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геај The Real Brokerage Supplemental Investor Information Q2 2026 August 2026
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2 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 6/30/2026 unless otherwise specified. Disclaimer
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Q2 2026 Performance Summary Note: Financial & operating metrics shown as of Q2 2026 unless noted otherwise. 35,348 Total Agents +26% YoY 62,380 Transactions(1) +27% YoY $26.3B GMV(1) +31% YoY $399k Median Price(1) +3% YoY ($8.0M) -$9.5M YoY $700.6M +30% YoY Net Loss* Revenue (1) “Transactions” = Closed Transaction Sides | “GMV” = Total Value of Home Side Transactions | “Median Price” = Median Home Sale Price | see Appendix (Key Performance Indicators) for additional details. (2) Net Loss includes $11.6M in one-time costs related to the Company’s pending acquisition of REMAX, which are disclosed separately in the Q2 2026 interim condensed consolidated statements of comprehensive income (loss). (3) “Cash from Ops.” = Net Cash Provided by Operating Activities | “Cash & Invest.” = Cash & Cash Equivalents plus Investments in Financial Assets | see Appendix (Consolidated Balance Sheet; Consolidated Statement of Cash Flows) for additional details. 3 *Includes $11.6M of Acquisition Costs(2) $27.6M +38% YoY Adjusted EBITDA Adj. EBITDA Margin $47.3M +15% YoY $86.6M +58% YoY 3.9% +20 bps YoY Cash & Invest.(3) Cash from Ops.(3)
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KPI Summary – Agent & Transaction Count Agent Count 35,348 Agents as of Q2’26 LTM Closed Transaction Sides 206,677 Transactions as of Q2’26 (Agents in 000s) (Transactions in 000s) 4Note: Financial & operating metrics as of Q2 2026.
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KPI Summary – Gross Market Value & Median Sale Price LTM Gross Market Value(1) $94.3B of Gross Market Value as of Q2’26 Median Home Sale Price $399k Median Home Sale Price as of Q2’26 (Gross Market Value in $Bn) (Median Home Sale Price in $000s) 5 Note: Financial & operating metrics as of Q2 2026. (1) “Gross Market Value” = Total Value of Home Side Transactions | see Appendix (Key Performance Indicators) for additional details.
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Financial Summary – Revenue & Adjusted EBITDA Revenue $2.2B of LTM Revenue as of Q2’26 Adjusted EBITDA $77M of LTM Adjusted EBITDA as of Q2’26 , , , , , , , , Re enue ( s) uarterly Re enue ( s) ( ) d usted ( s) uarterly d usted ( s) 6Note: Financial & operating metrics as of Q2 2026.
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Financial Summary – Historical Margin Trends Quarterly Gross Margin 8.3% Gross Margin as of Q2’26 Quarterly Adj. Operating Expense (% of Rev.) 6.5% Adj. Operating Expense (% of Rev.) as of Q2’26 d usted perating pense as of Re enue Re enue are as of Re enue 7Note: Financial & operating metrics as of Q2 2026.
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Financial Summary – Cash & Operating Cash Flow Quarterly Unrestricted Cash & Investments(1) $87M of Unrestricted Cash & Investments as of Q2’26 LTM Operating Cash Flow(1) $80M of Operating Cash Flow as of Q2’26 (Unrestricted Cash & Investments in $Ms) (Operating Cash Flow in $Ms) 8 Note: Financial & operating metrics as of Q2 2026. (1) “Unrestricted Cash & Investments” = Cash & Cash Equivalents plus Investments in Financial Assets | “Operating Cash Flow” = Net Cash Provided by Operating Activities | see Appendix (Consolidated Balance Sheet; Consolidated Statement of Cash Flows) for additional details.
