Opendoor Investor Presentation Deck

Clear pathway to long-term margin targets Total Adjusted Gross Margin Total Contribution Margin Adjusted Operating Expenses Adjusted EBITDA Margin Interest, D&A, Taxes Adjusted Net Income Margin 2018 7.9% 3.5% (10.7%) (7.1%) (3.3%) (10.4%) 2019 6.3% 1.9% (6.5%) (4.6%) (2.3%) (6.9%) 2020 8.2% 4.3% (8.1%) (3.8%) (3.0%) (6.8%) 2021 9.6% 6.5% (5.8%) 0.7% (2.2%) (1.4%) LTM 9.5% 6.3% (4.4%) 1.9% (1.9%) 0.0% Long-term target 10 - 11% 7 - 9% -(3.0%) -4 to 6% ~(2.0%) ~2 to 4% . . . Key drivers Continued pricing and resale optimization and increasing penetration of services Future margin expansion via decreasing resale costs and increasing penetration of higher margin services Operating against an annual baseline target of 4 to 6% today Increasing marketing efficiency with growing national coverage Ongoing leverage against operations and fixed opex costs via investments in technology and automation Flow-through from improving contribution margins and opex leverage Appropriate proxy for operating free cash flow Notes: All metrics presented are non-GAAP, see reconciliation in Appendix. Latest twelve months (LTM) as of 3/31/22. Includes 3.65x inventory turns, 80% non-recourse leverage advance rate, and 4.5% blended cost of non-recourse funding and 30% corporate tax rate (illustrative) for long-term interest and tax assumption. This slide includes long-term goals that are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the Company's registration statement on Form S-1. Nothing on this slide should be regarded as a representatio by any person that these goals will be achieved and the Company undertakes no duty to update its goals. 41

View entire presentation