ppli-20260622

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K


x			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025

or

o			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number 0-20570

A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:

IAC Inc. Retirement Savings Plan

B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:

People Incorporated (formerly IAC Inc.)

555 West 18th Street

New York, New York 10011

IAC Inc. Retirement Savings Plan

Table of Contents


						Page Number
Report of Independent Registered Public Accounting Firm						3

Financial Statements:
Statement of Net Assets Available for Benefits as of December 31, 2025 and 2024						4
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025						5
Notes to Financial Statements:
Note 1—Description of the Plan						6
Note 2—Summary of Significant Accounting Policies						8
Note 3—Fair Value Measurements						9
Note 4—Income Tax Status						10

Note 5—Party-in-Interest Transactions						10
Note 6—Certain Risks and Uncertainties						10
Note 7—Reconciliation of Financial Statements to Form 5500						11
Note 8—Subsequent Events						11
Supplemental Schedule:

Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025						12

Exhibit:
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of IAC Inc. Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of IAC Inc. Retirement Savings Plan (the Plan) as of December 31, 2025 and 2024, and the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2025 and 2024, and the changes in its net assets available for benefits for the year ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedule Required by ERISA

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2025 (referred to as the “supplemental schedule”), has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ Ernst & Young LLP

We have served as the Plan's auditor since 1998.

New York, New York June 22, 2026

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IAC Inc. Retirement Savings Plan

Statement of Net Assets Available for Benefits


	December 31,
	2025		2024
Assets
Cash	$	238,775	$	4,338
Investments, at fair value	1,751,947,322		1,566,391,662
Receivables:
Notes receivable from participants	7,355,926		7,171,476
Participant contributions	—		178
Employer contributions	—		89
Total receivables	7,355,926		7,171,743
Net assets available for benefits	$	1,759,542,023	$	1,573,567,743

See accompanying Notes to Financial Statements.

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IAC Inc. Retirement Savings Plan

Statement of Changes in Net Assets Available for Benefits


	Year Ended December 31, 2025
Additions to net assets attributed to:
Investment income:
Net realized and unrealized appreciation in fair value of Plan investments	$	230,224,408
Dividend, interest and other income	29,617,464
Total investment income	259,841,872
Contributions:
Participants	72,209,955
Employer, net of forfeitures	19,525,476
Participant rollovers	9,911,785
Total contributions	101,647,216
Total additions	361,489,088

Deductions from net assets attributed to:
Benefits paid to participants	(174,847,104)
Administrative expenses	(667,704)
Total deductions	(175,514,808)
Net increase	185,974,280

Net assets available for benefits—beginning of year	1,573,567,743
Net assets available for benefits—end of year	$	1,759,542,023

See accompanying Notes to Financial Statements.

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IAC Inc. Retirement Savings Plan

Notes to Financial Statements

Note 1—Description of the Plan

The following description of the IAC Inc. Retirement Savings Plan (the "Plan") provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan covering substantially all U.S. employees of People Incorporated (formerly IAC Inc., which is referred to herein as "People Incorporated" or the "Company") and its subsidiaries. On June 4, 2026, IAC Inc. announced that it changed its name to People Incorporated. This change did not impact the provisions of the Plan, and no amendments to the Plan had been adopted as of the financial statement date to reflect this name change. The Plan continues to operate under the existing Plan documents, which refer to IAC Inc. as the Plan sponsor, pending formal amendment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

Contributions

Participants can make pre-tax contributions, after-tax contributions and/or Roth 401(k) contributions (including irrevocable In-Plan Roth rollovers) up to 50% of their eligible compensation (as defined in the Plan document) through payroll deductions. Participant contributions are subject to annual limitations established by the Internal Revenue Service ("IRS"). For 2025, the IRS limited the annual pre-tax and Roth 401(k) contributions, additional pre-tax and Roth 401(k) catch-up contributions and voluntary after-tax contributions for participants to:


	Retirement Plan Limits
Pre-tax and Roth 401(k) contributions	$	23,500
Catch-up contributions for participants aged 50 - 59 years of age and 64 years of age and above	$	7,500
Catch-up contributions for participants aged 60 - 63 years of age	$	11,250
Annual contributions, the sum of employer and participant contributions, including voluntary after-tax contributions	$	70,000

Other IRS limits exist for certain highly compensated Plan participants. The Plan permits rollover contributions, including Roth rollovers, from other qualified plans; however, rollover contributions are not eligible for Company matching contribution. Participants can direct their contributions to any of the Plan’s investment options and may generally change their investment options daily. Employees who are 18 years of age or older are eligible to participate upon commencement of service (as defined in the Plan document).

