Costar Group, Inc. · NASDAQ:CSGP
Costar — Investor Presentation (January 2026)
32 slides from Costar's investor presentation, January 2026
Slide 1: Investor Presentation January 2026
Investor Presentation January 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This investor presentation includes “forward-looking statements”. Potential factors that may cause actual results to differ materially from those projected in these forward-looking statements are described in CoStar Group’s periodic filings with the Securities and Exchange
Slide 3: Accelerating Adjusted EBITDA Growth After Successful Investment in Homes.com
Accelerating Adjusted EBITDA Growth After Successful Investment in Homes.com $2,500,000 $2,000,000 Adjusted EBITDA (thousands) ~10x $1,500,000 Growth in 6 Years $1,000,000 $500,000 $- 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F 2029F 20230F 2025 fore
Slide 4: In 2002 CoStar Group Grew Adjusted EBITDA as CoStar Investment Phase Ended
In 2002 CoStar Group Grew Adjusted EBITDA as CoStar Investment Phase Ended $60,000 $6.00 $50,000 $5.00 $40,000 $30,000 Adjusted EBITDA (thousands) $4.00 $20,000 Stock Price $10,000 $3.00 $- 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 $2.00 $(10,000) $(20,000) $1.00 $(30,000) $(4
Slide 5: In 2017 CoStar Group Grew Adjusted EBITDA After Apartments.com Investment
In 2017 CoStar Group Grew Adjusted EBITDA After Apartments.com Investment Major investment into Apartments.com $700,000 $90.00 $80.00 $600,000 $70.00 $500,000 Adjusted EBITDA (thousands) $60.00 $400,000 $50.00 Stock Price $300,000 $40.00 $30.00 $200,000 $20.00 $100,000 $10.00 $- $0.00 2010 2011 2012
Slide 6: CoStar Group Growing Adjusted EBITDA as a Major Investment Phase Ends
CoStar Group Growing Adjusted EBITDA as a Major Investment Phase Ends $2,500,000 $150 $130 $2,000,000 $110 Adjusted EBITDA (thousands) $90 $1,500,000 Stock Price $70 $1,000,000 $50 $30 $500,000 $10 $- -$10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F 2028F
Slide 7: Since its IPO, CoStar has Realized IRRs of Between 17% - 39% on its Major Investments
Since its IPO, CoStar has Realized IRRs of Between 17% - 39% on its Major Investments TOTAL COMBINED INVESTMENT PRODUCT IRR PURCHASE PRICE INVESTMENT1 RETURN MULTIPLE ($918M) ($1,014M) 27% 14x ($1,239M) ($1,371M) 33% 11x ($511M) ($512M) 20% 7x ($17M) ($19M) 39% 53x ($82M) ($82M) 24% 8x ($77M) ($77M)
Slide 8: 2026 Adjusted EBITDA Would be Highest in CoStar's History
2026 Adjusted EBITDA Would be Highest in CoStar's History 2024 ACTUAL 2025 FORECAST 2026 GUIDANCE Revenue $ 2,736 $ 3,235 $ 3,800 Net Income / (Loss) $ 139 $ (19) $ 195 Adjusted EBITDA $ 241 $ 420 $ 770 Adjusted EBITDA Margin 9% 13% 20% Net Income (Loss) Per Share - Diluted $ 0.34 $ (0.04) $ 0.47 No
Slide 9: 2026 Adjusted EBITDA Margin Includes Strategic Investments in Products, Marketing, and Salesforce
2026 Adjusted EBITDA Margin Includes Strategic Investments in Products, Marketing, and Salesforce 25% 8.0 pp (0.4) pp 2.6 pp 20% 20% (0.4) pp (0.1) pp (0.1) pp (0.2) pp (0.1) pp (0.7) pp (2.3) pp Adjusted EBITDA % 15% 0.7pp 13% 10% 5% 0%
Slide 10: Net Investment In Homes.com Declines $300M in 2026
Net Investment In Homes.com Declines $300M in 2026 Many content initiatives completed, AI cost savings, high awareness achieved, marketing reduced with Apartments.com co-marketing, development resources shifted to Domain Integration $900 $850 $800 $700 ($130) ($85) $600 ($20) $550 ($65) $ in Million
