Re/max Holdings, Inc. · NYSE:RMAX
Re/max — Q4 2025 Earnings Presentation
22 slides from Re/max's earnings presentation, Feb 20, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings
Fourth Quarter and Full Year 2025 Earnings February 20, 2026 ©2025 RE/MAX, LLC. Each Office Independently Owned and Operated.
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as “believe,” “intend,
Slide 3: Q4 2025 Highlights
Q4 2025 Highlights Q4 2025 Operating Highlights Q4 2025 Financial Highlights • Total agent count increased 1.4% • Revenue was $71.1 million YoY to 148,660 agents • Adjusted EBITDA1 of $22.4 million, • Agent count in the U.S. and Canada down 4.0% combined decreased 4.6% to 72,977 • Adjusted EBITDA Ma
Slide 4: Agent Count Change Year-over-Year
Agent Count Change Year-over-Year Agents Outside U.S. & Canada Agents in Canada Agents in the U.S. +7.9% -1.4% -6.1% (+5,513 Agents) (-359 Agents) (-3,121 Agents) December 31, 2025, over December 31, 2024 Record Agent Count Total agent count increased 2,033 agents, or 1.4%, YoY to 148,660 agents as
Slide 5: REMAX Canada Welcomes REMAX Your Community Realty and REMAX Connect Realty
REMAX Canada Welcomes REMAX Your Community Realty and REMAX Connect Realty • Led by family of visionary, entrepreneurial real estate leaders – Vivian Risi, Michelle Risi, and Justin Risi • Largest conversion in the history of REMAX, with ~1,200 agents spanning 17 offices, primarily in the Greater To
Slide 6: Motto Mortgage New Economic Model
Motto Mortgage New Economic Model Transitioning from a Flat Recurring Fee to a “Moving Market” Model that incorporates both Recurring and Variable Fee Components, better aligning fees to brokerage production Fixed Fee Moving Market • Fixed monthly fee that ramps to • $2,500 per month fixed fee plus
Slide 7: Revenue
Revenue Quarter to Date Year to Date Revenue ($M) Increase/(Decrease) Increase/(Decrease) 2025 2024 2025 2024 $ % $ % Continuing franchise fees $27.1 $29.8 ($2.7) (9.1%) $112.9 $122.0 ($9.1) (7.5%) Annual dues $7.4 $7.8 ($0.5) (6.1%) $30.5 $32.2 ($1.7) (5.4%) Broker fees $13.9 $11.7 $2.3 19.3% $53.7
Slide 8: Selling, Operating and Administrative Expenses
Selling, Operating and Administrative Expenses Quarter to Date Year to Date Selling, Operating & Administrative Increase/(Decrease) Increase/(Decrease) Expenses ($M) 2025 2024 2025 2024 $ % $ % Personnel $21.8 $22.7 ($0.9) (4.2%) $86.8 $94.2 ($7.3) (7.8%) Professional fees $4.3 $4.2 $0.1 1.8% $14.3
Slide 9: Adjusted EBITDA of $22.4 Million
Adjusted EBITDA1 of $22.4 Million Adjusted EBITDA1 ($M) Adjusted EBITDA Margin1 $23.3 $22.4 36.1% 35.2% 32.2% 31.5% 25.9% For Q4 2025: • Adjusted EBITDA was $22.4 million for the fourth quarter of 2025, a decrease of $0.9 million, or 4.0%, compared to the fourth quarter of 2024. Fourth quarter 2025
Slide 10: Looking Ahead – Q1 2026 and FY 2026 Outlook
Looking Ahead – Q1 2026 and FY 2026 Outlook Q1 2026 Outlook1 Full Year 2026 Outlook1 For the first quarter of 2026, RE/MAX For the full year 2026, RE/MAX Holdings Holdings expects: expects: • Agent count to increase 1.50% to • Agent count in a range from 1.50% to 2.50% over first quarter 2025; posit
Slide 11: RE/MAX Holdings, Inc.
