Investor Presentation February 2022

Significant Long-Term Growth Opportunity 2025 financial targets of $5 billion revenue and 45% Adjusted EBITDA margin Model Math Opportunity 2021 (excluding Zillow Offers) Path To 2025 Targets* 12.2 Million Assumptions and Drivers No Assumed Growth for Industry Customer Transactions Growth Driven by Touring, Financing, Expanded Seller Services + Industry Customer Transactions (Buyers & Sellers) 12.2 Million Customer Transaction Share 3% Share 6% Share # Customer Transactions ~360K1 730K X Revenue per Customer Transaction ~$4,100¹ Total Customer Transaction Revenue $1.5 Billion¹ + Other Services Revenue $609 Million $1.2 Billion = Zillow Revenue $2.1 Billion² $5 Billion Zillow Adjusted EBITDA Margin ~39% 45%4 $2.25 Billion ~$5,200 $3.8 Billion Zillow Home Loans, Zillow Closing Services, Zillow 360 Bundled Services Assumes 3% Home Price Appreciation per Year Rentals, New Construction, StreetEasy, Mortgage Marketplace, Display, Real Estate Industry Services Implies 24% Annualized Growth Scale Margins and Invest in Opportunities to Drive Growth *The slide is provided for illustrative purposes to demonstrate one path towards achieving Zillow Group's 2025 financial targets. For purposes of this model, we are assuming no growth in existing home sales, a 3% increase in customer transaction share, and a 3% increase in home price appreciation per year. Please see the Legal Disclosure slide for additional information about our forward-looking statements. 1. Please see the appendix slides for important information about these operating metrics. 2. Excludes Zillow Offers FY 2021 Revenue and Zillow Offers related revenue FY 2021 for Premier Agent, Zillow Home Loans, and Zillow Closing Services, see appendix slides for important information.. 3. Calculated excluding Zillow Offers FY 2021 Revenue. See appendix slides for the reconciliation to the most directly comparable GAAP measure. 4. Zillow Group has not provided a quantitative reconciliation of this forecasted Zillow Adjusted EBITDA Margin to the most directly comparable GAAP measure within this presentation because the company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. For more information regarding the non-GAAP financial measures discussed in this presentation, please see the appendix slides.. 10 ZILLOW GROUP

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