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Appendix
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This Presentation includes references to “ d usted ”, “ d usted Operating pense”, and “ perating Expense Excluding Revenue are”, which are non-U.S. generally accepted accounting principles (“G P”) 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 June 30, 2026, and on a quarterly basis for the prior three 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. Non-GAAP Measures & Ratios 10
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As of (Expressed in thousands of U.S. dollars) June 30, 2026 December 31, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $73,824 $33,213 Restricted cash 54,785 26,338 Investments in financial assets 12,816 16,731 Trade receivables 34,820 20,170 Short-term financing receivables, net 10,114 6,231 Other current assets 7,719 3,081 TOTAL CURRENT ASSETS $194,078 $105,764 NON-CURRENT ASSETS Intangible assets, net 3,480 4,157 Goodwill 8,993 8,993 Property and equipment, net 2,353 2,455 Investment in equity securities 2,250 2,250 Long-term financing receivables, net 1,275 2,311 Deferred tax asset 966 931 TOTAL NON-CURRENT ASSETS $19,317 $21,097 TOTAL ASSETS $213,395 $126,861 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable 948 1,161 Accrued liabilities 73,316 38,205 Customer deposits 54,785 26,338 Other payables 5,744 9,562 TOTAL CURRENT LIABILITIES $134,793 $75,266 NON-CURRENT LIABILITIES Deferred tax liability 10 10 TOTAL NON-CURRENT LIABILITIES $10 $10 TOTAL LIABILITIES $134,803 $75,276 EQUITY EQUITY ATTRIBUTABLE TO OWNERS Common Shares, no par value, unlimited Common Shares authorized, 217,944 Shares issued and outstanding at June 30, 2026; and 210,478 Shares issued and outstanding at December 31, 2025 - - Additional paid-in capital 202,621 164,208 Accumulated deficit (124,295) (112,851) Accumulated other comprehensive income 355 318 Treasury stock, at cost, 0 and 0 Common Shares at June 30, 2026 and December 31, 2025, respectively - - EQUITY ATTRIBUTABLE TO OWNERS $78,681 $51,675 Non-controlling interests (89) (90) TOTAL EQUITY $78,592 $51,585 TOTAL LIABILITIES AND EQUITY $213,395 $126,861 Consolidated Balance Sheet 11
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Three Months Ended June 30, (Expressed in thousands of U.S. dollars, except for per share amounts) 2026 2025 Revenues $700,575 $540,747 Cost of Sales 642,319 492,886 Gross Profit $58,256 $47,861 General and administrative expenses 20,211 18,900 Marketing expenses 28,140 23,284 Research and development expenses 5,353 3,993 Acquisition costs 11,582 - Operating Expenses $65,286 $46,177 Operating Income (Loss) ($7,030) $1,684 Other income, net 192 166 Finance expenses, net (631) (300) Income (Loss) Before Tax ($7,469) $1,550 Tax Expense 487 - Net Income (Loss) ($7,956) $1,550 Net income (loss) attributable to non-controlling interests 67 38 Net Income (Loss) Attributable to the Owners of the Company ($8,023) $1,512 Other comprehensive income/(loss), Items that will be reclassified subsequently to profit or loss: Unrealized gain (loss) on investments in financial assets 91 (9) Foreign currency translation adjustment (437) (8) Total Comprehensive Income (Loss) Attributable to Owners of the Company ($8,369) $1,495 Total Comprehensive Income (Loss) Attributable to Non-Controlling Interest 67 38 Total Comprehensive Income (Loss) ($8,302) $1,533 Loss per share Basic earnings (loss) per share ($0.03) $0.01 Diluted earnings (loss) per share ($0.03) $0.01 Weighted-average shares, basic 230,278 214,787 Weighted-average shares, diluted 230,278 233,366 Consolidated Statement of Income 12