RE/MAX Holdings, Inc. A Leading Dual-Brand Franchisor with Compelling Growth Opportunities RE/MAX is #1 Name in Most-Trusted the most Real Estate3 Agents in the productive (U.S./Canada) U.S. and real estate and Canada1,2 network in Unmatched the world6 Global Footprint4 Large Network First-and- Incl
Slide 12: Thank you!
Thank you! ©2025 RE/MAX, LLC. Each Office Independently Owned and Operated.
Slide 13: Total Agent Count
Total Agent Count Agent Count Change Year-over-Year December 31, 2024 December 31, 2025 +1.4% YoY (+2,033 agents) Record Agent Count 146,627 148,660 as of December 31, 2025 -4.6% YoY (-3,480 agents) +7.9% YoY (+5,513 agents) 76,457 75,683 72,977 70,170 Total RE/MAX U.S. & Canada Outside U.S. & Canad
Slide 14: Balance Sheet, Capital Allocation & Liquidity
Balance Sheet, Capital Allocation & Liquidity Balance Sheet & Leverage Capital Allocation & Liquidity • Cash balance of $118.7 million on • The Company has a common stock December 31, 2025, up $22.1 million repurchase program of up to $100 from December 31, 2024 million. During the three months • $4
Slide 15: Industry Forecasts
Industry Forecasts Monthly Existing Home Sales1 (Thousands) Annual Existing Home Sales2,3 (Millions) 700 Fannie Mae MBA 600 4.65 500 4.53 4.42 400 4.29 300 4.08 4.08 200 2025 2026e 2027e Home Price Appreciation2,3 (YoY) Housing Starts - Single Family2,4 (Thousands) Fannie Mae MBA Fannie Mae NAHB 3.0
Slide 16: Mortgage Finance Forecasts
Mortgage Finance Forecasts Loan Originations1 ($B) Mortgage & Interest Rates1 Purchase Refinance 30-Year Fixed 10-Year Treasury $1,600 $1,400 $1,506 $1,443 $1,200 $1,356 6.2% 6.3% 6.1% $1,000 $800 4.1% 4.2% 4.4% $600 $760 $694 $693 $400 $200 $0 2025 2026e 2027e 2025 2026e 2027e 1Source: Mortgage Ban
Slide 17: Agent Count and Revenue Excluding Marketing Funds
Agent Count and Revenue Excluding Marketing Funds As of December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 2024 2024 2024 2023 Agent Count: U.S. Company-Owned Regions 41,998 42,935 43,363 43,543 44,911 46,283 46,780 47,30
Slide 18: Adjusted EBITDA Reconciliation to Net Income
Adjusted EBITDA Reconciliation to Net Income (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC) ($ in thousands, except percentages) (1)During 2025, the Company recorded a cost recovery in connection with a previous settlement, that was received in the fourth quarter of 2025 from an escrow
Slide 19: Adjusted Net Income & Adjusted Earnings per Share
Adjusted Net Income & Adjusted Earnings per Share (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC) Three Months Ended Year Ended December 31, December 31, ($ in thousands, except share and per share amounts) 2025 2024 2025 2024 Net income (loss) $ 2,509 $ 4,080 $ 13,433 $ 8,077 Amortizati
Slide 20: Adjusted Free Cash Flow & Unencumbered Cash Generation
Adjusted Free Cash Flow & Unencumbered Cash Generation Year Ended December 31, ($ in thousands, except percentages) 2025 2024 Cash flow from operations $ 40,878 $ 59,652 Less: Purchases of property, equipment and capitalization of software (7,374) (6,622) (Increases) decreases in restricted cash of
Slide 21: Non-GAAP Financial Measures
Non-GAAP 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 revenue excluding the Marketing Funds, Adjusted EBITDA and the ratios related thereto, Adjusted net inc
Slide 22: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Adjusted net income (loss) is calculated as Net income (loss) attributable to RE/MAX Holdings, assuming the full exchange of all outstanding non-controlling interests for shares of Class A common stock as of the beginning of the period (and the related increas