#1February 2024 Zillow Investor Presentation ZILLOW GROUP#2Legal Disclosure This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our future targets, the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, the current and future health and stability of the residential housing market and economy, volatility of mortgage interest rates, and our expectations regarding future shifts in behavior by consumers and employees. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "predict," "will," "projections," "continue," "estimate," "outlook," "opportunity," "guidance," "would," "could," "strive," or similar expressions constitute forward-looking statements. Unless otherwise noted in the presentation, forward-looking statements are made based on assumptions as of February 13, 2024, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group's actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group's control. Factors that may contribute to such differences include, but are not limited to: the current and future health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, labor shortages and supply chain issues; our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; our ability to comply with current and future multiple listing service ("MLS") rules and requirements; our ability to navigate industry changes, including as a result of certain or future class action lawsuits or government investigations, which may include lawsuits or investigations in which we are not a party; our ability to continue to innovate and compete successfully against our existing or future competitors to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans, our mortgage origination business, including the ability to obtain or maintain sufficient financing to fund its origination of mortgages, meet customers' financing needs with its product offerings, continue to grow the origination business and resell originated mortgages on the secondary market; the duration and impact of natural disasters, geopolitical events, and other catastrophic events (including public health crises); our ability to maintain adequate security measures or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; the impact of pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations in which we are not a party; our ability to attract, engage, and retain a highly skilled, remote workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay debt, settle conversions of our convertible senior notes, or repurchase our convertible senior notes upon a fundamental change; our ability to raise additional capital or refinance on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices. The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's SEC filings. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances. This presentation includes certain non-GAAP financial measures, including forecasted Adjusted EBITDA margin, which is a key metric used by our management and board of directors to measure operating performance and trends, and to prepare and approve our annual budget. You should not consider this forecasted non-GAAP measure in isolation or as a substitute for analysis of our results as reported under GAAP. This presentation also contains estimates and other statistical data made by independent parties and by Zillow Group relating to market size, the housing market, connections, engagement, transactions, growth and other data about Zillow Group's industry and performance. These data involve a number of assumptions and limitations, which may significantly impact their accuracy, and you are cautioned not to give undue weight to such estimates. Projections, assumptions and estimates of future performance are necessarily subject to a high degree of uncertainty and risk. Other important information about Zillow Group's financial results and operating metrics used herein are included in the Appendix of this presentation. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. 2 ZILLOW GROUP#3Zillow Investment Overview Largest real estate brand building integrated solutions to make transacting better for customers, partners and the industry while targeting sustainable profitable growth Big Customer Problem Complicated and expensive to move - people desire a simpler and more affordable way to transact Our Solution Zillow, the 'housing super app' - end-to-end transaction solutions provided by integrated digital tools, IP operators and best in class 3P partners Well-Positioned Brand with Industry-Leading Engagement Leading online real estate audience', engagement with high-intent movers² and best-in-class partner networks Deep Technology Expertise We are an engineering- and product-first, founder-led company using our technology expertise to solve real pain points for customers, partners and the industry Large Growth Market Near Cyclical Lows Total transaction value has averaged 6% annual growth over the past ~50 years³ on an annualized basis with existing home sales and purchase mortgages near cyclical lows. 1. Comscore data for the year ended December 31, 2023. 