Focus on Enthusiast Buyers and Advertising Monetization Bolsters eBay's Narrow Moat

EBay’s strategy is anchored in its role as a global marketplace for enthusiast-led and resale inventory. We believe the firm is best positioned to gain share where breadth of supply, trust, and seller liquidity matter more than speed. With 135 million active buyers and 2.5 billion live listings, eBay retains relevance in categories where fragmented supply is difficult to replicate, such as collectibles, motor parts and accessories, and fashion. In 2025, its established strategic priorities (focus categories, consumer-to-consumer, and recommerce) constituted roughly two-thirds of gross merchandise volume, equating to over $50 billion, with recommerce exceeding 40% of total GMV and C2C representing roughly one-fourth. We expect management to pursue organic and targeted inorganic opportunities, such as the recent $1.2 billion acquisition of the fashion resale platform Depop, to defend and scale in these core areas. These strategic pillars drive the bulk of our forecast for aggregate platform volume to over $120 billion by the end of the decade (equating to 4% growth).