#1For Sale Opendoor opendoor.com 4 Opendoor November 2023 Investor Presentation#2Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking, including statements regarding the health of our financial condition, anticipated future results of operations and financial performance, priorities of Opendoor Technologies Inc. ("Company") to achieve future goals, Company's ability to continue to effectively navigate the markets in which it operates, anticipated future and ongoing impacts of our acquisitions and other business decisions, health of our balance sheet to weather ongoing market transitions, Company's ability to adopt an effective approach to manage economic and industry risk, as well as inventory health; business strategy and plans, including any plans to expand into additional markets, market opportunity and expansion and objectives of management for future operations, including our statements regarding the benefits and timing of the roll out of new markets, products or technology; and the expected diversification of funding sources. These forward-looking statements generally are identified by the words "anticipate", "believe", "contemplate", "continue", "could", "estimate", "expect", "forecast", "future", "guidance", "intend", "may", "might", "opportunity", "outlook", "plan", "possible", "potential", "predict", "project", "should", "strategy", "strive", "target", "vision", "will", or "would", any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this presentation include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown; changes in general economic and financial conditions (including federal monetary policy, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; the duration and impact of the ongoing COVID-19 pandemic (including variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions; addition or loss of a significant number of customers; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; ability to protect our brand and intellectual property; ability to obtain or maintain licenses and support our current and future business operations; ability to operate and grow our 1P and 3P core business products, including the ability to obtain sufficient financing and resell purchased homes; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our technology platform, including our automated pricing and valuation technology; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment within our industry and complexities with compliance related to such environment; the impact of natural disasters and other catastrophic events; changes in laws or government regulation affecting our business; and the impact of pending or future litigation or regulatory actions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption "Risk Factors" in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 23, 2023, as updated by our periodic reports and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. In addition, as set forth in this presentation, the Company has included an illustrative model showing how it could achieve breakeven Adjusted Net Income. Such illustrative model, including but not limited to the assumptions associated with revenue, contribution margin, adjusted operating expenses and net interest expenses necessary to generate breakeven Adjusted Net Income, is based on estimates and is subject to change due to a variety of factors, including certain factors outside of our control. For a description of the factors that could impact such estimates and this illustrative model generally, please see the above and the other risks and uncertainties described under the caption "Risk Factors" in our most recent Annual Report on Form 10-K filed with the SEC on February 23, 2023. We can provide no assurance as to whether we will achieve, and when we may achieve, any of results set forth in the breakeven Adjusted Net Income illustrative model. Non-GAAP Financial Metrics This presentation includes references to certain non-GAAP financial measures that are used by management. The Company believes these non-GAAP financial measures, including Adjusted Gross Profit, Contribution Profit, Adjusted Net (Loss) Income, Adjusted EBITDA, Adjusted Operating Expenses, and any such non-GAAP financial measures expressed as a Margin, are useful to investors as supplemental operational measurements to evaluate the Company's financial performance. The non-GAAP financial measures should not be considered in isolation or as a substitute for the Company's reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly-titled measures reported by other companies. Management uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of the Company's recurring operating results. 