Slide 1: Investor Overview
The RealReal vestor Overview
Slide 2: Safe Harbor/Disclosure Statement
INVESTOR OVERVEW 2026 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. In so
Slide 3: Table of Contents
INVESTOR OVERVEW 2026 Table of Contents Company Financial Growth Drivers + Strategy Overview Overview The RealReal: By the Numbers Growth Playbook Driving Topline Growth • Multi-Channel Consignment Model • Diverse Consignor Base What we Do • Expanding the Supply Engine Improving Take Rate & Margins
Slide 4: The RealReal by the Numbers
INVESTOR OVERVEW 2026 The RealReal by the Numbers (1) Largest, most trusted luxury resale platform in the world MARKET LEADER HIGH ENGAGEMENT ~$2.1B 1.1M (2) GMV in 2025 Trailing 12-month Active Buyers >$550 >40 hours Average Order Value (AOV) Spent Annually Per Active Member on Average >50M 15,000+
Slide 5: Changing The Way People Shop For the Better
INVESTOR OVERVEW 2026 Changing The Trusted market leader in luxury resale across diverse categories & brands Tenured sales team nurtures highly-engaged community of buyers & consignors Way People Shop Rich data and technology expertise driving pricing and authentication For the Better Full-service a
Slide 6: Well-Positioned to Seize the Large and Growing Luxury Fashion Resale Opportunity
INVESTOR OVERVEW 2026 Well-Positioned to Seize the Large and Growing Luxury Fashion Resale Opportunity LUXURY RESALE MARKET $80B ON THE RISE Primary luxury market Luxury Goods annual sales in U.S. 35M+ annual luxury buyers in the US primary market(2) Untapped in U.S. Closets ~$200B 50% of our new se
Slide 7: Clear and Focused Strategy
INVESTOR OVERIVEW CORPORATEOVERVEW DECK 2026 2026 2025 Clear and Focused Strategy UNLOCK SUPPLY OBSESS OPERATIONAL THROUGH GROWTH OVER EXCELLENCE PLAYBOOK SERVICE SUPPORTED BY PROPRIETARY TECHNOLOGY AND DATA COMPANY OVERVIEW 7
Slide 8: Proprietary Technology and Data Is A Key Differentiator
INVESTOR OVERVEW 2026 Proprietary Technology and Data Is A Key Differentiator ~15 YEARS OF RICH DATA Including luxury item images and attributes, pricing, transactions, and customer behavior ADVANCED AI PROPRIETARY AND ANALYTICS OPERATIONAL SYSTEMS SOPHISTICATED WORKFLOW BEST-IN-CLASS PERSONALIZED P
Slide 9: Differentiated Model Drives Unique Position
INVESTOR OVERVEW 2026 Differentiated Model Drives Unique Position PEER-TO-PEER FIRST PARTY PHYSICAL eCommerce eCommerce RESALE SHOPS Trust Expertise Reach Margins Capital Efficiency Based on internal company assessment GROWTH DRIVERS & STRATEGY 9
Slide 10: A Compelling Investment Thesis
INVESTOR OVERIVEW CORPORATEOVERVEW DECK 2026 2026 2025 A Compelling LEADER IN LUXURY RESALE Investment Thesis scaled, asset-light 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
Slide 11: Growth Drivers and Strategy
Growth Drivers and Strategy 11
Slide 12: Growth Playbook
INVESTOR OVERVEW 2026 Tenured Luxury Managers cultivating deep consignor Sales relationships, accelerated by SmartSales, our AI-enabled tool surfacing the highest-value Growth opportunities Playbook Acquiring buyers who become consignors. The flywheel in action: Marketing 40%+ of new consignors come
Slide 13: Meeting Consignors Where They Are
INVESTOR OVERVEW 2026 Meeting Consignors Where They Are Multi-channel model reduces friction, creates flexibility and enables convenience MULTI-CHANNEL END-TO-END MODEL IN-HOME RETAIL STORES SELF-SERVICE Luxury Managers provide convenient in- Strategically located stores and Extending high-value ser
Slide 14: Unmatched Ability to Unlock Profitable, Diverse and Curated Supply
INVESTOR OVERVIEW OVERVEW 2026 2026 Unmatched Ability to Unlock Profitable, Diverse and Curated Supply From $50 entry pieces to $350,000+ rare finds — MIXING HIGH AND LOW accessibility and aspiration in one platform 15,000+ UNIQUE ITEMS CURRENT AND Decades of luxury at the same DROPPED destination,
