The effort is designed to fundamentally change how Douglas Elliman operates to improve efficiency, enhance the agent advisor and client experience, and reshape its long-term cost structure.

The Company also announced the launch of Elius, a newly formed intelligence company positioned to build proprietary real estate intelligence capabilities beyond traditional brokerage. Elius is designed to power a new generation of intelligent real estate experiences, products, and services that move beyond today's search and portal-based models by anticipating opportunities, surfacing insights earlier, and delivering guidance that today's static platforms cannot.

The transformation follows two parallel tracks to reset Douglas Elliman's non-commission-based cost structure across business units while building a proprietary intelligence business under the name Elius. Both tracks are enabled by Google Cloud technology, including its AI models and enterprise infrastructure, which the Company has selected to power its transformation.

TRACK 1: REDESIGN BROKERAGE OPERATIONS AND IMPROVE COST STRUCTURE

Douglas Elliman currently operates a fragmented technology environment spanning many systems and vendors across its business functions.

Through agentic AI-enabled automation powered by Google Cloud technology, Douglas Elliman expects to simplify operations, improve productivity and scalability, and achieve significant savings in non-commission operating expenses over the next three years through technology consolidation, workflow modernization, and workforce productivity improvements.

TRACK 2: INTRODUCING ELIUS

For decades, the value created by residential real estate data has accrued to the third-party platforms and portals rather than the brokerages that create the data.

Elius is designed to do what the brokerage industry has never done: take Douglas Elliman's private luxury real estate data — one of its most valuable and least monetized assets — and leverage it to build a proprietary intelligence platform with the potential to generate new products, revenue streams, and businesses, creating a format for consuming real estate intelligence outside of traditional brokerage that does not exist today. As the industry evolves beyond today's static and linear search experience, Elius will be designed to deliver dynamic, continuously learning intelligence that will change how consumers and businesses engage with real estate.

Douglas Elliman generates enormous volumes of data today through live market signals and real-time transaction activity from its agent advisors and clients at the very top of the market. Using Google Cloud technology, Elius is being structured to transform Douglas Elliman's market intelligence into a proprietary intelligence asset that compounds in value over time, while securing that intelligence behind a security layer that protects clients' confidential information and is resistant to indiscriminate AI scraping, preserving its value.

Over time, those capabilities are expected to reshape the real estate experience through intelligent products, services, and experiences that move beyond today's search- and portal-based models, fundamentally changing how consumers and businesses discover, evaluate, transact in, and interact with real estate.

"The next era of this business will be defined by intelligence," said Michael S. Liebowitz, President and Chief Executive Officer, Douglas Elliman Inc. "For generations, residential real estate has been organized around the transaction — and for just as long, the data that real estate transactions generate has been monetized by nearly everyone except the brokerages that create it. We are changing that model and taking it back."

He continued, "Elius will launch as a new business that will be designed to utilize our most valuable and underappreciated assets — our current, future, and historical proprietary data of the industry's premier luxury network — to create opportunities for new products, revenue streams, and businesses beyond brokerage. We believe this has the potential to create a materially larger addressable market, stronger and more durable economics, and a fundamentally different future for our stockholders, agent advisors, and staff."

DOUGLAS ELLIMAN ACCELERATES REAL ESTATE AI WITH GOOGLE CLOUD

By choosing to build Elius on the Google Cloud platform, Douglas Elliman paired its premier luxury brand and proprietary data with the capabilities of one of the world's leading data and AI enterprises.

The Company selected Google Cloud's technology to support the long-term commercialization of its proprietary real estate intelligence. Douglas Elliman's proprietary data remains the Company's own, and the custom AI capabilities, workflows, agents, and other intellectual property developed for Elius using Google Cloud and Gemini will be Douglas Elliman-owned assets.

"AI is creating opportunities to fundamentally reshape how industries operate, and residential real estate remains one of the largest and most valuable markets in the world. It also requires specialty expertise," said Will Grannis, Chief Technology Officer, Google Cloud. "Bringing that foundation together with Google Cloud's AI and enterprise cloud infrastructure presents transformative opportunities for Douglas Elliman's new business, innovation, and value creation."

ELIUS ACROSS THE BUSINESS

Douglas Elliman Realty

Elius is expected to help agent advisors automate routine workflows, surface real-time pricing and market insights, accelerate lead generation and client matching, and deliver a more informed client experience. These tools will help free agent advisors to focus on the relationships and judgment that define the brokerage's competitive advantage.

Douglas Elliman Development Marketing

Douglas Elliman Development Marketing (DEDM), with an active project pipeline exceeding $27 billion in gross transaction value as of the end of the first quarter of 2026, is expected to serve as an early deployment opportunity for Elius, with potential applications in pricing strategy, market intelligence, buyer targeting, and absorption forecasting.

Elliman Global

Elliman Global is expected to use Elius to support cross-border business, localization, and expansion across key global luxury markets.

A DISCIPLINED, SELF-FUNDED PURSUIT

Douglas Elliman is pursuing this transformation with no long-term debt and over $100 million in cash and cash equivalents, including restricted cash, as of March 31, 2026. The Company expects to fund the initial Google Cloud rollout and Elius discovery and development work through existing resources, with a modest net incremental investment, as a substantial portion of the spending replaces existing technology expenditures. As legacy platforms are retired and the technology stack is consolidated, the Company's net transition costs are expected to decline as it realizes efficiencies from a more streamlined technology environment. Douglas Elliman is investing in proprietary data and the custom AI agents, workflows, and platforms that it believes will create value for its stockholders over the long term.