Slide 1: The Real Brokerage Inc. Investor Presentation
The Real Brokerage Inc. Investor Presentation March 2026 Nasdaq: REAX investors.onereal.com investors.onereal.com
Slide 2: Disclaimer
Disclaimer Certain statements herein relating to The Real Brokerage Inc. (“Real” or the Future Oriented Financial Information: To the extent any forward-looking information “Company”) constitute “forward-looking statements”, within the meaning of in this Presentation constitutes “future-oriented fin
Slide 3: The Real Brokerage Snapshot
NASDAQ: REAX Last Twelve Months Revenue , Agent Count , , The Real Brokerage Re enue ( mm) , , , , , Snapshot uarterly Re enue ( mm) , , , , , , , Founded in 2014, The Real Brokerage Inc. , , , (“Real”) is a real estate technology company that is disrupting the traditional real estate brokerage mode
Slide 4: Table of Contents
Table of Contents CHAPTERS 01 / Real Overview 02 / Financial Overview 03 / Frequently Asked Questions 04 / Agent Survey Highlights 05 / Appendix 4
Slide 5: Real Overview
CHAPTER 01 REAL OVERVIEW “Our mission at Real is empowering each agent. Through innovation, we're not just enhancing efficiency, but fostering a culture of shared success and wealth creation. Our journey is about transforming the real estate landscape to make lives better, and sharing the fruits of
Slide 6: Investment Highlights
OVERVIEW Investment Highlights 01 / A New Approach 02 / Compelling Agent 03 / Proprietary 04 / Scalable, Capital to the Old Brokerage Value Proposition Software and Efficient Growth Model Technology Stack Platform Disruptive, technology-based real estate Unique compensation model provides Proprietar
Slide 7: A New Approach to the Old Brokerage Model
OVERVIEW We are taking a first principles approach redefining the role of a real estate 01 / A New Approach brokerage in agents’ li es and the broader housing ecosystem to the Old By empowering agents with a differentiated business model and technology interface that simplifies the transaction exper
Slide 8: Software-Based Real Estate Brokerage Platform
OVERVIEW / 01 / A NEW APPROACH TO THE OLD BROKERAGE MODEL Our business was designed to provide real estate agents higher Real Today: value at a lower cost than traditional brokerage models Software - Based Real Estate Brokerage Platform Traditional FRANCHISE / MODEL Brokerage DESCRIPTION Software-ba
Slide 9: Streamlining the Homebuying Experience
OVERVIEW / 01 / A NEW APPROACH TO THE OLD BROKERAGE MODEL aunched in , Hey eo is the industry’s first oice-first AI concierge, Real Tomorrow: designed to orchestrate the entire homebuying journey Streamlining the For Buyers: Offers a 24/7 "Action-Oriented" companion that handles property-level Q&A,
Slide 10: Compelling Agent Value Proposition
OVERVIEW / 02 / COMPELLING AGENT VALUE PROPOSITION Our revenue model provides agents the ability to earn more Compelling Agent income and generate wealth from multiple sources Value Proposition Commission Revenue REAL Stock and Revenue Sharing Equity Awards Competitive 85% / 15% Unique top-down mode
Slide 11: Revenue Sharing
OVERVIEW / 02 / COMPELLING AGENT VALUE PROPOSITION Revenue sharing gives agents the ability to earn income from Revenue Sharing commissions generated by agents whom they attract to Real How revenue sharing works Direct Referrals: If a Real agent brings in a new agent, they earn a share of the newcom
Slide 12: reZEN Software Platform
OVERVIEW / 03 / PROPRIETARY SOFTWARE AND TECHNOLOGY STACK Our proprietary software platform, reZEN, offers a comprehensive reZEN Software Platform range of tools tailored for today's real estate agents Productivity Marketing Community Brokerage Operations Proprietary transaction management Emphasis
Slide 13: Leo CoPilot
OVERVIEW / 03 / PROPRIETARY SOFTWARE AND TECHNOLOGY STACK eo is Real’s layer natively embedded in reZEN, Leo CoPilot providing context-aware guidance and automation across agent productivity, support, and compliance Leo CoPilot serves as an agent command center, anticipating each agent’s unique need
Slide 14: Rapid Growth Enabled by Tech
OVERVIEW / 04 / SCALABLE, CAPITAL EFFICIENT GROWTH MODEL Real's strategic use of technology enables capital efficient growth, requiring minimal upfront investment to generate Rapid Growth Enabled by Tech revenue growth LTM Adjusted Operating Expense (% of Revenue) Capital Efficient Growth Software p
Slide 15: Significant Growth in Down Market
