Q4 2025 Earnings Presentation February 12, 2026 Forward Looking Statements This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning our business outlook, our business plans , seaonality,and capital allocation strategy and our earnings and cash flow outlook. These statements involve risks and uncertainties that may cause actual results and trends to differ materially from tho ...

“[Wednesday’s] employment report was a 10 out of 10 with positive surprises across the board,” said Peter Graf at Amova Asset Management Americas. “It should quell recent concerns about growth, but puts incoming Fed Chair Warsh in the hot seat — it will be even harder to persuade the FOMC members to go along with the president’s mandate to cut rates.”President Trump lauded the figures in a social media post on Wednesday and said the U.S. should have the lowest interest rates in the world. “GREAT JOBS NUMBER ...

After recording its first profitable year in over a decade, Zillow was rewarded with a tanking stock. The home search portal’s stock opened down 4 percent following Tuesday night’s earnings, but fell roughly 17 percent over the course of the day. At press time, the stock was trading at $45.42, its lowest mark since August 2024. Despite hitting its marks for 2025 with revenue growth of 16 percent and net income of $23 million, analysts expressed concern over the uncertainty around private listings and th ...

Comments today from Kansas City Fed President Jeff Schmid were bearish for stocks and bonds when he said, "In my view, further rate cuts risk allowing high inflation to persist even longer," so the Fed should hold rates at a "somewhat restrictive" level.The annual benchmark revision to 2025 US payrolls subtracted -862,000 jobs, a larger revision than the -825,000 expected.US Jan nonfarm payrolls rose +130,000, stronger than expectations of +65,000 and the most in 13 months. The Jan unemployment rate unexpec ...

Core Viewpoint - Real estate services stocks experienced significant declines as investors reassess the vulnerability of these companies to emerging artificial intelligence applications that may disrupt various industries [1][4]. Group 1: Stock Performance - Shares of CBRE Group Inc. and Jones Lang LaSalle Inc. fell by 12%, while Cushman & Wakefield Ltd. dropped by 14%, marking the largest declines since 2020 during the Covid market selloff [1]. - The selloff is part of a broader trend where investors are moving away from high-fee, labor-intensive business models perceived as susceptible to AI disruption [1][5]. Group 2: Industry Context - The commercial real estate industry has been struggling to recover since the pandemic, which significantly impacted office demand and led to reduced deal volumes due to higher interest rates [4]. - Despite the challenges, certain sectors within real estate, such as data centers and high-end office leasing, have shown resilience due to the AI boom [4]. Group 3: Analyst Insights - Analysts suggest that the recent stock drop may be exaggerated given the limited news flow, indicating that fears surrounding AI's impact on the job market and commercial real estate demand have been present for some time [6]. - The release of AI tools by startup Anthropic has heightened concerns about automation in various sectors, including legal and financial services, contributing to the recent market reactions [6].

Housing Market Insights - Redfin reported over 40,000 home purchase agreements were canceled in December, representing 16.3% of all homes under contract, the highest monthly cancellation rate since tracking began in 2017 [1] - The S&P Case-Schiller Home Price Index declined by 0.1% in November and grew just 1.4% year over year, indicating a slowdown in home price growth compared to previous years [1] - 75% of homes on the market are deemed unaffordable for the average American household, with a required annual income of $113,000 to afford a median-priced home of $430,000, while the median household income is around $80,000 [1] Retirement Planning Considerations - The conversation highlighted the emotional and financial complexities involved in deciding when to retire, emphasizing the uncertainty that comes with such a decision [3][6] - Financial planning tools, including spreadsheets and online calculators, are utilized to project retirement savings and assess financial readiness [4][5] - The importance of networking with recently retired individuals to gain insights into retirement experiences and expectations was discussed [8][9] Healthcare and Retirement - Healthcare costs are a significant concern for those considering early retirement, with discussions around the affordability of insurance options before Medicare eligibility [12][13] - The potential need for continued employment or alternative work arrangements to secure health benefits was noted as a critical factor in retirement planning [13] Future Retirement Plans - The discussion included thoughts on transitioning rather than fully retiring, with specific dates being considered for potential changes in work status [14] - The impact of personal circumstances, such as family obligations and job satisfaction, on retirement timing was acknowledged [15]

