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October 2025 Nasdaq: REAX investors.onereal.com investors.onereal.com
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Certain statements herein relating to The Real Brokerage Inc. (“Real” or the “Company”) constitute “forward-looking statements”, within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and/or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance. Such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward looking statements include, but are not limited to, statements with respect to commercial operations, anticipated revenues, the overall projected size of the market, our ability to obtain financing for future operations and other information that is based on forecasts of future results and other key management assumptions. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. This Presentation also contains certain market data and other statistical information such as the size, growth and share of the industries and the market segments we operate in, that are based on information from independent industry organizations and other third-party sources, industry publications, surveys and forecasts. Such data may include projections based upon a number of assumptions. Such markets may not grow at the rate projected by market data, or at all. Failure of such markets to grow at the projected rate may have a material adverse effect on our business and the market price of our common stock. In addition, if any one or more of the assumptions underlying such market data are later found to be incorrect, actual results may differ from the projections based upon these assumptions. You should not place undue reliance on these forward-looking statements. Future Oriented Financial Information: To the extent any forward-looking information in this Presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate anticipated results and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above. Our actual financial position and results of operations may differ materially from management’s current expectations and, as a result, our revenue and profitability may differ materially from the revenue and profitability profiles provided in this Presentation. Such information is presented for illustrative purposes only and may not be an indication of our actual financial position or results of operations. Note: Figures in this presentation are as of 9/30/2025 unless otherwise specified. 2
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Founded in 2014, The Real Brokerage Inc. (“Real”) is a real estate technology company that is disrupting the traditional real estate brokerage model by providing agents with a higher value offering at a lower cost Combining a unique culture, attractive financial incentives, and a proprietary software-based technology stack – Real has rapidly grown revenue and agent count without the need for cost-heavy physical office space With a focus on organic agent growth and increasing attachment of ancillary services, such as mortgage, title, and wallet, our vision is to redefine the home buying and selling process, while providing an avenue for real estate agents to build long-term wealth 3 , , , , , Re enue ( mm) uarterly Re enue ( mm) , , , , , , , , , , , ( ) d usted ( mm) uarterly d usted ( mm) , , , , , , , , , , ,
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Disruptive, software-based real estate brokerage with a vision to streamline the home buying process via a consumer facing product, while providing agents with tools to build long-term wealth Unique compensation model provides agents with attractive financial incentives, including high commission splits, revenue sharing, and the ability to earn equity in the company Since 2021, Real has grown agent count by over 7x – even as the Existing Home Sales market has declined by over 30% during that time Leveraging core brokerage expertise to scale high margin title and mortgage services, while introducing new fintech products to further monetize our platform Proprietary software stack tailored to fit diverse needs of agents and clients; continuous innovation ensures platform remains at the forefront of real estate technology Scalable platform has enabled significant revenue and gross profit growth, driving operating leverage and margin improvement Culture prioritizing teamwork and collaboration, which fuels innovation, enhances agent engagement and fosters broad stakeholder satisfaction Seasoned executive team and deep bench bring diverse experiences scaling growth companies across real estate, technology, and financial services industries 6
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We are taking a first principles approach redefining the role of a real estate brokerage in agents’ li es and the broader housing ecosystem Software-based real estate brokerage that provides agents with the ability to earn more money, with more autonomy, and more advanced technology High value, low-cost offering attracts agents who are passionate about building their businesses Roll out of AI-based consumer-facing product, enhancing the home buying experience under agent guidance, while driving attachment of higher-margin ancillary services xpansion of Real Wallet, Real’s exclusive fintech platform for Real agents, following its Q4 2024 launch Creation of an entire ecosystem of products that will monetize our platform’s GMV, including mobile and e-wallet payments, debit/credit solutions, and a suite of wealth management tools Empowering agents to build long-term wealth all under the Real umbrella By empowering agents with a differentiated business model and technology interface that simplifies the transaction experience, we aim to be the destination brokerage for all agents by offering compelling value through a holistic ecosystem of technology, support and incentives 7
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Traditional Brokerage FRANCHISE / MODEL Our business was designed to provide real estate agents higher value at a lower cost than traditional brokerage models Software-based platform, no need for physical offices for agents, high agent autonomy Established firms, national presence, physical offices, high fixed costs Unified under a larger brand but independently owned High agent split with annual cap, revenue sharing, and equity opportunities High brokerage split, with limited revenue share or equity High agent split in exchange for recurring monthly franchise fees Proprietary software tailored specifically for Real agents and clients Some proprietary tools, but can be outdated Varies; franchise or independently sourced Collaborative nationwide community with online tools providing 24/7 support Strong national branding and support National branding, some centralized support Online training, continuous learning and development Established, but can be generic Varies by franchise High potential in fragmented market Challenged by newer business models Tied to franchise brand success Mortgage broker, title, and fintech services offered today; additional services in the future May offer; often through partnerships Varies; some franchises offer, others may not 8