All newly hired (and rehired) employees are automatically enrolled in the Plan, with pre-tax contributions of 6% of their eligible compensation (as defined in the Plan document) through payroll deductions commencing approximately 90 days from the date of their first pay period. Such deductions are automatically directed into the T. Rowe Price Retirement Active B Fund based on the Plan participant's expected year of retirement. Plan participants who have: (i) elected to contribute 0% of their eligible compensation, will have their contributions automatically increased annually to pre-tax contributions of 6% of their eligible compensation and (ii) elected to contribute less than 10% of their eligible compensation will have their contributions automatically increased annually at a rate of 1% (up to a maximum of 10%), with annual increases being effected in the same manner as the Plan participants’ current contribution election (i.e., pre-tax contributions, Roth 401(k) contributions and post-tax contributions). New and existing employees are notified of their automatic enrollment and/or automatic changes to their contributions percentage in advance and may elect not to participate in the Plan, change their default investment option and/or change their default contribution percentage.

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IAC Inc. Retirement Savings Plan

Notes to Financial Statements (Continued)

Depending upon the People Incorporated subsidiary for which a given participant provides services, the Company either matches 100% of the first 5% or 10% of eligible compensation or 50% of the first 6% of eligible compensation (subject to IRS limits on Company matching contributions) that a participant contributes in each payroll period to the Plan. In addition, the Plan generally limits Company matching contributions to a maximum of $10,000 per participant on an annual basis. The Company may also make discretionary contributions of funds annually, which (if applicable) would be determined by the Company’s Board of Directors (or a committee thereof).

Company matching contributions and discretionary contributions (if any) are directed to Plan investment options based upon the respective participant’s investment election(s).

Participant Accounts and Allocations

Each participant account is credited with participant contributions, Company matching contributions and Company discretionary contributions (if any), as well as an allocation of Plan earnings (losses). Plan earnings (losses) are allocated by fund based on the ratio of a relevant participant's investment in a particular fund to all participants' investment in that same fund. Fees charged for participant loans and distributions are allocated directly to the relevant participant’s account. The Plan benefit to which each participant is entitled is the vested portion of each relevant participant’s account.

Vesting

Participant contributions are fully vested at the time of contribution. Company matching contributions (plus earnings thereon) vest after two years of credited service. In the event plans are merged into the Plan, Company matching contributions may vest over different periods based upon the terms of the merged plans. In these cases, participants would refer to the applicable Plan amendments for a complete description of applicable vesting provisions.

Forfeitures

Company matching contributions that do not vest are forfeited. Forfeitures are first made available to reinstate previously forfeited account balances of qualifying participants who have left the Company and have subsequently returned, in accordance with applicable law. Remaining amounts (if any) are used to reduce prospective Company matching contributions and discretionary contributions, as well as to pay Plan expenses.

As of December 31, 2022, Dotdash Meredith Inc. (rebranded People Inc.), a subsidiary of the Company, froze and terminated its domestic funded pension plan and in 2024, this plan’s remaining assets of $16.0 million were transferred to a suspense account within the Plan. In accordance with IRS requirements, the assets in this suspense account were allocated to active People Inc. participants in the Plan. During 2024, People Inc. made its first asset allocation under the IRS requirements, in the amount of $2.3 million, and allocated the remaining funds of $13.9 million, including investment income, in 2025.

Cumulative forfeited non-vested accounts totaled approximately $0.5 million and $1.8 million at December 31, 2025 and 2024, respectively. The amount of forfeitures used to reduce Company matching contributions for the year ended December 31, 2025 totaled approximately $15.2 million and relates primarily to People Inc.’s terminated domestic funded pension plan assets described above.

