Compass : Q2 2026 Presentation

Q2 2026 Business Update & Supplementary Information

Rodneshia LaShay

Florida

"I emailed 40 past clients flagged Likely to Sell (that truly were, after scrubbing a list of 70) using AI

Assistant, and got 4 responses with 2 appointments scheduled for next week."

Megan Houatchanthara

Massachusetts

"I only had about 15 minutes before I needed to shut down my computer and go pick up my kids. I asked the AI Assistant, "I have 15 minutes left in my day. What are one or two productive things I can accomplish?" It immediately identified three contacts showing increased activity, gave me a place to focus, and within those 15 minutes I had made calls, sent texts, and moved relationships forward that otherwise would have waited for another day."

Kim Mundorff

Texas

"...I utilized AI assistant for the first time... I've sent more emails and logged more communication with contacts [this week] than I've done in quite some time. Also utilized it for a lot of reverse prospecting on my listings."

David Lapsley

Tennessee

"Tagged my contacts and reached out to people I hadn't spoken to in a long time. Perfect timing, they

were įust discussing selling, so a listing appointment is ahead."

Liliana Bristman

California

"On Monday, I told AI that I was planning to re-list a home because it had been overpriced and had already been on the market for two months. I asked it to prepare a CMA for me, and it generated an amazing CMA in seconds. It was honestly like magic. It's incredible how AI can save so much time while still providing a strong starting point for pricing discussions."

3

2025 Full Synergized Scenarios (1)

All scenarios assume $500mln in cost synergies ($420mln in OpEx & $80mln in CapEx) EHS is the only changing variable in each scenario for Revenue

• Assumes Pro forma(2) 2025 OPEX Base of

  ~$2.79bln

• Assumes no change in attach rate for Title & Escrow or Mortgage

• Assumes Commissions and Other related expenses as a percentage of revenue of

  ~74% in 2025 remains flat in all scenarios

• Unlevered Free cash flow conversion rate (on Adj. EBITDA) of 75% assumes no cash tax payments

Assumes no increase in either average

sales price or OPEX off of the 2025 Base

Assumes no change in market share

●

●

Key Assumptions

2025 (2)		Flat	Mid-recovery	Mid-cycle	Upside
Existing Home Sales (EHS)	4.1mln	4.1mln (flat)	4.8mln (+17%)	5.5mln (+34%)	6.0mln (+47%)
Revenue	$13.0bln	$13bln	$15bln	$17.5bln	$19bln
Adj. EBITDA	$0.6bln	$1bln	$1.5bln	$2bln	$2.5bln
Adj. EBITDA Margin	4.6%	8%	10%	12%	13%
Unlevered Free Cash Flow	$0.40bln	$0.75bln	$1bln	$1.5bln	$2bln

Unlevered Free Cash Flo

$XXXM to

$XXXM w

New Agents | Organic Mkt. Share | Title + Escrow Attach | Mortgage Attach | Leads/Other

Incremental Growth Levers:

1. This analysis is presented for illustrative purposes and is not intended to be guidance. All figures in scenarios are approximations.

2. All 2025 numbers reflected are on a proforma basis assuming that the Anywhere transaction closed on January 1, 2025. Adį. EBITDA refers to the sum of stand alone Compass and stand alone Anywhere Adį. EBITDA, as reported in Form 8-K filed on February 26, 2026 ("Form 8-K"). Unlevered free cash flow refers to the sum of stand alone Compass and stand alone Anywhere free cash flow plus Anywhere's interest expense in 2025, as reported in Form 8-K. Proforma 2025 Base OPEX refers to the sum of stand alone Compass and

Anywhere OPEX, as reported in Form 8-K, and includes certain reclassifications. 4

Q2 2026

Revenue

$4,306M

Q2 2026

Brokerage Total Agents

83,184

Q2 2026

Brokerage GTV

$155.2B

Q2 2026

Brokerage Total Transactions

153,009

Q2 2026

Adjusted EBITDA (1)

$363M

Q2 2026

Adjusted EBITDA Margin (1)

8.43%

5

1. See Financial Tables section for a reconciliation of GAAP to Non-GAAP measures.

   
   
   Q3 2026

   Revenue	$3.85 - $4.05 billion
   Adjusted EBITDA	$275 - $305 million
   Weighted-Average Share Count - Basic	767 - 769 million

   FY 2026

   Free Cash Flow Positive

$2.75 - $2.80 billion

Non-GAAP

Operating Expenses (1)

1. Non-GAAP Operating Expenses includes the impact of $35 million of OPEX from M&A closed in July and $150 million of realized OPEX synergies.