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9 Announced in Q4 2024, Leo for Clients is expected to provide agents and clients a seamless AI-driven solution to simplify the homebuying process Our vision is to transform the complex homebuying process into a simple, one-stop solution from discovery to close. Initially launched as the OneReal mobile app in , Real’s consumer interface is e ol ing into an -driven text-based product, with beta launch scheduled for Q4 2025
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Our revenue model provides agents the ability to earn more income and generate wealth from multiple sources Competitive 85% / 15% commission split in favor of agent vs. traditional splits of 70% / 30% Agents keep all gross commission income after reaching $12,000 annual cap in the US and CAD $15,000 annual cap in Canada Unique top-down model provides agents opportunity to earn additional income by receiving a percentage of commissions generated by agents whom they attract to Real Stock Purchase Plan (SPP) allows agents to invest a portion of commissions into REAX shares and build equity in the company; agents opting into SPP eligible to receive bonus Restricted Stock Units (RSUs) with 1-year vest Capping Awards: agents earn up to 150 shares upon reaching the annual cap, depending on agent status Elite Agent Production Award: Top-producing agents can earn up to $16k in Real stock upon achievement of certain milestones Elite Agent Cultural Award: Top contributors to Real Academy can earn additional stock awards valued up to $8k via RSUs with a 3-year vesting period Attracting Shares: Stock awards granted for attracting new agents to Real 10
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Revenue sharing gives agents the ability to earn income from commissions generated by agents whom they attract to Real Note: Revenue share per agent maxes out at their annual cap amount, typically $12,000. Total company revenue shared paid is capped at 60% of total company commission split dollars. Number of agents directly referred to Real: 1-4 5-14 15-19 20-24 25+ 15% Commission Split Paid to Real 5% 5% 4% 5% 4% 3% 5% 4% 3% 2% 5% 4% 3% 2% 1% Replaces Traditional Marketing Spend. Direct referrals are the best way to attract highly-motivated agents to our brokerage and foster a culture of collaboration and mentorship. Differentiated, Supplemental Income Stream. Agents begin earning revenue sharing as soon as they directly refer new producing agents to Real. Improved Retention. Agents earn revenue share as long as they are active and closing deals (and can even earn post-retirement), which creates a strong incentive to stay for the long-term. Enhanced Collaboration. With a vested interest in the success of their referrals, agents are more likely to collaborate, share best practices, and mentor new agents, leading to a more skilled, engaged and knowledgeable agent base. Direct Referrals: If a Real agent brings in a new agent, they earn a share of the newcomer's commissions (up to a cap). This shared revenue is paid from Real's typical 15% commission split. Tiered Earnings: Once an agent has referred 5 or more new agents to Real, they enter a new Tier. Here, they not only earn from their direct referrals but also from the commissions of agents brought in by their initial referrals. 11
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Proprietary transaction management platform provides holistic view of an entire transaction process, including listings, drafting contracts, document reviews, and e-signatures Comprehensive production dashboard providing visibility into agents' business metrics, from tracking financials, monitoring milestones to managing key contact details Emphasis on agent branding within their local markets and communities, rather than a consumer-facing brand Online presence: Every agent receives a personal branded website and app, with features for client engagement Offline marketing tools: Customizable business cards, brochures, yard signs, car magnets, and more Community feature for agents to interact, exchange leads, celebrate successes, and schedule meet-ups Provides agents access to Real Knowledge Center, training and development resources, and ability to learn from experiences of thousands of agents across North America Automation of back-office processes, including AI-powered transaction support, document handling, verification and closing Enhanced mobile capabilities allow agents to generate CDAs or trade record sheets on demand; meanwhile, mobile payment and deposit options streamline financial processes and allows agents ability to receive payment within 24 hours of closing Our proprietary software platform, reZEN, offers a comprehensive range of tools tailored for today's real estate agents 12
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Leo CoPilot serves as an agent command center, anticipating each agent’s unique needs and providing personalized support. In Q4 2024, Real unveiled Leo CoPilot, an innovative, proactive enhancement of its AI-powered virtual assistant for agents Powered by GPT technology, Leo integrates with Real's transaction management platform providing round-the-clock support to agents and brokers Provides relevant answers based on agents' business, clients, and deals, learning and improving with each interaction Tailors marketing assets and daily playbooks to individual agent needs and styles Since April 2025, Leo acts as the initial point of contact for daily inbound support inquiries from agents 13