OVERVIEW / 05 / FRAGMENTED MARKET WITH DEMONSTRATED THROUGH - CYCLE GROWTH Real has grown agent count by over 8x since Q4 2021; today we represent approximately 2% of the industry Significant Growth in Down Market Real Agent Growth vs. Existing Home Sales US Agent Market Share , Real gents xisting H
Slide 16: Ancillary Services Expand Addressable Market and Enhance Margins
OVERVIEW / 06 / ANCILLARY SERVICES Integrating mortgage, title, and other ancillary services provides an opportunity to enhance Ancillary Services Expand Addressable per-transaction unit economics and drive long-term margin expansion Market and Enhance Margins US Estimated TAM: ~$180 - 260bn Other R
Slide 17: Real Wallet
OVERVIEW / 06 / ANCILLARY SERVICES Launched in Q4 2024, Real Wallet offers U.S. agents with a Real-branded debit card, while Real Wallet Capital offers U.S. Real Wallet & Canadian agents a business line of credit linked to their revenue and assets KEY FEATURES Access Earnings Faster – Business Check
Slide 18: We Are One Real
OVERVIEW / 07 / DISTINCT, COLLABORATIVE CULTURE By empowering a vibrant community through technology, Real agents We Are One Real collaborate, share best practices, and foster a uniquely tight-knit bond 18
Slide 19: These Are Our Values
OVERVIEW / 07 / DISTINCT, COLLABORATIVE CULTURE Real prides itself on attracting like-minded people who are These Are Our Values passionate about succeeding in real estate WORK HARD WE ARE BIGGER TECH X BE KIND THAN ME HUMANITY Kindness is a superpower and the Together, we move further and faster Th
Slide 20: Executive Leadership
OVERVIEW / 08 / EXPERIENCED MANAGEMENT TEAM Real’s leadership team brings significant experience in Executive Leadership scaling growth businesses across the Real Estate, Technology and Financial Services industries Tamir Ravi Pritesh Jenna Dre Alexandra Dipti David Poleg Jani Damani Rozenblat Madde
Slide 21: Financial Overview
CHAPTER 02 FINANCIAL OVERVIEW “Our focus is on driving execution, expanding margins, and allocating capital to create long - term value for agents, consumers, and shareholders.” Ravi Jani CHIEF FINANCIAL OFFICER
Slide 22: Agent Count and Transaction Growth
FINANCIAL OVERVIEW / 01 / KEY PERFORMANCE INDICATORS Agent Count and Transaction Growth End of Period Agent Count Last Twelve Months Transactions Closed , , , , , , , , , , , , , , , , , , , , , , , , 22
Slide 23: Gross Market Value and Median Sale Price
FINANCIAL OVERVIEW / 02 / KEY PERFORMANCE INDICATORS Gross Market Value and Median Sale Price Last Twelve Months Gross Market Value Closed ($bn) Median Home Sale Price ($000s) 23
Slide 24: Revenue and Adjusted EBITDA
FINANCIAL OVERVIEW / 03 / INCOME STATEMENT TRENDS Revenue and Adjusted EBITDA Last Twelve Months Revenue ($mm) Last Twelve Months Adjusted EBITDA ($mm) , Re enue ( mm) , d usted ( mm) uarterly Re enue ( mm) uarterly d usted ( mm) , , , , ( ) 24
Slide 25: Historical Margin Trends
FINANCIAL OVERVIEW / 04 / MARGIN TRENDS Historical Margin Trends Quarterly Gross Margin Quarterly Revenue Share & Adj. Operating Expense Re enue hare as of Re enue d usted perating xpense as of Re enue Seasonality in our gross margin is impacted by the mix of agents who Our operating expenses includ
Slide 26: Real Has Net Cash on its Balance Sheet with No Debt
FINANCIAL OVERVIEW / 05 / BALANCE SHEET & CASH FLOW Real Has Net Cash on its Balance Sheet with No Debt Unrestricted Cash & Investments vs. Total Debt ($mm) Last Twelve Months Net Cash Provided by Operating Activities ($mm) nrestricted Cash n estments ( mm) otal ebt ( mm) Historical Net Cash Provide
Slide 27: Understanding Our Income Statement
FINANCIAL OVERVIEW / 06 / INCOME STATEMENT OVERVIEW Understanding Our Income Statement Our largest variable cost items are commissions paid to real estate agents for transactions closed and revenue sharing paymen ts LINE ITEM DESCRIPTION • Primary revenue source is commissions on transactions closed
Slide 28: Illustrative Unit Economics for One Transaction
FINANCIAL OVERVIEW / 07 / UNIT ECONOMICS Illustrative Unit Economics for One Transaction In the U.S., upon reaching a $12,000 annual cap on commission splits paid to Real, each agent receives 100% of commissions le ss a $285 per transaction fee and a $40 Compliance and Broker Review fee, which cover
Slide 29: Frequently Asked Questions
CHAPTER 03 FREQUENTLY ASKED QUESTIONS “At Real, we attract the best people to provide the best agent experience. Guided by our 'Work Hard. Be Kind.’ ethos, we foster a supportive and collaborative environment in order to streamline operations, and enhance efficiencies, ensuring our agents have every
Slide 30: Why Do Agents Join Real?