2. Zillow Group internal data. 3. See slide 11 for additional information about how we calculate total transaction value. 4. See slide 13 for additional information about how we calculate our total addressable market. Significant Growth Opportunity $187B4 TAM opportunity to convert high-intent customers on our apps. and sites as we expand our depth and breadth, with more products. and services in more markets Our Strategy is Working Our growth pillars have us on track for 6% customer transaction share5 by the end of 2025 while we grow our revenue Strong Financial Foundation and Philosophy Flexible balance sheet and positive operating cash flow give us the ability to invest in innovation to drive sustainable revenue growth Controlling fixed costs expected to deliver target of 45% Adjusted EBITDA margins and strong GAAP profitability over time Seasoned Management Team Experienced team with a long history of focus on shareholder value creation 5. See appendix slides for important information about these operating metrics. See Legal Disclosures (slide 2) for additional information about our forward-looking statements. 6. Zillow 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. For more information regarding the non-GAAP financial measures discussed in this presentation, see the appendix slides. 3 ZILLOW GROUP#4The Problem: Moving is Complicated and Expensive Customer journey is often non-linear, requiring multiple vendors with no central navigator Shop Inspect Appraise Research Select Move Close H H Current Finance New Home Home Separate Service Providers Seller agent Buyer agent + Inspector + Mortgage lender + Appraiser + Title company + Escrow Moving company 4 ZILLOW GROUP#5Our Solution: Our Housing Super App - Zillow Continually adding functionality that integrates software and services to solve real customer and partner pain points. Current home Pre-approval Rent Immersive Shopping LANDLORD In-Person Touring N TM Buy $$$ AGENT Finance CLOSER $ LOAN OFFICER Personalized Search & Find Payments Sell - LO 5 New Home ZILLOW GROUP#6Housing Super App Experience: For Sale Experience integrates technology, products, services, Al and partners to better serve customers Request tour as early as tomorrow at 10:00 am Real Time Mover Touring fub ShowingTime Agent Calendar Management SUN MON 5 16. March D TUE WED THU FRI SAT 1 2 3 4 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Wednesday, March 1st Zillow Tour: 1234 Maple Tree Ln Beth Buyer 2-2:30pm at 1234 Maple Tree Ln Send Beth a reminder Tour Details Upcoming tours IN-PERSON TOUR Wed, Mar 1 at 2:00pm 1234 Maple Tree Ln Hi Beth. This is Alan, with RE/Max! Zillow matched me with you for a tour at 1234 Maple Tree Ln on Wed, Mar 1 at 2:00pm. I'm excited to give you a tour. Just to confirm, does this time still work for you? Pre-qualified $375,000 Complete your pre-approval to make it verified. Use your verified pre-approved letter when making offers. IN-PERSON TOUR Wed, Mar 1 at 2:00pm 1234 Maple Tree Ln, Atlanta, GA 12345 $360,000 4 beds 3 baths 2,500 sqft IN-PERSON TOUR Wed, Mar 3 at 6:00pm 35 Old Oak Road Yes, it works No, I need to reschedule Alan Agent 2:35pm NOT STARTED Verified Pre-Approval Get started → Settlement Statement 203. Existing loans) taken subject to 204 206 503 Ex 504 Pay 505. Pays 206 207 507 208. 508 200 509 Adjustments for items unpaid by seller Adjustm 210. City town taxes 510 Ce 211. County taxes 511. Cour 212. Assessments to 512. As 213 513 214. 514 215 515 Opendoor Sell faster with a cash offer Schedule a walkthrough with Opendoor, get your final offer and get paid within days. Preliminary offer: $335,808 TOURED 216 516 217. 517 218 518 219 519 220. Total Paid byfor Borrower 300. Cash at Settlement fromito Borrower 301, Gross amount due from borrower ine 129) 302. Less amounts paid by for borrower na 2201 $20. Tota 400. Casi 601. Gro 602 Less 303. Cash 403. Cas 2 Zillow From To Borrower 35 minutes per respons Beth B. Buyers it displays a currently saction with information Would you make an offer? Can you see yourself making an offer on this home? Previous edition are absolute No Maybe Yes Finish and sign Page Tors Tour Management Collaborative Messaging Smart Tour Recommendation Add to tour Zillow Recommended Digital Pre-Approval Collaborative Messaging Intro to ZHL Loan Officer Beth Buyer Shared Viewed FOR SALE - MLS1234567 $350,000 3bd 2.5ba 1,730sqft 648 Windsor