2#3Table of contents ● Overview ● Proven playbook to attract sellers ● Our delivery platform Path to positive Adjusted Net Income Investment highlights Opendoor sebes The Pischels sold to Opendoor in Denver, CO#4Opendoor Overview HU The Goodens sold to Opendoor in St. Augustine, FL#5Opendoor We're powering life's progress, one move at a time.#6Residential real estate is the largest category in the US, and it's highly fragmented The market is massive 66% of Americans are homeowners ~5 million homes are sold annually $840B/yr Used autos $1.9T/yr Residential real estate $1.1T/yr Grocery Note: Data sourced from public company filings, U.S. Bureau of Labor Statistics, U.S. Census Bureau, and National Association of Realtors Annual homes sold and total market size based on 2022 National Association of Realtors existing home sales report Market incumbents are highly fragmented >3 million real estate agents > 20% of realtors have another occupation 61% 0-15 annual transactions 34% 15-50 annual transactions 5% 50+ annual transactions Overview 6#7The traditional process is complex, uncertain, time-consuming, and offline Today, 86% of buyers and sellers use an agent, and this is their experience: Human intensive average of 5 visitors per listing Uncertain ~20% of transactions fall through Host several open houses 5+ showings Receive an offer for $330,000 Receive an offer, negotiate, and accept Miss out on dream home Make an offer with multiple contingencies Settle for available home Make offer with no contingencies Decide to move List for sale for $350,000 List on the market for months Buyer inspection An inspector finds issues with the home Wait for close Roughly 20% of deals fall through Note: Data sourced from National Association of Realtors and Multiple Listing Service data, filtered for Opendoor's buybox Finally move Find an agent Interview and find a listing agent Repair and prep Repair, renovate, and prep home on spec Negotiate repairs Seller has to negotiate the price or fix the issues Search for new home Visit 5 occupied homes Complex average of 6 counter- parties to manage Costly staging, repairs, and double-moves Slow upwards of 60 days on the market Overview 7#8Opendoor transforms the home selling process into a simple and certain online experience Simplicity Skip showings, making repairs on spec, buyer negotiations, and managing multiple intermediaries 0 9:41 Sell to Opendoor Estimated Opendoor offer $445,350 Cash offer range: $415K - $4751 Your preliminary offer is based what about your house today. You'll get a pre cash offer after your assessment. Request offer Sell Schedule your 1983 Ju video call Next - Schedule video ca Buy Contact 9:41 opendoor.com This is a 30 minute video call wit Opendoor Expert. You'll be able additional info about your home haven't had a chance to share. Next available time Mon, Aug 18 at 3:00 PM EST Your number 555-876-5341 Want to start right away? Upload photos & videos now opendoor.com 9:41 Answer a few questions To make sure we get you the highest possible offer, we want to know a few more details about your house. Get started opendoor.com Certainty Sell for a competitive cash offer on your timeline with no risk of fall-through Overview 8#9We make selling a home this simple 1 Get a preliminary offer in minutes Preliminary offer $384,000 Estimated range: $360K-$410K Show us your home for a more accurate offer. Home details Type Single family house City Tucson Price per sqft Built in 1995 Lot size See all See how simple it really is 2 Complete a video walkthrough assessment Schedule a video walkthrough Mon, Nov 4 at 12:00PM Time Scheduled! Edit time What to expect on your call A brief video call with an Opendoor Expert, sharing various parts of your home It should take about 30 minutes to complete 3 Get a final offer within days Finalized offer $390,594 Service charge Ⓒ Est. closing costs Repair costs O Est. net payout 5% ($19,530) 1% ($3,906) Next - Sign Offer ($2,491) $364,668 4 Choose your closing date and move You're selling your home! Offer price $390,594 Close date Nov 28, 2023 Overview 9#10And our customers are delighted by the experience "To Opendoor, it's not about the sale, it's about trying to help families move. They treated me like I was their only client, and I had that one-on-one attention." Charlisa Boyd Sold to Opendoor in Raleigh, NC NPS ~80 Opendoor Note: Net Promoter Score metrics based on Company data, public filings, and third-party research; Opendoor NPS refers to sellers from 2021 to present Industry-leading seller Net Promoter Score Traditional Listing