ZILLOW GROUP INC (+) : Corporate Contact: Takeaways from Group Investor Call

研报英文原文证据摘录

ZILLOW GROUP INC (+) : Corporate Contact: Takeaways from Group Investor Call

EQUITIES

INTERNET & MEDIA

ZILLOW GROUP INC OUTPERFORMPRICE* USD37.9  TARGET PRICE USD75 (UPSIDE 98%)

FLASH NOTE

Corporate Contact: Takeaways from Group Investor Call

15 MAY 2026 Securities Research Report Production time: 20:47* (London time)

Research Analyst & Publishing Entities

Nick Jones BNP Paribas Securities Corp (1) +1 (929) 742-0211 nick.2.jones@us.bnpparibas.com

What happened?

We hosted a group investor call with Zillow’s VP of Strategic Affairs & Investor Relations, Brad Berning, and Senior

Investor Relations lead, Mary Ellen Fukuhara, on May 15. The discussion covered a range of topics, including Zillow’s

core business segments – Residential, Rentals, and Mortgages – progress across products such as Zillow Preferred,

Showcase, Pro, and Zillow Preview, the recent lawsuits, and the company’s reinvestment and long-term margin

expansion strategy, among other topics.

Key takeaways:

(1) Zillow Preferred continued to see strong momentum in 1Q26, remaining the primary driver of Residential revenue

growth; (2) the company highlighted continued momentum across newer product offerings, with Showcase now

reaching 4.3% of listings as of 1Q26 and broker interest tracking ahead of initial expectations, while Zillow Pro has

already been deployed to ~12K agents in beta with strong early engagement and conversion trends; (3) Zillow Preview

has now signed 60+ brokers, indicating strong industry interest, though contribution to monetization is expected to be

limited in FY26 with an opportunity to be incrementally accretive over time; (4) regarding its recent lawsuit with Compass

and MRED, Zillow noted listing feeds have not been cut, no preliminary injunction has been filed, and the company has