Re/max Holdings, Inc. · NYSE:RMAX
Re/max — William Blair 46th Annual Growth Stock Conference 2026
26 slides from Re/max's conference presentation, Jun 4, 2026
Slide 1: The Real Brokerage – William Blair 46th Annual Growth Stock Conference
The Real Brokerage William Blair 46th Annual Growth Stock Conference June 4, 2026 Tamir Poleg Founder & Chief Executive Officer Nasdaq: REAX investors.onereal.com
Slide 2: Cautionary Disclosure Regarding Forward-Looking Statements
Cautionary Disclosure Regarding Forward-Looking Statements This communication contains certain “forward-looking statements” and “forward-looking information” within the meaning of applicable United States and Canadian securities laws, including Section 27A of the U.S. Securities Act of 1933, as amen
Slide 3: Disclaimer (Cont.) Important Information and Where to Find It
Disclaimer (Cont.) Important Information and Where to Find It In connection with the proposed transaction between Real and RE/MAX, Real and RE/MAX will file relevant materials with the SEC and Canadian securities regulators, as applicable, including a management information circular of Real and a re
Slide 4: Compelling Agent Economic Model, Proprietary Tech Platform, Collaborative Culture
Compelling Agent Economic Model Proprietary Tech Platform Collaborative Culture reZEN software: A proprietary transaction management platform system of record used by 100% of agents to manage transactions, compliance and instant payouts AI-Enabled Efficiency: Leo CoPilot handles 24/7 support inquiri
Slide 5: Demonstrated Track Record of Growth & Margin Improvement
Demonstrated Track Record of Growth & Margin Improvement • Leading Real Estate Tech Platform • Compelling Agent Value Proposition • Proprietary Software and Tech Stack • Innovative Product Pipeline • High Margin Ancillary Business Lines • Scalable, Capital Efficient Growth • Focus on Long Term Value
Slide 6: One Technology Platform Tailored to Agents, Franchisees and Consumers
One Technology Platform Tailored to Fit the Diverse Needs of Agents, Franchisees and Consumers ReZEN as the Differentiator ReZEN is used by every agent at Real and deeply embedded in how agents transact. This has created industry-leading headcount efficiency ReZEN ReZEN is Real’s proprietary transac
Slide 7: High Margin Ancillary Services Expand Our Addressable Market
High Margin Ancillary Services Expand Our Addressable Market 7 US Estimated TAM: ~$180-260Bn U.S. Residential Brokerage Commissions ~$100-110Bn U.S. Residential Mortgage Commissions ~$20-70Bn Title Insurance and Escrow ~$40-50Bn (Insurance, Inspection, Renovation Financing, Staging, etc.) Other Real
Slide 8: Transaction Overview
8 TRANSACTION OVERVIEW • On 4/27/26 Real announced an agreement to acquire RE/MAX Holdings to create the Real REMAX Group • $880M transaction value; values RE/MAX Holdings at ~7x fully synergized 2025 Adjusted EBITDA 1 STRATEGIC RATIONALE •Unites Real's AI-powered brokerage platform with REMAX's ico
Slide 9: Creating a Leading Technology-Driven Global Real Estate Platform
Owned Brokerage O P E R A T I N G M O D E L Creating a Leading Technology-Driven Global Real Estate Platform 9 ~$2.3B 2025 Revenue AI-powered, high-growth brokerage platform, proprietary software and vibrant agent community Franchised Brokerage O P E R A T I N G M O D E L Iconic real estate brand an
Slide 10: Complementary Models Create a Differentiated Real Estate Business
+ Proprietary, AI-Enabled Tech Platform Collaborative One Real Community Compelling Agent Economic Model High-Growth, Asset-Light Brokerage Iconic Global Real Estate Brand Scaled Franchise Network Compelling Franchisee Flexibility High Margin, Recurring Revenue One of the only real estate firms offe
Slide 11: A Unique, Differentiated and Better Positioned Brokerage Platform
Agent Value Proposition Global Brand + Integrated Technology Platform Franchisee Value Proposition A Unique, Differentiated and Better Positioned Brokerage Platform GLOBAL BRAND + MODERN PLATFORM Combines REMAX’s globally recognized brand with Real’s integrated platform, offering agents credibility,
Slide 12: AI-Powered Home Search and Integrated Closing Services
