Slides
Page 1
Third Quarter Earnings November 4, 2025 1
Page 2
Ryan Schneider Chief Executive Officer and President Charlotte Simonelli Executive Vice President and Chief Financial Officer Tom Hudson Vice President, Investor Relations Management Presenters 2
Page 3
This presentation contains "forward-looking statements," within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believes", "expects", "anticipates", "intends", "projects", "estimates", "potential" and "plans" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could", and include statements that refer to expectations or other characterizations of future events, circumstances or results. These forward-looking statements include, but are not limited to, statements related to the expected benefits of the proposed transaction with Compass, Inc.; the anticipated impact of the proposed transaction on the combined company’s business and future financial and operating results, including the expected leverage of the combined company and the amount and timing of synergies from the proposed transaction; the expected timeline; and the ability to satisfy all closing conditions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anywhere Real Estate Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The following include some, but not all, of the factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements: downturns and disruptions in the residential real estate market, which could include, but are not limited to, factors that impact homesale transaction volume, such as: prolonged periods of a high mortgage rate and/or high inflation rate environment, continued or accelerated reductions in housing affordability, insufficient or excessive inventory and continued or accelerated declines, the absence of significant increases in the number of home sales, stagnant or declining home prices, or changes in consumer preferences in the U.S.; adverse developments or the absence of sustained improvement in macroeconomic conditions (such as business, economic or political conditions) on a global, domestic or local basis, including those arising from actual or potential changes in trade policy or government shutdowns; changes to industry rules or practices that prohibit, restrict or adversely alter policies, practices, rules or regulations governing the functioning of the residential real estate market (regardless of whether such changes are driven by regulatory action, litigation outcomes, or otherwise); the impact of evolving competitive and consumer dynamics, including: meaningful decreases in the average broker commission rate, continued erosion of the Company's share of the commission income generated by homesale transactions, our ability (and the ability of affiliated joint ventures and franchisees) to compete against traditional and non-traditional competitors, our ability to adapt our business to changing consumer preferences, or further disruption in the residential real estate brokerage industry related to listing aggregator market power and concentration; our ability to execute our business strategy, including with respect to our efforts to: recruit and retain productive independent sales agents, attract and retain franchisees or renew existing franchise agreements without reducing contractual royalty rates or increasing the amount and prevalence of sales incentives, develop or procure products, services and technology that support our strategic initiatives, successfully adopt and integrate artificial intelligence and similar technology into our products and services, or achieve or maintain cost savings and other benefits from our cost-saving initiatives; adverse developments or outcomes in large scale litigation, involving significant claims, such as antitrust litigation and litigation related to the Telephone Consumer Protection Act (TCPA); risks related to our substantial indebtedness, in general, particularly heightened during industry downturns or broader recessions, which could adversely limit our operations, including our ability to grow our business, whether organically or via acquisitions, adversely impact our liquidity and/or adversely impact our ability, and any actions we may take, to refinance, restructure or repay our indebtedness; risks related to the maturity date of the Revolving Credit Facility, which will spring forward from July 2027 to March 2026 if we have not repurchased the remaining Exchangeable Forward-Looking Statements 3
Page 4