Core Insights - Zillow Group reported Q4 2025 adjusted EPS of 39 cents, missing the Zacks Consensus Estimate of 42 cents, but showing significant year-over-year growth [1][8] - Total revenues reached $654 million, exceeding the Zacks Consensus Estimate of $649.8 million, and reflecting an 18.1% year-over-year increase [1][2] Revenue Breakdown - For-sale revenues in Q4 increased by 11% to $475 million, with residential revenues growing 8% year over year to $418 million, supported by agent and software offerings [3] - Mortgage revenues surged 39% year over year to $57 million, driven by a 67% increase in purchase loan origination volume to $1.5 billion [3] - Rental revenues grew 44.8% year over year to $168 million, primarily due to a 63% increase in multifamily revenue [4] Cost and Expenses - Total select operating expenses and cost of revenues rose 7% year over year to $665 million, attributed to higher lead acquisition costs and legal expenses [5] - Adjusted EBITDA margin improved by 260 basis points to 23% of revenues, amounting to $149 million, due to effective cost management [4] Balance Sheet and Share Repurchase - Zillow ended Q4 2025 with $1.3 billion in cash and investments, a decrease from $1.4 billion in the previous quarter [6] - The company repurchased 3.4 million shares for $232 million during the fourth quarter [6] 2026 Outlook - For Q1 2026, Zillow anticipates total revenues between $700-710 million and adjusted EBITDA of $160 to $175 million [7] - For-sale revenues are expected to slightly exceed the 11% growth achieved in Q4 2025, with rental revenues projected to rise around 40% year over year [7][10] - Management forecasts mid-teens revenue growth and adjusted EBITDA margin expansion for 2026 [10]

Core Viewpoint - CBRE Group, Inc. is expected to report strong financial results for Q4 2025, with analysts predicting an EPS of $2.66 and revenue of approximately $11.6 billion, reflecting a positive outlook for the company [1][6] Financial Performance - CBRE has a history of exceeding earnings forecasts, achieving four consecutive earnings beats with an average surprise of 8.5% [2][6] - The anticipated revenue for Q4 2025 is projected to increase by 10.65% to $11.51 billion, with significant contributions from the Advisory Services segment ($2.77 billion) and Building Operations segment ($6.32 billion) [2][6] - In the previous quarter, CBRE reported a 9.52% earnings surprise, with a 14.7% increase in expected quarterly earnings compared to the same period last year [3] Financial Metrics - The company's P/E ratio is approximately 41.27, indicating a premium valuation by investors for each dollar of earnings [4][6] - The price-to-sales ratio stands at about 1.29, reflecting the amount investors are willing to pay for each dollar of sales [4][6] - The enterprise value to sales ratio is around 1.45, showcasing the company's total valuation in relation to its sales [4] Market Impact - The upcoming earnings report is critical for CBRE's stock price trajectory, with potential for an uptrend if results exceed expectations, or a decline if they fall short [5]

Core Insights - Zillow ended the fourth quarter of 2025 with a net income of $3 million, marking its first profitable year since 2012, compared to a loss of $52 million in the same quarter of 2024 [1] - The company reported a full-year net income of $23 million for 2025, indicating a significant turnaround in financial performance [1] Financial Performance - Quarterly revenue increased by 18 percent to $654 million, with Adjusted EBITDA rising to $149 million from $112 million in 2024 [2] - The for-sale business generated quarterly revenue of $475 million, an 11 percent annual increase, while Mortgages revenue surged by 39 percent year over year to $57 million [2] - The rentals business saw a revenue growth of 45 percent annually, reaching $168 million in the fourth quarter [6] Market Context - The housing market experienced only 3 percent growth, indicating that Zillow's performance occurred despite a flat market [3] - CEO Jeremy Wacksman emphasized the company's strategy to gain market share in both for-sale and rental segments, aiming for sustainable growth across varying market conditions [3] Legal Challenges - Zillow faced lawsuits from competitors like Compass and CoStar, as well as scrutiny from the Federal Trade Commission, which could impact its operations [4][6] - A lawsuit from Compass regarding listing policies was denied a temporary halt by a judge, while CoStar's lawsuit pertains to alleged copyright infringement of rental listing photos [5][6] Future Outlook - Wacksman expressed confidence in the rentals business, projecting a potential for over $1 billion in annual revenue and an increase in market share from 54 percent in 2024 to 63 percent in 2025 [7]

February 2026 Zillow Investor Presentation Legal 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 ...