Slide 15: A Diverse, Affluent and Engaged Consignor Base
INVESTOR OVERIVEW OVERVEW 2026 2026 A Diverse, Affluent and Engaged Consignor Base We serve a large and growing community DIGITALLY NATIVE HIGH-EARNING HIGHLY ENGAGED ~50% of our consignors 50%+ of GMV from are Millennials and Gen Z $150K+ Household members who both - the demographics aging income f
Slide 16: Expanding the Supply Engine
INVESTOR OVERVIEW 2026 Expanding the Supply Engine Disciplined tests unlocking adjacent supply pools, expanding our TAM PARTNERSHIPS Opportunity to partner with brands and expand programs like REAL Partners, which leverages our community to grow supply DROP-SHIP INTERNATIONAL EXPANSION B2B supply mo
Slide 17: Obsess Over Service
INVESTOR OVERVEW 2026 15 years of authentication expertise, 40M+ A foundational members, and $6B+ paid culture of trust to consignors underpin Obsess the trust that defines our category leadership Over My Closet, real-time Service Personal advisor of the valuations, and the Reconsign module give cus
Slide 18: My Closet: System of Record for Luxury Assets
INVESTOR OVERVIEW 2026 My Closet: System of Record for Luxury Assets The product manifestation of our vision to become the personal advisor of the closet PHASE 1 PHASE 2 PHASE 3 PHASE 4 PHASE 5 & Beyond Reconsign Price Estimator My Closet Foundation Visual Intake + Contextual Feedback Dynamic Closet
Slide 19: Technology as an Accelerator
INVESTOR OVERVEW 2026 Technology as an Accelerator Integrating data and expertise with industry-leading technology CONSIGNOR MODERN ENHANCING OUR TRANSPARENCY LUXURY EXPERIENCE PLATFORM • On-demand pricing and • Concierge service • Recommendations earnings estimates for blending human expertise shap
Slide 20: Cultivating a Rich Member Ecosystem
INVESTOR OVERVEW 2026 Cultivating a Rich Member Ecosystem 50%+ of GMV* From individuals who are buyers Unique, highly and consignors Convenient coveted products end-to-end service World-class Rapid monetization authentication CONSIGNORS 40M+ BUYERS Provide a Frictionless Flexibility Personalized Ins
Slide 21: Operational Excellence
INVESTOR OVERVEW 2026 Athena, our proprietary AI- World-class enabled intake process, authentication driving operating leverage, faster speed-to-site, scale, operations and accuracy Operational Excellence Proprietary pricing algorithms, now enhanced Data-driven with AI-powered image pricing embeddin
Slide 22: Deep Authentication Expertise
INVESTOR OVERVIEW 2026 Deep Authentication PATEK PHILIPPE WATCH Expertise Rigorous process combines AI, PROPRIETARY DATA AND HUMAN EXPERTISE Comprehensive QUALITY CHECKS across all products and PRICE POINTS facilitated by Vision Model and Shield Technology Authentication overseen by 100+ REAL EXPERT
Slide 23: Reference Pricing for the Luxury Resale Market
INVESTOR OVERVEW 2026 Reference Pricing for the Luxury Resale Market EVALUATE DEMAND BASED ON UNIQUE PRICING MODELS DELIVER OPTIMAL BALANCE OF EACH ITEM'S UNIQUE LEVERAGE PROPRIETARY DATA PRICE AND VELOCITY CHARACTERISTICS AND EXPERTISE • Trends, seasonality and market shifts • Market demand and his
Slide 24: Financial Targets and Outlook
Financial Targets and Outlook 24
Slide 25: Driving Topline Growth
INVESTOR OVERVEW 2026 Driving Topline Growth KEY DRIVERS Unlocking profitable supply through our REVENUE AND GROSS MERCHANDISE VALUE growth playbook ($ million) Amplifying our Sales team's efficiency GMV Revenue 8% through technologies like our Smart Engine GMV CAGR (2021-2025) to increase conversio
Slide 26: Strong and Sustainable Gross Margin