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Real's strategic use of technology enables capital efficient growth, requiring minimal upfront investment to generate revenue growth Software platform enables near-zero upfront cost for each new agent addition, driving operating leverage and capital efficient growth Absence of physical infrastructure and agent office space enables growth with minimal capital expenditure required LTM adjusted operating expenses as a percentage of revenue have declined from 7.4% to 4.7% since the start of 2023 Note: Reflects the number of agents on our platform divided by the number of full -time brokerage employees (calculated as total full-time employees less full-time One Real Title and One Real Mortgage employees). Note: Adjusted Operating Expense reflects operating expenses excluding revenue sharing, stock -based compensation, depreciation and other non-cash or unique, non-recurring expenses. Definition of all non-GAAP numbers and a reconciliation to GAAP numbers are provided in the Appendix of this presentation. Use of software to automate traditionally human-intensive tasks provides ability to rapidly grow agent base without a commensurate increase in full-time employee headcount Agent-to-full time brokerage employee ratio of 89:1 in Q3 2025 reflects best-in-class operational efficiency 14 In the first quarter of 2025, Real converted 136 contractors in India to full-time employees
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ublic rokerages caled ri ate rokerages maller ri ate rokerages million , , , , , , , , , , , , of gents Real has grown agent count by over 7x since Q4 2021; today we represent approximately 2% of the industry Source: National Association of Realtors, Stephens Research, D.A. Davidson Research, Company Reports ~2% 15 , , , , , , , , , , , , , , , , , , , , , , , , , Real gents xisting omes ales R
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Integrating mortgage, title, and other ancillary services provides an opportunity to enhance per-transaction unit economics and drive long-term margin expansion U.S. Residential Brokerage Commissions ~$100-110bn U.S. Residential Mortgage Commissions ~$20-70bn Title Insurance and Escrow ~$40-50bn (Insurance, Inspection, Renovation Financing, Staging, etc.) Other Real Estate Services ~$20-30bn Leveraging proprietary technology to provide a better closing experience Built on industry-leading technology to enable agents to deliver a faster, better experience to customers Great service, competitive rates, and innovative technology, enabling a seamless mortgage process 16
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Access earnings faster – reducing delays from legacy brokerage and banking systems Integrates with Apple Pay and Google Pay to help agents use Real Wallet in everyday transactions Rapid product growth YTD Q3 2025 revenue of $550K, with over 4,600 agent users and $20M in deposits Business Checking Accounts to help agents better manage business finances and plan for tax liabilities 17 Launched in Q4 2024, Real Wallet offers U.S. agents with a Real-branded debit card, while Real Wallet Capital offers U.S. & Canadian agents a business line of credit linked to their revenue and assets
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By empowering a vibrant community through technology, Real agents collaborate, share best practices, and foster a uniquely tight-knit bond 18
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Real prides itself on attracting like-minded people who are passionate about succeeding in real estate Kindness is a superpower and the fuel that keeps us growing. We stand together in service of our vision and each other Together, we move further and faster toward groundbreaking change in how people buy and sell homes The technology we build serves a bigger purpose – to make the entire experience better for agents and consumers 19
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Real’s leadership team brings significant experience in scaling growth businesses across the Real Estate, Technology and Financial Services industries Optimum RE Investments Alvarion Technologies Blade Air Mobility Citadel Anchor Bolt Capital Bank of America Moelis & Co. Realty Crunch Winito Inc. National CineMedia Plexus Entertainment Orchard Yodle Village Realty Web.com 20 Rodan + Fields Aero OpenTable StubHub Lennar Greenberg Traurig Holland & Knight Corvus Insurance Snyk Etsy AOL Blackboard OnDeck Capital Boxed
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24 , , , , , Re enue ( mm) uarterly Re enue ( mm) ( ) d usted ( mm) uarterly d usted ( mm)
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Seasonality in our gross margin is impacted by the mix of agents who have reached their annual cap in any given quarter – this mix tends to increase during the second and third calendar quarter of a given year Our operating expenses include revenue share, which is a variable marketing expense. Adjusted operating expense, which excludes revenue share and unique or non-cash items, has continued to decline as a percentage of revenue as the platform has scaled 25 Re enue hare as of Re enue d usted perating xpense as of Re enue
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26Historical Net Cash Provided by Operating Activities has been restated to align with U.S. GAAP reporting requirements. nrestricted Cash n estments ( mm) otal ebt ( mm)
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• Primary revenue source is commissions on transactions closed by Real agents, supplemented by brokerage fees and ancillary offerings • Costs directly associated with agents and brokers who facilitate transactions, including stock- based compensation • Agents typically receive 85% of gross commissions before reaching an annual cap, although have the option to invest a portion of commissions into shares of Real • Calculated as re enue minus direct costs; for brokerage transactions, reflects Real’s split of an agent’s commission • Reflects revenue share and equity compensation earned by agents for attracting new productive agents to Real • Represents non-revenue share marketing costs involved with attracting agents, including promotional activities, as well as salaries of employees involved in marketing activities • Includes day-to-day operational costs, including salaries, rent, utilities, and professional fees • Reflects expenses for developing proprietary technology platform including costs related to upgrades, enhancements, and salaries of employees involved in R&D activities • Profit or loss generated from primary real estate activities, after deducting all related operating expenses but before any non-operating items or financial costs Primarily Variable Cost Primarily Fixed Cost 27
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$10,000 • Illustrative 2.5% agent commission on a transaction value of $400,000 $8,500 • Reflects agent’s commission split $1,500 • Reflects Real’s commission split 15% $900 • p to of Real’s commission split is paid out in Re enue hare $600 • Reflects variable profit per transaction before allocation of corporate expenses 28Note: For illustrative purposes only. Actual unit economics may differ materially based on geography, commission rate, cap st atus, and other factors.