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IAC Inc. Retirement Savings Plan

Notes to Financial Statements (Continued)

Notes Receivable from Participants

Participants may borrow from their Plan accounts in an amount equal to at least $1,000 and up to a maximum amount equal to the lesser of $50,000 or 50% of their vested account balance. Except for loans used to purchase a primary residence, which can have terms of up to 15 years, loan terms are limited to a maximum of five years. Any loans that have been transferred into the Plan from a previous plan are subject to the terms of the initial loan. Loans are secured by the balance in the relevant participant’s account and bear interest at a rate commensurate with prevailing commercial rates at the time of the loan as determined by the recordkeeper. Principal and interest are paid ratably through regular payroll deductions. Upon a termination of employment, any outstanding loans are due and payable within 90 days following the termination date. At both December 31, 2025 and 2024, interest rates on outstanding loans ranged from 4.25% to 9.50%, with maturity dates through October 29, 2040 and July 31, 2039 at December 31, 2025 and 2024, respectively.

Payment of Benefits

Upon a termination of employment, death, disability, financial hardship or the attainment of age 591/2, vested participant accounts generally become distributable in the form of a lump sum payment or substantially equal installments of cash as previously elected by the relevant participant in accordance with applicable law and the Plan. Participant vested account balances of more than $7,000 may be left in the Plan as previously elected by the relevant participant in accordance with applicable law and the Plan; provided, however, that related distributions may not be deferred past April 1 of the calendar year following the year in which the participant attains age 72. Vested participant account balances of less than $7,000 but more than $1,000 will be automatically rolled over into an individual retirement account unless the relevant participant elects otherwise. Vested participant account balances of $1,000 or less will be automatically distributed in a lump sum. When participants reach the age of 591/2, they may elect to withdraw some or all of their vested account balance while still employed. In some cases, pre-tax contributions may be withdrawn earlier, subject to certain hardship withdrawal provisions set forth in the Plan. Participants who have made after-tax contributions may elect to withdraw some or all of their vested account balance with no limit on the number of withdrawals of this type.

Plan Termination

Although the Company has expressed no intent to terminate the Plan, if the Plan was terminated by the Company, all employer contributions (including earnings thereon) credited to participant accounts would become 100% vested and the net assets would be distributed to participants.

Administrative Expenses

All administrative expenses of the Plan are borne by the Plan, unless the Company elects to pay such expenses.

Note 2—Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements have been prepared in accordance with United States (“U.S”). generally accepted accounting principles ("GAAP").

Use of Estimates

The preparation of financial statements in accordance with GAAP requires Plan management to make certain estimates, judgments and assumptions that affect the amounts reported in the financial statements and the disclosures in the accompanying notes. Actual results could differ from these estimates.

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IAC Inc. Retirement Savings Plan

Notes to Financial Statements (Continued)

Investment Valuation and Income Recognition

Plan investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See "Note 3—Fair Value Measurements" for a discussion of fair value measurements.

Purchases and sales of investments are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date and interest income is recorded when earned.

Notes Receivable from Participants

Notes receivable from participants are recorded at their unpaid principal balance, plus any accrued and unpaid interest. Delinquent participant loans are reclassified as distributions based on the terms of the Plan. No allowance for credit losses has been recorded as of December 31, 2025 and 2024.

Benefit Payments

Benefit payments are recorded when paid.

Recent Accounting Pronouncements

There are no recently issued accounting pronouncements that are expected to have a material effect on the Plan's financial statements.

Note 3—Fair Value Measurements

Plan management categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:

• Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.

• Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data.

• Level 3: Unobservable inputs for which there is little or no market data and require the Plan to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.

Shares of registered investment companies, investments in the People Incorporated common stock fund and the self-directed brokerage account investment option (which is invested primarily in registered investment companies, cash and cash equivalents and common stock), are valued at quoted market prices at year-end. The fair value of common collective trust funds is based on the Net Asset Value ("NAV") reported by the administrator of the respective common collective trust funds. The NAV is calculated daily and is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. While the underlying assets are actively traded, these funds are not publicly traded and are, therefore, classified as Level 2. There are no restrictions on redemptions related to the common collective trust funds. There have been no changes in the valuation methodologies used between December 31, 2025 and 2024.

The preceding valuation methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While Plan management believes these valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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IAC Inc. Retirement Savings Plan

Notes to Financial Statements (Continued)

The following tables set forth, by level within the fair value hierarchy, Plan assets that are measured at fair value as of December 31, 2025 and 2024. There are no Plan assets that are measured on a recurring basis using Level 3 inputs.


