Company: HOUS
Filing Date: 2025-12-29
Form Type: 425
Source: 0001193125-25-335437
Chunk: 3

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-29
Form: 425
Chunk 3
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, have the meanings set forth in the Definitive Proxy Statement. For clarity, new text within restated paragraphs from the Definitive Proxy Statement is boldand underlined, and removed text within the restated paragraphs is boldand stricken through. The table on Page 67 under “Research Analyst Price Targets” is hereby amended and supplemented as follows:

| Broker                  |     | Price Target |       |     | Price Target Date |
|:------------------------|:----|:-------------|------:|:----|:------------------|
| Broker A BTIG           |     | $            | 11.00 |     | August 27, 2025   |
| Broker B Deutsche       |     | $            |  8.00 |     | July 31, 2025     |
| Broker C Morgan Stanley |     | $            |  8.00 |     | July 31, 2025     |
| Broker D Wells Fargo    |     | $            |  7.00 |     | July 30, 2025     |
| Broker E Barclays       |     | $            |  8.00 |     | July 30, 2025     |
| Broker F UBS            |     | $            | 11.00 |     | June 1, 2025      |

The second paragraph on Page 71 under “Illustrative Discounted Cash Flow Analysis: Anywhere Stand-Alone” is hereby amended and supplemented as follows: Using the mid-yearconvention for discounting cash flows and discount rates ranging from 12.0% to 13.0%, reflecting estimates of Anywhere’s weighted average cost of capital, Goldman Sachs discounted to present value as of June 30, 2025 (i) estimates of unlevered free cash flow for Anywhere for the last half of calendar year 2025 and calendar years 2026 through 2027 and (ii) a range of illustrative terminal values for Anywhere, which were calculated by applying terminal year multiples of enterprise value (which we refer to as “EV”) to next twelve month (which we refer to as “NTM”) earnings before interest, taxes, depreciation and amortization (which we refer to as “EBITDA”) (which we refer to as “EV/NTM EBITDA”) ranging from 7.5x to 9.0x to an estimate of the Operating EBITDA to be generated by Anywhere in