Way, Atlanta, G... North Bridgeway Realty FOR SALE - MLS1234567 $400,000 3bd 2.5ba ⚫ 1,910sqft 10474 Clay St, Atlanta, GA 30... North Bridgeway Realty + CONFIRMED TOUR 1234 Maple Tree Ln Atlanta, GA 12345 March 1 at 2:00pm Beth Buyer + Looking forward to checking out this home with you at 2pm on March 1st! Have you gotten pre-approved yet? That will help you move quickly if you end up liking the home! Looking forward to checking out this home with you at 2pm on March 1st! Sure! To Do: Transfer Beth to ZHL for Requested Pre-Approval Start by adding Beth to her ZHL Introduction Action Plan. Offer dot loop Visibility with Financing Pre-approval letter Your client's pre-approval letter is ready to download, and you can customize the amount up to the maximum. Expires Apr 10th, 2023 Pre-approved up to $400,000 Integrated Title & Close SPRÛCE Closing Sat, April 1 3:30 PM 3:45 PM Signing Complete Download letter 1234 Maple Tree Ln Atlanta, GA 12345 Signing Type: Notary Only Assigned Notary Amanda James [email protected] (813) 555-2069 Customize letter Get Directions Message to Beth ZHL Introduction Action Plan Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types. CO 6 Sell for the price you want We'll match you with a partner agent. Work with them to decide when to sell and for what. Estimated market value: $381,600 Sell Win Listings Listing Showcase All photos Sally Reeds North Bridgeway Realty ST+ ZILLOW GROUP#7Housing Super App Experience: Rentals Experience integrates technology, products, services, Al and operators to better serve customers Move-in payment Your payment will be withdrawn October 25th. JS INDOUNG Verified Special offer Bayfront Village Visit website 1234 McCullen Blvd, Seattle, WA 98109 Contact Mover Search Landlord List Review (1/1) Schedule payment --- Renters insurance Select a tour time Bayfront Village, 1234 McCullen Blvd Personal info Legal name, contact info, abo... Household info Co-residents, pets, move-in da... Thu, Oct 20 8:30 AM 9:00 AM 9:30 AM 10:00 AM Residence history Current home, past homes TENANT SIGNATURE 10:30 AM 11:00 AM 11:30 AM 12:00 PM Identity verification SSN, date of birth, security qu... Rache SIGN Sign here 12:30 PM 1:00 PM 1:30 PM 2:00 PM 2:30 PM 3:00 PM 3:30 PM 4:00 PM Income history Current income, employment... LANDLORD SIGNATURE Want to build credit? FREE Send your on time rent payment history to Experian to build your credit. Did you pay this offline? Send date Due date October 25, 2023 Total payment $225.01 ($5.01 fee) This payment includes October 25, 2023 Get coverage in minutes Plan for your move Get covered in less time than it takes to find movers. Popular plans start at $13/mo Join renters near 98109, who protect their personal items from events like theft or damage. Protect the things you love Customize your plan with coverage for high value items, such as your laptop, jewelry, and more. Agree and submit application Antho SIGN Sign here Get started No thanks Get started Book tour now 4:30 PM 1234 McCullen Blvd Seattle, WA 98109 $2,995/mo 3 bd 2 ba 2400 sqft Your listing's completeness is good Follow 6 listing recommendations to attract qualified renters. Learn more Tour Tour Rachel Renter + Hi, I was wondering when you would be available to give a tour? Apply Screen < Credit Report Print Rachel Renter Created: Oct 24, 2023 Expiry: Nov 24, 2023 experian 11:17 AM Sign a Lease Pay Create a Lease Collect Rent Create and sign leases online Build a new lease with Zillow's tools, or upload your own to send for signing or storing. $ Insure 2Zillow lease builder Create a custom lease that includes legal clauses specific to your area. Say Hello to Online Payments You get a free, secure way to collect rent and move-in costs right into your bank account. Your tenant gets a free way to pay and more flexibility. You both get freedom from checks. Learn more I would like to tour 1234 McCullen Blvd. I am available to tour: Tomorrow October 20 Please let me know if that date Credit score 750 Very Good works for you. If not, when would be a good time? 300 850 Calculated using Vantage Score 3.0 Share a lease for signing Upload your own lease to send for signing online. Thanks, Rachel 11:18 AM Store your signed lease Keep all your property information stored in one place on Zillow. Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types. Start collecting payments 7 ZILLOW GROUP#8Leading Internet Brand Position Product-led → ~80% of Zillow Group's traffic is organic 278 238 Sample of Leading Brands' Unique Visitors (Millions), per Comscore² 129 121 105 98 93 73 68 U.S. Internet Population facebook Spotify reddit 2 Zillow Pinterest NETFLIX Linked in 1. Zillow Group internal data. 2. Comscore Top 100 Internet Properties data for the month of December 2023. Zillow Group is ranked #35. 