	December 31, 2025
	Level 1		Level 2		Total Fair Value Measurements
Investments in registered investment companies	$	564,985,896	$	—	$	564,985,896
Investment in self-directed brokerage account	35,531,897		—		35,531,897
Investment in People Incorporated common stock fund	4,309,467		—		4,309,467
Investments in common collective trust funds	—		1,147,120,062		1,147,120,062
Total investments, at fair value	$	604,827,260	$	1,147,120,062	$	1,751,947,322


	December 31, 2024
	Level 1		Level 2		Total Fair Value Measurements
Investments in registered investment companies	$	503,824,838	$	—	$	503,824,838
Investment in self-directed brokerage account	28,792,975		—		28,792,975
Investment in People Incorporated common stock fund	6,622,593		—		6,622,593
Investments in common collective trust funds	—		1,027,151,256		1,027,151,256
Total investments, at fair value	$	539,240,406	$	1,027,151,256	$	1,566,391,662

Note 4—Income Tax Status

The Plan received a determination letter from the IRS, dated May 14, 2014, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the "Code") and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator has indicated that it will take the necessary steps, if any, to bring the Plan’s operations into compliance with the Code. The Plan was amended and restated subsequent to the receipt of this determination letter.

The Company, in its capacity as Plan Administrator, has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025, there are no uncertain tax positions taken by the Plan. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

Note 5—Party-in-Interest Transactions

One of the investment options in the Plan is a fund consisting primarily of publicly traded common stock of People Incorporated, the sponsor of the Plan. This investment qualifies as a party-in-interest.

Note 6—Certain Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the statement of net assets available for benefits.

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IAC Inc. Retirement Savings Plan

Notes to Financial Statements (Continued)

Note 7—Reconciliation of Financial Statements to Form 5500

There is one adjustment to reconcile the Plan's financial statements to the Plan's Form 5500 for the year ended December 31, 2025 related to deemed distributions of notes receivable from participants under the Plan.

In the case of participants who remain actively employed and do not repay their outstanding loan (or the interest thereon) within the time set forth in the related promissory note, the total amount of their related loans outstanding (and any interest owed) will be considered deemed distributions. Deemed distributions are excluded from the net assets available for benefits and are instead reported as an expense in the Plan's Form 5500. For the purposes of these financial statements, in conformity with GAAP, deemed distributions remain classified as "Notes receivable from participants" until a qualifying distributable event occurs.

The following is a reconciliation of the statement of net assets available for benefits between the financial statements and Form 5500.


	December 31,
	2025		2024
Net assets available for benefits per the financial statements	$	1,759,542,023	$	1,573,567,743
Deemed distributions of Notes receivable from participants under the Plan	(33,080)		(36,328)
Net assets available for benefits per Form 5500	$	1,759,508,943	$	1,573,531,415


	December 31,
	2025		2024
Notes receivable from participants per the financial statements	$	7,355,926	$	7,171,476
Deemed distributions of Notes receivable from participants under the Plan	(33,080)		(36,328)
Participant loans per Form 5500	$	7,322,846	$	7,135,148

The following is a reconciliation of the statement of changes in net assets available for benefits between the financial statements and Form 5500.


	Year Ended December 31, 2025
Net increase in plan assets per the financial statements	$	185,974,280
Net impact of deemed distributions of Notes receivable from participants under the Plan	3,248
Net income per Form 5500	$	185,977,528

Note 8—Subsequent Events

Following the completion of the Company’s spin-off of Angi Inc. ("Angi") to its shareholders on March 31, 2025, on January 2, 2026, the net assets available for benefits of $237.1 million of Angi Plan participants were transferred out of the Plan and into a separate plan established and maintained by Angi.

On March 16, 2026, the Company completed the sale of its wholly-owned subsidiary, Care.com. Plan participants who are employees of Care.com are expected to continue to participate in the Plan through July 31, 2026. Effective August 1, 2026, Care.com is expected to establish a separate plan that will be maintained by Care.com and the net assets available for benefits for Plan participants who are employees of Care.com will be transferred into such plan. As of May 31, 2026, the estimated net assets available for benefits for the employees of Care.com were $145.7 million.