6

Financial Tables

8

	June 30, 2026	December 31, 2025
Assets
Current assets
Cash and cash equivalents	$ 694	$ 199
Accounts receivable, net of allowance	239	57
Relocation receivables	214	-
Other current assets	238	61
Total current assets	1,385	317
Property and equipment, net	222	114
Operating lease right-of-use assets	690	381
Intangible assets, net	2,972	193
Goodwill	2,558	479
Other non-current assets	505	56
Total assets	$ 8,332	$ 1,540
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$ 101	$ 12
Commissions payable	246	95
Accrued expenses and other current liabilities	583	138
Current lease liabilities	182	99
Securitization obligations	191	23
Total current liabilities	1,303	367
Long-term debt	3,140	-
Non-current lease liabilities	596	354
Deferred income taxes	160	-
Other non-current liabilities	146	32
Total liabilities	5,345	753
Stockholders' equity
Common stock	-	-
Additional paid-in capital	5,597	3,513
Accumulated deficit	(2,617)	(2,731)
Accumulated other comprehensive loss	(1)	-
Total Compass, Inc. stockholders' equity	2,979	782
Non-controlling interest	8	5
Total stockholders' equity	2,987	787
Total liabilities and stockholders' equity	$ 8,332	$ 1,540

Condensed Consolidated Statements of Operations (in millions, except share and per share data, unaudited)

	2026	2025	2026	2025
Revenue	$ 4,306	$ 2,060	$ 7,010	$ 3,416
Operating expenses:
Commissions and other related expenses (1)	3,254	1,686	5,262	2,791
Sales and marketing (1)	108	61	205	119
Operations and support (1)	429	145	827	277
Technology and development (1)	109	63	228	113
General and administrative (1)	93	34	174	61
Anywhere merger transaction and integration expenses (1) (2)	34	-	217	-

Three Months Ended June 30, Six Months Ended June 30,

1. Total stock-based compensation expense included in the condensed consolidated statements of operations is as follows (in millions):

   Three Months Ended June 30, Six Months Ended June 30,

   	2026		2025		2026		2025
   Commissions and other related expenses	$	-	$	-	$	1	$	-
   Sales and marketing		4		9		9		16
   Operations and support		8		10		18		15
   Technology and development		13		25		32		38
   General and administrative		13		11		25		17

   Anywhere merger transaction and integration expenses	3	-	64	-
   Total stock-based compensation expense	$ 41	$ 55	$ 149	$ 86

   Restructuring costs	2	3		8	12
   Depreciation and amortization	153	29		316	58
   Total operating expenses	4,182	2,021		7,237	3,431
   Income (loss) from operations	124	39		(227)	(15)
   Investment income	4	1		8	2
   Interest expense	(41)	(3)		(78)	(5)
   Income (loss) before income taxes and equity in income
   of unconsolidated entities	87	37		(297)	(18)
   Income tax (expense) benefit	(5)	-		396	3
   Equity in income of unconsolidated entities	10	2		15	3
   Net income (loss)	92	39		114	(12)
   Net income attributable to non-controlling interests	-	-		-	-
   Net income (loss) attributable to Compass, Inc.	$ 92	$ 39 $ 114		$ (12)
   Net income (loss) per share attributable to Compass,
   Inc., basic	$ 0.12	$ 0.07 $ 0.15		$ (0.02)
   Net income (loss) per share attributable to Compass,
   Inc., diluted	$ 0.11		$ 0.07 $ 0.14		$ (0.02)
   Weighted-average shares used in computing net income
   (loss) per share attributable to Compass, Inc., basic	758,064,181		560,307,749 746,273,149		555,255,128
   Weighted-average shares used in computing net income
   (loss) per share attributable to Compass, Inc., diluted	842,377,292		591,370,687 832,950,962		555,255,128

2. Represents transaction expenses incurred in connection with the closing of the Anywhere Merger and related integration activities. During the three and six months ended June 30, 2026, these expenses consist of legal, investment banking and other transaction-related costs, severance and other personnel-related costs, all of wich were expensed as incurred.