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Based on survey conducted by Real in May 2024 asking agents how influential each factor was in their decision to join Real; e xhibits show the percentage of agents responding that each factor was either Influential or Very Influential in their decision to join Real. All monthly agent survey results can be accessed at investors.onereal.com. Percentage of Agents Selecting ‘Influential’ or ‘Very Influential’ Agent Years of Experience 0-2 100% 83% 83% 78% 94% 72% 3-5 96% 96% 77% 85% 83% 85% 6-10 96% 94% 89% 79% 69% 70% 11-19 91% 88% 95% 84% 64% 71% 20+ 94% 94% 97% 83% 66% 70% Economics Culture Equity Opportunity Technology Flexibility Referral from a Friend 95% 92% 89% 82% 74% 72% Economics Culture Equity Opportunity Technology Referral from a Friend Flexibility 30
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As of September 30, 2025; state/province totals exceed reported agent count due to agents that are licensed in multiple state s. U.S. Canada 31 , , , , , , , ,
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1One Real Escrow in California Mortgage and Title1 Mortgage Only Title Only 32 MI MN CA AZ GA FL SC NC DC TX OR WA CO LA MS AL OH PA NJ DENV IL WI TN VA MD
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Public brokerage peers consist of eXp World Holdings, Inc. (EXPI), RE/MAX Holdings, Inc (RMAX), Compass, Inc. (COMP), Douglas Elliman Inc. (DOUG), Anywhere Real Estate Inc. (HOUS) and Fathom Holdings Inc (FTHM). Agent Count Growth reflects total agent growth across all regions of operation, except for Douglas Elliman Inc. (DOUG), which is only reflective of “Principal Agent” growth (total agent count not reported on a quarterly basis). All data as of June 30, 2025. REAX DOUG RMAXFTHMCOMP PEER AVERAGE EXPI HOUS REAX FTHM COMP RMAX EXPI DOUGHOUSPEER AVERAGE 33 3 2 3 (5 3 23 2 ( (5 (
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Agents Per otal ull i e ployee Agents Per otal ull i e ro erage ployee 3 5 5 2 2 25 otal ull i e ployees ne eal itle ployees ne eal ortgage ployees ro erage ployees 53 41 40 13 8 FTHM EXPI HOUS COMP DOUG 2,566 2,001 783 270 HOUS COMP EXPI DOUG FTHM RE/MAX Holdings, Inc. is excluded from the peer comparison set as franchise employees are not reported in the total. 340 R&D Marketing & Growth Administrative Operations 34 7,805
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67.0 68.5 73.1 76.4 74.0 70.4 70.4 65.8 57.0 59.5 67.2 64.2 66.266.8 68.8 73.0 76.4 74.2 71.9 71.4 65.9 56.7 59.5 67.4 64.5 67.5 Sep '24 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun '25 Jul '25 Aug '25 Sep '25 Total US Data derived from monthly surveys conducted by Real, targeting real estate agents throughout the United States and Canada. Al l monthly agent survey results can be accessed at investors.onereal.com. The Real Monthly Agent Survey was initially launched in January 2024. Each month, agents are asked: “Compared to one month ago, are you more optimistic or pessimistic about the outlook for your primary market o er the next months?” Scores are weighted on a 0-100 point scale, with readings above 50 indicating increased optimism about the market outlook over the next 12 months compared to the previous month. Real’s gent ptimism ndex increased to 66.2 in September from 64.2 in August. In September, 63% of agents said they felt more optimistic, including 14% who felt significantly more optimistic. This compares to 11% who felt more pessimistic, while 26% reported no change in sentiment. 36
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46.6 44.4 48.3 47.7 51.3 49.1 50.2 47.8 44.2 46.2 49.3 42.7 49.5 45.6 43.9 46.9 46.8 50.2 49.4 50.8 49.0 43.9 44.8 48.6 43.9 49.1 Sep '24 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun '25 Jul '25 Aug '25 Sep '25 Total US ach month, agents are asked: “ n your primary market, how would you describe the number of transactions closed compared to the same month last year?” Scores are weighted on a 0-100 point scale, with scores above 50 indicating year-over-year growth and scores below 50 signaling a decline. Real’s ransaction Growth ndex increased to 49.5 in September, up from 42.7 in August, while the U.S. subindex rose to 49.1 from 43.9 in August. Data derived from monthly surveys conducted by Real, targeting real estate agents throughout the United States and Canada. Al l monthly agent survey results can be accessed at investors.onereal.com. 37
