Zillow : Investor Deck - February 2026

February 2026

Zillow Investor Presentation

The Zillow Investment Opportunity

Evolving a great brand into a great business: consistent execution with investments for durable, profitable long-term growth

Leading brand and engaged audience:

70% of actual buyers and sellers in the U.S. are on Zillow1, and 80%2 of consumers come directly to our apps and sites

Executing on a differentiated strategy that is working, digitizing the largest asset class in the U.S. and driving strong monetization:

16% revenue growth in 2025 through share gains across For Sale and Rentals

Zillow uniquely positioned to deliver vertically integrated AI:

Residential real estate is a highly complex market and we are well-positioned due to brand strength, direct traffic, proprietary data and software assets, and technology capabilities

Significant For Sale revenue growth opportunity:

$1.9B For Sale revenue in 2025, with clear path to $1B incremental revenue target as we expand existing products and roll out more Enhanced Markets

Clear Rentals revenue growth path:

$630M Rentals revenue in 2025 with line of sight to $1B+ annual revenue mid-cycle target

Disciplined cost, investment and capital management expected to drive high incremental margins and shareholder value:

Disciplined cost structure built to increase revenue and increase GAAP profitability while managing share count

U.S. housing industry at attractive cyclical entry point:

Housing turnover currently near 40-year cyclical lows with 50%+ potential revenue upside at 6M normalized annual existing home sales

On track to achieve mid-cycle target for $5B revenue with 45% Adjusted EBITDA margin:3

Generated $347M of incremental revenue in 2025, on track for $1.5B incremental mid-cycle revenue target, plus additional $1.3B revenue opportunity when housing normalizes Expanded Adjusted EBITDA margin from 22% to 24% in 2025,3 with significant opportunity for margin expansion assuming a normalized housing environment

1. Zillow Group monthly unique visitors divided by "real estate" unique visitors (as defined by Comscore) for December 2025.

2. Source: Zillow internal data and estimates.

3. Adjusted EBITDA margin is a non-GAAP financial measure; it is not calculated or presented in accordance with GAAP. Zillow Group has not provided a quantitative reconciliation of forecasted Adjusted EBITDA margin to the most directly comparable GAAP measure within this presentation because the company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. Please see the Appendix slides for more information about our presentation of Adjusted EBITDA margin, including, for historical periods, a reconciliation to the most directly comparable GAAP financial measure for the relevant period. Net income margin was -5% and 1% in 2024 and 2025, respectively

Note: See subsequent slides for further information on the calculation and sources for statistical data and forward-looking statements provided on this slide.

3

Large Addressable Market and Growth Opportunity

$2.5T total transaction value (TTV) in 2025 across For Sale and Rentals creates $202B total addressable market (TAM)

	Residential	Mortgages	Total For Sale
TTV1	$2.2T		$2.2T
TAM2	$126B	$50B	$176B

Rentals

$300B

$26B

Total 2025

$2.5T

$202B

2025 Zillow revenue

$1.7B

$199M

$1.9B

$630M

$2.6B

1. Total transaction value (TTV): (a) Residential and Mortgages TTV calculated as the number of existing residential homes sold multiplied by the average sales price of existing residential homes sold during the relevant period according to the National Association of REALTORS® (NAR), and (b) Rentals TTV calculated as U.S. rental unit inventory and average monthly rent according to the U.S. Census Bureau's

   Current Population Survey dated Feb. 3, 2026, and Zillow Group internal data for rental unit turnover. 4

2. See Part I, Item 1 in our Annual Report on Form 10-K for the year ended Dec. 31, 2025, for further information on this calculation.