9

Six Months Ended June 30,

10

	2026		2025
Operating Activities
Net income (loss)	$	114	$	(12)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		316		58
Stock-based compensation		149		86
Deferred income taxes		(401)		(4)
Equity in income of unconsolidated entities		(15)		(3)
Bad debt expense		10		1
Change in acquisition-related contingent consideration		2		(2)
Amortization of debt issuance costs, premiums, and discounts		1		1
Changes in operating assets and liabilities:
Accounts receivable		(69)		(34)
Relocation receivables		(58)		(14)
Other current and non-current assets		3		-
Operating lease right-of-use assets and operating lease liabilities		(8)		(6)
Accounts payable		1		1
Commissions payable		115		65
Accrued expenses and other liabilities		(126)		(41)
Net cash provided by operating activities		34		96
Investing Activities
Investment in unconsolidated entities		-		(2)
Capital expenditures		(22)		(9)
Payments for acquisitions, net of cash acquired		(345)		(171)
Other investing activities		1		-
Net cash used in investing activities		(366)		(182)
Financing Activities
Proceeds from stock option exercises and Employee Stock Purchase Plan issuances		19		8
Taxes paid related to net share settlement of equity awards		(79)		(29)
Net change in Securitization obligations		25		8
Proceeds from issuance of convertible notes, net of issuance costs		977		-
Purchase of capped call for convertible notes		(97)		-
Proceeds from drawdowns on Revolving Credit Facility		-		70
Repayments of drawdowns on Revolving Credit Facility		-		(20)
Payments for financing leases		(3)		-
Other		(14)		2
Net cash provided by financing activities		828		39
Net increase (decrease) in cash and cash equivalents	496			(47)
Effect of changes in exchange rates on cash and cash equivalents	(1)			-
Cash and cash equivalents at beginning of period	199			224
Cash and cash equivalents at end of period	$ 694		$	177

Three Months Ended June 30, Six Months Ended June 30,

	2026		2025		2026		2025
Net income (loss) attributable to Compass, Inc.	$	92	$	39	$	114	$	(12)
Adjusted to exclude the following:
Depreciation and amortization		153		29		316		58
Investment income		(4)		(1)		(8)		(2)
Interest expense		41		3		78		5
Stock-based compensation		38		55		85		86
Income tax expense (benefit)		5		-		(396)		(3)
Anywhere merger transaction and integration expenses (1)		34		-		217		-
Restructuring costs		2		3		8		12
Other acquisition-related expenses (2)		2		(3)		3		(3)
Litigation charge (3)		-		-		7		-
Adjusted EBITDA	$ 363		$ 125		$ 424		$ 141
Net income (loss) attributable to Compass, Inc. margin	2.1 %		1.9 %		1.6 %		(0.4)%
Adjusted EBITDA margin	8.4 %		6.1 %		6.1 %		4.1 %

(1) Represents transaction expenses incurred in connection with the closing of the Anywhere Merger and related integration activities. During the three and six months ended June 30, 2026, these expenses consist of legal, investment banking and other transaction-related costs, severance and other personnel-related costs, all of which were expensed as incurred.

(2) For the three months ended June 30, 2026, other acquisition-related expenses consisted of a $1 million loss from the change in fair value of acquisition-related contingent consideration and $1 million of expenses related to acquisition consideration recognized as compensation expense over the applicable retention periods. For the six months ended June 30, 2026, other acquisition-related expenses consisted of a $1 million loss from the change in fair value of acquisition-related contingent consideration and $2 million of expenses related to acquisition consideration recognized as compensation expense over the applicable retention periods. For the three and six months ended June 30, 2025, other acquisition-related expenses consisted of a $3 million gain from the change in fair value of acquisition-related contingent consideration.