Senior Notes by such date (unless all Revolving Credit Facility lenders approve the modification or waiver of this provision); risks related to our ability to refinance or restructure our Revolving Credit Facility or other debt on terms as favorable as those of currently outstanding debt, or at all, including as a result of global and national macroeconomic factors and their impact on the credit and capital markets; risks related to our business structure, including: the operating results of affiliated franchisees and their ability to pay franchise and related fees, continued consolidation among our top 250 franchisees, the geographic and high-end market concentration of our company owned brokerages, the loss of our largest real estate benefit program client or continued reduction in spending on relocation services, the failure of third-party vendors or partners to perform as expected or our failure to adequately monitor them, or our ability to continue to securitize certain of the relocation assets of Cartus; our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes or stricter interpretations of any of the foregoing, including but not limited to (1) antitrust laws and regulations, (2) the Real Estate Settlement Procedures Act or other federal or state consumer protection or similar laws, (3) state or federal employment laws or regulations that would require reclassification of independent contractor sales agents to employee status, (4) the TCPA, and (5) privacy or cybersecurity laws and regulations; cybersecurity incidents; impacts from severe weather events, natural disasters and other catastrophic events; impairment of our goodwill and other long-lived assets; the accuracy of market forecasts and estimates; significant fluctuation in the price of our common stock; Compass’s and Anywhere’s ability to consummate the proposed transaction on the expected timeline or at all; Compass’s and Anywhere’s ability to obtain the necessary regulatory approvals in a timely manner and the risk that such approval is not obtained or is obtained subject to conditions that are not anticipated; Anywhere’s ability to obtain approval of the proposed transaction from our stockholders and Compass’s ability to obtain approval of the share issuance from its stockholders; the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement, including in circumstances requiring Anywhere or Compass to pay a termination fee; the diversion of management time on transaction-related issues; risks related to disruption from the proposed transaction, including disruption of management time from current plans and ongoing business operations due to the proposed transaction and integration matters; the risk that the proposed transaction and its announcement could have an adverse effect on Compass’s and Anywhere’s ability to attract or retain independent sales agents, franchisees or key personnel or that there could be potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; potential litigation relating to the proposed transaction that could be instituted against the parties to the merger agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto; the ability of the combined company to achieve the synergies and other anticipated benefits expected from the proposed transaction or such synergies and other anticipated benefits taking longer to realize than anticipated; the ability of the combined company to achieve the expected leverage or such leverage taking longer to realize than anticipated; Compass’s ability to integrate Anywhere promptly and effectively; risks related to the anticipated tax treatment of the proposed transaction; risks related to the potential combined company, including unforeseen liabilities, future capital expenditures, economic performance, future prospects and business and management strategies for the management, expansion and growth of the combined company’s operations; and certain restrictions during the pendency of the proposed transaction that may impact Anywhere’s or Compass’s ability to pursue certain business opportunities or strategic transactions or otherwise operate their respective businesses. Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings "Forward-Looking Statements," "Summary of Risk Factors" and "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"), including our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, and our Annual Report on Form 10-K for the year ended December 31, 2024, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events except as required by law. Forward-Looking Statements continued 4
Page 5
Non-GAAP Financial Measures Certain financial measures, as used in this presentation, are supplemental measures of the Company’s performance that are not Generally Accepted Accounting Principles (“GAAP”) measures. Refer to slides 24-26 of this presentation and Tables 1a, 5a, 5b, 6a, 6b, 7, 8a, 8b and 9 of the November 4th Press Release announcing third quarter 2025 financial results for the definitions of these non-GAAP financial measures, a reconciliation of these measures to their most comparable GAAP measures, and the Company’s explanation of why it believes these non-GAAP measures are useful to investors. Non-GAAP Financial Measures 5