Leading Category Traffic Position

Consumer-focused experience drives leading audience across desktop web, mobile web, and apps

Comscore Average Monthly Unique Visitors

Zillow Group1 is

>2.5x

our nearest competitor

1

®

2

Source: Comscore data for January 2023 - December 2025

1. Zillow Group includes Zillow, Trulia, Hotpads, StreetEasy, and dotloop brands.

2. Rocket Companies includes Redfin, Rocket Money, and Rocket Mortgage. 5

Preeminent Category App

80% of our traffic comes directly to Zillow1 and our #1 U.S. real estate app is a significant driver of this organic traffic

Daily Active App Users Among Real Estate Marketplaces Average Daily Active App Users

Q1'23

Q2'23

Q3'23

Q4'23

Q1'24

Q2'24

Q3'24

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

2

3

®

Zillow Group2 >2x our

largest competitor at end of 2025

26% Rocket Companies3

Rocket Money + Rocket Mortgage

Redfin

Zillow Group2

Realtor.com®

Other4

Source: Sensor Tower data for January 2023 - December 2025

1. Source: Zillow internal data and estimates

2. Zillow Group includes Zillow, Trulia, Hotpads, and StreetEasy brands. 6

3. Rocket Companies includes Redfin, Rocket Money, and Rocket Mortgage apps.

4. Other includes two other real estate apps listed by Sensor Tower.

Zillow Housing Super App - Integrating Buyers, Sellers, and Renters with Industry Professionals

Personalized Shopping

Pay Rent

Insure

Refiters

Build Credit

Connect with Agent Tour

Buyers Sellers

Agent Platform

For Sale Professiofials

Refitals Professiofials

Rental Application & Lease

Tour

Close

Buy / Sell

Finance

Search & Find

7

Complex Industry Structure

Residential real estate is highly complex and requires deep vertical expertise

Long transaction cycles

Requires direct engaged audience over many months

Real-world context is imperative Requires real-world context and data to provide personalized experiences

Multiple parties involved in transactions Requires coordination across movers and numerous industry professionals, in person and online

Disparate systems, processes, and technology to complete transactions Requires 1P & 3P systems integration

Highly regulated data & compliance Compliance across local, state, and federal laws and regulations

Zillow Uniquely Positioned to Deliver Vertically Integrated AI We have deep real estate expertise, proprietary assets, and a vertically integrated strategy, uniquely positioning us to deliver AI-powered consumer and partner solutions

✔ Most trusted in category with largest audience, 80% of which is direct traffic to our apps and sites,1 enabling a persistent learning loop that is critical for AI

✔ Proprietary real-world context from consumer engagement and industry software (ShowingTime supports 90% of all tours,1 FUB used by 80% of top 50 U.S. teams,1 dotloop involved in 50% of all transactions1) enables unique personalization capabilities

✔ Already executing on ambitious housing super app strategy that digitizes and integrates disparate pieces of real estate transactions across buyers, sellers, renters, and real estate professionals ✔ Deeply embedded in daily consumer and industry professional workflows, with 80% of

U.S. home transactions1 involving agents who use at least one of our products

✔ Proven track record with best-in-class technologists underpinning clear structural advantages, consistently leading innovation in category for 20 years

1. Source: Zillow internal data and estimates, 2025. 8

Zillow's Journey in Building a Housing Super App

($ in millions)

21% CAGR

2

Historical Revenue1

1. Excludes Zillow Offers revenue from relevant periods.

   Integrated Transaction Strategy Building the Rentals Marketplace

   Establishing Zillow's Brand and Residential Marketplaces

   Housing Super App Accelerating MF Rentals

   
   
   

   9

2. Compound Average Growth Rate (CAGR) is the annualized rate of growth over the period defined.

Overview of Business Model

($ in millions)

For Sale

Residefitial

Mortgages

Refitals

Total

Other

Revefiue Category

Agent & seller offerings, and new construction

Fees from originating home loans through Zillow Home Loans and Marketplace

Paid rental ads and consumer application fees

Display advertising

Primary Revefiue Drivers

Share of agent commission per successful transaction Preferred (post-pay)

MBP (pre-pay)

------------------------

Agent software

------------------------

Showcase listing fee Builder advertising

Loan Originations x

Gain-on-Sale Margin 3P Lead Marketplace

Multifamily subscription advertising packages

Rental application fees

Primary Revefiue Model

$1,704

66%

2025

Revefiue

(% of Total)

2025 YoY 7%

Growth

$199

8%

37%

$630

24%

39%

$50

2%

14%

$2,583

16%

10