Slide 11: Meaningful Margin Expansion From 2026 – 2030
Meaningful Margin Expansion From 2026 – 2030 Entering Margin Expansion Phase FY2030 35% FY2028 FY2026 FY2024 20% 26% Adj. EBITDA Margin 9% Adj. EBITDA Margin Adj. EBITDA Margin 15% Revenue Growth Adj. EBITDA Margin 14% Revenue Growth 18% Revenue Growth Revenue growth rates represent two-year compoun
Slide 12: Adjusted EBITDA Grows to $2.3B by 2030 as Homes.com Turns Profitable
Adjusted EBITDA Grows to $2.3B by 2030 as Homes.com Turns Profitable, With Additional Operating Leverage Expected 2,500 750 2,300 2,000 180 1,500 600 $ in millions 1,000 770 500 - 2026 Adj. EBITDA Homes Matterport / Domain Apts, CoStar, LoopNet, etc 2030 Adj. EBITDA
Slide 13: Creating Value By Digitizing All the Segments of Real Estate
Creating Value By Digitizing All the Segments of Real Estate Commercial Residential - Rental Residential Real Estate Gold, Private Equity, Money, Bonds & Credit, Equities $ 393 Trillion $ 221 Trillion Source: Savills, How much is global real estate worth? October 2025
Slide 14: Completing Coverage of All Major Real Estate Segments Achieves a Strategic Imperative
Completing Coverage of All Major Real Estate Segments Achieves a Strategic Imperative for CoStar Group • Positions CoStar Group to monetize the largest real estate segment • Homes.com is a compelling solution for single family homes rentals • CoStar Group can sell complete integrated solutions to ou
Slide 15: Current Core Products Have Total Addressable Global Market In Excess of $100 Billion
CoStar Group Current Core Products Have Total Addressable Global Market In Excess of $100 Billion $120,000 $100,000 $80,000 $ in millions $60,000 $40,000 $20,000 $0 Current Revenue CoStar LoopNet Apartments Homes Global Opportunity
Slide 16: CoStar Group is the Global Leader in Digital Real Estate
CoStar Group is the Global Leader in Digital Real Estate $30,000 $25,000 $20,000 $ in Millions $15,000 $10,000 $5,000 $0 CoreLogic/Cot… First American idealista Adevinta Avito RealPage Procore REA Group Storable Accruent Redfin Scout24 Rightmove Hemnet Trademe Zoopla EagleView iad Zillow AppFolio Co
Slide 17: We are Investing to Grow our Sales Force
We are Investing to Grow our Sales Force 3,000 2,500 2,000 Sales Headcount 1,500 1,000 500 - Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q4 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 2
Slide 18: Commercial
& Oe CoStar Group” Commercial Ot CoStar” Oe LoopNet” & Oe} Matterport® a Oe CoStar” - REAL ESTATE MANAGER De CoStarGroup*
Slide 19: Residential
& oe CoStar Group” Residential oh °. « Apartments.com Homes.com a te] Land.com" Domain OnTheMarket ~a SED eB costarGroup
Slide 20: Homes.com Network Visitors and SEO Growth
Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Overviews Apr-24 Google Rolls Out AI May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 100 Million+ Monthly Homes.com Network Visitors Apr-25 Homes.com SE
Slide 21: NPS and Cancel Rate Both Improving in 2025
NPS and Cancel Rate Both Improving in 2025 2025 Member Agent NPS Cancel Rate as % of Monthly Revenue 45 16.00% 42 39 40 14.1% 14.1% 39 40 38 37 37 14.00% 35 32 32 12.00% 30 26 9.6% 10.00% 25 8.00% 7.3% 20 6.3% 15 6.00% 5.0% 4.7% 4.8% 4.3% 4.4% 10 4.00% 3.2% 5 3 2.00% 0 -1 Jan Feb Mar Apr May Jun Jul
Slide 22: Memberships Increased Dramatically With Sales Force Investment