INVESTOR OVERVEW 2026 Strong and Sustainable Gross Margin KEY DRIVERS TAKE RATE AND GROSS MARGIN RATE Growing high-value supply and improve unit economics Take Rate Gross Margin Rate Healthy gross margins and higher 74.5% 74.6% gross profit dollars due to improved mix 68.5% (consign vs direct), and
Slide 27: Focused on Delivering Sustained Profitability
INVESTOR OVERVEW 2026 Focused on Delivering Sustained Profitability KEY DRIVERS ADJUSTED EBITDA Strong and sustainable take rate and gross margins ($ million) Utilization of technology, automation and AI $42 to improve unit economics and drive operational efficiency $9 Delivering fixed cost leverage
Slide 28: Capital Deployment to Drive Growth
INVESTOR OVERVEW 2026 Capital Deployment to Drive Growth MAINTAIN FLEXIBLE Two consecutive years of positive free ASSET LIGHT MODEL AND STRONG cash flow CAPITAL STRUCTURE $80M+ in debt reduction over the past two years, strengthening the balance sheet • Consignment-focused business with minimal inve
Slide 29: Significant Improvement in Cash Flow
INVESTOR OVERVEW 2026 Significant Improvement in Cash Flow KEY DRIVERS & HIGHLIGHTS OPERATING CASH FLOW (12 MTHS ENDING 12/31) ($ million) Improved Adjusted EBITDA driven by top- line growth and expense leverage $37 $27 Low level of capital investment required as company scales $(61) Positive Free C
Slide 30: Clear Medium-Term Goals
INVESTOR OVERVEW 2026 Clear Medium-Term Goals KEY SCALABILITY DRIVERS Revenue ($M) & Adjusted EBITDA Margin % Strong Revenue Growth HSD to LDD(1) • Large and growing TAM with secular tailwinds 1100 Top-Line 25% Growth Target • Proven ability to unlock supply through our Growth Playbook 900 20% 15-20
Slide 31: A Compelling Investment Thesis
CORPORATE DECK 2026 INVESTOR OVERIVEW OVERVEW 2026 2025 A Compelling LEADER IN LUXURY RESALE Investment Thesis scaled, asset-light 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
Slide 32: Appendix
The RealReal Appendix
Slide 33: Building Momentum to Drive Profitable Growth
INVESTOR OVERVEW 2026 Building Momentum to Drive Profitable Growth REVENUE ($ million) ACTIVE BUYERS1 (in thousands) HIGHLIGHTS 250 1200 200 1000 150 800 600 Driving profitable growth through a 100 400 flexible, attractive model 50 200 0 0 • Asset-light Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • High margin • Low ri
Slide 34: Our Multi-Channel Approach to Supply Reduces Friction for our Sellers
INVESTOR OVERVEW 2026 Our Multi-Channel Approach to Supply Reduces Friction for our Sellers BUYERS BECOME CONSIGNORS In-Home Pickup GLOVE Pick, Pack & Ship WHITE In-Store Drop Off Online Pick, Pack Purchases SUPPLY AUTHENTICATION & Ship BOPIS DEMAND Virtual Appointment SIDE CENTERS SIDE In-Store Dir
Slide 35: We Have the Right Team to Deliver Sustainable, Profitable Growth
INVESTOR OVERVEW 2026 We Have the Right Team to Deliver Sustainable, Profitable Growth Rati Sahi Levesque Luke Friang Jessica Fortier PRESIDENT & CHIEF EXECUTIVE Ajay Gopal CHIEF TECHNOLOGY SENIOR VICE PRESIDENT, Samantha McCandless OFFICER CHIEF FINANCIAL OFFICER & PRODUCT OFFICER OPERATIONS CHIEF
Slide 36: Adjusted EBITDA Reconciliation
INVESTOR OVERVIEW 2025 Twelve Months Ended December 31 2025 2024 ADJUSTED (in $000’s, except percentages) Net loss $(41,799) $(134,202) EBITDA Depreciation and amortization 33,004 33,100 Net Interest expense(1) 23,444 13,441 Provision for income taxes 363 276 RECONCILIATION EBITDA 15,012 (87,385) OF
Slide 37: Free Cash Flow Reconciliation
INVESTOR OVERIVEW OVERVEW 2026 2026 FREE CASH FLOW RECONCILIATION OF GAAP TO NON-GAAP RESULTS Twelve Months Ended December 31 (in $000’s, except percentages) 2025 2024 Net cash provided by operating activities $37,010 $26,846 Purchase of property and equipment and capitalized proprietary (31,533) (2
Slide 38: The RealReal
The RealReal