8 ZILLOW GROUP#9Leading Category Internet Search Position Decades of product innovation have driven unrivaled unaided brand awareness of >60%¹ and category-leading search 2Zillow Searched more 3x our nearest competitor "real estate" realtor.com® REDFIN 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Google Trends (2010-2023) for search terms "Zillow," "real estate," "Realtor.com," "Redfin." 1. Based on Zillow Group internal data of buyers. 9 ZILLOW GROUP#10Leading Category App Position #1 U.S. residential real estate app drives direct engagement Average Daily Active App Users Realtor.com® Daily Active App Users Among Real Estate Marketplaces 5,000,000 4,500,000 тим wwwwwwwh 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 May-2023 Jun-2023 Jul-2023 - Zillow Group Realtor.com® Redfin Aug-2023 Sep-2023 Oct-2023 Nov-2023 www Jan-2023 Feb-2023 Mar-2023 Apr-2023 Zillow Group' is >3x our nearest competitor Dec-2023 17% 62% 12% Redfin Zillow Group' 9% Other² 1. Zillow Group includes Zillow, Trulia, Hotpads and StreetEasy brands. 2. Other includes Rocket Money + Rocket Homes (6.0%), CoStar Apartments.com (1.6%), CoStar Homes.com (0.7%), and various others. 10 ZILLOW GROUP Source: data.ai data for January 2023 - December 2023.#11TTV (B) Housing is a Growth Industry Near Historical Cyclical Lows Average historical turnover level expected to yield ~6 million² average annual home sales in decade ahead Total Transaction Value (TTV)³ Historical Growth $2,500 $2,000 $1,500 $1,000 $500 $0 6% CAGR4 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Historical Existing Homes Turnover¹ 7.00% 6.50% 6.00% 5.50% 5.00% проти 4.50% 4.2% Average Turnover Since 1975 4.00% 3.50% 3.00% Near Historical Bottom ~3% Current Turnover 2.50% 2.00% 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 1. Turnover is defined as total existing homes sold, per the National Association of REALTORS®, divided by total U.S. households per the U.S. Census Bureau. 2. Estimated using the National Association of REALTORS® average annual existing home sales over the next 10 years assuming the historical averages of 4.6% housing turnover and average annual household growth of ~0.9% since 2000 will continue over the years 2024-2033. Data is as of year-end 2023. 3. Total Transaction Value (TTV) for purposes of historical growth calculations is calculated as median sales price of existing residential homes sold during the relevant period multiplied by number of existing homes sold, annualized and seasonally adjusted, as reported by the National Association of REALTORS®. Data is as of year-end 2023. 4. Compound annual growth rate (CAGR) of existing home total transaction value from 1975–2023. 11 ZILLOW GROUP#12Large Addressable Market and Large Share Opportunity $2.3T Total Transaction Value (TTV) in 2023 across For Sale and Rentals creates $187B Total Addressable Market (TAM) Residential Purchase Mortgage Total For Sale Rentals 2023 Total TTV' $2T $2T $280B $2.3T TAM² $117B $45B $162B $25B $187B 2023 $1.4B $96M $1.5B Zillow Revenue 2023 Revenue % of TTV 7 bps <1 bp 7 bps $357M 13 bps 1. Total transaction value (TTV): (a) Residential and Mortgages TTV calculated as existing homes sold multiplied by the average existing home sales price from December 2023 published by the National Association of REALTORS®, and (b) Rentals TTV calculated as U.S. rental unit inventory according to the U.S. Census Bureau's Current Population Survey dated Oct. 31, 2023, and Zillow Group internal data for rental unit turnover and associated annual rent per unit. 2. Total Addressable Market (TAM): (a) Residential estimate derived from total transaction value data from the December 2023 Economic Data published by the National Association of REALTORS® and Zillow Group's internal estimate for average industry commission rates; (b) Mortgages estimate derived from annual purchase mortgage origination volumes and average industry origination fees published in the 2023 Mortgage Bankers Association Reports; and (c) Rentals estimate composed of rentals advertising spend and property management software revenue. Rentals advertising spend estimate derived from U.S. rental unit inventory according to the U.S. Census Bureau's Current Population Survey dated Oct. 31, 2023, and Zillow Group internal data for rental unit turnover and average advertising spend per rental unit; Property management software revenue estimate derived from May 2023 report published by Fortune Business Insights, which estimates North America's annual property management market opportunity. 