(3) Represents a charge of $7 million incurred during the six months ended June 30, 2026 in connection with the Antitrust Lawsuits.

11

Three Months Ended June 30, Six Months Ended June 30,

2026		2025			2026		2025
Net cash provided by operating activities $	191	$	73		$	34	$	96
Less:
Capital expenditures	(11)		(5)			(22)		(9)

Free cash flow $ 180 $ 68 $ 12 $ 87

12

GAAP Sales and marketing $ 108 $ 61 $ 205 $ 119

Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025

Stock-based compensation (4) (9) (9) (16)

Adjusted to exclude the following:

Non-GAAP Sales and marketing $ 104 $ 52 $ 196 $ 103

Adjusted to exclude the following:

GAAP Operations and support $ 429 $ 145 $ 827 $ 277

Other acquisition-related expenses (2) 3 (3) 3

Stock-based compensation (8) (10) (18) (15)

Non-GAAP Operations and support $ 419 $ 138 $ 806 $ 265

Adjusted to exclude the following:

GAAP Technology and development $ 109 $ 63 $ 228 $ 113

Stock-based compensation (13) (25) (32) (38)

Non-GAAP Technology and development $ 96 $ 38 $ 196 $ 75

GAAP General and administrative $ 93 $ 34 $ 174 $ 61

Adjusted to exclude the following:

Stock-based compensation (13) (11) (25) (17)

Litigation charge - - (7) -

Non-GAAP General and administrative $ 80 $ 23 $ 142 $ 44

13

					Three Months Ended
	June 30,		September 30,		December 31,		March 31,		June 30,
	2025		2025		2025		2026		2026
Sales and marketing	$ 52		$ 50		$ 53		$ 92		$ 104
Operations and support	138		134		135		387		419
Technology and development	38		40		38		100		96
General and administrative	23		28		33		62		80
Total non-GAAP operating expenses excluding commissions and other related expenses	$	251	$	252	$	259	$	641	$	699

14

Three Months Ended June 30, 2026

Brokerage

Franchise

Integrated Services

Total

Segment revenue $ 3,960 $ 135 $ 211 $ 4,306

Less:
Commissions and other related expenses		3,254		-		-
Sales and marketing		88		10		6
Operations and support		229		32		155
Technology and development		7		5		2
General and administrative		6		1		5
Equity in income of unconsolidated entities		(1)		-		(9)
Segment Adjusted EBITDA	$	377	$	87	$	52	$	516
Reconciliation of Segment Adjusted EBITDA to Net income attributable to Compass, Inc.:
Unallocated corporate expenses (1)		$						(153)
Stock-based compensation								(38)
Depreciation and amortization								(153)
Restructuring costs								(2)
Anywhere merger transaction and integration expenses								(34)
Other acquisition-related expenses								(2)
Investment income								4
Interest expense								(41)
Income tax expense								(5)

Net income attributable to Compass, Inc. $ 92

(1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the three months ended June 30, 2026, these costs are reflected in the following line items within the condensed consolidated statements of operations: $3 million in Operations and support, $82 million in Technology and development, and $68 million in General and administrative.

15

Three Months Ended June 30, 2025

Brokerage

Franchise

Integrated Services

Total

Segment revenue $ 2,013 $ 8 $ 39 $ 2,060

Less:
Commissions and other related expenses		1,686		-		-
Sales and marketing		50		1		1
Operations and support		108		4		25
Technology and development		4		-		-
General and administrative		2		-		1
Equity in income of unconsolidated entities		-		-		(2)
Segment Adjusted EBITDA	$	163	$	3	$	14	$	180
Reconciliation of Segment Adjusted EBITDA to Net income attributable to Compass, Inc.:
Unallocated corporate expenses (1)		$						(55)
Stock-based compensation								(55)
Depreciation and amortization								(29)
Restructuring costs								(3)
Other acquisition-related expenses								3
Investment income								1
Interest expense								(3)

Net income attributable to Compass, Inc. $ 39

(1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the three months ended June 30, 2025, these costs are reflected in the following line items within the condensed consolidated statements of operations: $1 million in Operations and support, $34 million in Technology and development, and $20 million in General and administrative.