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Three Months Ended June 30, (Expressed in thousands of U.S. dollars) 2025 2024 OPERATING ACTIVITIES Net Income (Loss) ($11,414) ($3,571) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 1,128 777 Equity-settled stock-based payment 38,805 30,502 Impairment of intangible assets 12 - Finance income (expenses) (174) (87) Amortization of deferred credit line issuance costs 846 - Deferred income taxes, net (35) - Changes in operating assets and liabilities: Trade receivables (14,650) (12,586) Financing receivables, net (2,847) (4,218) Other current assets (672) 139 Accounts payable (213) (123) Accrued liabilities 35,111 22,129 Customer deposits 28,447 22,213 Other payables (3,818) 1,793 NET CASH PROVIDED BY OPERATING ACTIVITIES $70,526 $56,968 INVESTING ACTIVITIES Purchase of investment in equity securities - (2,250) Purchase of property and equipment (361) (540) Purchase of financial assets (11,660) (1,459) Proceeds from sale of financial assets 15,740 5,753 NET CASH PROVIDED BY INVESTING ACTIVITIES $3,719 $1,504 FINANCING ACTIVITIES Repurchase of common shares - (8,830) Payment of employee taxes on certain stock-based arrangements (484) (1,711) Proceeds from exercise of stock options 92 661 Credit line issuance costs (4,813) - Payment of lease liabilities - - Payment of contingent consideration - - Distributions to non-controlling interest (29) (99) NET CASH USED IN FINANCING ACTIVITIES ($5,234) ($9,979) Net change in cash, cash equivalents and restricted cash 69,011 48,493 Cash, cash equivalents and restricted cash, beginning of period 59,551 47,465 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 47 (42) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE $128,609 $95,916 Consolidated Statement of Cash Flows 13
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2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Main Revenue Streams: Commissions $107,115 $184,022 $213,319 $180,417 $199,252 $338,574 $369,890 $348,083 $351,749 $537,445 $565,307 $501,982 $462,562 $696,364 Title Revenue 598 948 964 480 795 1,255 1,400 1,338 1,030 1,346 1,307 1,352 1,259 1,743 Mortgage Revenue 132 362 357 444 696 949 1,198 1,167 1,076 1,709 1,758 1,466 1,294 1,876 Wallet Revenue - - - - - - - 42 126 247 177 339 436 592 Total Revenue $107,845 $185,332 $214,640 $181,341 $200,743 $340,778 $372,488 $350,630 $353,981 $540,747 $568,549 $505,139 $465,551 $700,575 Revenue by Business Line 14
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2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Income (Loss) ($7,315) ($3,972) ($3,939) ($11,990) ($16,097) ($1,110) ($2,541) ($6,705) ($5,121) $1,550 ($280) ($4,215) ($3,458) ($7,956) Add/(Deduct): Finance Expenses, Net 452 187 (42) (6) 671 899 (16) 169 34 300 83 137 86 631 Depreciation and Amortization 269 284 277 298 326 340 358 372 379 398 567 585 575 553 Stock-Based Compensation 5,761 6,075 7,144 19,423 8,844 13,536 15,417 15,119 12,707 17,795 19,912 17,732 17,001 21,804 Goodwill Impairment - - - 723 - - - - - - - - - - Intangible Asset Impairment - - - - - - - - - - - - 12 - Restructuring Expenses 41 44 80 58 - - - - 250 - - - 240 472 Expenses Related to Litigation Settlement - - - - 9,857 369 33 118 27 - - 750 96 13 Acquisition Costs - - - - - - - - - - - - 312 11,582 Tax Expense - - - - - - - - - - 89 (829) 44 487 Adjusted EBITDA ($792) $2,618 $3,520 $8,506 $3,601 $14,034 $13,251 $9,073 $8,276 $20,043 $20,371 $14,160 $14,908 $27,586 Non-Recurring Stock-Based Compensation - - - 6,208 - - - - - - - - - - Adj. EBITDA Excl. Non-Recurring SBC ($792) $2,618 $3,520 $2,298 $3,601 $14,034 $13,251 $9,073 $8,276 $20,043 $20,371 $14,160 $14,908 $27,586 Reconciliation of Net Income (Loss) to Adjusted EBITDA “ d usted ” and “ d usted EBITDA Excluding Non-Recurring Stock Based Compensation Balance Sheet d ustment” are non-U.S. generally accepted accounting principles (“G P”) 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. 15
