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N A S D A Q : R E A X ©2026 Real REMAX Group. Each REMAX Office Independently Owned and Operated. November 5, 2026 Investor Presentation
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Forward Looking Statements & Basis of Presentation 2 Forward-Looking Statements Some of the statements in this presentation are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to anticipated cost-savings and synergies, integration plans, the residential real estate market and other markets in which we participate, our capital allocation priorities and leverage targets, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward- looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticip ated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in the real estate markets, and economic and indus try downturns; the Company’s inability to achieve anticipated cost- saving synergies and other benefits of Real’s acquisition of REMAX; the Company’s inability to attract new agents and franchi sees, and retain current agents and franchisees, including increases in agent attrition; the Company’s indebtedness, its ability to generate sufficient cash flow to service its debt and to comply w ith the covenants and restrictions in its credit agreement, and changes in interest rates; the Company’s inability to successfully launch new products and features, or successfully provide its technology to REMAX franchisees and their agents; the Company’s inability to scale while improving operating leverage, or inability to successfully execute our strategies, including our strategy related to He yLeo and Leo Pro; possible unfavorable results in legal proceedings; changes in laws, regulations or the regulatory environment affecting our business; disruptions to our technology or cybersecurity incidents; and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions “Risk Factors” and “Man agement's Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the period ended September 30, 2026. We undertake no obligation to updat e or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Note: Figures in this Presentation are as of 9/30/2026 unless otherwise specified. Basis of Presentation Reported (GAAP) results include The Real Brokerage Inc. for the full quarter and RE/MAX Holdings, Inc. from August 25, 2026, the day after the merger closed (37 days of the quarter). Reported results reflect purchase accounting under ASC 805 and include merger and integration costs. Pro forma combined results present both companies as if the merger had closed on January 1, 2025. Pro forma results are suppl emental, are not necessarily indicative of results had the companies been combined. Prior-period comparisons labeled "pro forma" or "PF" use this basis.
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Real REMAX Group Investment Thesis 3 Four strategic pillars anchor how we create long-term value 01 Grow Our Network Attract productive real estate professionals through compelling brands, culture, and attractive economics. M E A S U R E D B Y Market share, agent and broker- owner count, transaction sides 02 Enhance Our Value Proposition Help real estate professionals build stronger businesses through differentiated technology and support. M E A S U R E D B Y Agent productivity, technology adoption and retention 03 Expand our Product and Service Offering Broaden the products and services available to real estate professionals and the clients they serve. M E A S U R E D B Y Ancillary revenue growth and attachment rates 04 Execute with Financial Discipline Deliver sustainable growth, margin expansion and long- term value for our stakeholders. M E A S U R E D B Y Revenue growth, margin expansion, earnings and cash flow
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Q3 2026 Highlights 4 $728M Reported revenue +28% year over year $34M Adjusted EBITDA* +66% year over year >$40M Gross annualized cost savings Actions taken to date $175–190M 2027 Adjusted EBITDA* Initial full-year outlook Strong financial performance and rapid integration progress *See Appendix for additional information regarding these non -GAAP financial measures
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Market Environment 5 Planning for a challenging 2027 • Housing activity remains near cyclical lows • Higher mortgage rates continue to pressure affordability • Elevated agent attrition while agent productivity remains under pressure −5% to −10% 2027 existing-home sales decline Management planning assumption −3% to −4% 2027 average home price decline Management planning assumption