16

Six Months Ended June 30, 2026

Brokerage

Franchise

Integrated Services

Total

Segment revenue $ 6,427 $ 225 $ 358 $ 7,010

Less:
Commissions and other related expenses	5,261		-		-
Sales and marketing	167		17		12
Operations and support	453		63		282
Technology and development	15		11		4
General and administrative	9		1		8
Equity in income of unconsolidated entities	(2)		-		(13)
Segment Adjusted EBITDA	524		133		65		722
Reconciliation of Segment Adjusted EBITDA to Net income attributable to Compass, Inc.:
Unallocated corporate expenses (1)							(298)
Stock-based compensation							(85)
Depreciation and amortization							(316)
Restructuring costs							(8)
Anywhere merger transaction and integration expenses							(217)
Litigation charge							(7)
Other acquisition-related expenses							(3)
Investment income							8
Interest expense							(78)
Income tax benefit							396
Net income attributable to Compass, Inc.						$	114

(1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the six months ended June 30, 2026, these costs are reflected in the following line items within the condensed consolidated statements of operations: $8 million in Operations and support, $166 million in Technology and development, and $124 million in General and administrative.

17

Six Months Ended June 30, 2025

Brokerage

Franchise

Integrated Services

Total

Segment revenue $ 3,341 $ 14 $ 61 $ 3,416

Less:
Commissions and other related expenses	2,791		-		-
Sales and marketing	99		2		2
Operations and support	214		6		44
Technology and development	7		1		1
General and administrative	4		-		1
Equity in income of unconsolidated entities	-		-		(3)
Segment Adjusted EBITDA	226		5		16		247
Reconciliation of Segment Adjusted EBITDA to Net loss attributable to Compass, Inc.:
Unallocated corporate expenses (1)							(106)
Stock-based compensation							(86)
Depreciation and amortization							(58)
Restructuring costs							(12)
Other acquisition-related expenses							3
Investment income							2
Interest expense							(5)
Income tax benefit							3
Net loss attributable to Compass, Inc.						$	(12)

(1) Unallocated corporate expenses represent costs managed at the corporate level that are not allocated to the reporting segments. For the six months ended June 30, 2025, these costs are reflected in the following line items within the condensed consolidated statements of operations: $1 million in Operations and support, $66 million in Technology and development, and $39 million in General and administrative.

18

The following table presents the Company's key business metrics on both an actual and pro forma basis. Pro forma metrics reflect the combined operations of Compass and Anywhere as if the acquisition had occurred on January 1, 2025, and therefore include Anywhere's results across all periods presented. Because the acquisition actually closed on January 9, 2026, the pro forma metrics for the six months ended June 30, 2026 incorporate Anywhere's results for the first eight days of January 2026 prior to closing.

Actuals Pro Forma

Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30,

	2026	2025	2026	2025	2026	2025	2026	2025
Brokerage:
Gross Transaction Value (in billions) (1)	$ 155.2	$ 78.3	$ 252.6	$ 130.7	$ 155.2	$ 133.9	$ 253.9	$ 225.9
Total Transactions (2)	153,009	73,024	252,513	122,146	153,009	142,504	254,156	241,086
Franchise:
Gross Transaction Value (in billions) (1)	$ 120.0	$ 8.8	$ 196.9	$ 15.1	$ 120.0	$ 107.4	$ 200.6	$ 184.6
Total Transactions (2)	203,207	8,850	340,554	14,967	203,207	195,821	346,613	339,026
Net Royalty Rate Per Side (3)	$ 505	$ 591	$ 479	$ 619	$ 505	$ 479	$ 477	$ 472
Integrated Services:
Purchase title and escrow transactions (4)	38,406	7,411	63,409	11,298	38,406	36,240	64,577	61,476
Refinancing title and escrow transactions (5)	4,202	470	9,520	733	4,202	3,351	9,729	6,118
Average title and escrow revenue per transaction (6)	$ 3,654	$ 4,869	$ 3,599	$ 5,038	$ 3,654	$ 3,600	$ 3,628	$ 3,551

(1) Gross Transaction Value represents the sum of all closing sale prices for homes transacted by real estate professionals within our Brokerage or Franchise segments, as applicable, during the periods. The value of a single transaction is counted twice when our real estate professionals represented both the buyer and the seller. This metric excludes any transactions from our international franchisees.

