Angi Inc. (ANGI) Q2’26 Preview: Framing Management Strategy and Commentary into Forward Estimates

研报英文原文证据摘录

Angi Inc. (ANGI) Q2’26 Preview: Framing Management Strategy and Commentary into Forward Estimates

Goldman Sachs Angi Inc. (ANGI)

Framing Key Focus Areas into Q2’26

Proprietary Momentum vs. Network Channel Pressure

The core investor debate is whether proprietary channel growth can continue to

offset Network/SEO headwinds. In Q1’26, management highlighted positive

proprietary trends, including U.S. proprietary service requests and leads up +17% and

+13% YoY, respectively, while Network revenue declined -56% YoY & total revenue

declined -3% YoY. Mgmt. has previously indicated it is no longer underwriting a

meaningful recovery in Google SEO or Network channels and is instead focusing

investments on proprietary demand, brand marketing, pro acquisition, large-pro

penetration, and AI-enabled product improvements. A secondary debate heading into

the next 2-4 quarters is expected to be any proof-points around the returns on brand

marketing efforts and impact on margin trajectory.

For Q2, we would expect investor focus to center on service request trends, revenue per

lead/monetized transaction dynamics, and whether the mix shift toward proprietary

channels is improving marketplace quality even as reported revenue remains under

pressure. Our model implies Q2 revenue up +9% QoQ from Q1 (consistent with normal

seasonality) while still declining -6% YoY, with expectations of a re-acceleration delayed

into 2H27.

Exhibit 1: We expect revenues to continue to decline YoY Exhibit 2: Average Monthly Pros Continue to Decline

through FY26 as the company undertakes platform Albeit With Acquired Pros Returning to Growth in Q1’26

transition U.S. Pro Metrics (1000s) % Average Monthly Churn (%)

Revenue ($mm) & %YoY

$300 0% 180 0.0%

-3.2% 157 157 152 -4.6% -4.2% 160 143 (1.0%)

$250