Mortgage Title Overview 10#11We're creating innovative products so consumers can choose how they want to sell their home 0 Sell to Opendoor 1983 Juanita Ave ✓ Estimated Opendoor offer $445,350 Request offer Exp. 7 days Cash offer range: $415K - $475K Your preliminary offer is based on what we know about your house today. You'll get a precise cash offer after your assessment. CORE Next - Schedule video call Sell Direct to Opendoor Bypass the traditional selling process by selling your home directly to Opendoor How it works EXPANDING Set up a call with an Opendoor expert Discuss your selling goals, show us what makes your home special, and get the details about your cash offer. Secure your offer with Offer Lock When you list with us, your cash offer is good for 60 days-rather than just 7. Even if the market goes down, your offer will not. You'll be guided every step of the way The agents we work with are local experts, who know the ins and out of selling in your neighbourhood. List with Opendoor Use Opendoor to list your home on the MLS. You can secure an Opendoor cash offer backstop 0 Get a cash offer from Opendoor and we'll help you beat it 125 W Muriel Dr Get a higher offer from pre-qualified buyers in 30 days, or we'll increase your Opendoor nach offer by $5,000. CR = 0 Opendoor PILOTING Go Takes a few minutes. Commitment free III $480K Serious Buyer $518K Serious Buyer ↑ $512K Marketplace Opendoor Exclusives connects sellers with qualified buyers Overview 11#12To do this, we rebuilt real estate from the ground up Experience Centralized sales and support teams to help customers at every step Product Simple and certain online experience for customers Operations Technology-enabled assessments, repairs, maintenance, and listings of homes Pricing Real-time models to understand the value of a home based on millions of data points Foundation of software and data science Purpose-built platform refined over nine years and informed by over ten million offers || = 9:41 Opendoor Make the easy move The simple way to sell or buy a home starts here. Enter address Sign in opendoor.com Get offer Overview 12#13And we're just getting started, bringing real estate into the digital age Category % Online Category leader Retail 21% ~$4.9T amazon Note: Industry sizes and online penetration metrics are based on public filings and third-party research Grocery 12% ~$1.1T instacart Used auto 2% ~$840B CARmax Real estate 1% ~$1.9T Opendoor Overview 13#14We're powering life's progress for families like the Blasingames See their full story Overview "It's pretty incredible thinking back on it now, but what Opendoor allowed us to do is sell our home to them, buy a new home, and keep the process as seamless as possible." Stefen Blasingame Sold to Opendoor and bought with Opendoor Surprise, AZ 14#15Our delivery platform Tools and technology we use to power the best pricing, inventory management, and operations Opendoor Samuel, a Home Project Manager in Atlanta, collects critical information to plan and execute renovations for resale#16Home-level pricing: we collect proprietary data at scale to underwrite every home we purchase Third-party and proprietary offline data Market data Proprietary data assets MLS transactions MLS prices Third-party data Seller input flow Inspection detail Comparable visitor traffic Home-specific data labels Historical underwriting Computer vision-based tools Enricher: Internal tool used to enrich videos of home assessments ● ● Labels the type of room in the video Scores the condition of the room Allows us to process >500 videos / day BATHROOM KITCHEN KITCHEN KITCHEN Feature-level home data >150 unique features per inspection Countertops +$5.1K for granite MATH Appliances +$3.9K for stainless steel >100M home level data inputs Bedrooms +$15.0K from 2 to 3 Note: Inspection and home-level adjustment metrics reflect company data as of November 2023; feature price adjustments are illustrative. Home assessments include interior, exterior, and specialty Our delivery platform Hardwood floors +$1.5 / sq ft >2B home level adjustments Roofing +$9.0K if < 5 yrs HVAC system +$8.5K if < 3 yrs Garage +$4.5K/ space 16#17Inventory management: we balance growth, margin, risk, and capital by optimizing inflows and outflows Acquisition pricing Demand and supply indicators Market visit appointments New listings pace Active comparables ● ● Market liquidity ● ● Seller conversion Market clearance rates Home price seasonality Portfolio allocation ● Market concentration ● Operational capacity ● Capital and liquidity Portfolio optimization Home-specific visits Visits vs. market Time spent in home Offers