Page 6
Our Business 6
Page 7
As a leader of Integrated Residential Real Estate Services in the U.S., we combine a highly extensive agent network, industry-leading brands, integrated services, and innovative product and technology capabilities to lead the world on a better real estate journey. The Anywhere Network 7
Page 8
Anywhere has the Competitive Edge The opportunity to drive change at scale that comes with closing ~1 million homesale sides annually A nationwide network of trusted advisors Industry’s leading franchise business with six nationally recognized brokerage brands End-to-end national assets in brokerage, mortgage, title, and insurance High impact tech and data scale, enhancing productivity for agents and franchisees, and leveraging AI to drive better experiences faster at lower costs Strong financial octane from Operating EBITDA and Free Cash Flow generation, enabling us to invest in growth 8
Page 9
Third Quarter Results 9
Page 10
Q3 2025 By The Numbers 1. Includes information reported to us by independently owned franchisees (including approximately 12,400 offices and approximately 127,500 related brokers and independent sales agents of non-U.S. franchisees and franchisors). 2. See Slide 24 for a reconciliation of Net (loss) income attributable to the Company to Operating EBITDA. See Slide 26 for a reconciliation of Net (loss) income attributable to the Company to Free Cash Flow. Refer to Table 9 of the Press Release dated November 4, 2025 for the definitions of these non-GAAP financial measures and the Company’s explanation of why it believes these non-GAAP measures are useful to investors. Revenue $1.6B Revenue Generated (+6% year-over-year) 10 $100M Operating EBITDA2 +7% Y/Y Combined Closed Transaction Volume Growth, +12% luxury volume Y/Y 301K Global Affiliated Agents1 (174K Domestic Agents) (51K Owned Brokerage Agents) $28M Realized Cost Savings (On track to realize $100M cost savings for FY 2025) $92M Free Cash Flow2
Page 11
Revenue Waterfall 11 Revenue by Segment $273 $1,340 $103 $(90) $1,626 Franchise Group Owned Brokerage Group Title Group Corporate & Other Total $6M Y/Y increase due to higher royalty revenue. $82M Y/Y increase driven by higher volume. $7M Y/Y increase attributable to an increase in resale and refinance revenue. $4M Y/Y increase in intersegment revenue. $91M Y/Y increase in revenue. Y/Y Growth %: 2% 7% 7% 6%
Page 12
Operating EBITDA Waterfall 12 Operating EBITDA by Segment $155 $(11) $(1) $(43) $100 Franchise Group Owned Brokerage Group Title Group Corporate & Other Total $4M Y/Y increase driven by higher volume and international royalties. Flat Y/Y driven by higher volume and strong retention of productive agents2 offset by higher splits. $3M Y/Y decrease due to high fixed cost nature of the business. $9M Y/Y increase in expenses driven by higher cash-settled awards and health & welfare costs. $8M Y/Y decrease in Operating EBITDA driven by a $16M increase in cash awards tied to stock price appreciation3. Margin % 57% (1)% (1)% 6% 1. Franchise Group is inclusive of the Anywhere Leads Group and Cartus Relocation Services and includes Owned Brokerage Group intercompany royalties and marketing fees of $90 million during the three months ended September 30, 2025. 2. ~95% retention among the top-half of producing affiliated agents at Advisors, based on production generated by such agents remaining a year after an initial 12-month measuring period, based on the gross commission income generated during that initial measuring period. 3. Operating EBITDA includes a $16M year-over-year increase in employee long term cash incentive costs, primarily associated with strength in our share price. 1
Page 13
Operating EBITDA Waterfall (without intercompany royalty1) 13 Operating EBITDA by Segment $65 $79 $(1) $(43) $100 Franchise Group Owned Brokerage Group Title Group Corporate & Other Total Flat Y/Y driven by higher volume and international royalties. $4M Y/Y increase driven by higher volume and strong retention of productive agents2 partially offset by higher splits. $3M Y/Y decrease due to high fixed cost nature of the business. $9M Y/Y increase in expenses driven by higher cash-settled awards and health & welfare costs. $8M Y/Y decrease in Operating EBITDA driven by a $16M increase in cash awards tied to stock price appreciation3. Margin % 36% 6% (1)% 6% 1. The segment numbers noted above do not reflect the impact of intercompany royalties and marketing fees paid by Owned Brokerage Group to Franchise Group of $90 million during the three months ended September 30, 2025. 2. ~95% retention among the top-half of producing affiliated agents at Advisors, based on production generated by such agents remaining a year after an initial 12-month measuring period, based on the gross commission income generated during that initial measuring period. 3. Operating EBITDA includes a $16M year-over-year increase in employee long term cash incentive costs, primarily associated with strength in our share price.
