Angi Inc.

Core business

• Angi is a digital home services marketplace that connects home professionals (Pros) with consumers across more than 500 categories, including repair, maintenance, remodeling, cleaning and landscaping.
• The platform provides Pros with consumer leads, quotes and, in some cases, bookings, and gives consumers tools, ratings/reviews and access to a directory of vetted Pros.
• Revenue comes from lead-based fees, advertising, membership/subscription services and consumer-facing pre-priced service offerings.

Brands and markets

• Operating segments: U.S. and International.
• U.S. brands and platforms: Angi, Angie’s List, HomeAdvisor and the Handy workforce platform.
• International brands: HomeStars (Canada), MyBuilder (UK), MyHammer (Germany), Travaux (France) and Werkspot (Netherlands), plus MyHammer operations in Austria and Werkspot operations in Italy.
• The company completed a spin-off from IAC on March 31, 2025 and operates as an independent public company.

Corporate and structural changes in 2025

• Spin-off from IAC completed March 31, 2025; IAC no longer owns Angi.
• Segment structure revised in 2025 from three segments (“Ads and Leads”, “Services” and “International”) to two segments: U.S. (domestic) and International. The segment name changed from “Domestic” to “U.S.” in Q4 2025.

Scale and reach (key operating metrics)

• Approximately 111,000 Average Monthly Active Pros (AMAP) for the three months ended December 31, 2025.
• Consumers used Angi platforms to find a Pro for approximately 16 million projects in the twelve months ended December 31, 2025.
• Approximately 2,300 employees worldwide (as of December 31, 2025).

Geographic and segment structure

• Two operating segments: U.S. and International (Europe and Canada).
• 2025 revenue by segment:
  • U.S. revenue: $904,062 thousand
    • Lead revenue: $587,050 thousand
    • Advertising revenue: $214,920 thousand
    • Services revenue: $72,443 thousand
    • Membership subscription revenue: $29,379 thousand
    • Other revenue: $270 thousand
  • International revenue: $126,473 thousand
• Total 2025 revenue: $1,030,535 thousand
• 2025 gross profit: $983,099 thousand; gross margin: 95%

Financial snapshot for the year ended December 31, 2025

• Operating income, total: $65,406 thousand
  • U.S. segment: $41,910 thousand
  • International segment: $23,496 thousand
• Selling and marketing expense: $507,546 thousand
• General and administrative expense: $262,878 thousand
• Product development expense: $87,361 thousand
• Depreciation: $45,319 thousand
• Amortization of intangibles: $1,800 thousand
• Restructuring: $12,789 thousand
• Interest expense: $20,469 thousand
• Other income, net: $17,590 thousand
• Income tax provision (benefit): $(18,695) thousand
• Net earnings attributable to Angi Inc. shareholders: $43,832 thousand
• Earnings per share (continuing operations): Basic $0.96; Diluted $0.94
• Adjusted EBITDA (non-GAAP): $140,072 thousand
  • U.S. Adjusted EBITDA: $112,801 thousand
  • International Adjusted EBITDA: $27,271 thousand

Non-GAAP measure: Adjusted EBITDA

• Angi defines Adjusted EBITDA as operating income plus adjustments for stock-based compensation, depreciation, amortization/impairments of intangibles and goodwill, and restructuring.
• The company provides reconciliations of Adjusted EBITDA to GAAP results.

Cash, liquidity and leverage

• Cash and cash equivalents: $303.7 million (as of December 31, 2025)
  • United States: $296.3 million
  • All other countries: $7.4 million
• Long-term debt (net): $497.7 million (as of December 31, 2025)
  • ANGI Group Senior Notes: $500.0 million principal amount (3.875% senior notes due August 2028)
• Credit facility: Senior secured revolving facility of $175.0 million (matures 2030); no borrowings outstanding as of December 31, 2025
• Share repurchases: 10.5 million Class A shares repurchased in 2025 for $148.7 million (average price $14.15 per share)
• Total shareholder equity: $927.4 million (as of December 31, 2025)
• Capital expenditures (2025): $59.6 million

Liquidity and capital plan

• The company expects existing cash, ongoing operating cash flows and available Revolving Facility capacity to fund operations, capital expenditure, debt service and repurchases for the next 12 months.
• Additional financing may be pursued if needed, subject to market conditions and covenants.

Operational metrics and business context

• Lead revenue (consumer matches) is a core revenue driver, complemented by advertising, membership subscriptions and pre-priced service offerings.
• The company is growing in international markets and adapting business models (for example, migrating Canada to the European platform) to improve profitability.
• The business depends on digital marketing, search traffic acquisition and maintaining a large, screened network of Pros with ratings and review controls.

Summary

• Angi operates a multi-brand home services marketplace that connects consumers with a broad network of Pros across the U.S., Europe and Canada.
• In 2025 the company completed its spin-off from IAC, established a two-segment structure (U.S. and International), and reported 2025 revenue of $1.03 billion, a 95% gross margin, and $43.8 million in net earnings attributable to Angi shareholders, supported by cash generation and a debt/credit facility framework.