per visit ● Resale pricing Home-level pricing ● Our delivery platform Initial list price vs. market Price drops vs. market Quality and condition adjustments Structured visit feedback Curb appeal Home condition Cleanliness 17#18Operations: we've built a vertically-integrated platform with proprietary tools, centralized data, and automation Proprietary tooling TOWN transaction hub B & Ontoras G A Ⓒ Todos 3 0⁰ Teams TOWN 111 Matisse Dr. Houston, TX 77079 Laudated Sep 2.2002 2.30pm P Overview Hide filters Property narrative Search States Type 111 Matisse Dr Home details Activity log Stages colapsed Active Scheduled Successfully completed Terminated Acquiston Inventory Resale Operator visits Customer visi Timeframe 9 Showing all fecycle events Narrative Doos and photos Phoebe Dover uisition Orchestration FE Home Ser Operator Vist Opendoor Inventory Buyer/Agent Resale 12345678910111213520 21 22 23 24 25 R Compted Julia Roberts Financials Exterior Assessment 3/20 Sched for March 20, 2023 Notes Closed Security Projects overview March Compo March 20, 2023 wahinberget Orchestration PE Feedback case Transaction workflow management platform improves operator productivity Centralization % of pricing, customer experience, and home operations personnel based in local markets 80% 60% 40% 20% 0% 59% 2018 24% 2023 Ability to centralize in-market roles, increasing efficiency and consistency Automation Vendor management platform Browse trade partner matches Browse and select a vendor based on their match score with this work order. Trade Partner Match Score Innovative Field Services - 10 NY Innovative Field Services - NJ 9 GES Construction LLC - NJ Brink's Tank and Environmental NYJ Integrated Home Services. Inc-LI A&A SOLUTIONS LLC NJ Kando Group - NJ Build NY Construction Services - NYJ 9 5 5 5 4 3 TJG Construction T/A Anthony Gallo - NJ. Approved Contracting Corp. 2 2 Innovative Field Services - NY Great match Why this trade partner is a great match: Coverage: Services area Current Utilization: 66.7% 10 Match Score Current Utilization 3.0 2.8 2.4 2.2 20 1.6 1:4 1.2 10 Our delivery platform G.B 0.6 0.4 02 Active Work at Proprietary tool optimizing assignment of trade partner capacity for home repairs Capabilities: Gene Classification: Part Capacity ● Vendor Accepted In Progress 18#19(3 Opendoor 296 Proven playbook to attract sellers The Jennings family sold their home near Raleigh, NC to Opendoor#20Today, we're in 50+ markets 50+ Markets 2% 2022 market share 30%+ Homes sold fall in our buybox Portland Sacramento San Francisco Los Angeles Reno Riverside San Diego Boise Las Vegas Salt Lake City Prescott Phoenix Tucson Northern Colorado Denver Colorado Springs Albuquerque Note: Unit market share based on Company home resales for 2022 across Opendoor markets as of December 31, 2022 30% of homes sold in the U.S. in 2022 fell in our buybox, meaning we can underwrite them based on price, age, type, etc. Oklahoma City Killeen Minneapolis-St.Paul Dallas-Fort Worth Austin San Antonio Kansas City Houston Corpus Christi St Louis Indianapolis Nashville Detroit Proven playbook to attract sellers Cleveland Columbus Cincinnati Chattanooga Birmingham Knoxville Asheville Greenville Atlanta Washington, D.C. Richmond Greensboro Raleigh-Durham Charlotte Columbia Tampa Charleston Jacksonville Orlando Miami Southwest Florida Boston New York/ New Jersey 20#21As markets mature, we gain share through marketing investments and a growing future customer base Ability to extend pricing capabilities and acquisition playbook to new markets with brand and targeted marketing spend Materially higher awareness in mature markets aids offer generation and conversion Ability to grow retained customer base with active re-engagement of those who previously solicited offers Expanding national footprint drives increasing ad spend efficiency relative to local media buys 2.0% III 2022 total share Note: 2022 market share based on Company resales as a % of MLS transaction data for respective markets Cohorts indicate markets launched in each year. We did not launch any new markets in 2020 due to the impact of COVID-19 28% 0.7% 2021 cohort 34% ‒‒‒‒‒‒‒‒‒‒‒‒‒ 1.6% 2019 cohort Market Share 40% 2.2% 2018 cohort Proven playbook to attract sellers Aided Awareness 45% 3.8% ‒‒‒‒‒‒‒‒‒‒ Pre-2018 cohort 21#22Our serviceable addressable market has increased ~4x since 2019 via market and buybox expansion $800B $600B $400B $200B $OB ~$160 2019 New Markets Buybox Expansion Note: Serviceable addressable market ("SAM") is defined as total in-buybox transactions in MSAs in which Opendoor is active Buybox expansion has been achieved by addressing more zip