatives reduced bad actor reports by more than 15% in Q1. While the search results confirm the development and rollout of these safety features, they do not provide a specific financial figure for an optional paid add-on for background checks, though the overall RPP increase suggests monetization of premium safety/verification tools is a viable path.

Here's a quick look at how the key platforms performed in Q3 2025:

Metric	Tinder	Hinge	Total Match Group
Direct Revenue YoY Change	-3%	+27%	Not explicitly stated
Payers (Millions)	9.0M (Q2)	1.7M (Q2)	14.53M (Q3)
Revenue Per Payer (RPP) YoY Change	+3% (Q2)	+9% (Q3)	+7% (Q3)
Key Product Initiative	AI Chemistry Matching	AI Recommendation System	$50 million reinvestment in product

The company is definitely putting capital to work, with Q3 Adjusted EBITDA coming in at $301.4 million, or a 33% margin. Excluding a $61 million legal settlement charge, the Adjusted EBITDA would have been $364 million, up 6% year-over-year.

Finance: draft 13-week cash view by Friday.

Match Group, Inc. (MTCH) - Ansoff Matrix: Diversification

You're looking at how Match Group, Inc. can move beyond its core dating apps, which saw Q3 2025 Total Revenue hit $914 million, up 2% year-over-year, but with Payers declining 5% to 14.5 million. Diversification means putting capital to work in new areas, and Match Group, Inc. has signaled this intent with a specific reinvestment plan.

Match Group, Inc. plans to allocate approximately $50 million in the second half of 2025 toward strategic initiatives, which covers new product testing and early-stage bets. This capital deployment is the financial engine for exploring these new vectors.

Launch a new, non-dating social discovery app targeting platonic friendships or professional networking.

While Match Group, Inc. has not detailed a specific platonic or professional networking app launch, the company is earmarking funds for new concepts. The $50 million reinvestment plan includes funding for 'a new dating app concept' and other product testing. This signals a willingness to test entirely new user engagement models outside the established dating paradigm.

Acquire a minority stake in a complementary business, like a mental wellness or relationship coaching platform.

The search for complementary businesses is evidenced by Match Group, Inc.'s existing portfolio moves. For instance, the HER acquisition, part of the early-stage bets, boosted its test-market revenue by over 20% in Q3 2025. This demonstrates a clear path where external or niche platform integration can yield significant financial upside, even if the initial investment is a minority stake or a small acquisition.

Develop a virtual reality (VR) dating experience, leveraging the metaverse trend for a new user segment.

The focus on innovation is clear, with a portion of the $50 million investment going to product testing at Tinder, aiming for a 'low-pressure, serendipitous experience designed for Gen Z' by 2026 and 2027. This product-led transformation, which includes AI-powered features like Chemistry, shows a commitment to next-generation user interfaces, which could eventually encompass VR, though specific VR investment figures aren't public yet. The company is prioritizing user outcome enhancements over immediate monetization, which is a key strategic shift.

Invest in a niche, non-dating subscription service, such as a local events or experience booking platform.

The success of Hinge, which delivered direct revenue of $184.7 million in Q3 2025, up 27% year-over-year, shows that a niche, purpose-driven brand can thrive within the portfolio. This success validates the strategy of investing in distinct brands that serve specific user needs, a model that could be applied to local events or experiences if the right platform is identified and funded through the strategic reinvestment pool.

Create a B2B service offering data insights or advertising tools to third-party consumer brands.

Match Group, Inc. already has a growing B2B component through advertising. Indirect revenue was up 8% year-over-year in Q3 2025, driven by the third-party advertising business. Furthermore, operational improvements suggest future B2B-like financial benefits. The company expects alternative payment methods to generate approximately $90 million in savings in 2026, which is a direct financial benefit from optimizing transaction processing, a function that could be productized or scaled for other consumer brands.

Here's a quick look at the core financial position as of the end of Q3 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenue	$914 million	+2%
Payers	14.5 million	-5%
Revenue Per Payer (RPP)	$20.58	+7%
Net Income	$161 million	+18%
Adjusted EBITDA (Ex-Settlement)	$364 million	+6%
Year-to-Date Free Cash Flow	$716 million	N/A

The strategic focus for the near term involves product velocity and trust, as seen by the Face Check verification feature reducing bad-actor interactions by over 60% in test markets. This focus on user experience is a prerequisite for any successful diversification effort.

The company's current capital allocation priorities include:

• Allocating approximately $50 million in H2 2025 for strategic initiatives.
• Continuing aggressive share repurchases, deploying nearly 100% of Free Cash Flow for capital return in the first nine months of 2025.
• Targeting a full-year 2025 AOI margin of 36.5% before certain charges.
• Maintaining a net leverage ratio of 2.5x as of September 30, 2025.

Finance: finalize the 2026 savings projection from alternative payments by next Tuesday.