Slide 1: Q4 2025 Financial Results
Q4 2025 Financial Results February 26, 2026
Slide 2: Safe Harbor/Disclosure Statement
Q4 2025 FINANCIAL RESULTS Safe Harbor/Disclosure Statement These materials contain forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. I
Slide 3: Changing The Way People Shop For the Better
Q4 2025 FINANCIAL RESULTS Trusted market leader in luxury resale across diverse categories & brands Changing The Tenured sales team nurtures highly-engaged community of buyers & consignors Way People Shop Rich data and technology expertise driving pricing and authentication Full-service approach red
Slide 4: Clear and Focused Strategy
Q2 2025 FINANCIAL RESULTS Q4 Clear and Focused Strategy UNLOCK SUPPLY DRIVE OBSESS THROUGH OPERATIONAL OVER GROWTH PLAYBOOK EFFICIENCY SERVICE SUPPORTED BY PROPRIETARY TECHNOLOGY AND DATA 4
Slide 5: Proprietary Technology and Data Is A Key Differentiator
Q4 2025 FINANCIAL RESULTS Proprietary Technology and Data Is A Key Differentiator ~15 YEARS OF RICH DATA ON >50 MILLION ITEMS Including luxury item images and attributes, pricing/transactions, and customer behavior PROPRIETARY ADVANCED AI OPERATIONAL SYSTEMS AND ANALYTICS SOPHISTICATED BEST-IN-CLASS
Slide 6: Q4 2025 Key Highlights
Q4 2025 FINANCIAL RESULTS • Surpassed $2B GMV milestone: achieved $2.13B in GMV for GROWTH & the full year 2025, up 16% YoY MARKET • Trailing 12-month Active Buyers accelerated to +9% YoY LEADERSHIP • GMV of $616M in the fourth quarter, increased 22% YoY Q4 2025 AI-DRIVEN • Achieved year-end goal of
Slide 7: Q4 Financial Summary
Q4 2025 FINANCIAL RESULTS Q4 Financial Summary GMV ($M) ACTIVE BUYERS - TTM (000s) +9% +22% YoY YoY GMV of $616M, increased 22% year-over-year, TTM Active Buyers accelerated sequentially driven roughly evenly by unit volume and to 9% year-over-year or 1.1M active buyers higher average selling prices
Slide 8: Q4 Financial Summary
Q4 2025 FINANCIAL RESULTS Q4 Financial Summary REVENUE ($M) ADJUSTED EBITDA ($M) 11.3% +18% of Total YoY Revenue Revenue of $194M increased 18% Adjusted EBITDA was $21.9M, or 11.3% of Total year-over-year, with Consignment Revenue Revenue increased 450 basis points YoY up 16% and Direct Revenue up 3
Slide 9: Q4 Financial Summary
Q4 2025 FINANCIAL RESULTS Q4 Financial Summary GROSS MARGIN OPERATING EXPENSES (% of Total Revenue) OPERATIONS & SELLING, GENERAL +40bps MARKETING TECHNOLOGY & ADMINISTRATIVE YoY Gross Margin (GM) increased 40 Total Operating Expenses improved 600 bps YoY as a percent of revenue driven by basis poin
Slide 10: 2026 Outlook
Q4 2025 FINANCIAL RESULTS 2026 Outlook $585M - $600M $2.39B - $2.45B Full Year 2026 GMV Q1 2026 $185M - $189M REVENUE $765M - $780M ADJUSTED $11M - $13M $57M - $65M EBITDA 10
Slide 11: Key Advantages and Differentiators
Q2 2025 FINANCIAL RESULTS Q4 Key Advantages LEADER IN LUXURY RESALE INDUSTRY and Differentiators scaled platform with strong brand equity and rich data assets A LARGE AND GROWING TAM supported by unique positioning and strong secular tailwinds DIFFERENTIATED MODEL built on foundation of trust, exper
Slide 12: Appendix
Appendix The RealReal 12
Slide 13: Obsessions: Brands Trending on TRR
Q4 2025 FINANCIAL RESULTS Q4 2025 Obsessions: Brands Trending on TRR FPO FPO FPO Vintage Nostalgia Modern Luxury Gen Z Favorites Gold Rush Khaite Miu Miu Patek Philippe Balenciaga City Bag The Row Jacquemus Audemars Piguet Chloe Paddington TOTEME Staud Cartier Roberto Cavalli dresses Kallmeyer Cult
Slide 14: Key Financial Metrics
Q4 2025 FINANCIAL RESULTS KEY FINANCIAL METRICS 14
Slide 15: Income Statement
Q4 2025 FINANCIAL RESULTS INCOME STATEMENT 15
Slide 16: Balance Sheet 1 of 2
Q4 2025 FINANCIAL RESULTS BALANCE SHEET 1 of 2 16
Slide 17: Balance Sheet 2 of 2
Q4 2025 FINANCIAL RESULTS BALANCE SHEET 2 of 2 17
Slide 18: Free Cash Flow Reconciliation of GAAP to Non-GAAP Results
Q4 2025 FINANCIAL RESULTS FREE CASH FLOW RECONCILIATION OF GAAP TO NON-GAAP RESULTS 18
Slide 19: Adjusted EBITDA Reconciliation of GAAP to Non-GAAP Results
Q4 2025 FINANCIAL RESULTS ADJUSTED (1) EBITDA RECONCILIATION OF GAAP TO (2) NON-GAAP (3) RESULTS (4) (1) Interest expense includes $1.5 million of payment in kind (“ PIK”) interest for each of the quarters ended December 31, 2025 and December 31, 2024, which is a non-cash interest expense. PIK inter
Slide 20: The RealReal
The RealReal