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2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Operating Expense $17,846 $21,499 $22,742 $26,796 $36,477 $32,512 $34,607 $36,371 $39,145 $46,177 $45,330 $44,283 $45,595 $65,286 Less: Revenue Share Expense 5,434 7,684 7,946 6,840 9,064 12,475 11,651 9,537 12,504 17,644 15,738 14,634 15,688 22,210 Revenue Share Expense (% of revenue) 5.0% 4.1% 3.7% 3.8% 4.5% 3.7% 3.1% 2.7% 3.5% 3.3% 2.8% 2.9% 3.4% 3.2% Acquisition Costs - - - - - - - - - - - - 312 11,582 Operating Expense Excl. Rev. Share & Acquisition Costs $12,412 $13,815 $14,796 $19,956 $27,413 $20,037 $22,956 $26,834 $26,641 $28,533 $29,592 $29,649 $29,595 $31,494 Less: Stock-Based Compensation - Employees 1,019 1,214 285 6,543 1,493 2,265 3,139 3,405 1,651 2,056 3,422 2,605 3,027 2,630 Stock-Based Compensation - Agents 1,541 1,640 2,769 1,830 2,137 2,335 2,665 2,940 3,115 3,478 3,935 4,199 4,371 4,712 Depreciation and Amortization Expense 269 284 277 298 326 340 358 372 379 398 567 585 575 553 Restructuring Expense 41 44 80 58 - - - - 250 - - - 240 472 Expenses Related to Litigation Settlement - - - - 9,857 369 33 118 27 - - 750 96 13 Subtotal 2,870 3,182 3,411 8,729 13,813 5,309 6,195 6,835 5,422 5,932 7,924 8,139 8,309 8,380 Adjusted Operating Expense $9,542 $10,633 $11,385 $11,226 $13,600 $14,728 $16,761 $19,998 $21,219 $22,601 $21,668 $21,510 $21,286 $23,114 Reconciliation of Operating Expense to Adj. Operating Expense “ d usted Operating pense” and “ perating Expense Excluding Revenue are” are non-U.S. generally accepted accounting principles (“G P”) financial measures. Non-GAAP measures are not recognized measures under GAAP, do not have a standardized meaning prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies. Adjusted Operating Expense and Operating Expense Excluding Revenue Share are used as an alternative to operating expenses by removing major non-cash items such as Stock-Based Compensation, Depreciation, and other unique or non-cash expenses, while retaining ongoing fixed operating expenses and excluding variable cash expenses associated with Revenue Share. Adjusted Operating Expense has no direct comparable GAAP financial measure. The Company has used or included this non-GAAP measures solely to provide investors with added insight into Real’s financial performance. Readers are cautioned that such non-GAAP measures may not be appropriate for any other purpose. Non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. 16
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2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Transaction Data Closed Transaction Sides 10,963 17,537 20,397 17,749 19,032 30,367 35,832 35,370 33,617 49,282 53,512 48,903 41,882 62,380 Total Value of Home Side Transactions ($, billions) $4.0 $7.0 $8.1 $6.8 $7.5 $12.6 $14.4 $14.6 $13.5 $20.1 $21.4 $20.3 $16.8 $26.3 Median Home Sale Price ($, thousands) $350 $369 $370 $355 $372 $384 $383 $380 $380 $387 $390 $385 $385 $399 Agent Metrics Total Agents 10,000 11,500 12,175 13,650 16,680 19,540 21,770 24,140 26,870 28,034 30,183 31,739 33,510 35,348 Agent Churn Rate (%) 8.3% 6.5% 10.8% 6.2% 7.9% 7.5% 7.3% 6.8% 8.7% 9.4% 4.9% 5.2% 8.0% 6.1% Revenue Churn Rate (%) 4.3% 3.8% 4.5% 4.9% 1.9% 1.6% 2.0% 1.8% 2.5% 1.9% 1.4% 1.6% 2.4% 1.9% Headcount and Efficiency Metrics Full-Time Employees (FTEs) 127 145 162 159 151 231 240 264 410 429 439 435 489 511 FTEs, Excluding One Real Title & One Real Mortgage 88 102 120 118 117 142 155 178 307 324 340 338 394 428 Headcount Efficiency Ratio 1 1:114 1:113 1:101 1:116 1:143 1:138 1:140 1:136 1:88 1:87 1:89 1:94 1:85 1:83 Revenue Per Full Time Employee ($, thousands) $1,226 $1,817 $1,789 $1,537 $1,716 $2,400 $2,403 $1,970 $1,153 $1,669 $1,672 $1,490 $1,182 $1,637 Operating Expense Excl. Revenue Share ($, thousands) $12,412 $13,815 $14,796 $19,956 $27,413 $20,037 $22,956 $26,835 $26,641 $28,533 $29,592 $29,649 $29,907 $31,494 Operating Expense Excl. Revenue Share Per Transaction ($) $1,132 $788 $725 $1,124 $1,440 $660 $641 $759 $792 $579 $553 $606 $714 $505 Adjusted Operating Expense $9,542 $10,633 $11,385 $11,226 $13,600 $14,728 $16,761 $19,998 $21,219 $22,601 $21,668 $21,510 $21,286 $23,114 Adjusted Operating Expense Per Transaction ($) $870 $606 $558 $632 $715 $485 $468 $565 $631 $459 $405 $440 $508 $371 Key Performance Indicators 17(1) Headcount efficiency ratio is defined as total agents divided by full-time employees excluding One Real Title and One Real Mortgage.