codes and home characteristics such as price points, ages, and home types $600+ Current Proven playbook to attract sellers Our acquisition funnel: Serviceable addressable market (SAM) Distribution channels Offers Reengagement Conversion 22#23We attract sellers through paid marketing and the expansion of our cost-efficient partnerships Our paid marketing drives top of funnel traffic to our website Brand Digital Direct mail Search Social SOLD ►YouTube Google DISPLAY NETWORK ffod suns Microsoft Advertising Q nextdoor MAVRCK Note: Repeat agents are those that have completed more than one transaction with Opendoor And we've grown our partnerships Homebuilders Repeat agents National agencies Online real estate platforms 2019 54 61 2023 90+ 800+ REALTY realtor.com® REDFIN 2 Zillow Proven playbook to attract sellers Our acquisition funnel: Serviceable addressable market (SAM) Distribution channels Offers Reengagement Conversion 23#24Our growing base of potential customers provides ongoing opportunities to re-engage future sellers We're seeing more engagement from potential customers Address entry penetration by year of market launch 50% 40% 30% 20% 10% 0% 2018 Pre-2018 2019 2018 For homes listed within Opendoor's buybox during 2022 in markets launched before 2018, >35% had previously entered their address on our website 2020 2019 2021 2021 2022 2022 Note: Address entry penetration is defined as the percentage of MLS listings within our buybox that have entered their address on Opendoor's website And they come back when they're ready to sell 63% 2019 contracts from repeat offers 74% 2023 YTD contracts from repeat offers Proven playbook to attract sellers Our acquisition funnel: Serviceable addressable market (SAM) Distribution channels Offers Reengagement Conversion 24#25We see improvements in conversion as we lower spreads and increase brand awareness We understand how conversion responds to adjustments in our offer spreads Spread vs. conversion True Seller Conversion 40% 30% 20% 10% 0% 11% Average Spread Note: Spreads defined as total discount to valuation less the 5% Opendoor service fee 0% Increased awareness improves conversion Brand awareness over time 26%+ 2019 2023 Proven playbook to attract sellers Our acquisition funnel: Serviceable addressable market (SAM) Distribution channels Offers Reengagement Conversion 25#26PARAUGANS Opendoor 41 Path to positive Adjusted Net Income with $10B of run-rate revenue and performance at the high end of our annual financial targets BUTI The Romayors purchased an Exclusives home from Opendoor in Austin, TX#27We're well positioned to deliver margin improvements in 2024 and beyond We're building a new book of inventory with healthy margins Performing in-line or better than our target margins 6,920 YTD new book homes sold 13.2% YTD Adj. Gross Margin 9.4% YTD Contribution Margin Note: Year-to-date (YTD) metrics through 9/30/23 The old book of homes is nearly behind us Reducing longer-dated inventory <150 Old book homes not in resale contract as of 9/30/23 (8.7)% YTD Adj. Gross Margin (13.7)% YTD Contribution Margin We've reduced our cost structure for near-term volumes Creating a path for profitability at scale Adjusted Operating Expenses ($M) $204 $189 2Q22 $144 Path to positive ANI $100 ▬▬▬▬▬ 3Q22 4Q22 1Q23 2Q23 $78 $92 3Q23 27#28Since 2019, we have significantly expanded our reach through increases to markets, buybox, and partnerships Markets In-market buybox coverage Serviceable addressable market SAM share needed to achieve $10B of revenue % acquisitions from partnership channels 2019 21 ~40% $160B 6.3% 20% Current 50+ ~60% $600B+ Note: Expected ANI breakeven at $10B of revenue assuming certain Contribution Profit, adjusted operating expense, and net interest expense margins 1.7% 40%+ Path to positive ANI | Annualized Revenue Contribution Margin Adj. Operating 4-5% | Expenses Net Interest Expense $10B Adj. Net Income breakeven 5-7% 2-3% 28#29We adjust spreads to target an annual contribution margin of 5-7% Annual target 5-7% Contribution Margin Note: Illustrative example Holding & selling costs Home price appreciation assumption Within Opendoor's influence Adjacent services & fee based products 5% service fee Outside Opendoor's influence Spread | Path to positive ANI Annualized Revenue Contribution Margin Net Interest Expense $10B Adj. Operating 4-5% Expenses Adj. Net Income breakeven 5-7% 2-3% 29#30We incorporate annual home price seasonality into our spread assumption Typically, majority of HPA realized in 1H, with flat to moderately negative HPA in 2H 30-day rolling month-over-month home price appreciation (HPA) Rolling HPA Bps 400 200 -200 