12 $1.9B 8 bps ZILLOW GROUP#13$30B For Sale Revenue Currently Accessible in Funnel Opportunity is to convert more high-intent customers already engaged in our funnel TTV $2T $162B2 TAM 810bp of TTV $113B2 565bp of TTV Zillow Visitor TAM Leading Internet Brand Leading Consumer Experience with Buyers and Sellers Integrated Products and Services For Sale Funnel >200m³ Average Monthly Unique Users 70% of all transactors use Zillow Customers choose how they want to engage Tour Finance Sell High-Intent Customers $30B 150bp of TTV $1.5B 7bp of TTV For Sale Revenue Opportunity Currently Accessible in Funnel³ 2023 Zillow Residential and Mortgages Revenue Transactors with or without Zillow Transact with Zillow Customers who transact with or without Zillow: >20% of Premier Agent connections transact ~10% of purchase mortgage leads transact Seller opportunity to help listing agents & sellers 1. Estimate of buy- and sell-side transactors engaged in Zillow's funnel multiplied by estimated revenue per transaction for buyers and sellers, respectively. 2. See slide 12 for information regarding calculation of the Residential and Mortgages (For Sale) TAM. Zillow Visitor TAM calculated as 70% of Residential and Mortgage TAM, estimating that 70% of all transactors use Zillow. 3. Average monthly unique users for the year ended Dec. 31, 2023. See our SEC filings for information on how we calculate average monthly unique users. 4. Estimated from Zillow Group internal data. 5. Zillow Group internal estimate of percentage of total agent partner connections who transact and total purchase mortgage leads who transact in each case, with or without Zillow Group. 13 ZILLOW GROUP#14Our Strategy is Working: Early Test Markets Nearly 2x Share in 2 Years Market share gains in our early test markets demonstrate opportunity as we roll out more Enhanced Markets in 2024 Significant Growth in Customer Transaction Share in Mature Enhanced Markets... ...and We Are Driving Revenue Share Gains in Additional Enhanced Markets as We Expand² Trailing Twelve-Month Transaction Revenue / TTV (Atlanta, Denver, Phoenix, Raleigh) +80% vs. Q1'22 Atlanta Customer Transaction Share¹ 6.0 Bps 5.5 Bps +90% 5.0 Bps vs. Q1'22 4.5 Bps 4.0 Bps 3.5 Bps Phoenix Customer Transaction Share 3.0 Bps 2.5 Bps 2.0 Bps Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 1. See appendix slides for important information about these operating metrics. +50% increase in 2023 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 2. This graph illustrates, for each period presented, the twelve months trailing estimated Premier Agent and Zillow Home Loans revenue in the Atlanta, Denver, Phoenix and Raleigh markets divided by the aggregate total transaction value for those markets, as measured by Zillow Group's internal data, during the same period. 14 Oct-23 Nov-23 Dec-23 ZILLOW GROUP#15Touring: Majority of Zillow Connections Now Driven by Tours Real Time Touring to expand as we both expand markets and broaden eligible customers % of Premier Agent Connections from Tour Requests 55% 60% 30% 2021 2023 1. Markets where Real Time Touring (RTT) is live. Data for the month of December 2023. Standard Tour Standard Tour Real Time Tour December 2023' RTT Markets Real Time Tour 15 ZILLOW GROUP#16Financing: More Customers & Premier Agents Working with ZHL Accelerating purchase mortgage origination volume growth ZHL Integration with Premier Agent Partners is Accelerating in our First Four Enhanced Markets... ...Driving Significant Growth in ZHL Purchase Mortgage Origination Volume 6% 8% ($ Millions) 15% 12% $487 $452 $336 53% $259 42% 41% 23% Q1'23 Q2'23 Q3'23 Q4'23 Q1'23 ZHL + PA Customer Adoption Rate (Atlanta, Denver, Phoenix, Raleigh)' Q2'23 Q3'23 Q4'23 Purchase Loan Origination Volume ($ Millions) -% of Originations Integrated with a Premier Agent 1. Adoption rate is the percentage of Zillow Home Loans customers who also use a Premier Agent partner to purchase a home, as measured by Zillow Group's internal data. 16 ZILLOW GROUP#17Seller Solutions: New Services Meaningfully Expand Our TAM Listing Showcase Rapid nationwide rollout in progress Multiple Options for Sellers Receive a cash offer or list with a Premier Agent partner in 45 markets All photos Sally Reeds TTT North Bridgeway Realty Request a tour as early as today at 6:30pm $800,000 10744 SE 3rd St, Bellevue, WA 3 3 beds baths 3,240 sqft Est. payment: $3,500/mo Get pre-qualified Single family home Built in 1967 3,240 sqft lot P 2 attached garage spaces $247 price/sqft $0/mo HOA Listed by Sally Reeds Contact Sally - bd 2.33 ba 1,800 sqft 100 Main St, Raleigh NC • Off market Zestimate: $393,348 Rent Zestimate: $1,750 1 of 1 Email: Jenny: Hi! I'm looking for some more information about this home. Est. refi payment: $1,185/mo Refinance your loan Home value Owner tools Home details Neigh Get a cash offer Find out how much your home could sell for with a no-obligation cash offer. $393,348 Estimated market value What's this number? Listing Showcase Listing Agent Marketing + Unlock your offer Home value Listing Marketing Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types. 