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38% 35% 29% 30% 34% 34% 32% 34% 28% 26% 19% 19% 17% 40% 39% 38% 40% 36% 33% 33% 32% 29% 26% 29% 31% 31% 23% 27% 32% 30% 30% 33% 35% 34% 43% 48% 52% 50% 52% Sep '24 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun '25 Jul '25 Aug '25 Sep '25 Sellers Balanced Buyers ach month, agents are asked: “ s of the current month, would you consider your primary market to be a buyer's market, seller s market, or balanced market?” In September, 52% of agents said their local market favored buyers, 17% favored sellers, and 31% described conditions as balanced. Since May, the market has continued to be largely advantageous towards buyers. Data derived from monthly surveys conducted by Real, targeting real estate agents throughout the United States and Canada. Al l monthly agent survey results can be accessed at investors.onereal.com. 38
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48% 57% 62% 59% 61% 53% 48% 49% 50% 51% 58% 53% 55% 22% 22% 19% 23% 23% 24% 22% 18% 14% 16% 12% 15% 13% 20% 14% 13% 10% 10% 15% 21% 23% 28% 26% 22% 24% 27% 6% 2% 4% 4% 3% 4% 5% 6% 5% 5% 5% 5% 3%4% 4% 2% 4% 3% 3% 3% 4% 4% 2% 3% 3% 2% Sep '24 Oct '24 Nov '24 Dec '24 Jan '25 Feb '25 Mar '25 Apr '25 May '25 Jun '25 Jul '25 Aug '25 Sep '25 Mortgage Rates / Affordability Inventory Economic Uncertainty Buyer Competition Other ach month, agents are asked: “What is the biggest challenge currently for buyers in your primary market?” Affordability remains the top barrier, with 55% of agents citing mortgage rates and home prices as the biggest challenge. Economic uncertainty was cited by 27% of agents, up from 24% in August. Inventory constraints continue to be a factor for 13% of agents, while buyer competition remains a limited concern at just 3%. Data derived from monthly surveys conducted by Real, targeting real estate agents throughout the United States and Canada. Al l monthly agent survey results can be accessed at investors.onereal.com. 39
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Data derived from monthly surveys conducted by Real, targeting real estate agents throughout the United States and Canada. Al l monthly agent survey results can be accessed at investors.onereal.com. 40 3%7% 60% 16% 10% 4% Significantly decreased (> 0.25%) 5%8% 72% 9% 5% 4% Significantly decreased (> 0.25%) Remained about the same Remained about the sameSlightly decreased (< 0.25%) Slightly decreased (< 0.25%) Slightly increased (< 0.25%) Slightly increased (< 0.25%) Significantly increased (> 0.25%) Significantly increased (> 0.25%) Unsure Unsure
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69% 31% Responses to: As of January 2025, what is currently your most effective lead generation strategy? Responses to: Do you plan to use home search portals (Zillow, Homes.com, Realtor.com) for any of your lead generation in 2025? For agents who use search portals, responses to: Approximately how much do you expect to spend in 2025 on portals as part of your marketing and lead gen budget? Data derived from monthly surveys conducted by Real, targeting real estate agents throughout the United States and Canada. Al l monthly agent survey results can be accessed at investors.onereal.com. 41 42% 24% 13% 6% 5% 4% 1%1% 4% Networking / Referrals Other Community / Sphere of Influence Open Houses Social Media Search Portals Online Ads Traditional Ads Email Yes No 34% 14% 21% 11% 6% 5% 2% 7% <$1K $1-2K $2-5K $5-7K $7.5-10K $10- 15K $15- 20K $20K+
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6%20% 38% 27% 9% Data derived from monthly surveys conducted by Real, targeting real estate agents throughout the United States and Canada. Al l monthly agent survey results can be accessed at investors.onereal.com. 42 Responses to: ow important do belie e your brokerage brand affiliation is in a client’s decision to work with you? Extremely Important Not Important At All Somewhat Important Very Important Not So Important 3% 7% 7% 7% 22% 14% 15% 24% 44% 36% 45% 31% 28% 29% 21% 31% 3% 14% 12% 7% U.S. Midwest U.S. Northeast U.S. South U.S. West 6% 19% 26% 39% 35% 27% 30% 9% 9% U.S. All Regions Canada