Jan Feb Mar Apr May Note: Weighted to Opendoor markets; non-seasonally adjusted; as of November 1, 2023 Jun Jul Aug Sep Oct Nov mily Dec 2014 2015 - 2016 2017 2018 2019 - 2020 2021 2022 - II -2023 | Path to positive ANI Annualized Revenue Contribution Margin Net Interest Expense $10B Adj. Operating 4-5% Expenses Adj. Net Income breakeven 5-7% 2-3% 30#31We have a track record of leveraging our operating expenses over time Adjusted Operating Expenses as a % of Revenue 10.0% 7.5% 5.0% 2.5% 0.0% 10.7% 2018 6.5% 2019 8.1% ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ 2020 5.8% 2021 ‒‒‒‒‒ 4.5% 2022 4.4% ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ 3Q23 YTD 1 Path to positive ANI Annualized Revenue Contribution Margin Net Interest Expense $10B Adj. Operating 4-5% Expenses Adj. Net Income breakeven 5-7% 2-3% 31#32We target inventory turns of 3-4 times per year, mitigating the impact of interest rate changes at the transaction level Weighted average interest rate 2.5x turns 3.0x turns 3.5x turns 4.0x turns 9/30/23 6.2% 2.5% 2.1% 1.8% 1.6% +50bps 6.7% 2.2% 1.9% +100bps 1.7% Implied gross interest expense (% of cost): 2.7% 7.2% We have a robust and dynamic capital structure, built to adapt for growth Inventory turns Interest income Increasing the number of turns per year reduces risk, interest costs, and capital requirements Our cash and restricted cash generate interest income, which offsets gross interest expense Spread adjustment Ability to offset changes in financing costs with changes in our spreads 2.9% 2.4% 2.1% +150bps 1.8% 7.7% 3.1% 2.6% 2.2% 1.9% Capital structure Well capitalized to achieve our growth targets with $2.3B of fixed-rate debt and $3.9B in undrawn revolving capacity Note: Weighted average interest rates shown are annual; rate of 6.2% on $2.3 billion in outstanding term debt as of 9/30/23. To the extent Opendoor sells for more than their cost basis, interest as % of revenue will be lower than interest as % of cost 1 | Path to positive ANI Annualized Revenue Contribution Margin Net Interest Expense $10B Adj. Operating 4-5% | Expenses Adj. Net Income breakeven 5-7% 2-3% 32#33Illustrative: we have a path to Adjusted Net Income breakeven at steady state run-rate of $10B of revenue Avg. Home Price ($) # of Homes Acquired and Sold / month Revenue Contribution Margin Adj. Operating Expenses Net Interest Expense Adj. Net Income P&L ($M): $10,000 $600-700 $(500-400) $(200) $0 $10B Steady State Run-Rate $ per Home Sold $375,000 $22,500-26,250 $(18,750-15,000) $(7,500) $0 $375,000 ~2,200 % of Revenue: 6-7% (5-4)% (2)% (1)-1% Assumes higher end of annual contribution margin target range 1 | | Assumes lower end of net interest expense range Path to positive ANI Annualized Revenue Contribution Margin Adj. Operating Expenses Net Interest Expense Adj. Net Income breakeven $10B 5-7% 4-5% 2-3% 33#34Opendoor Investment highlights The Whitlock family bought an Exclusives home from Opendoor in Austin, TX#35Investment highlights Massive, highly fragmented market Residential real estate is the largest category, with only 1% online penetration | Superior consumer experience We provide a simple and certain online solution as an alternative to the traditional, complex home selling process 1 Highly differentiated, purpose-built delivery platform Our tools and technology allow us to more accurately underwrite homes, optimize our overall portfolio, and operate efficiently at scale | Proven playbook for expansion and a growing customer base We've significantly grown our SAM and broadened our distribution channels, and a higher percentage of potential sellers are choosing our products Investment highlights Path to positive Adjusted Net Income | With $10B of steady state revenue, we have the potential to leverage operating expenses and generate positive Adjusted Net Income, a proxy for operating cash flow 35#36Opendoor Appendix OVER The Thousands sold their home to Opendoor in Cape Coral, FL and bought a new build with a partner builder#37Non-GAAP references Key Metric Total Revenue Adjusted Gross Profit Adjusted EBITDA Adjusted Net Income Less: Net purchase price Less: Acquisition transaction costs Less: Net repairs Less: Ancillary product COGS Less: Less: Total Contribution Profit Less: Less: Key Component Less: Less: Inventory valuation adjustment (adjusted for non-gaap) Less: Marketing spend Less: Operations spend Holding costs (adjusted for non-gaap) Selling costs (adjusted for non-gaap) Fixed opex (adjusted for non-gaap) Holding costs (adjusted for non-gaap) and other Financing costs / D&A / taxes interest income / other GAAP P&L Reference Cost of revenue Cost of revenue