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Integration Progress and Synergies 6 >$40M Annualized gross cost savings Reflects annual operating expense and capital expenditure savings from actions taken to date >$28M Adjusted EBITDA* synergies Reflects cash operating expense synergies relative to LTM 6/30/26 levels • Combined headcount reduced by more than 14% (>150 positions) • Technology, vendor and public-company costs being consolidated • Motto Mortgage and wemlo wind-downs underway Swift actions taken in first two months as a combined company • Targeting over $30 million of annualized adjusted EBITDA* synergies in 2027 and over $40 million in 2028 *See Appendix for additional information regarding these non -GAAP financial measures
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Q3 2026 Financial Highlights 7 Reported Revenue $728M +28% Reported Year-Over-Year Growth Pro Forma* Revenue $770M +20% Pro Forma Year-Over-Year Growth Total Real Estate Agents 184,698 36,610 Brokerage Segment Agents 148,088 Franchise Segment Agents $34M +66% Reported Year-Over-Year Growth 4.6% Margin Pro Forma* Adjusted EBITDA** $50M +8% Pro Forma Year-Over-Year Growth 6.4% Margin GAAP Net Loss $(67)M Results include $52.3M of acquisition-related expenses and $26.4M of accelerated equity vesting Adjusted EBITDA** *Pro forma financial information reflects the consolidated results of operations of the Company as if the Transaction had occ urred on January 1, 2025. The pro forma information presented above is for illustrative purposes only and should not be relied u pon as necessarily being indicative of the historical results that would have been obtained if the Transaction had actually occurred on that date, nor of the results that may be obtained in the future. **See Appendix for additional information regarding these non -GAAP financial measures
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Q3 2026 Brokerage Segment Performance 8 Reported Revenue $695M +23% Year-Over-Year Adj. EBITDA* $27M 3.8% Margin Drivers • Continued market share gains despite weak industry transaction volumes • Lower agent productivity amid softer housing activity, particularly in Canada • Higher mix of transactions closed by agents who have reached their annual cap, driving year over year margin pressure Operating Metrics Q3 2025 Q3 2026 Change YoY Brokerage Transactions Closed 53,512 62,738 +17% Agent Count (Period End) Beginning Agent Count 30,183 28,034 36,610 35,348 +21% Transactions per Average Agent 1.84 1.74 (5%) Continued market share gains in a difficult environment *See Appendix for additional information regarding these non -GAAP financial measures
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Q3 2026 Franchise Segment Performance 9 Reported Revenue $27M (3%) Pro Forma Year-Over-Year Adj. EBITDA* (Post-Close) $12M 43.5% Margin • U.S. agent attrition partially offset by growth in Canada and international markets • Recurring franchise revenue provides relative stability amid softer housing activity • Broker-owner retention and renewals remain key priorities for Q4 and 2027 Operating Metrics Q3 2025 (PF) Q3 2026 Change US Agent Count 49,178 46,611 (5%) Canada Agent Count 25,020 25,507 +2% Total US & Canada Franchise Agent Count 74,198 72,118 (3%) Other International Agent Count 73,349 75,970 +4% Total Global Franchise Agent Count 147,547 148,088 0% Drivers International growth offsets US agent attrition *See Appendix for additional information regarding these non -GAAP financial measures
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Q4 2026 and FY 2027 Financial Outlook 10 Initial combined-company guidance Q4 2026 REVENUE $575–625M ADJUSTED EBITDA* $32–38M FY 2027 REVENUE $2.6–2.8B ADJUSTED EBITDA* $175–190M 2027 MODELING ASSUMPTIONS: STOCK-BASED COMP ~$100M D&A ~$40-50M INTEREST ~$50M *See Appendix for additional information regarding these non -GAAP financial measures
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Balance Sheet & Capital Allocation 11 Strong liquidity with deleveraging on track $109.4M Unrestricted cash, equivalents, ST investments As of September 30, 2026 $525M Term loan principal outstanding $40M revolving credit facility undrawn • During Q3 2026: • Completed $25M voluntary debt prepayment • Executed $4.7M of share repurchases under new authorization • Capital allocation priorities: organic investment, debt reduction, offsetting dilution within the limits of our credit agreement • Planned ~$75M of debt repayment in 2027, subject to cash generation • Remain on track for total net leverage below 2.0x by year-end 2028