Page 14
Q3 2025 vs. Q3 2024 Anywhere Combined Closed Homesale Sides 2% Average Homesale Price 5% Combined Total Homesale Transaction Volume (sides x price) 7% Anywhere Brands - Franchise Group 1 Closed Homesale Sides 2% Average Homesale Price 5% Total Homesale Transaction Volume (sides x price) 7% Anywhere Advisors - Owned Brokerage Group Closed Homesale Sides 2% Average Homesale Price 5% Total Homesale Transaction Volume (sides x price) 6% 1. Includes all franchisees except for Owned Brokerage Group. Transaction Volume 14
Page 15
Q3 2025 vs. Q3 2024 Amount % Change Anywhere Brands - Franchise Group 1 Closed Homesale Sides 193,485 2% Average Homesale Price $526,210 5% Average Broker Commission Rate 2.41% — bps Net Royalty per Side $466 2% Anywhere Advisors - Owned Brokerage Group Closed Homesale Sides 68,774 2% Average Homesale Price $775,730 5% Average Broker Commission Rate 2.37% 1 bps Gross Commission Income per Side $19,235 5% Anywhere Integrated Services - Title Group Purchase Title and Closing Units 27,488 (1)% Refinance Title and Closing Units 2,969 12% Average Fee per Closing Unit $3,588 7% 1. Includes all franchisees except for Owned Brokerage Group. Key Revenue Drivers 15
Page 16
Net Revenue ($ in millions) Q3 2025 Q3 2024 $ Change Franchise Group 1 $ 273 $ 267 $ 6 Owned Brokerage Group 1,340 1,258 82 Title Group 103 96 7 Corporate & Other 2 (90) (86) (4) Total Revenue $ 1,626 $ 1,535 $ 91 1. Franchise Group is inclusive of Anywhere Leads Group and Cartus Relocation Services. 2. Revenues include the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by Owned Brokerage Group of $90 million and $86 million during the three months ended September 30, 2025 and 2024, respectively. Revenue Details 16
Page 17
Operating EBITDA ($ in millions) Q3 2025 Q3 2024 $ Change Franchise Group 1 $ 155 $ 151 $ 4 Owned Brokerage Group (11) (11) — Title Group (1) 2 (3) Corporate & Other (43) (34) (9) Operating EBITDA $ 100 $ 108 $ (8) 1. Franchise Group is inclusive of Anywhere Leads Group and Cartus Relocation Services. Note: See Slide 24 for a reconciliation of Net (loss) income attributable to the Company to Operating EBITDA. Refer to Table 9 of the Press Release dated November 4, 2025 for the definitions of certain non-GAAP financial measures and the Company’s explanation of why it believes these non-GAAP measures are useful to investors. Operating EBITDA Details 17
Page 18
Note: The segment numbers noted above do not reflect the impact of intercompany royalties and marketing fees paid by Owned Brokerage Group to Franchise Group of $90 million and $86 million during the three months ended September 30, 2025 and 2024, respectively. Operating EBITDA ($ in millions) Q3 2025 Q3 2024 $ Change Franchise Group $ 65 $ 65 $ — Owned Brokerage Group 79 75 4 Franchise & Owned Brokerage Combined $ 144 $ 140 $ 4 Operating EBITDA without Intercompany Royalty 18
Page 19
Advisors: Quarterly Agent Commission Split Rate 19 79.6% 80.3% 80.1% 80.1% 80.2% 80.3% 80.0% 80.5% 80.4% 80.3% 80.4% 80.9% 80.7% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 76.0% 78.0% 80.0% 82.0% 30bps y/y increase in Q3, primarily attributable to agent mix, as top agents represent > % of transactions. Commission splits have been relatively stable in the 80%-81% range for the past several years. Quarterly Agent Commission Split (Commission Expense divided by Gross Commission Income) (%)
Page 20
($ in millions) For the three months ended September 30, 2025 Operating Marketing General and Administrative 1 Total Franchise Group 2 $ 63 $ 23 $ 32 $ 118 Owned Brokerage Group 242 27 14 283 Title Group 86 4 18 108 Corporate & Other 3 (85) (4) 47 (42) Total Company $ 306 $ 50 $ 111 $ 467 1. General and administrative expenses differ from the amounts reported for the Company's reportable segments under ASC Topic 280 as those amounts include adjustments for non-cash stock-based compensation and legal contingencies unrelated to normal operations which currently includes industry-wide antitrust lawsuits and class action lawsuits consistent with the definition of Operating EBITDA, the Company's reported measure of segment profit or loss. Refer to Table 9 of the Press Release dated November 4, 2025 for further information related to Operating EBITDA. 2. Franchise Group is inclusive of Anywhere Leads Group and Cartus Relocation Services. 3. Corporate and Other includes the Company's intersegment revenues which are eliminated and various unallocated corporate expenses. Operating, Marketing, and G&A by Reportable Segment 20