AI-Powered Home Search HeyLeo — Always On, Across Every Channel • Real has built the industry's first voice-enabled AI home search and relationship manager • REMAX attracts over 1 million consumer leads annually across its websites — HeyLeo can transform that traffic into a smarter, more personalize
Slide 13: More Diversified and Durable Financial Model
2025 Gross Profit % Composition ADJUSTED EBITDA MARGIN2 : ~3% 95% Commissions 5% Title + Mortgage 52% Continuing Franchise Fees 14% Annual Dues 24% Commissions 10% Franchise Sales & Other Pro Forma 2025 Gross Profit % Composition 1 55% Commissions 2% Title + Mortgage 29% Continuing Franchise Fees 8%
Slide 14: Compelling Cost Synergy Opportunity
$4M $7M $4M $15M Anticipated Cost Synergies Majority of Run-Rate Synergies Expected to be Realized in 2027 SHARED SERVICES VENDOR & OTHER EXT. PUBLIC COSTS REAL ESTATE A C B D ~$30M of Estimated Run-Rate Cost Synergies Initial Synergies Additional Savings Over Time SHARED SERVICE CENTRALIZATION • St
Slide 15: Revenue Synergy Opportunities
Mortgage Expansion Title Attachment Real Wallet Contribution REMAX Website Lead Monetization Wallet LEO AI + Providing REMAX clients access to in-house financing options, deepening the consumer relationship while capturing mortgage economics that today flow to third parties Offering in-house settlem
Slide 16: Key Messages for Investors
16 1. Leading technology-enabled real estate platform spanning owned brokerage and iconic global franchise network 2. Consistent revenue and agent count growth despite a historically weak housing environment 3. Forthcoming REMAX acquisition valued at 7x fully synergized 2025 Adjusted EBITDA with ~$3
Slide 17: Appendix
Appendix
Slide 18: Statement of Financial Position
As of (Expressed in thousands of U.S. dollars) March 31, 2026 December 31, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $46,016 $33,213 Restricted cash 36,805 26,338 Investments in financial assets 16,904 16,731 Trade receivables 25,185 20,170 Short-term financing receivables, net 9,008 6,23
Slide 19: Statement of Operations, Three Months Ended March 31
Three Months Ended March 31, (Expressed in thousands of U.S. dollars, except for per share amounts) 2025 2024 Revenues $465,551 $353,981 Cost of Sales 423,396 320,045 Gross Profit $42,155 $33,936 General and administrative expenses 19,004 17,516 Marketing expenses 21,132 17,697 Research and developm
Slide 20: Statement of Cash Flows
Three Months Ended March 31, (Expressed in thousands of U.S. dollars) 2025 2024 OPERATING ACTIVITIES Net Loss ($3,458) ($5,121) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 575 379 Equity-settled stock-based payment 17,001 12,707 Impai
Slide 21: Revenue by Business Line
2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 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 Title Revenue 598 948 964 480 795 1,
Slide 22: Adjusted EBITDA Reconciliation
2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 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) Add/(Deduct): Finance Expenses, Net 452 187 (42) (6) 6
Slide 23: Operating Expense Reconciliation
2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 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 $45,595 Less: Revenue Share Expense 5,434 7,684 7,946 6,840 9,064 12,475
Slide 24: Transaction, Agent and Efficiency Metrics
2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Transaction Data Closed Transaction Sides 10,963 17,537 20,397 17,749 19,032 30,367 35,832 35,370 33,617 49,282 53,512 48,903 41,882 Total Value of Home Side Transactions ($, billions) $4
Slide 25: Non-GAAP Measures: Adjusted EBITDA and Free Cash Flow
1. Non-GAAP measures REMAX Adjusted EBITDA and Adjusted Free Cash Flow $M For the Year Ended December 31, 2025 Net Income $13 Depreciation and Amortization 26 Interest Expense 32 Interest Income (4) Provision for Income Taxes 6 EBITDA 74 Settlement and Impairment Charges (2) Equity-based Compensatio
Slide 26: Non-GAAP Measures and Ratios: Leverage
1. Non-GAAP measures REMAX Standalone Leverage $M Senior Secured Credit Facility $439 Cash and Cash Equivalents (119) Net Debt $321 Net Debt to Adjusted EBITDA 1 3.4x Pro Forma Leverage $M Pro Forma Debt $550 Real Cash and Cash Equivalents (33) REMAX Cash and Cash Equivalents (119) Cash Consideratio
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