Slide 1: Investor Presentation Q4 2025 Update
INVESTOR PRESENTATION Q4 2025 UPDATE 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Certain statements in this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operat
Slide 3: Our Mission
OUR MISSION Provide your best way to buy and sell a home. Period. 3
Slide 4: Software-Enabled Real Estate Platform
SOFTWARE-ENABLED REAL ESTATE PLATFORM Cash Offer Competitive Offer Flexible Closing For those who want to sell on their own Certainty & Control Free Local Move $12b+ schedule — with added convenience, Lifetime Revenue certainty, and control — and the in-person No Showings 3-Day Extended Stay guidanc
Slide 5: Years of Platform Investment Positions Us for Future Growth
YEARS OF PLATFORM INVESTMENT POSITIONS US FOR FUTURE GROWTH AS THE RESIDENTIAL MARKET REBOUNDS Real Estate as a Service CUMULATIVE VALUE OF HOMES SOLD SINCE 2015 ($M) 2024 Agent Partnership Program grew to 27% of total requests — 2025 Introduced Citrus Launched HomePro Market 2023 program, helping A
Slide 6: Massive and Evolving Market Presents Substantial Opportunity
MASSIVE AND EVOLVING MARKET PRESENTS SUBSTANTIAL OPPORTUNITY REAL ESTATE OPPORTUNITY TODAY $1.9t 1 99% non-digital / ~1% digital penetration 2 MARKET OPPORTUNITY $1.3t 3 “Buy Box” today 4 $511b 2025E renovation market 1. 2025: US Census & National Association of Realtors; 2. Company Estimates; 3. 20
Slide 7: Local Real Estate Expertise Supercharges Our Proprietary Technology
LOCAL REAL ESTATE EXPERTISE SUPERCHARGES OUR PROPRIETARY TECHNOLOGY, DRIVING ENHANCED UNIT ECONOMICS Advantaged combination of machine evaluation & human review Proprietary Robust data sources Private Public record Automated verification, Real estate Solutions presented Offer Data valuation & renova
Slide 8: Our Product Ecosystem Provides Integrated Opportunities Across Multiple Solutions
OUR PRODUCT ECOSYSTEM PROVIDES INTEGRATED OPPORTUNITIES ACROSS MULTIPLE SOLUTIONS Cash Offer Cash Offer Marketplace Foundation of the Platform High Margin Service Fee Business • Provides sellers with speed, certainty, and • Routes homes to Direct+ Partners including: short-term control operators, re
Slide 9: Leveraging Renovation Excellence
LEVERAGING RENOVATION EXCELLENCE CORE BUSINESS MODEL SINCE 2015 STAND-ALONE RENOVATION SERVICES SINCE 2023 • Buy, renovate, and sell homes • Built a sophisticated renovation operation in response to client demand that leverages existing teams and technology • Deliver efficient, high-quality renovati
Slide 10: Growth Plan Includes Multiple Profit Expansion Touch Points
GROWTH PLAN INCLUDES MULTIPLE PROFIT EXPANSION TOUCH POINTS Market penetration in existing markets • Long-term goal to drive total market share to 3-4%, from current less than 1% Expanding solutions available to sellers • Partnering with local brokerages to guide sellers to find the best solution fo
Slide 11: Improving Profitability After Abrupt Market Shift in 2022
IMPROVING PROFITABILITY AFTER ABRUPT MARKET SHIFT IN 2022 REVENUE ($M) $16 GROSS PROFIT ($M) & MARGIN % 20.0% $14 18.0% $174 $14 $161 $160 16.0% $12 $11 $11 14.0% $133 $9 $10 $114 12.0% $8 $8 10.0% 8.9% 8.0% $6 6.5% 7.0% 7.0% 6.1% 6.0% $4 4.0% $2 2.0% $0 0.0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'2
Slide 12: Q4 2025 Results
Q4 2025 RESULTS REVENUE $114.1.m (14%) QoQ HOMES ACQUIRED 110 (46%) QoQ HOMES SOLD 312 (15%) QoQ NET INCOME (LOSS) ($8.8m) 24% QoQ ADJ. EBITDA ($6.9m) (50%) QoQ GROSS PROFIT PER HOME SOLD $25.2k 1% QoQ CONTRIBUTION PROFIT (LOSS) $2.7k (67%) AFTER INTEREST PER HOME SOLD QoQ Note: QoQ represents a com
Slide 13: Appendix
APPENDIX Offerpadea
Slide 14: Condensed Consolidated Statement of Operations
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended December 31, (in thousands, except per share data) (Unaudited) 2025 2024 Revenue $ 114,118 $ 174,272 Cost of revenue 106,107 163,683 Gross profit 8,011 10,589 Operating expenses: Sales, marketing and operating 8,678 13,545 General and
Slide 15: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS As of (in thousands, except par value per share) (Unaudited) December 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 26,543 $ 43,018 Restricted cash 1,627 30,608 Accounts receivable 7,938 3,848 Real estate inventory 93,793 214,174
Slide 16: Condensed Consolidated Statement of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, ($ in thousands) (Unaudited) 2025 2024 Cash flows from operating activities: Net loss $ (46,384) $ (62,159) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 979 611 Amortization of debt
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to Offerpad’s results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). These measures have limitations as analytical tools when a
Slide 18: Adjusted Gross Profit / Margin
Adjusted Gross Profit / Margin Offerpad calculates Adjusted Gross Profit as gross profit under GAAP adjusted for (1) net real estate inventory valuation adjustment plus (2) interest expense associated with homes sold in the presented period and recorded in cost of revenue. Net real estate inventory
Slide 19: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Three Months Ended (in thousands, except percentages and homes sold, unaudited) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Gross profit $8,011 $9,336 $14,189 $10,507 $10,589 Gross margin 7.0% 7.0% 8.9% 6.5% 6.1% Homes sold 312 367 452
Slide 20: Adjusted Net (Loss) Income and Adjusted EBITDA
Adjusted Net (Loss) Income and Adjusted EBITDA Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpad’s underlying financial performance. Offerpad believes these measures provide insight into per
Slide 21: Non-GAAP Reconciliations (Cont.)
NON-GAAP RECONCILIATIONS (CONT.) Three Months Ended (in thousands, except percentages, unaudited) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net loss (GAAP) $(8,820) $(11,604) $(10,903) $(15,057) $(17,325) Change in fair value of warrant liabilities (785) 987
Slide 22: investor.offerpad.com
investor.offerpad.com 22