IAC Inc. Retirement Savings Plan

Supplemental Schedule

EIN: 84-3727412 Plan Number: 001

Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2025

(a)

(b)
Identity of Issuer, Borrower, Lessor, or
Similar Party

(d)
Cost **

(e)
Current Value

Vanguard Institutional Index Fund Institutional Plus Shares

Registered Investment Company

214,611,175

T. Rowe Price Retirement 2050 Active B

Common Collective Trust Fund

179,470,163

T. Rowe Price Retirement 2045 Active B

Common Collective Trust Fund

172,875,683

T. Rowe Price Retirement 2055 Active B

Common Collective Trust Fund

171,426,584

T. Rowe Price Retirement 2040 Active B

Common Collective Trust Fund

170,521,681

T. Rowe Price Retirement 2035 Active B

Common Collective Trust Fund

137,513,938

T. Rowe Price Retirement 2030 Active B

Common Collective Trust Fund

107,074,077

T. Rowe Price Retirement 2060 Active B

Common Collective Trust Fund

79,972,539

T. Rowe Price Large Cap Growth I

Registered Investment Company

72,360,189

Vanguard Extended Market Index Institutional Fund

Registered Investment Company

53,933,643

T. Rowe Price Retirement 2025 Active B

Common Collective Trust Fund

49,596,730

Vanguard Total International Stock Index Fund Institutional Shares

Registered Investment Company

44,650,243

Fidelity Small Cap Growth K6

Registered Investment Company

40,418,793

JP Morgan Equity Income R6

Registered Investment Company

37,823,198

Personal Choice Retirement Account

Self-directed brokerage account

35,530,620

Reliance Trust Company Stable Value Fund

Common Collective Trust Fund

31,096,802

Vanguard Total Bond Market Index Fund Institutional Shares

Registered Investment Company

27,006,344

T. Rowe Price Retirement 2020 Active B

Common Collective Trust Fund

22,831,022

MFS International Nal Growth R6

Registered Investment Company

22,786,213

PIMCO Total Return Fund

Registered Investment Company

15,411,857

T. Rowe Price Retirement 2065 Active B

Common Collective Trust Fund

14,877,130

DFA U.S. Targeted Value CL I

Registered Investment Company

8,835,300

Loomis Sayles Investment Grade Bond Y Fund

Registered Investment Company

8,458,004

T. Rowe Price Retirement Balanced Active B

Common Collective Trust Fund

7,803,599

Fidelity Emerging Markets Fund Class K

Registered Investment Company

5,125,150

People Incorporated Common Stock Fund

Employer/Individual Stock

4,179,112

Goldman Sachs International Eq Inc R6

Registered Investment Company

4,136,889

T. Rowe Price International Discovery Fund

Registered Investment Company

3,832,396

DFA Global Real Estate Securities Portfolio

Registered Investment Company

3,397,145

PMCO Commodity Real Return Strategy Fund Institutional Class

Registered Investment Company

2,199,357

T. Rowe Price Retirement 2015 Active B

Common Collective Trust Fund

956,170

T. Rowe Price Retirement 2010 Active B

Common Collective Trust Fund

605,471

T. Rowe Price Retirement 2005 Active B

Common Collective Trust Fund

498,473

State Street Institutional U.S. Government Money Market Fund (1)

Money Market Fund

130,355

Limited Partnership (2)

Limited Partnership

1,277

Total Investments, at fair value

1,751,947,322

Notes receivable from participants

Interest rates ranging from 4.25% to 9.50%, with maturity dates through October 29, 2040

7,355,926

Total

1,759,303,248

____________________________________________

* Party-in-interest to the Plan as defined by ERISA.

** These investments are participant-directed and, therefore, cost information is not required.

(1) The State Street Institutional U.S. Government Money Market Fund has been broken out from the People Incorporated Common Stock Fund for the purposes of this schedule. They are included together in the "Investment in People Incorporated common stock fund" balance in the fair value table in "Note 3—Fair Value Measurements."

(2) The Limited Partnership investment has been broken out from the Personal Choice Retirement Account for purposes of this schedule. They are included together in the "Investment in self-directed brokerage account" balance in the fair value table in "Note 3—Fair Value Measurements."

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: June 22, 2026		IAC Inc. Retirement Savings Plan

	By:	/s/ CHRISTOPHER CURRIER
		Senior Vice President and Controller (Chief Accounting Officer) People Incorporated

SEC Form 11-K filed by IAC Inc.