ZG: The ZG daily dogpile continues

研报英文原文证据摘录

ZG: The ZG daily dogpile continues

0A 654.0A

Tuesday was I/O (see comments here). Then, earlier today, Chicago's 2026 708.0A 751.2E 772.3E 738.2E

largest MLS (MRED) announced it would stop providing ZG with its listings 2027 783.9E 842.2E 872.5E 850.9E

EBITDA, Adj entirely where ZG recently filed a lawsuit against MRED and Compass 2025 153.0A 155.0A 165.0A 149.0A

alleging collusion to hide listings and force ZG into violating its own listing 2026 182.0A 153.3E 216.7E 203.9E

standards. 2027 208.1E 239.7E 249.6E 252.5E

• Bigger picture, the overhang of fragmenting supply in real estate listings All values in USD unless otherwise noted.

unlikely to abate. In fairness, each is rightly pursuing their own self- Priced as of prior trading day's market close, EST (unless otherwise noted).

interests: ZG largely owns the portal category user engagement wise and

believes in making all listings available to all people while complying

with every MLS's mandates - anything counter to this is at odds with

how it achieved category leadership & ultimately, its business. Compass

is trying to expand its lead & share as the largest broker in the U.S.

partly through private listings which at scale, becomes a recruitment tool

for bringing on more agents & compounds share gains. MLS's generally

would be looking to grow seats and could differentiate by offering private

listings to brokers nationwide, particularly the largest ones. Lastly, Google

needs to acquire unique content for training its LLM's to stay competitive

and if it can carve out any incremental traffic and/or search revenue

from an underpenetrated vertical which can fund incremental content

acquisition, all the more reason.

• Thoughts on each source of traffic risk for ZG. 1) The Google

developments are most eye-brow raising.