Slide 1: Investor Presentation Q1 2026
NYSE: OPAD INVESTOR PRESENTATION Q1 2026 A technology-enabled residential real estate solutions platform; diversifying business model and expanding higher margin, capital-light services 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: Mission: Provide your best way to buy and sell a home
MISSION: Provide your best way to buy and sell a home. Period. 3
Slide 4: Offerpad at a Glance
Offerpad at a Glance KEY METRICS WHO WE ARE Market Cap¹ $38.3 million Offerpad is a technology-enabled residential real estate solutions platform that simplifies the home buying and selling experience, currently TTM Revenues² $487.2 million operating in ~1,800 cities and towns across the U.S. Real E
Slide 5: Massive & Evolving Market Presents Substantial Opportunity
Massive & Evolving Market Presents Substantial Opportunity $1.9t 99% non-digital 1/ ~1% digital penetration 2 3 $1.3t “Buy Box” today 4 $511b 2025E renovation market 5 1. 2025: US Census & National Association of Realtors; 2. Company Estimates; 3. 2025: Houses in the US in the price range of $0 - $7
Slide 6: Investment Highlights
Investment Highlights Offerpad offers multiple monetization pathways through a comprehensive, AI-enabled residential real estate platform that addresses friction in the market through a combination of cash offers, renovation programs, listing services, and integrated support tools to give buyers and
Slide 7: Offerpad was founded to simplify how people buy and sell homes
Offerpad was founded to simplify how people buy and sell homes The home transaction is unnecessarily complex The process is fragmented across agents, lenders, inspectors, and service providers, leaving consumers to manage multiple handoffs with limited transparency Outcomes are uncertain and often s
Slide 8: Offerpad Platform Overview
Offerpad Platform Overview Cash Offer A technology-driven product that allows homeowners to receive a fast, data-based cash offer for their home Launched 2016 • Foundational anchor service Cash Offer Marketplace Offering access to short-term operators, regional investors, and structured capital buye
Slide 9: The Cash Offer Is the Foundation of the Platform
The Cash Offer Is the Foundation of the Platform Cash Offer is the core offering that shaped Offerpad’s platform and enables everything we do. Delivering a level of speed, certainty, and control that traditional home sales cannot match How the Cash Offer Works • Homeowners receive a competitive cash
Slide 10: The Cash Offer Marketplace: Scaling Transactions Beyond the Balance Sheet
The Cash Offer Marketplace: Scaling Transactions Beyond the Balance Sheet A marketplace that routes sellers to a curated network of institutional and regional buyers, generating fee-based revenue without deploying Offerpad's balance sheet How the Marketplace Operates • Sellers’ homes are evaluated a
Slide 11: Brokerage Services: Capturing and Converting More Sellers
Brokerage Services: Capturing and Converting More Sellers Agent-led solutions that expand Offerpad’s reach and ensure sellers are matched to the right path, capturing demand that would otherwise leave the platform How Brokerage Services Work • Sellers who do not pursue a Cash Offer are seamlessly gu
Slide 12: Renovate: From Core Capability to Revenue Driver
What We’ve Built Renovate: From Core Capability to Revenue Driver Embedded across the platform, Renovate improves resale outcomes while generating high- margin revenue from both internal transactions and third-party partners How Renovate Operates • Renovation is embedded across the Cash Offer workfl
Slide 13: Ecosystem Expansion Plan Includes Multiple Profit Touch Points
Ecosystem Expansion Plan Includes Multiple Profit Touch Points Expand market penetration • Long-term goal to drive total market share to 3-4%, from current < 1% • Entry into new markets driven by data-based decisioning MINNEAPOLIS* Expand solutions available to sellers COLUMBUS • Partner with local
Slide 14: First Quarter 2026 Snapshot
First Quarter 2026 Snapshot Q1 2026 Y/Y Homes Acquired 159 (65%) Homes Sold 211 (54%) Total Real Estate Transactions1 263 (49%) Total Revenue $80.1M (50%) Gross Profit $5.6M (47%) Net Income (Loss) ($10.1M) +33% Adj. EBITDA ($6.7M) +14% Gross Profit/Home Sold $26.3K +15% Gross Profit/Total Real Esta
Slide 15: Financial Performance Metrics
Financial Performance Metrics The macro environment has not changed materially through the back half of 2025. Transaction volumes remained below historical norms, affordability continued to limit mobility, and rates stayed unsettled as the Federal Reserve paused further cuts. For sellers, uncertaint
Slide 16: 2026 Financial Outlook and Goals
2026 Financial Outlook and Goals “By expanding our platform and strengthening our operating framework, we have positioned the Company to scale more consistently and support our objective of exiting 2026 at approximately 1,000 transactions per quarter. One of our key initiatives in 2026 will be the d
Slide 17: Investment Conclusions
Investment Conclusions Platform Built for Scalable, Multi-Pathway Growth 1 Offerpad has evolved into a multi-solution platform powered by AI, aligning with how sellers engage today—seeking flexibility, clarity, and multiple transaction options Strengthened Operating Model With Clear Line of Sight to
Slide 18: Appendix: Financial Statements & Reconciliations
APPENDIX: Financial Statements & Reconciliations 18
Slide 19: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended March 31, (in thousands, except per share data) 2026 2025 Revenue $ 80,075 $ 160,698 Cost of revenue 74,518 150,191 Gross profit 5,557 10,507 Operating expenses: Sales, marketing, and operating 7,574 13,828 General and administrative
Slide 20: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets As of March 31, As of December 31, (in thousands, except par value per share) 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 40,823 $ 26,543 Restricted cash 810 1,627 Accounts receivable 8,219 7,938 Real estate inventory 74,672 93,793 Prepaid expen
Slide 21: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows 21
Slide 22: 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 23: 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 24: Non-GAAP Reconciliations − Adjusted Gross Profit and Contribution Profit
Non-GAAP Reconciliations − Adjusted Gross Profit and Contribution Profit Three Months Ended (in thousands, except percentages, homes sold and real estate transactions, unaudited) March 31, 2026 December 31, 2025 March 31, 2025 Gross profit $5,557 $8,011 $10,507 Gross margin 6.9% 7.0% 6.5% Homes sold
Slide 25: Adjusted Net Income (Loss) and Adjusted EBITDA
Adjusted Net Income (Loss) 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 26: Non-GAAP Reconciliations − Adjusted EBITDA
Non-GAAP Reconciliations − Adjusted EBITDA Three Months Ended (in thousands, except percentages, unaudited) March 31, 2026 December 31, 2025 March 31, 2025 Net loss (GAAP) $(10,133) $(8,820) $(15,057) Change in fair value of warrant liabilities (169) (785) 257 Adjusted net loss $(10,302) $(9,605) $(
Slide 27: Contact Us
Contact Us Cortney Read Jeremy Hellman Vice President, Investor Relations & Vice President Communications jhellman@theequitygroup.com investors@offerpad.com investor.offerpad.com 27