Page 21
415 — 1,140 36 559 449 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Transformed Debt Stack 21 2 • Reducing debt and investing in the business remain our top capital allocation priorities • Issued $500M of Second Lien Secured Notes in Q2 2025, using proceeds to repurchase a combined $367M of Exchangeable notes at a discount across Q2 and Q3 • Reduced Revolver balance by $195M3 In Q3 • Lowered debt level by over $870M from 2019 to 2025 • Extended maturities, increasing financial flexibility 1. Excludes interest rate swaps. 2. Revolving Credit Facility is first lien secured debt but shown separately in the charts above (note: Anywhere’s current revolver capacity is $1.1B in total). 3. Difference in Revolver balance at quarter end: Balance as of June 30th of $610M versus September 30th balance of $415M. Note: Graphs exclude finance lease obligations, amortization payments and securitization obligations. 190 717 1,058 550 407 550 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 September 30, 2025 ($M) Total Debt 2,599 December 31, 2019 ($M) Total Debt 3,472 1,314 1,589 36
Page 22
Pricing Maturity As of September 30, 2025 Revolving Credit Facility SOFR+10bps+175 1 July 2027 2 $ 415 Senior Secured Second Lien Notes 9.750% April 2030 500 Senior Secured Second Lien Notes 7.000% April 2030 640 Senior Notes 5.750% January 2029 559 Senior Notes 5.250% April 2030 449 Exchangeable Senior Notes 0.250% June 2026 36 Finance Lease Obligations 10 Corporate Debt (excluding securitizations) 2,609 Less: Cash and cash equivalents 139 Net Corporate Debt (excluding securitizations) $ 2,470 EBITDA as defined by the Senior Secured Credit Agreement $ 366 Net Debt Leverage Ratio 3 6.7 x 1. Based on a Term Secured Overnight Financing Rate ("SOFR") plus a 10 basis point credit spread adjustment plus an additional margin. The additional margin is subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter's senior secured leverage ratio, the margin was 1.75%. 2. As of September 30, 2025, the maturity date of the Revolving Credit Facility is July 2027 (subject to earlier springing maturity). The Revolving Credit Facility has an aggregate of $1,100 million in capacity with $415 million of outstanding borrowings and $30 million of outstanding undrawn letters of credit as of September 30, 2025. 3. Defined as net corporate debt divided by EBITDA as defined by the senior secured credit facilities. See Table 8b of our November 4, 2025 Press Release for a Net Debt Leverage Ratio calculation. Capitalization Table 22
Page 23
Appendix 23
Page 24
($ in millions) For the three months ended 9/30/2025 9/30/2024 Net (loss) income attributable to Anywhere $ (13) $ 7 Income tax expense — 2 (Loss) income before income taxes (13) 9 Add: Depreciation and amortization 48 48 Interest expense, net 47 38 Stock-based compensation 1 4 4 Restructuring and merger-related costs, net 2 14 6 Impairments 1 1 Former parent legacy benefit, net — (1) Legal contingencies 3 — 10 Gain on the early extinguishment of debt 4 — (7) Gain on the sale of businesses, investments or other assets, net (1) — Operating EBITDA $ 100 $ 108 1. Stock-based compensation is a non-cash expense that is based on grant date fair value, which is influenced by the Company's stock price, and recognized over the requisite service period. 2. Restructuring and merger-related costs, net includes personnel-related, facility-related and other costs related to professional fees and consulting fees as a result of the Company's restructure plans and transaction-related expenses incurred in connection with the pending Merger with Compass which primarily consist of legal, advisory, accounting and other professional service fees. 3. Legal contingencies do not include cases that are part of our normal operating activities or legal expenses incurred in the ordinary course of business. 4. Gain on the early extinguishment of debt relates to the repurchases of Unsecured Notes that occurred during the third quarter of 2024. Note: Refer to Table 9 of the Press Release dated November 4, 2025 for the definitions of certain non-GAAP financial measures and the Company’s explanation of why it believes those non-GAAP measures are useful to investors. GAAP Reconciliation - Operating EBITDA 24
Page 25