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This Presentation includes references to “ d usted ”, “ d usted Operating xpense”, and “ perating Expense Excluding Revenue hare”, which are non-U.S. generally accepted accounting principles (“G ”) financial measures. Non-GAAP measures, including Non-GAAP ratios, are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies. This presentation also includes Non-GAAP financial measure ratios. A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage, or similar representation and that has a non-GAAP financial measure as one or more of its components. Adjusted EBITDA is used as an alternative to net income by removing major non- cash items, such as depreciation, amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers unique and/or non-operating in nature. Operating Expense Excluding Revenue Share is used as an alternative to operating expenses by removing variable cash expenses associated with revenue share expenses, which is a component of marketing expenses. Adjusted Operating Expense is used as an alternative to operating expenses by removing major non- cash items such as stock-based compensation, depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expenses associated with revenue share. Adjusted EBITDA, Adjusted Operating Expense and Operating Expense Excluding Revenue Share have no direct comparable GAAP financial measures. The Company has used or included these non-GAAP measures solely to provide investors with added insight into Real’s financial performance. Readers are cautioned that such non-GAAP measures may not be appropriate for any other purpose. Non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our Adjusted EBITDA is reconciled to the most comparable GAAP measure and is presented in the following table labeled “Reconciliation of Net Income (Loss) to Adjusted ”. Our Adjusted Operating Expense and Operating Expense Excluding Revenue Share reconciled to the most comparable GAAP measure is presented for the three months ended September 30, 2025 and on a quarterly basis for the prior two fiscal years in the following table labeled Reconciliation of Operating Expense to Adjusted Operating Expense. Operating Expense Excluding Revenue Share per Transaction is a ratio calculated as Operating Expense Excluding Revenue Share, divided by the number of closed transaction sides. Adjusted Operating Expense per Transaction is a ratio calculated as Adjusted Operating Expense, divided by the number of closed transaction sides. 44
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As of (Expressed in thousands of U.S. dollars) September 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $36,427 $23,376 Restricted cash 35,945 24,089 Investments in financial assets 19,352 9,449 Trade receivables 27,861 14,235 Short-term financing receivables, net 2,224 - Other current assets 2,901 1,762 TOTAL CURRENT ASSETS $124,710 $72,911 NON-CURRENT ASSETS Intangible assets, net 4,518 2,575 Goodwill 8,993 8,993 Property and equipment, net 2,514 2,116 Investment in equity securities 2,250 - Long-term financing receivables, net 2,230 - TOTAL NON-CURRENT ASSETS $20,505 $13,684 TOTAL ASSETS $145,215 $86,595 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable 1,078 1,374 Accrued liabilities 47,655 25,939 Customer deposits 35,945 24,089 Other payables 6,944 3,050 TOTAL CURRENT LIABILITIES $91,622 $54,452 TOTAL LIABILITIES $91,622 $54,452 EQUITY EQUITY ATTRIBUTABLE TO OWNERS Common Shares, no par value, unlimited Common Shares authorized, 210,911 Shares issued and 210,911 outstanding at September 30, 2025; and 202,941 Shares issued and 202,499 outstanding at December 31, 2024 - - Additional paid-in capital 161,896 138,639 Accumulated deficit (108,648) (104,746) Accumulated other comprehensive income 392 708 Treasury stock, at cost, 0 and 442 Common Shares at September 30, 2025 and December 31, 2024, respectively - (2,455) EQUITY ATTRIBUTABLE TO OWNERS $53,640 $32,146 Non-controlling interests (47) (3) TOTAL EQUITY $53,593 $32,143 TOTAL LIABILITIES AND EQUITY $145,215 $86,595 45
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46 Three Months Ended September 30, (Expressed in thousands of U.S. dollars, except for per share amounts) 2025 2024 Revenues $568,549 $372,488 Cost of Sales 523,692 340,359 Gross Profit $44,857 $32,129 General and administrative expenses 19,584 16,301 Marketing expenses 21,034 15,261 Research and development expenses 4,712 3,045 Settlement of litigation - - Operating Expenses $45,330 $34,607 Operating Loss ($473) ($2,478) Other income, net 365 151 Finance expenses, net (83) (214) Loss Before Tax ($191) ($2,541) Tax Expense 89 - Net Loss ($280) ($2,541) Net income attributable to non-controlling interests 167 45 Net Loss Attributable to the Owners of the Company ($447) ($2,586) Other comprehensive income/(loss), Items that will be reclassified subsequently to profit or loss: Unrealized gain (loss) on investments in financial assets (131) 3 Foreign currency translation adjustment (59) (230) Total Comprehensive Loss Attributable to Owners of the Company ($637) ($2,813) Total Comprehensive Income Attributable to Non-Controlling Interest 167 45 Total Comprehensive Loss ($470) ($2,768) Earnings (Loss) per share Basic loss per share ($0.00) ($0.01) Diluted loss per share ($0.00) ($0.01) Weighted-average shares, basic 218,996 196,668 Weighted-average shares, diluted 218,996 196,668