9:41 2 Zillow 100 Main St, Raleigh NC Your selling options Here are your tailored selling options (based on the info you provided). Sell with an agent Sell to Opendoor Sell with a partner agent 2 Zillow $393,348 Estimated market value Costs & fees ^ Sale price $371K-$415K Est. agent fees (6%) -$23,600 Est. closing costs (1%) -$3,933 17 ZILLOW GROUP#18Seller Solutions: Showcase Helps Listing Agents Win More Listings Buy Rent Sell Address, neighborh Chis N Mercer Way 90 PI SE All photos Highlights Details Save Share Hide 000 Sally Reeds TTT North Bridgeway Realty $800,000 1919 Killarney Way, Bellevue, WA 98004 Est. payment $3,500/mo Get pre-qualified Single family home 3,240 sqft lot 3 3 Beds Baths 3,240 Sqft Request a tour as early as today at 6:30pm Built in 1967 P2 attached garage spaces Listed by Sally Reeds Contact Sally $0/mo HOA $247 price/sqft ST+ Sort by: Newest ve WA 98004 ve ue, WA 98004 MLS MLS MIS Showcase Listings on Zillow Receive¹: 68% more page views 66% more saves ✓ 63% more shares Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types. 18 1. Compared to listings on Zillow without virtual tours. The data is from Jan. 14, 2024, and is an average from the immediately preceding six-month period. The data excludes the top 5% and bottom 5% lift of total page views, saves and shares from each month and the immediately preceding six-month average. ZILLOW GROUP#19Seller Solutions: Significant Growth Opportunity Ahead Expanding Listing Showcase nationwide with intermediate $150M-$300M revenue opportunity Showcase Share of Total Active Listings (%) Premium Product or Mass Adoption? 17 Markets Nationwide $150M $300M - in Revenue 5%-10% <1% End of 2023 Intermediate Target Large Revenue Opportunity Long-Term Target 1. Annual revenue target assumes Listing Showcase activated on 5-10% of total active listings. Please see the Legal Disclosure (slide 2) for additional information about our forward-looking statements. 19 ZILLOW GROUP#20Enhanced Partner Network: Expanding our Product Experience Helping the best agents better serve more customers to grow their businesses and ours Accelerating Enhanced Market Rollout in 2024 Total Enhanced Markets 9 4 40 YE 2022 YE 2023 YE 2024'E 1. Based on Zillow Group survey of Premier Agent partners who have integrated their CRM with Zillow. Acquired Follow Up Boss to Improve Premier Agent Partner Performance fub Vast Majority of actual buyers who connect with a Premier Agent Partner transact elsewhere. Our opportunity is to help Premier Agent Partners convert more connections into transactions. Follow Up Boss is a customer relationship management (CRM) tool that our Premier Agent artners use at 2x the next closest CRM. 20 ZILLOW GROUP#21Rentals: #1 Traffic and >IM Listings Driving Substantial Growth Combination of #1 rental traffic, >IM unique listings, and operational execution creates substantial future opportunity #1 Rental Traffic¹ >IM Unique Rental Listings (Millions) 39 38 37 36 35 55 Accelerating Multifamily Property and Revenue Growth (Thousands) 37 Accelerating Total Revenue Growth ($ Millions) $99 $93 $91 34 31 1.5 1.3 1.2 1.1 1.0 0.9 34 1.7 1.7 35 32 32 $74 30 $68 52% 28 42% 33% 34% 14% Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q4'22 Q1'23 I Zillow Rental Unique Users² (Millions) Total Rental Listings (Millions) Q2'23 Q3'23 37% 34% 28% 21% 13% Q4'23 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Multifamily Properties (Thousands) — Y/Y Multifamily Revenue Growth (%) 1. Comscore data as of December 2023. 2. Zillow Group internal data for average monthly unique visitors on rental listings on Zillow, Trulia and HotPads mobile apps and websites. 3. Includes Zillow, Trulia and HotPads mobile apps and websites. I Rentals Revenue ($ Millions) Y/Y Growth (%) 21 ZILLOW GROUP#22Clear Path for Our Growth Pillars Ahead Expanding our depth and breadth, with more products and services in more markets Residential Touring Expand Real Time Touring nationwide and increase mix of connections from 10% to 20% by year-end 2024 Seller Solutions Expand Listing Showcase nationwide to increase listing share from <1% to 5%-10% in the intermediate term Enhanced Partner Network Integrating Our Services Mortgages Financing Help agents increase conversion with Follow Up Boss Expand Enhanced Markets to 40, accounting for 40% of the total U.S. market, by year-end 2024 Expand our full product experience within Enhanced Markets to cover 20% of the total U.S. market by year-end 2024 Expand integration with Premier Agent partners to 20% of total U.S. market by year-end 2024 Increase purchase mortgage lead conversion Rentals Multifamily Expand number of multifamily properties and increase total rental listings Please see Legal Disclosures (slide 2) for additional information about our forward-looking statements. 