FREQUENTLY ASKED QUESTIONS / 01 / AGENT ATTRACTION Why Do Agents Join Real? Percentage of Agents Influenced by Certain Factors Responses by Agent Years of Experience 95% 92% Percentage of Agents Selecting 89% ‘Influential’ or ‘Very Influential’ 82% 0-2 100% 83% 83% 78% 94% 72% 74% 72% Agent Years of
Slide 31: Where are Real Agents Located?
FREQUENTLY ASKED QUESTIONS / 02 / GEOGRAPHIC MIX - BROKERAGE Where are Real Agents Located? U.S. , Canada , , , , , , , , As of December 31, 2025; state/province totals exceed reported agent count due to agents that are licensed in multiple states. 31
Slide 32: Where are One Real Mortgage and One Real Title Available?
FREQUENTLY ASKED QUESTIONS / 03 / GEOGRAPHIC MIX - ANCILLARY SERVICES Where are One Real Mortgage and One Real Title Available? WA Mortgage and Title1 Mortgage Only OR MN Title Only WI MI CT PA NJ DC NV OH MD IL DE CA CO VA NC TN AZ SC GA AL MS TX LA FL 1One Real Escrow in California 32 As of Februa
Slide 33: How Does Real's Growth Compare to Peers?
FREQUENTLY ASKED QUESTIONS / 04 / GROWTH VS PEERS How Does Real’s Growth Compare to Peers? Q3 2025 LTM Revenue Growth (YoY %) Q3 2025 Agent Count Growth (YoY %) 33 3 2 2 5 5 5 (2 ( ( ( PEER PEER REAX FTHM COMP DOUG HOUS EXPI RMAX REAX FTHM COMP RMAX EXPI HOUS DOUG AVERAGE AVERAGE Public brokerage pe
Slide 34: How Many Employees Does Real Have?
FREQUENTLY ASKED QUESTIONS / 05 / HEADCOUNT EFFICIENCY How Many Employees Does Real Have? Real Full Time Employees by Division (As of Q4 2025) Brokerage Peer Full Time Employees (As of 2024) 7,805 5 338 2 Marketing & Growth 2 Administrative 2,566 35 2,001 25 R&D Operations 783 270 otal ull ime ne ea
Slide 35: Real Agent Survey Highlights
CHAPTER 04 REAL AGENT SURVEY HIGHLIGHTS “We are proud to be the only real estate brokerage where 100% of our agents use our proprietary software platform. This full adoption enables us to automate manual processes, and leverage AI and machine learning to provide deeper insights, predictive analytics
Slide 36: Agent Optimism Index
AGENT SURVEY HIGHLIGHTS / 01 / MARKET OUTLOOK Agent Optimism Index 76.4 76.4 The Real Monthly Agent Survey was 74.0 74.2 initially launched in January 2024. Each 71.9 71.4 71.9 month, agents are asked: “Compared to 70.4 70.4 70.8 one month ago, are you more optimistic 67.5 67.8 or pessimistic about
Slide 37: Transaction Growth Index
AGENT SURVEY HIGHLIGHTS / 02 / MARKET OUTLOOK Transaction Growth Index ach month, agents are asked: “ n your 51.3 50.8 primary market, how would you describe 50.2 49.4 50.2 49.5 the number of transactions closed 49.1 49.0 49.3 49.1 48.9 48.6 compared to the same month last year?” 47.7 47.8 47.9 46.8
Slide 38: Balance of Power Between Buyers and Sellers
AGENT SURVEY HIGHLIGHTS / 03 / MARKET OUTLOOK Balance of Power Between Buyers and Sellers ach month, agents are asked: “ s of the current month, would you consider your primary market to be a buyer's market, 30% 30% 33% 35% 34% seller s market, or balanced market?” 43% 44% 48% 50% 49% 52% 52% In Dec
Slide 39: Biggest Challenges for Prospective Home Buyers
AGENT SURVEY HIGHLIGHTS / 04 / MARKET OUTLOOK Biggest Challenges for Prospective Home Buyers 4% 3% 3% 3% 4% 2% 3% 3% 2% 4% ach month, agents are asked: “What is 3% 4% 5% 3% 3% 4% 1% 2% 4% 4% 5% 5% 5% 5% 5% the biggest challenge currently for 6% 10% buyers in your primary market?” 10% 15% 21% 26% 22%
Slide 40: Private Listings Remain a Niche Strategy
AGENT SURVEY HIGHLIGHTS / 05 / LISTINGS APPROACH Private Listings Remain a Niche Strategy In your opinion, what percentage of listings would benefit from being marketed privately rather than publicly? All Respondents 2% 2% 2% 4% 1% 3% 2% 5% 1% 2% 2% 4% 1% 10% 2% 1% 26-50% 7% 12% 5% 9% 11-25% 23% 51-