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Key Takeaways 12 • Integration underway with synergies ahead of plan • Continuing Real Brokerage organic share gains while positioning REMAX for a return to growth • Investing in technology and AI to help real estate professionals build stronger, more profitable businesses • Well positioned for Adjusted EBITDA* growth and deleveraging despite a challenging end market outlook *See Appendix for additional information regarding these non -GAAP financial measures
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13 Appendix
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Non -GAAP and Pro Forma Financial Measures 14 Non-GAAP and Pro Forma Financial Measures The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. GAAP, such as Adjusted EBITDA and the ratios related thereto. These measures are derived based on methodologies other than in accordance with U.S. GAAP. The Company defines Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation and amortization, further adjusted for the impact of certain items that are either non-cash in nature or that management does not consider indicative of ongoing operating performance. These adjustments may include equity-based compensation expense, restructuring expenses, acquisition-related expenses, transaction and integration costs related to acquisitions and mergers, settlement of litigation and impairment charges and related legal expenses, losses on extinguishment of debt, and other items that management does not consider indicative of ongoing operating performance. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. Management believes Adjusted EBITDA provides useful supplemental information regarding the Company's operating performance an d enhances comparability between periods by excluding items that may obscure underlying business trends. Adjusted EBITDA and Adjusted EBITDA margin are used by management as key measures in evaluating the performance of the business and making operational and financial decisions. Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider these measures e ither in isolation or as a substitute for analyzing our results as reported under U.S. GAAP. Some of these limitations are: • these measures do not reflect changes in, or cash requirements for, the Company’s working capital needs; • these measures do not reflect the Company’s interest expense, or the cash requirements necessary to service interest or principal payments on its debt; • these measures do not reflect the Company’s income tax expense or the cash requirements to pay its taxes; • these measures do not reflect the cash requirements to pay dividends, distributions, or fund share repurchases; • these measures do not reflect the cash requirements for the settlement of legal matters; • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements • although equity-based compensation is a non-cash charge, the issuance of equity-based awards may have a dilutive impact on earnings per share; and • other companies may calculate these measures differently so similarly named measures may not be comparable. A reconciliation of the forecasted range for Adjusted EBITDA for the fourth quarter of 2026 and for the full year 2027 is not included in this presentation due to the number of variables in the projected range and because we are currently unable to quantify accurately without unreasonable efforts certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. However, for full year 2027 we anticipate the following expenses in our GAAP to non-GAAP reconciliation: approximately $100 million in stock-based compensation; approximately $40 million to $50 million in depreciation and amortization; and approximately $50 million in interest expense.
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As of (Expressed in thousands of U.S. dollars) September 30, 2026 December 31, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $102,526 $33,213 Restricted cash 62,306 26,338 Investments in financial assets 6,933 16,731 Accounts and notes receivable, net of allowances 58,298 20,170 Short-term financing receivables, net 11,984 6,198 Other current assets 24,161 3,033 TOTAL CURRENT ASSETS $266,208 $105,683 NON-CURRENT ASSETS Other intangible assets, net 209,781 5,856 Franchise agreements, net 297,500 - Goodwill 336,908 8,993 Property and equipment, net 5,544 758 Long-term investments 3,087 2,250 Deferred tax assets 3,927 981 Operating lease right-of-use assets 16,846 - Other assets, net of current portion 7,582 2,308 TOTAL NON-CURRENT ASSETS $881,175 $21,146 TOTAL ASSETS $1,147,383 $126,829 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $4,916 $1,161 Accrued liabilities 112,902 38,205 Customer deposits 42,083 26,338 Deferred revenue 20,730 - Debt 30,937 - Operating lease liabilities 9,944 - Other payables 8,752 9,530 TOTAL CURRENT LIABILITIES $230,264 $75,234 NON-CURRENT LIABILITIES Deferred tax liabilities 10 10 Debt, net of current portion 482,602 - Deferred revenue, net of current portion 10,268 - Operating lease liabilities, net of current portion 7,100 - Other liabilities, net of current portion 2,422 - TOTAL NON-CURRENT LIABILITIES $502,402 $10 TOTAL LIABILITIES $732,666 $75,244 EQUITY Common stock, par value $.001 per share, 1,000,000,000 shares authorized; 37,710,640 and 21,047,840 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively * 38 21 Additional paid-in capital 609,881 164,187 Accumulated deficit (191,602) (112,851) Accumulated other comprehensive income (deficit), net of tax 1,186 318 Treasury stock, at cost, 264,229 and 0 Common Shares at September 30, 2026 and December 31, 2025, respectively (4,707) - TOTAL STOCKHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS $414,796 $51,675 Non-controlling interest (79) (90) TOTAL STOCKHOLDERS' EQUITY $414,717 $51,585 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,147,383 $126,829 Consolidated Balance Sheet 15
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Consolidated Statement of Income 16 Three Months Ended September 30, Nine Months Ended September 30, (Expressed in thousands of U.S. dollars, except for per share amounts) 2026 2025 2026 2025 Revenue $727,928 $568,549 $1,894,054 $1,463,277 Cost of sales 646,172 523,692 1,711,887 1,336,623 Gross profit $81,756 $44,857 $182,167 $126,654 General and administrative expenses 60,523 19,584 99,738 56,000 Marketing expenses 27,451 21,034 76,723 62,015 Marketing funds expense 6,718 - 6,718 - Research and development expenses 6,499 4,712 16,999 12,637 Settlement of litigation and impairment charges 239 - 239 - Acquisition costs and integration expenses 52,332 - 64,226 - Total operating expenses $153,762 $45,330 $264,643 $130,652 Operating loss ($72,006) ($473) ($82,476) ($3,998) Other income (expenses), net (5,487) 227 (5,232) 70 Interest income (expense) (5,920) 55 (6,588) 166 Total other expenses, net ($11,407) $282 ($11,820) $236 Loss before tax ($83,413) ($191) ($94,296) ($3,762) Tax (expense) benefit 16,190 (89) 15,659 (89) Net loss ($67,223) ($280) ($78,637) ($3,851) Less: net income attributable to non-controlling interest 84 167 114 51 Net loss attributable to Real REMAX Group Inc. ($67,307) ($447) ($78,751) ($3,902) Other comprehensive income/(loss): Unrealized gains (losses) on available for sale investment portfolio 85 (131) 250 (128) Foreign currency translation adjustment 746 (59) 618 (188) Total comprehensive loss attributable to Real REMAX Group Inc. ($66,476) ($637) ($77,883) ($4,218) Total comprehensive Income attributable to NCI 84 167 114 51 Total comprehensive loss ($66,392) ($470) ($77,769) ($4,167) Loss per share Basic Loss Per Share ($2.25) ($0.02) ($3.15) ($0.18) Basic weighted-average shares outstanding 29,871 21,900 25,020 21,626 Diluted Loss Per Share ($2.25) ($0.02) ($3.15) ($0.18) Diluted weighted-average shares outstanding 29,871 21,900 25,020 21,626
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Condensed Consolidated Statements of Cash Flows 17 Nine Months Ended September 30, (Expressed in thousands of U.S. dollars) 2026 2025 Net loss ($78,637) ($3,851) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 4,705 1,344 Stock-based compensation 88,422 50,414 Loss on early extinguishment of debt and bridge commitment fees 5,246 - Deferred income taxes, net (16,865) - Amortization of debt discount and issuance costs 1,825 - Other, net 979 (81) Changes in operating assets and liabilities 8,810 17,951 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $14,485 $65,777 Purchases of property and equipment (239) (935) Acquisition, net of cash, cash equivalents and restricted cash acquired of $131 million (402,810) - Purchase of intangible assets (361) (2,750) Purchases of financial assets (11,658) (15,784) Proceeds from sale of financial assets 21,706 5,753 NET CASH USED IN INVESTING ACTIVITIES ($393,362) ($15,966) Proceeds from the issuance of debt 539,000 - Payments on debt (25,000) - Debt issuance costs (7,616) - Distributions paid to non-controlling interests (103) (95) Payments of employee taxes on certain stock-based arrangements (17,190) (1,974) Proceeds from exercise of stock options 103 1,571 Repurchase of common stock (4,707) (24,299) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $484,487 ($24,797) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (329) (107) Net increase in cash, cash equivalents and restricted cash 105,281 24,907 Cash, cash equivalents and restricted cash, beginning of period 59,551 47,465 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $164,832 $72,372