($ in millions) For the three months ended 9/30/2025 9/30/2024 Franchise Group $ 155 $ 151 Owned Brokerage Group (11) (11) Title Group (1) 2 Corporate and Other (43) (34) Operating EBITDA 100 108 Less: Depreciation and amortization 48 48 Interest expense, net 47 38 Income tax expense — 2 Stock-based compensation 1 4 4 Restructuring and merger-related costs, net 2 14 6 Impairments 1 1 Former parent legacy benefit, net — (1) Legal contingencies 3 — 10 Gain on the early extinguishment of debt 4 — (7) Gain on the sale of businesses, investments or other assets, net (1) — Net (loss) income attributable to Anywhere $ (13) $ 7 1. Stock-based compensation expense is primarily related to Corporate and Other. This line does not include $28 million and $12 million of expense during the third quarter of 2025 and 2024, respectively, that relates to employee long-term incentives which primarily include cash-settled awards that fluctuate with the Company's stock price. Of these amounts, approximately $24 million and $8 million during the third quarter of 2025 and 2024, respectively, represent cash-settled awards that fluctuate with the Company’s stock price. 2. Restructuring and merger-related costs incurred for the three months ended September 30, 2025 include $5 million at Owned Brokerage Group and $9 million in Corporate and Other which includes merger-related costs of $5 million in Corporate and Other. Restructuring costs incurred for the three months ended September 30, 2024 include $1 million at Franchise Group, $3 million at Owned Brokerage Group and $2 million in Corporate and Other. 3. Legal contingencies are recorded in Corporate and Other. 4. Gain on the early extinguishment of debt is recorded in Corporate and Other. Note: See Slide 24 for a reconciliation of Net (loss) income attributable to the Company to Operating EBITDA. Refer to Table 9 of the Press Release dated November 4, 2025 for the definitions of certain non-GAAP financial measures and the Company’s explanation of why it believes those non-GAAP measures are useful to investors. Segment Operating EBITDA 25
Page 26
Note: Refer to Table 7 of the Press Release dated November 4, 2025 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow. Refer to Table 9 of the Press Release dated November 4, 2025 for the definitions of certain non-GAAP financial measures and the Company’s explanation of why it believes those non-GAAP measures are useful to investors. ($ in millions) For the three months ended 9/30/2025 9/30/2024 Net (loss) income attributable to Anywhere $ (13) $ 7 Income tax expense — 2 Income tax payments (1) — Interest expense, net 47 38 Cash interest payments (28) (32) Depreciation and amortization 48 48 Capital expenditures (26) (18) Restructuring and merger-related costs and former parent legacy items, net of payments 5 (2) Impairments 1 1 Gain on the early extinguishment of debt — (7) Gain on the sale of businesses, investments or other assets, net (1) — Working capital adjustments 48 56 Relocation receivables (assets), net of securitization obligations 12 6 Free Cash Flow $ 92 $ 99 GAAP Reconciliation - Free Cash Flow 26
Page 27
80 85 100 150 124 Permanent Temporary 2020 2021 2022 2023 2024 Anywhere Realized Cost Savings by Year ($M)1 2,140 1,712 Anywhere total operating, marketing & G&A expenses ($M) 2019 2024 Anywhere Actual Flow Through of Savings to Expenses ($M)2 ~$80 ~$85 ~$150 ~$220 We realized approximately $660M of total cost savings between 2020 and 2024 Approximately 35% of total cost savings were offset by inflation, investments, and other factors 1. Represents approximate cost savings by year. Cost savings programs exclude any offset from inflation and investments. 2020 cost savings excludes approximately $150M of temporary savings as a result of Covid-19 crisis. 2. Includes Operating, marketing and G&A expense lines. Excludes Agent Commissions, Equity in earnings/losses of unconsolidated entities and other miscellaneous gains/losses. Approximately 35% of cost savings from 2020 to 2024 were offset by inflation, new investments, and other factors. A portion of the expense decline since 2019 was also related to the sale of the underwriter in 2022. 3. 2025 Cost savings program excludes any offset from inflation and investments as we look to make significant progress transforming our business. ($428) Historical Cost Savings Delivery 27 ~$125 Targeting $100 million of realized cost savings in 20253
Page 28
70 80 85 100 150 124 100 Permanent Temporary 2019 2020 2021 2022 2023 2024 2025 ~$80 ~$85 ~$150 ~$220 1. Represents approximate cost savings by year. Cost savings programs exclude any offset from inflation and investments. 2020 cost savings excludes approximately $150M of temporary savings as a result of Covid-19 crisis. 2. 2025 cost savings program excludes any offset from inflation and investments as we look to make significant progress transforming our business. Historical Cost Savings Delivery and 2025 Savings Program Target 28 ~$125 ~$70 ~$100 We expect to realize ~$100M of additional cost savings in 2025, which will represent ~$830M of cost savings since 20191 2025 Cost Savings Target2 • ~$20M of carryover from actions taken in 2024 • 100% of savings already identified