Memberships Increased Dramatically With Sales Force Investment 30,000 • Competitors have ~70-80k after decades • Homes.com has 30,000 and added 18,000 in 2025 25,000 • At pace to have more than competitors in 2.5 Years Homes.com Agent Members • Homes.com model can have 500,000 members • Competitors
Slide 23: Homes.com Annual Recurring Revenue (ARR) Climbed 58% Year Over Year
Homes.com Annual Recurring Revenue (ARR) Climbed 58% Year Over Year $100,000,000 $90,000,000 $80,000,000 Homes.com ARR $70,000,000 $60,000,000 $50,000,000 Homes.com 300 Sales People $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0
Slide 24: Refreshed, Independent and Experienced Board
Refreshed, Independent and Experienced Board Board Refreshment Tenure1 Board Changes in Past Year >7 Years 2 ✓ New independent Board Chair Directors Directors Average Incumbent Added Independent 0-3 Years Added in Directors in Last 3 Years Tenure 4 4 Last 3 Years ✓ Fully reconstituted Nominating 50%
Slide 25: Capital Allocation Committee Completed a Thorough Review and Made Unanimous Recommendations
Capital Allocation Committee Completed a Thorough Review and Made Unanimous Recommendations • Committee reviewed… • Strategy review for business 6 Committee Meetings • Long-range financial plan for CoStar Group 5/9/2025 Inaugural Capital Allocation Committee Meeting • Operational and financial perfo
Slide 26: The CoStar Group Board is Listening
The CoStar Group Board is Listening Proactively & Directly Sought Shareholder Engagement on Governance & Compensation Issues • 100% of the top 50 shareholders contacted, representing 77% of all shares outstanding. • 21 of the top 50 shareholders holding a third of all shares choose to give feedback
Slide 27: Board Acted on Shareholder Feedback on Executive Compensation
Board Acted on Shareholder Feedback on Executive Compensation WHAT WE HEARD CHANGED FOR 2026? WHAT WE DID Established symmetrical slopes for performance metrics, increased Enhance Goal Rigor in setting targets relative TSR (rTSR) target and capped rTSR payout based on absolute TSR Reduce Weighting o
Slide 28: New Executive Compensation Program Responding to Shareholder Feedback
New Executive Compensation Program Responding to Shareholder Feedback CEO COMPENSATION DESIGN OTHER NEOS COMPENSATION DESIGN Current 2026 Current 2026 50% Organic Revenue; 40% Organic Revenue; Performance Goals 100% EBITDA 100% EBITDA 50% EBITDA 40% EBITDA SHORT-TERM INCENTIVE % Subjective 0% 0% 35%
Slide 29: Appendix
oe CoStar Group” Appendix
Slide 30: Non-GAAP Financial Measures
Non-GAAP Financial Measures For information regarding the purpose for which management uses the non-GAAP financial measures disclosed in this presentation and why management believes they provide useful information to investors regarding the Company’s financial condition and results of operations, p
Slide 31: Reconciliation of Net Income (Loss) to Adjusted EBITDA - Unaudited
Reconciliation of Net Income (Loss) to Adjusted EBITDA - Unaudited The following table presents a reconciliation of CoStar Group’s Adjusted EBITDA, including forward-looking guidance range Adjusted EBITDA, to the most directly comparable GAAP financial measure, net income (loss). For reconciliation
Slide 32: Reconciliation of Net Income (Loss) to Non-GAAP Net Income - Unaudited
Reconciliation of Net Income (Loss) to Non-GAAP Net Income - Unaudited The following table presents a reconciliation of CoStar Group’s Non-GAAP Net Income, including forward-looking guidance range Non-GAAP Net Income, to the most directly comparable GAAP financial measure, net income (loss). For rec