22 ZILLOW GROUP#23Our Financial Philosophy Drive sustainable profitable growth with flexible financial position املامه Grow revenue by using operating cash flow to invest in growth pillars Continue to control fixed cost base to drive operational leverage Gain meaningful leverage on share-based compensation to target strong GAAP profitability Selective M&A to strategically accelerate growth pillars Opportunistic share buyback $ Retirement of convertible debt instruments over time Please see Legal Disclosures (slide 2) for additional information about our forward-looking statements. 23 ZILLOW GROUP#24While We've Been Building, We Have Meaningfully Outperformed a Challenged Housing Market Zillow Revenue vs. TTV¹ $536 $788 $483 $435 $469 $506 $496 $474 $504 $685 $615 $556 $590 $492 $473 $406 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 YoY Growth Differential Zillow: Total Revenue ($ Millions) (3)% Q1'22 (5)% Q2'22 1. See slide 12 for additional information on our calculation of total transaction value (TTV). Total Transaction Value ($ Billions) 22% 17% 14% 13 % 13 % 3% Q4'22 Q1'23 Q2'23 Q3'22 ■Zillow Revenue Growth Total Transaction Value Growth Q3'23 Q4'23 CLO 24 ZILLOW GROUP#25Diversified Revenue: Majority Now from Non-Buy Side Continued diversification of revenue base supports sustainable future growth Residential Buy Side': • Pre-Pay Marketplace Auction (MBP) • Post-Pay Success Referral Fee (Flex) Sell Side: • Pre-Pay Marketplace Auction (MBP) Post-Pay Success Referral Fee (Flex) • Subscription Fee (Listing Showcase) Other Residential: Paid Inclusion Marketplace (New Construction) • Post-Pay Success Referral Fee (StreetEasy) Subscription Software Fees (StreetEasy, Follow Up Boss, Showing Time+ including dotloop) Revenue mix is based on the second half of 2023. 1. Buy-side revenue assumes 80% of our Premier Agent revenue is related to buy-side transactions. 48% Buy Side² 12% Sell Side 13% Other Residential 20% Rentals Rentals Paid Inclusion Marketplace: 。 Multifamily Rental Managers Single-Family Rental Managers • Post-Pay Success Referral Fee (Pay Per Lease) • Rental Applications • Rental Payments Mortgage • Origination Fees • Lead-Generation Advertising Display Advertising on Zillow Other 5% Mortgage 2% Other 25 ZILLOW GROUP#26Disciplined Cost Structure Expected To Leverage Future Revenue Growth Current cost base expected to drive operational leverage as we execute on our revenue growth pillars Revenue ~$1B Fixed Expenses ~25%-30% Variable Expenses Advertising Adjusted EBITDA Annualized run rate, at the right fixed investment level for current initiatives, expect to grow with inflation Expect to grow with revenue as various growth pillars scale and mature Opportunistic for compelling. growth situations ... 45% Adjusted EBITDA' target margin as we grow revenue and leverage fixed costs over time² 1. Zillow Group has not provided a quantitative reconciliation of this forecasted Zillow 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. For more information regarding the non-GAAP financial measures discussed in this presentation, see the appendix slides. 2. This slide is provided for illustrative purposes to demonstrate one path toward achieving a 45% Adjusted EBITDA target margin based on the assumptions articulated in this slide. Please see Legal Disclosures (slide 2) for additional information about our forward-looking statements. 26 ZILLOW GROUP#27Dilution Management Repurchased 37M shares for $1.7B and $58M of convertible debt since initiating buyback program in 4Q 2021 Millions of Shares 262 242 234 2021 2022 2023 Weighted Average Shares Outstanding - Diluted 27 ZILLOW GROUP#28AT YEARS ZG 19 Leadership team has built successful consumer internet and real estate companies and managed across economic cycles. Seasoned Management Team YEARS AT ZG 20 Rich Barton Chief Executive Officer YEARS ZG 20 YEARS AT ZG 15 YEARS AT Jeremy Wacksman Chief Operating Officer A Microsoft Microsoft Lloyd Frink Executive Chairman Expedia® HJUST EAT Takeaway.com Expedia® glassdoor Microsoft NETFLIX AT ZG YEARS 8 TRILOGY AT ZG 3 YEARS! ZG 7 YEARS AT ZG 12 Jeremy Hofmann Chief Financial Officer Goldman Sachs Susan Daimler President SeatGuru buyfolio David Beitel Chief Technology Officer Expedia Microsoft AT ZG 13 YEARS A AT ZG 12 YEARS A YEARS! AT ZG 10 10 Errol Samuelson Chief Industry Development Officer move realtor.com® Dan Spaulding Chief People Officer DELL