Page 29
Investment Highlights 29
Page 30
Fast Facts1 • Anywhere Real Estate is a leading real estate franchisor in the U.S., with six nationally recognized brokerage brands • Worldwide footprint with over 2,100 total franchisees • Typical new U.S. contract is 10 years in length • Average U.S. franchisee tenure >20 years • 30k closings delivered from our global referral networks Unmatched Brand Portfolio High Margin Business with Steady Recurring Revenue and Operating EBITDA2 Franchise Operating EBITDA Margins (%) 57% 61% 59% 54% 54% 2020 2021 2022 2023 2024 Franchise Operating EBITDA ($M) 600 756 673 527 521 2020 2021 2022 2023 2024 1. As of December 31, 2024. 2. Franchise Group is inclusive of the Anywhere Leads Group and Cartus Relocation Services and includes Owned Brokerage intercompany royalties and marketing fees of $316M from 2020, $407M from 2021, $373M from 2022, $315M from 2023 and $319M from 2024. Franchise Revenue ($M) 1,059 1,249 1,145 983 961 2020 2021 2022 2023 2024 Attractive Franchise Power 30
Page 31
Unparalleled Franchise Scale 31 11,200 U.S. ANNUAL SIDES58,231 130,200 219,329 96,300 468,004 4,900 16,494 43,200 70,092 26,100 117,860 WORLDWIDE SALES AGENTS U.S. ANNUAL SIDES WORLDWIDE SALES AGENTS U.S. ANNUAL SIDES WORLDWIDE SALES AGENTS U.S. ANNUAL SIDES WORLDWIDE SALES AGENTS U.S. ANNUAL SIDES WORLDWIDE SALES AGENTS U.S. ANNUAL SIDES WORLDWIDE SALES AGENTS Note: Information as of December 31, 2024. The U.S. Annual Sides represents both sides of a home sale transaction (i.e., the "buy" and/or the "sell" side).
Page 32
1. As of December 31, 2024. 2. Source: Marketing Listing Services (MLSs). In MLSs where Anywhere owned and franchised brokerages operate, excluding New York City and the Hamptons (where there is no MLS). Volume means closed homesale transaction volume. Market Leader in Luxury Real Estate 32 Market Share of $1M+ Homes, 2024 US Volume17% #1 #2 #3 #4 #5 Market Share of $1M+, $2M+, $5M+, & $10M+ Homes, 2024 US Volume 17% 20% 22% 21% $1M+ $2M+ $5M+ $10M+ We Sell More $1M+ Homes Than Anyone1,2 We Do Even Better At Higher Price Points1,2Fast Facts1 • Expanded our luxury leadership in 2024 with new global locations and increased U.S. presence • Coldwell Banker Global Luxury, Corcoran, and Sotheby's International Realty brands increased volume by 10% in 2024, outperforming the broader market • Unique Adjacent Offerings - Co-own Concierge Auctions, the world's largest luxury real estate auction marketplace • Leader in New Development - Corcoran Sunshine ranked #1 in Manhattan new development Iconic Luxury Brands Industry Rank: #1 #1 #1#1
Page 33
1. As of December 31, 2024. 2. Anywhere is the majority and controlling partner in Upward Title, the non-controlling portion is deducted from the Company's net income (loss) on the “Net (income) loss attributable to noncontrolling interests” line on the income statement. 3. JV earnings are reported as equity in earnings and losses on the income statement. 4. On March 29, 2022, the Company sold its title insurance underwriter, Title Resources Guaranty Company, but maintained a minority ownership. Title Agency Operations1 • Full-Service title, escrow and settlement services across more than 40 brand names • Licensed title agency in 43 states and Washington, D.C. • Supports both Anywhere and non-Anywhere brokerage transactions • Involved in ~114,000 purchase and refinance transactions in 2024 Upward Title (launched 2023)2 • New multi-franchise title joint venture offering, exclusively for affiliates • Upward JVs are full-service title and settlement companies, offering local expertise combined with the innovative product and technology capabilities of Anywhere, including insightful virtual quote tools and fully digital closing options • Currently live in California, Colorado, Florida, Pennsylvania, Texas, Utah, and Washington with plans of further expansion Underwriter JV (formed 2022)3,4 • 22% ownership of Title Resources Group, one of the nation’s leading title insurance underwriters • In addition to Anywhere, TRG’s other major shareholders include Centerbridge partners, L.P., HomeServices of America, and Opendoor Technologies, Inc. • Lennar Corp joined the ownership group in Q4 2024 Mortgage JV (formed 2017)3 • 49.9% ownership of Guaranteed Rate Affinity, a mortgage origination joint venture with Guaranteed Rate, one of the largest retail mortgage lenders in the U.S. • Many loan officers co-located within Anywhere brokerage offices supporting both Anywhere and non-Anywhere transaction mortgages Leading Provider of Title & Settlement Services 33
Page 34
Thank You 34