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Three Months Ended September 30, (Expressed in thousands of U.S. dollars) 2025 2024 OPERATING ACTIVITIES Net Loss ($280) ($2,541) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 567 358 Equity-settled stock-based payment 19,912 15,417 Finance costs 6 (162) Change in fair value of warrants liability - 129 Changes in operating assets and liabilities: Funds held in restricted escrow account - - Trade receivables (1,040) 1,326 Short-term and long-term financing receivables, net (236) - Other current assets (1,278) (837) Accounts payable (173) (63) Accrued liabilities (413) (2,638) Customer deposits (10,357) (5,608) Other payables 2,101 1,815 NET CASH PROVIDED BY OPERATING ACTIVITIES $8,809 $7,196 INVESTING ACTIVITIES Purchase of property and equipment (395) (367) Purchase of intangible assets (2,750) - Purchase of financial assets (14,325) (102) Proceeds from sale of financial assets - 1,014 NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES ($17,470) $545 FINANCING ACTIVITIES Repurchase of common shares (15,469) (15,110) Payment of employee taxes on certain share-based arrangements (263) (736) Proceeds from exercise of stock options 910 1,994 Contributions from (distributions to) non-controlling interest 4 (119) NET CASH USED IN FINANCING ACTIVITIES ($14,818) ($13,971) Net change in cash, cash equivalents and restricted cash (23,479) (6,230) Cash, cash equivalents and restricted cash, beginning of period 95,916 56,440 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (65) (82) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE $72,372 $50,128 47
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48 2022 2023 2024 2025 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Main Revenue Streams: Commissions $61,247 $111,850 $111,149 $95,622 $107,115 $184,022 $213,319 $180,417 $199,252 $338,574 $369,890 $348,083 $351,749 $537,445 $565,307 Title Revenue 402 506 484 477 598 948 964 480 795 1,255 1,400 1,338 1,030 1,346 1,307 Mortgage Revenue - - - 19 132 362 357 444 696 949 1,198 1,167 1,076 1,709 1,758 Wallet Revenue - - - - - - - - - - - 42 126 247 177 Total Revenue $61,649 $112,356 $111,633 $96,118 $107,845 $185,332 $214,640 $181,341 $200,743 $340,778 $372,488 $350,630 $353,981 $540,747 $568,549
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“ d usted ” and “ d usted xcluding Non-Recurring Stock Based Compensation alance heet d ustment” are non-U.S. generally accepted accounting principles (“G ”) financial measures Non-GAAP measures are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies. Adjusted EBITDA is used as an alternative to net income by removing major non-cash items, such as depreciation, amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers unique and/or non- operating in nature. Adjusted EBITDA excluding non-recurring stock-based compensation balance sheet adjustment is used as an alternative to net income by removing major non-cash items such as depreciation, amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers non-operating in nature, but removes a non-recurring balance sheet adjustment recorded in the fourth quarter of 2023. The Company has used or included these non-GAAP measures solely to provide investors with added insight into Real’s financial performance Readers are cautioned that such non- GAAP measures may not be appropriate for any other purpose. Non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. 49 2022 2023 2024 2025 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Income (Loss) ($4,252) ($4,155) ($5,169) ($6,759) ($7,315) ($3,972) ($3,939) ($11,990) ($16,097) ($1,110) ($2,541) ($6,705) ($5,121) $1,550 ($280) Add/(Deduct): Finance Expenses, Net 368 398 903 (217) 452 187 (42) (6) 671 899 (16) 169 34 300 83 Goodwill Impairment - - - - - - - 723 - - - - - - - Depreciation and Amortization 3 135 87 108 269 284 277 298 326 340 358 372 379 398 567 Stock-Based Compensation 3,178 2,884 4,506 6,132 5,761 6,075 7,144 19,423 8,844 13,536 15,417 15,119 12,707 17,795 19,912 Restructuring Expenses - - 62 160 41 44 80 58 - - - - 250 - - Expenses related to Anti-Trust Litigation Settlement - - - - - - - - 9,857 369 33 118 27 - - Other Expenses 126 155 160 472 - - - - - - - - - - - Tax Expense - - - - - - - - - - - - - - 89 Adjusted EBITDA ($577) ($583) $549 ($104) ($792) $2,618 $3,520 $8,506 $3,601 $14,034 $13,251 $9,073 $8,276 $20,043 $20,371 Non-Recurring Stock-Based Compensation Adjustment - - - - - - - 6,208 - - - - - - - Adjusted EBITDA Excluding Non-Recurring Stock Based Compensation Adjustment ($577) ($583) $549 ($104) ($792) $2,618 $3,520 $2,298 $3,601 $14,034 $13,251 $9,073 $8,276 $20,043 $20,371
