Angi Inc

Equity Research 6 August 2026 | 12:02AM EDT

Angi Inc. (ANGI) Q2’26 Review: Strategic Transformation Underway Amid Macro Headwinds; Visibility into Revenue Reacceleration and Positive Growth Needed for Shares

ANGI 12m Price Target: $6.00 Price: $4.79 Upside: 25.4% NEUTRAL Eric Sheridan In its Q2 2026 earnings report, ANGI mgmt. reinforced several key | Goldman Sachs & Co. LLC themes around the company’s ongoing transformation and Achal Gupta operating priorities: 1) marketplace demand trends remain | Goldman Sachs India SPL pressured relative to Q1 lead by a mix shift dynamic toward smaller jobs due to a weaker macro backdrop, albeit with mgmt. highlighting improving pro capacity trends, better churn/win rates and continued strength within the Large Pro and National Partnership business, where revenue grew +20% YoY during the quarter; 2) Key Data _____________________________________ Market cap: $221.5mn mgmt. provided a comprehensive update on its AI strategy, including Enterprise value: $400.9mn 3m ADTV: $6.6mn the launch of the AI Front Desk pilot, migration of the homeowner United States account experience onto the new platform, and the long-term Americas Internet M&A Rank: 3 opportunity around the Angi Pro CRO platform; 3) continued GS Forecast __________________________________ positioning of a meaningful revenue acceleration as a FY27 objective 12/25 12/26E 12/27E 12/28E

(not framed as guide) tied to successful execution across Large Pro Revenue ($ mn) New Revenue ($ mn) Old 1,030.5 1, ,032.1 expansion, platform migration, and broader AI-related initiatives; & EBITDA ($ mn) EBIT ($ mn) ) emphasis on balanced investment and capital allocation, with EPS ($) New mgmt. reiterating that ongoing product/platform investments will EPS ($) Old P/E (X) 16.3 NM 7.3 7.2 be funded within its existing cash flow framework. In the coming Dividend yield (%) -- -- -- -- quarters, we expect investors to focus on how ANGI mgmt. will Net debt/EBITDA (X) 1.4 1.7 1.2 0.7

execute and continue to message around this transformation 6/26 9/26E 12/26E 3/27E (particularly with the guidance withdrawn) in terms of performance EPS ($) (

of legacy revenue streams, pace/cadence of capacity growth & GS Factor Profile ______________________________ Growth utilization, the trajectory of operating margins and free cash flow generation, and signs that the platform transformation is taking hold Financial Returns

in terms of professional adoption (as the company seeks to expand Multiple

into a broader software/workflow platform for professionals) and Integrated implied market share across the end market landscape. We reiterate our Neutral rating on the shares and 12m PT of $6 (unchanged) as Percentile 20th 40th 60th 80th 100th

we adjust our operating estimates for this set of results and updated ANGI relative to Americas Coverage mgmt. commentary. ANGI relative to Americas Internet

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Angi Inc. (ANGI)

Angi Inc. (ANGI) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Nov 13, 2024 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets P/E (X) 16.3 NM 7.3 7.2 Net PP&E EV/EBITDA (X) 6.4 3.5 3.0 2.6 Net intangibles 1, EV/sales (X) 0.9 0.4 0.4 0.3 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) Other long-term assets EV/DACF (X) 4.8 2.9 2.8 2.4 Total assets 1,680.4 1,348.7 1,401.7 1,458.0 CROCI (%) ROE (%) Accounts payable Net debt/EBITDA (X) 1.4 1.7 1.2 0.7…