Technologies life technologies™ Jenny Arden Chief Design Officer airbnb lyft Jennifer Rock Chief Accounting Officer KPMG Brad Owens General Counsel PERKINSCOie AND EXCH LANGE C SSA - MCMXYYIV NOISS 28 ZILLOW GROUP#29Appendix ZILLOW GROUP#30Use of Operating Metrics Zillow Group reviews a number of operating metrics to evaluate its business, measure performance, identify trends, formulate business plans, and make strategic decisions. This communication includes Customer Transaction Share as a percentage of total residential real estate transactions. Zillow Group uses these operating metrics on a periodic basis to evaluate and provide investors with insight into the performance of Zillow Group's transaction-based lines of business, which currently include Premier Agent, Listing Showcase, seller solutions, Zillow Home Loans and Listing Showcase. Customer Transactions: Unless otherwise indicated, Zillow Group calculates "Customer Transactions" as each unique home purchase or sale transaction in which the buyer or seller uses Zillow Home Loans, Listing Showcase, and/or involves a Premier Agent or seller solutions partner with whom the buyer or seller connected through Zillow Group. In particular: • For Premier Agent and seller solutions partners, Zillow Group uses an internal approximation of the number of buy- and/or sell-side transactions, as applicable, that involve a Premier Agent or seller solutions partner with whom the buyer or seller connected through Zillow Group. Because of the challenges associated with measuring the conversion of connections to transactions outside of our Premier Agent Flex and our seller solutions programs, including reliance on the availability and quality of public records and data, these estimates may be inaccurate. For Zillow Home Loans, Zillow Group counts each unique purchase transaction in which the buyer uses Zillow Home Loans. . For Listing Showcase, Zillow Group counts each unique sale transaction in which the listing agent or seller uses Listing Showcase. Revenue Per Customer Transaction: Zillow Group calculates "Revenue Per Customer Transaction" as Premier Agent, seller solutions, Zillow Home Loans, and Listing Showcase revenue divided by the number of Customer Transactions during the relevant period, for the period presented. Customer Transaction Share: Unless otherwise indicated, "Customer Transaction Share" is Customer Transactions divided by the number of total residential real estate transactions, for the period presented. 30 ZILLOW GROUP#31Non-GAAP Measures Forecasted Adjusted EBITDA Margin This presentation includes forecasted Adjusted EBITDA margin, which is a non-GAAP financial measure. Our management and board of directors use Adjusted EBITDA margin to measure operating performance and trends, and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating this measure facilitates operating performance comparisons on a period-to-period basis. You should not consider this forecasted non-GAAP financial measure in isolation or as a substitute for analysis of our results as reported under GAAP. We have not provided a quantitative reconciliation of forecasted GAAP net income (loss) as a percentage of revenue to forecasted Adjusted EBITDA margin within this communication because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items. include but are not limited to: income taxes that are directly impacted by unpredictable fluctuations in the market price of our capital stock; depreciation and amortization from new acquisitions; impairments of assets; gains or losses on extinguishment of debt; and acquisition-related costs. These items, which could materially affect the computation of forecasted GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of our control. Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include, but are not limited to, the fact that such non-GAAP measures: Do not reflect changes in, or cash requirements for, our working capital needs; Do not consider the potentially dilutive impact of share-based compensation; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments; Do not reflect impairment and restructuring costs; Do not reflect acquisition-related costs; Do not reflect the gain on extinguishment of debt; Do not reflect interest expense or other income, net; Do not reflect income taxes; and Other companies, including companies in our own industry, may calculate these non-GAAP measures differently from the way we do, limiting their usefulness as comparative measures. Because of these limitations, you should consider Adjusted EBITDA and Adjusted EBITDA margin alongside other financial performance measures, including various cash-flow metrics, net income (loss), and our other GAAP results. 31 ZILLOW GROUP