Cost of revenue Cost of revenue Cost of revenue Sales, marketing and operations Sales, marketing and operations Sales, marketing and operations Sales, marketing and operations General and administrative Technology and development Sales, marketing and operations Sales, marketing and operations Description Transaction revenue (net resale price x homes sold) + ancillary product revenue Headline purchase price net of service charge Transaction costs related to the purchase of the property Reno / repair spend net of any repair charges to seller COGS related to ancillary products such as Title & Escrow Inventory valuation adjustment recorded during the current period and prior period on homes sold in the relevant period ("Resale Cohort") Gross Profit related to homes sold in a specific period Property taxes, utilities, insurance, cleaning, and HOA dues recorded during the current period and prior period for the Resale Cohort Buyer broker commission, other transaction costs for the Resale Cohort Contribution Profit related to homes sold in a specific period Online, offline, and brand spend Primarily related to customer sales, support, and home operations Appendix G&A, T&D, SM&O, and other overhead costs excluding Stock-based compensation, Intangibles amortization expense, Legal contingency accrual, and related expenses Primarily related to holding costs for homes in inventory. These costs move to Contribution Profit as homes are sold Adjusted EBITDA excludes non-cash / non-recurring costs / costs not directly related to our revenue-generating operations Depreciation and amortization, property financing, interest, tax expenses, and interest income Adjusted Net Income is a proxy for operating free cash flow 37#38Non-GAAP references $ IN MILLIONS GAAP Gross Profit Gross Margin Adjustments: Inventory Valuation Adjustment - Current Period Inventory Valuation Adjustment - Prior Period Adjusted Gross Profit (Loss) Adjusted Gross Margin Direct Selling Costs Holding Costs on Sales - Current Period Holding Costs on Sales - Prior Period Contribution Profit (Loss) Contribution Margin Old Book $112 3.0% Nine Months Ended September 30, 2023 $12 ($447) ($323) (8.7%) ($103) ($24) ($60) ($510) (13.7%) New Book $303 12.9% $12 ($3) $312 13.2% ($68) ($17) ($5) $222 9.4% Total $415 6.8% $24 ($450) ($11) (0.2%) ($171) ($41) ($65) ($288) (4.7%) Appendix 38#39Non-GAAP references $ IN MILLIONS Operating Expenses (GAAP) Adjustments: Direct selling costs Holding costs on sales included in contribution profit Stock-based compensation Intangibles amortization expense Restructuring Goodwill impairment Payroll tax on initial RSU release Legal contingency accrual Depreciation and amortization, excluding amortization of intangibles Other Adjusted Operating Expenses Revenue Adjusted Operating Expenses Margin 2018 $297 ($62) ($19) ($15) ($1) ($5) $1 $196 $1,838 10.7% Year Ended December 31, 2019 $549 ($149) ($56) ($13) ($3) ($2) ($15) ($1) $310 $4,741 6.5% 2020 $406 ($73) ($28) ($38) ($4) ($31) ($4) ($22) $2 $208 $2,583 8.1% 2021 $1,298 ($195) ($49) ($536) ($4) ($5) ($14) ($33) $5 $467 $8,021 5.8% 2022 $1,598 ($414) ($147) ($171) ($9) ($17) ($60) ($46) ($41) $693 $15,567 4.5% Nine Months Ended September 30, 2023 $686 ($171) ($106) ($94) ($5) ($10) ($30) Appendix $270 $6,076 4.4% 39#40Non-GAAP references $ IN MILLIONS Operating Expenses (GAAP) Adjustments: Direct selling costs Holding costs on sales included in contribution profit Stock-based compensation Intangibles amortization expense Restructuring Goodwill impairment Legal contingency accrual Depreciation and amortization, excluding amortization of intangibles Other Adjusted Operating Expenses Revenue Adjusted Operating Expenses Margin June 30, 2022 $454 ($100) ($34) ($59) ($3) ($42) ($12) $204 $4,198 4.9% September 30, December 31, 2022 2022 $385 $342 ($100) ($32) ($52) ($2) ($8) ($2) $189 $3,361 Three Months Ended 5.6% ($78) ($37) $7 ($2) ($17) ($60) ($1) ($12) $2 $144 $2,857 5.0% March 31, 2023 $294 ($85) ($54) ($42) ($2) ($12) $1 $100 $3,120 3.2% June 30, 2023 $217 ($58) ($39) ($21) ($1) ($10) ($9) ($1) $78 $1,976 3.9% September 30, 2023 $175 ($28) ($13) ($31) ($2) ($9) $92 $980 Appendix 9.4% 40#41Non-GAAP reconciliations definitions Adjusted Gross Profit (Loss) and Contribution Profit (Loss) To provide investors with additional information regarding our margins and return on inventory acquired, we have included Adjusted Gross Profit (Loss) and Contribution Profit (Loss), which are non-GAAP financial measures. We believe that Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are useful financial measures for investors as they are supplemental measures used