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50 2022 2023 2024 2025 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating Expense $10,129 $13,496 $12,886 $15,184 $17,846 $21,499 $22,742 $26,796 $36,477 $32,512 $34,607 $36,371 $39,145 $46,177 $45,330 Less: Revenue Share Expense 2,703 4,376 3,876 4,020 5,434 7,684 7,946 6,840 9,064 12,475 11,651 9,537 12,504 17,644 15,738 Revenue Share Expense (% of revenue) 4.4% 3.9% 3.5% 4.2% 5.0% 4.1% 3.7% 3.8% 4.5% 3.7% 3.1% 2.7% 3.5% 3.3% 2.8% Operating Expense Excluding Revenue Share $7,426 $9,120 $9,010 $11,164 $12,412 $13,815 $14,796 $19,956 $27,413 $20,037 $22,956 $26,834 $26,641 $28,533 $29,592 Less: Stock-Based Compensation - Employees 1,205 897 281 608 1,019 1,214 285 6,543 1,493 2,265 3,139 3,405 1,651 2,056 3,422 Stock-Based Compensation - Agents 582 547 1,776 2,614 1,541 1,640 2,769 1,830 2,137 2,335 2,665 2,940 3,115 3,478 3,935 Depreciation and Amortization Expense 3 135 87 108 269 284 277 298 326 340 358 372 379 398 567 Restructuring Expense - - 62 160 41 44 80 58 - - - - 250 - - Expenses Related to Anti-Trust Litigation Settlement - - - - - - - - 9,857 369 33 118 27 - - Subtotal 1,790 1,579 2,206 3,490 2,870 3,182 3,411 8,729 13,813 5,309 6,195 6,835 5,422 5,932 7,924 Adjusted Operating Expense $5,636 $7,541 $6,804 $7,674 $9,542 $10,633 $11,385 $11,226 $13,600 $14,728 $16,761 $19,998 $21,219 $22,601 $21,668 “ d usted perating xpense” and “ perating xpense xcluding Re enue hare” are non- generally accepted accounting principles (“G ”) financial measures Non-GAAP measures are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies. Adjusted Operating Expense and Operating Expense Excluding Revenue Share are used as an alternative to operating expenses by removing major non-cash items such as Stock- Based Compensation, Depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expenses associated with Revenue Share. Adjusted Operating Expense has no direct comparable GAAP financial measure. The Company has used or included this non-GAAP measures solely to provide investors with added insight into Real’s financial performance Readers are cautioned that such non-GAAP measures may not be appropriate for any other purpose. Non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
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511Headcount efficiency ratio is defined as total agents divided by full -time employees excluding One Real Title and One Real Mortg age. 2022 2023 2024 2025 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Transaction Data Closed Transaction Sides 6,248 10,224 11,233 9,745 10,963 17,537 20,397 17,749 19,032 30,367 35,832 35,370 33,617 49,282 53,512 Total Value of Home Side Transactions ($, billions) $2.4 $4.2 $4.2 $3.5 $4.0 $7.0 $8.1 $6.8 $7.5 $12.6 $14.4 $14.6 $13.5 $20.1 $21.4 Median Home Sale Price ($, thousands) $345 $375 $360 $348 $350 $369 $370 $355 $372 $384 $383 $380 $380 $387 $390 Agent Metrics Total Agents 4,500 5,600 6,700 8,200 10,000 11,500 12,175 13,650 16,680 19,540 21,770 24,140 26,870 28,034 30,183 Agent Churn Rate (%) 7.9% 7.2% 7.3% 4.4% 8.3% 6.5% 10.8% 6.2% 7.9% 7.5% 7.3% 6.8% 8.7% 9.4% 4.9% Revenue Churn Rate (%) 1.6% 2.1% 2.5% 2.4% 4.3% 3.8% 4.5% 4.9% 1.9% 1.6% 2.0% 1.8% 2.5% 1.9% 1.4% Headcount and Efficiency Metrics Full-Time Employees 112 121 122 118 127 145 162 159 151 231 240 264 410 429 439 Full-Time Employees, Excluding One Real Title and One Real Mortgage 82 91 87 84 88 102 120 118 117 142 155 178 307 324 340 Headcount Efficiency Ratio 1 1:55 1:62 1:77 1:98 1:114 1:113 1:101 1:116 1:143 1:138 1:140 1:136 1:88 1:87 1:89 Revenue Per Full Time Employee ($, thousands) $752 $1,235 $1,283 $1,144 $1,226 $1,817 $1,789 $1,537 $1,716 $2,400 $2,403 $1,970 $1,153 $1,669 $1,672 Operating Expense Excluding Revenue Share ($, thousands) $7,426 $9,120 $9,010 $11,164 $12,412 $13,815 $14,796 $19,956 $27,413 $20,037 $22,956 $26,835 $26,641 $28,533 $29,592 Operating Expense Excluding Revenue Share Per Transaction ($) $1,189 $892 $802 $1,146 $1,132 $788 $725 $1,124 $1,440 $660 $641 $759 $792 $579 $555 Adjusted Operating Expense $5,636 $7,541 $6,804 $7,674 $9,542 $10,633 $11,385 $11,226 $13,600 $14,728 $16,761 $19,998 $21,219 $22,601 $21,668 Adjusted Operating Expense Per Transaction ($) $902 $738 $606 $787 $870 $606 $558 $632 $715 $485 $468 $565 $631 $459 $405