Zillow Group Inc at Barclays Global Technology Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Trevor Young - Barclays Services Corp - Analyst : <_ALACRA_META_ABSTRACT>So we'll dive right in. First, let's start with some high-level ones. Big picture, Zillow for a long time has been known for its brand and large audience. The big question has historically been how would you leverage into building a big, sustainable, profitable business from that audience. You've obviously been successful at executing on that. But can you bring us along and talk about where you are in that journey with the housing Super App?

Question: Trevor Young - Barclays Services Corp - Analyst : Got it. So don't just monetize the traffic but actually get them to use some of your service.

Question: Trevor Young - Barclays Services Corp - Analyst : Got it. So that's actually probably a good setup to dive into the for-sale residential real estate segment and the big brand Zillow is obviously synonymous with residential real estate, so much so that sometimes I do think the investment story does get a little bit conflated with broader residential housing market trends. I appreciate that you're laughing about it. I'm sure you hear the same questions. Can you help investors understand the strategy within your for-sale business and how that enables you to drive revenue growth irrespective of that?

Question: Trevor Young - Barclays Services Corp - Analyst : Got it. That makes a lot of sense. One of the narratives that you've dispelled in recent years is around your ability to grow revenue despite category weakness or as you said, a market that's bouncing along the bottom here. At present, the path to lower interest rate still remains a bit unclear. But despite that, you do expect to deliver mid-teens revenue growth and expanding margins once again next year. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 7:35PM, Z.OQ - Zillow Group Inc at Barclays Global Technology Conference Can you talk about the building blocks that you envision there between residential mortgages and rentals the three key segments?

Question: Trevor Young - Barclays Services Corp - Analyst : Right. Many people use lot to browse homes, even though they're maybe not ready to buy or even rent, you get roughly 2.5 billion Zillow site visits just in 3Q alone. That's versus a run rate of the 4 million EHS that you mentioned. This behavior is a great tailwind for like the brand strength and marketing leverage. But at the same time, it does seem like a bit of a disconnect between all of that traffic versus ultimately the transactions. And maybe there's even a missed opportunity here to better monetize that traffic. Are there other ways to monetize the Zillow asset and traffic? Or would that risk the core value proposition to both end users and agents that you just outlined?

Question: Trevor Young - Barclays Services Corp - Analyst : Got it. Okay. Since you mentioned Zillow Pro, let's hit on that a bit. I think the initial launch is expected early '26 and nationwide, call it, maybe midyear or something like that. What is your big picture goal with this? Like how do we think about monetization and any incrementality of that versus what you offer to agents today? And what other future offerings within that are you really excited about?

Question: Trevor Young - Barclays Services Corp - Analyst : Got it. So it's an onboarding mechanism, got it. Okay. Let's shift to AI a little bit. Zillow was one of the few players included with the initial in-app integration with ChatGPT. Can you speak to the opportunity and how you balance folks assessing the Zillow experience in these nascent surfaces versus the desire to keep folks coming directly to your app and to your site? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 7:35PM, Z.OQ - Zillow Group Inc at Barclays Global Technology Conference

Question: Trevor Young - Barclays Services Corp - Analyst : Right. So let's hit on that -- the piece inside of Zillow. I think between Sky Tour, Virtual Staging, AI Assistant and frankly, a handful of other tools that I'm probably not hitting on, Zillow does have some rather interesting compelling tech features rolled out just in the last year alone. How are you using AI to achieve the steady cadence of product innovation, both internal tools as well as outward facing while also being able to expand margins?

Question: Trevor Young - Barclays Services Corp - Analyst : Right. And I would imagine tools like that help agents not only be more productive, but also not miss out on that opportunity, that touch point where if they don't respond to that person, they may go with a different agent.