by management in evaluating unit level economics and our operating performance. Each of these measures is intended to present the economics related to homes sold during a given period. We do so by including revenue generated from homes sold (and adjacent services) in the period and only the expenses that are directly attributable to such home sales, even if such expenses were recognized in prior periods, and excluding expenses related to homes that remain in inventory as of the end of the period. Contribution Profit (Loss) provides investors a measure to assess Opendoor's ability to generate returns on homes sold during a reporting period after considering home purchase costs, renovation and repair costs, holding costs and selling costs. Adjusted Gross Profit (Loss) and Contribution Profit (Loss) are supplemental measures of our operating performance and have limitations as analytical tools. For example, these measures include costs that were recorded in prior periods under GAAP and exclude, in connection with homes held in inventory at the end of the period, costs required to be recorded under GAAP in the same period. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of these measures to the most directly comparable GAAP financial measure, which is gross profit (loss). Adjusted Gross Profit (Loss) / Margin We calculate Adjusted Gross Profit (Loss) as gross profit (loss) under GAAP adjusted for (1) inventory valuation adjustment in the current period, and (2) inventory valuation adjustment in prior periods. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. We define Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures gross margin performance isolated to homes sold in a given period and provides comparability across reporting periods. Adjusted Gross Profit (Loss) helps management assess home pricing, service fees and renovation performance for a specific resale cohort. Appendix Contribution Profit (Loss) / Margin We calculate Contribution Profit (Loss) as Adjusted Gross Profit (Loss), minus certain costs incurred on homes sold during the current period including: (1) holding costs incurred in the current period, (2) holding costs incurred in prior periods, and (3) direct selling costs. The composition of our holding costs is described in the footnotes to the reconciliation table below. Contribution Margin is Contribution Profit (Loss) as a percentage of revenue. We view this metric as an important measure of business performance as it captures the unit level performance isolated to homes sold in a given period and provides comparability across reporting periods. Contribution Profit (Loss) helps management assess inflows and outflows directly associated with a specific resale cohort. Adjusted Operating Expense We present Adjusted Operating Expense, which is a non-GAAP financial measure that bridges the difference between Contribution Profit (Loss) and Adjusted EBITDA. We believe this measure provides investors and analysts meaningful period over period comparisons by showing the remaining operating expenses after the costs related to unit level performance are moved to contribution profit and certain charges that are non-recurring, non-cash, or not directly related to our revenue-generating operations are removed. Adjusted Operating Expense is a supplemental measure of our operating expenditures and has important limitations. For example, this measure excludes the impact of certain costs required to be recorded under GAAP. This measure removes holding costs and direct selling costs incurred on homes sold during the current period, including holding costs recorded in prior periods, and moves these costs to contribution margin. This measure could differ substantially from similarly titled measures presented by other companies in our industry or in other industries. Accordingly, this measure should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We include a reconciliation of this measure to the most directly comparable GAAP financial measure, which is operating expenses. We calculate Adjusted Operating Expense as GAAP operating expense adjusted to exclude direct selling costs and holding costs included in determining Contribution Profit (Loss). It excludes non-recurring goodwill impairment and payroll tax on initial RSU release. The measure also excludes non-cash expenses of stock-based compensation, depreciation and amortization, and intangibles amortization. It also excludes expenses that are not directly related to our revenue-generating operations such as restructuring charges and legal contingency accruals. 41#42Opendoor November 2023 Investor Presentation