Slide 41: Agents Continue to Rely on Referrals Over Paid Lead Sources
AGENT SURVEY HIGHLIGHTS / 06 / LEAD GENERATION INSIGHTS Agents Continue to Rely on Referrals Over Paid Lead Sources Referrals Most Effective Lead Source 1/3 of Agents Utilize Search Portals Annual Search Portal Spend Responses to: As of January 2025, what is Responses to: Do you plan to use home For
Slide 42: Brokerage Brand Affiliation is Less Important to Clients
AGENT SURVEY HIGHLIGHTS / 07 / IMPACT OF BROKERAGE BRAND Brokerage Brand Affiliation is Less Important to Clients Responses to: How important do belie e your brokerage brand affiliation is in a client’s decision to work with you? 3% 7% 9% 9% 14% 12% Not So Somewhat Important Important 28% 21% 31% 27
Slide 43: What Agents Seek in a Brokerage, What Clients Value
AGENT SURVEY HIGHLIGHTS / 08 / AGENT PRIORITIES What Agents Seek in a Brokerage, What Clients Value As an agent, what were the top three factors that most influenced In your experience, what are the main reasons your decision to join your current brokerage? clients choose to work with you? Economics
Slide 44: Appendix
CHAPTER 05 APPENDIX “At Real, we believe in our agents and the innovative, inclusive community they create. We are deeply committed to their success, to empowering them with the resources and support they need to thrive, and to helping them rise together, because our brand is built upon who we are a
Slide 45: Non-GAAP Measures and Ratios
Non - GAAP Measures and Ratios This Presentation includes references to “ d usted ”, “ d usted Operating Adjusted EBITDA, Adjusted Operating Expense and Operating Expense Excluding xpense”, and “ perating Expense Excluding Revenue hare”, which are non-U.S. Revenue Share have no direct comparable GAA
Slide 46: Balance Sheet
APPENDIX / 01 / BALANCE SHEET As of (Expressed in thousands of U.S. dollars) December 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $33,213 $23,376 Restricted cash 26,338 24,089 Investments in financial assets 16,731 9,449 Trade receivables 20,170 14,235 Short-term finan
Slide 47: Income Statement
APPENDIX / 02 / INCOME STATEMENT Three Months Ended December 31, For the Year Ended (Expressed in thousands of U.S. dollars, except for per share amounts) 2025 2024 2025 2024 Revenues $505,139 $350,630 $1,968,416 $1,264,639 Cost of Sales 466,105 320,645 1,802,728 1,149,898 Gross Profit $39,034 $29,9
Slide 48: Statement of Cash Flows
APPENDIX / 03 / STATEMENT OF CASH FLOWS Three Months Ended December 31, For the Year Ended (Expressed in thousands of U.S. dollars) 2025 2024 2025 2024 OPERATING ACTIVITIES Net Loss ($4,215) ($6,705) ($8,066) ($26,453) Adjustments to reconcile net loss to net cash provided by operating activities: D
Slide 49: Revenue by Business Line
APPENDIX / 04 / REVENUE BY BUSINESS LINE 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 Q4 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 $
Slide 50: Reconciliation of Net Income (Loss) to Adjusted EBITDA
APPENDIX / 05 / RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA 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 Q4 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) (
Slide 51: Reconciliation of Operating Expense to Adjusted Operating Expense
APPENDIX / 06 / RECONCILIATION OF OPERATING EXPENSE TO ADJUSTED OPERATING EXPENSE 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 Q4 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
Slide 52: Key Performance Indicators
APPENDIX / 07 / KEY PERFORMANCE INDICATORS 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 Q4 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 48,