Question: Trevor Young - Barclays Services Corp - Analyst : Yeah. Got it. Okay. Let's shift gears a little bit. I do want to hit on some of the lawsuits. You've had a number of lawsuits this year. We appreciate this can be a little bit of a sensitive topic to hit on publicly, but is there anything that you want to share with the investment community regarding some of these ongoing cases?

Question: Trevor Young - Barclays Services Corp - Analyst : To try to ignore some of the noise. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 7:35PM, Z.OQ - Zillow Group Inc at Barclays Global Technology Conference

Question: Trevor Young - Barclays Services Corp - Analyst : Got it. Okay. Let's shift gears and hit on rentals, which frankly, in my view, is an underappreciated part of the business. It's been a real growth engine for Zillow and revenue is guided to accelerate further in 4Q on the back of both the syndication with Redfin and broader multifamily property expansion. How should we think about that rentals business going into next year as you potentially lap some tougher compares?

Question: Trevor Young - Barclays Services Corp - Analyst : And so as we look ahead in that rentals business given that inertia that you have, it seems like you should be able to continue to put up really solid growth irrespective of tougher compares? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 7:35PM, Z.OQ - Zillow Group Inc at Barclays Global Technology Conference

Question: Trevor Young - Barclays Services Corp - Analyst : Okay. So sticking with rentals for a second, investors do ask a lot of questions about competitive dynamics in the multifamily subset of rentals specifically. Can you talk about how you differentiate yourself to drive that strong growth and how you think you can continue to compete in this market over the medium term?

Question: Trevor Young - Barclays Services Corp - Analyst : Right. That makes a lot of sense. Let's shift gears to the margin side of things. You've guided a similar EBITDA growth and margin expansion next year for '26 versus '25. Can you walk us through that progression and what you see as the key drivers of margin expansion persisting, particularly when contemplating some of the investments that you've been making?

Question: Trevor Young - Barclays Services Corp - Analyst : Okay. And let's take a step more longer term. You have mid-cycle revenue guide of about $5 billion and a 45% EBITDA margin. That's predicated on getting to upwards of $6 million in EHS. Relative to what you did in 2024, where you did about $2.2 billion in revenue and EBITDA margins in the mid-20s percentage territory. What needs to go right from here to achieve those mid-cycle targets as we bridge from that $2.2 billion last year to $5 billion? And can we parse out how much of that would come from category recovery versus factors that are really within your own control?

Question: Trevor Young - Barclays Services Corp - Analyst : Okay. So it sounds like a lot of levers within your control, certainly a component to get to that mid-cycle target would be a category recovery. I think some of the reasons why existing home sales remain under pressure seemingly well understood. That said, like many -- we and many other industry participants do wonder what will that recovery look like at some point? Not asking you to prognosticate when it happens or anything like that. But I'm presuming you spend a lot of time thinking about that. When does the recovery happen? What does it look like? What do you envision that path to look like from here over some -- LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 7:35PM, Z.OQ - Zillow Group Inc at Barclays Global Technology Conference

Question: Trevor Young - Barclays Services Corp - Analyst : Okay. So just to summarize, you're seeing maybe some green shoots there, but you're also not expecting this major snapback. But your comments on an earlier question, you also don't need that recovery to start making continued progress on the goals both in '26 and the medium term.

Question: Trevor Young - Barclays Services Corp - Analyst : It just enhances things. Yeah. Got it. Okay. Zillow in general, has been a CapEx-light business historically. How should investors think about the balance sheet structure and capital allocation from here?

Question: Trevor Young - Barclays Services Corp - Analyst : Okay. One last one before we wrap up here. We're just a few weeks away from 2026. What's the message that you'd like to leave folks with the Zillow story? And what are you most excited about for next year?

Question: Trevor Young - Barclays Services Corp - Analyst : Yeah. It sounds like a lot of levers across the business, frankly. And then once that macro recovery happens, it only enhances things.

Question: Trevor Young - Barclays Services Corp - Analyst : Okay. Great. Well, let's wrap it up there. Jeremy, thank you so much.