(2) Total Transactions represents the sum of all transactions closed by our Brokerage or Franchise segments, as applicable, during the periods in which our real estate professionals represented the buyer or seller in the purchase or sale of a home. A single transaction is counted twice when our real estate professionals represented both the buyer and the seller. This metric excludes any transactions from our international franchisees.

(3) Net Royalty Per Side represents the average net royalty revenue earned by our Franchise segment per franchisee transaction side closed during the periods. Net royalty revenue reflects gross royalty revenue earned under our franchise agreements, net of volume incentives and other contractual reductions paid or credited to franchisees. This metric excludes any transactions from our international franchisees.

(4) Purchase Title and Escrow Transactions represents the number of title insurance policies and escrow settlements completed by our Integrated Services segment during the periods in connection with home purchase transactions.

(5) Refinancing Title and Escrow Transactions represents the number of title insurance policies and escrow settlements completed by our Integrated Services segment during the periods in connection with mortgage refinancing transactions.

(6) Average Title and Escrow Revenue Per Transaction represents the average revenue earned by our Integrated Services segment per title and escrow transaction completed during the periods, calculated as title and escrow revenue divided by the sum of purchase and refinancing title and escrow transactions. 19

The following table presents Supplemental Pro Forma Revenue and Commissions and other related expenses for the Company ("Compass") and Anywhere Real Estate Inc. ("Anywhere") on a combined basis for the periods presented, as if the Company's acquisition of Anywhere had occurred on January 1, 2025. For comparability, Anywhere's results have been included for the full period from January 1, 2025 through March 31, 2026, which incorporates the first eight days of January 2026 prior to the closing of the acquisition. This pro forma financial information has not been prepared and presented in accordance with the requirements of Article 11 of Regulation S-X or Accounting Standards Codification 805, Business Combinations, and it was prepared for illustrative and informational purposes only.

Certain amounts in Anywhere's historical financial statements have been reclassified to conform to the Company's new segment-level disclosure format, effective for the three months ended March 31, 2026. These reclassifications include (i) the reclassification of relocation revenue related to the Cartus business to Integrated Services, such that Integrated Services revenue now comprises relocation revenue in addition to title and escrow revenue, (ii) the elimination of intercompany royalty revenue earned by the Franchise business from the Brokerage segment, and (iii) certain other reclassifications to Commissions and other related expenses to conform to the Company's current presentation.

			Three Months Ended
	March 31, 2025	June 30, 2025	September 30, 2025	December 31, 2025	March 31, 2026
Pro forma Revenue:
Brokerage:
Compass	$ 1,328	$ 2,014	$ 1,802	$ 1,657	$ 1,465
Anywhere	1,012	1,431	1,369	1,217	1,042
Total Brokerage revenue	$ 2,340	$ 3,445	$ 3,171	$ 2,874	$ 2,507
Franchise:
Compass	$ 6	$ 8	$ 8	$ 8	$ 8
Anywhere	91	118	123	113	87
Total Franchise revenue	$ 97	$ 126	$ 131	$ 121	$ 95
Integrated Services:
Compass	$ 22	$ 38	$ 36	$ 35	$ 31
Anywhere	118	158	155	139	124
Total Integrated Services revenue	$ 140	$ 196	$ 191	$ 174	$ 155
Pro forma revenue	$ 2,577	$ 3,767	$ 3,493	$ 3,169	$ 2,757
Pro forma Commissions and other related expenses:
Compass	$ 1,105	$ 1,685	$ 1,502	$ 1,384	$ 1,219
Anywhere	790	1,131	1,084	956	819
Pro forma commissions and other related expenses	$ 1,895	$ 2,816	$ 2,586	$ 2,340	$ 2,038

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Investor Contact

Soham Bhonsle [e-mail]