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Adjusted EBITDA* Reconciliation to Net Income 18 Three Months Ended September 30, Nine Months Ended September 30, (Expressed in thousands of U.S. dollars) 2026 2025 2026 2025 Net loss ($67,223) ($280) ($78,637) ($3,851) Depreciation and amortization 3,577 567 4,705 1,344 Interest (income) expense 5,920 (55) 6,588 (166) Tax expense (benefit) (16,190) 89 (15,659) 89 EBITDA ($73,916) $321 ($83,003) ($2,584) Settlement of litigation and impairment charges 276 - 385 27 Loss on extinguishment of debt and bridge commitment fees 5,246 - 5,246 - Acquisition-related severance expense 23,708 - 23,708 - Other acquisition-related costs 28,624 - 40,518 - Stock-based compensation - excluding cost of sales 35,775 7,357 50,514 17,657 Stock-based compensation - cost of sales 13,842 12,555 37,908 32,757 Restructuring Expense 448 - 1,161 250 Other adjustments (249) 138 (201) 583 Adjusted EBITDA $33,754 $20,371 $76,236 $48,690 Adjusted EBITDA margin (% of revenue) 4.6% 3.6% 4.0% 3.3%
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Merger Transaction and Integration Expenses 19 Three Months Ended September 30, Nine Months Ended September 30, (Expressed in thousands of U.S. dollars) 2026 2026 Legal, investment banking, integration-related costs and other transaction-related expenses $28,624 $40,518 Severance-related personnel costs 23,708 23,708 Acquisition costs and integration expenses $52,332 $64,226
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Segment to Consolidated Reconciliation 20 Q3 2026, $ in millions Revenue Segment Adj. EBITDA Margin Brokerage $695.5M $26.8M 3.8% Franchise $27.1M $11.8M 43.5% Other $5.3M ($1.4M) (25.7%) Unallocated - ($3.4M) - Consolidated $727.9M $33.8M 4.6%
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Key Operating Metrics by Quarter 21 Pro Forma Combined Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total Brokerage Agents 26,870 28,034 30,183 31,739 33,510 35,348 36,610 US Franchise Agents 49,854 49,669 49,178 48,165 47,443 47,170 46,611 Canada Franchise Agents 25,156 24,966 25,020 24,812 25,849 25,798 25,507 Other International Franchise Agents 71,116 72,438 73,349 75,683 75,900 76,299 75,970 Total Franchise Agents 146,126 147,073 147,547 148,660 149,192 149,267 148,088 Total Network Agents 172,996 175,107 177,730 180,399 182,702 184,615 184,698 Total Brokerage Transactions 33,617 49,282 53,512 48,903 41,882 62,380 62,738
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Trended Pro Forma * Results by Segment (Non -GAAP) 22 2025 2026 (Pro forma, unaudited; expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 YTD Brokerage Revenue $351,722 $537,472 $565,307 $501,983 $1,956,484 $462,564 $696,362 $695,499 $1,854,425 Franchise Revenue 71,125 68,896 69,652 67,423 277,096 67,265 65,463 67,643 200,371 Other Revenue 5,601 7,129 6,837 6,870 26,437 5,949 7,261 6,905 20,116 Total Revenue $428,448 $613,497 $641,797 $576,276 $2,260,017 $535,779 $769,086 $770,048 $2,074,912 Brokerage Adjusted EBITDA $11,291 $22,539 $22,636 $17,107 $73,573 $17,321 $28,401 $26,773 $72,495 Franchise Adjusted EBITDA 23,940 30,518 29,688 26,053 110,201 19,992 27,235 29,393 76,620 Other Adjusted EBITDA (3,314) (2,649) (2,067) (2,036) (10,066) (2,731) (2,051) (2,179) (6,961) Unallocated Adjusted EBITDA (4,385) (4,144) (4,207) (4,358) (17,094) (4,096) (3,937) (4,331) (12,365) Total Adjusted EBITDA $27,533 $46,265 $46,051 $36,766 $156,615 $30,486 $49,648 $49,656 $129,790 Brokerage Adjusted EBITDA Margin 3.2% 4.2% 4.0% 3.4% 3.8% 3.7% 4.1% 3.8% 3.9% Franchise Adjusted EBITDA Margin 33.7% 44.3% 42.6% 38.6% 39.8% 29.7% 41.6% 43.5% 38.2% Other Adjusted EBITDA Margin (59.2%) (37.1%) (30.2%) (29.6%) (38.1%) (45.9%) (28.2%) (31.6%) (34.6%) Total Adjusted EBITDA Margin 6.4% 7.5% 7.2% 6.4% 6.9% 5.7% 6.5% 6.4% 6.3% *Pro forma financial information reflects the consolidated results of operations of the Company as if the Transaction had occ urred on January 1, 2025. The pro forma information presented above is for illustrative purposes only and should not be relied u pon as necessarily being indicative of the historical results that would have been obtained if the Transaction had actually occurred on that date, nor of the results that may be obtained in the future.