Slide 1: Q3 2025 Financial Results
Q3 2025 Financial Results November 10, 2025
Slide 2: Safe Harbor/Disclosure Statement
Q3 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
Q3 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 Q3 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
Q3 2025 FINANCIAL RESULTS Proprietary Technology and Data Is A Key Differentiator 14+ YEARS OF RICH DATA Including luxury item images and attributes, pricing/transactions, and customer behavior PROPRIETARY ADVANCED AI OPERATIONAL SYSTEMS AND ANALYTICS SOPHISTICATED BEST-IN-CLASS AUTOMATED PERSONALIZ
Slide 6: Q3 2025 Key Highlights
Q3 2025 FINANCIAL RESULTS • Record quarterly GMV of $520M, up 20% YoY GROWTH & • Active Buyer (trailing 12-months) growth accelerated MARKET • Strong Q3 results, a testament to our long term strategy • Supply value per existing Luxury Manager increased +12% LEADERSHIP YoY driven by new compensation
Slide 7: Q3 Financial Summary
Q3 2025 FINANCIAL RESULTS Q3 Financial Summary GMV ($M) ACTIVE BUYERS (000s) +7% +20% YoY YoY GMV of $520M, increased 20% Active Buyers expanded to an all-time high year-over-year, driven by sustained healthy of 1.024 million, up 7% on a trailing supply trends 12-month basis 7
Slide 8: Q3 Financial Summary
Q3 2025 FINANCIAL RESULTS Q3 Financial Summary REVENUE ($M) ADJUSTED EBITDA ($M) 5.4% +17% of Total YoY Revenue Revenue of $174M increased 17% Adjusted EBITDA was $9.3M, or 5.4% of Total year-over-year, with Consignment Revenue Revenue increased 380 basis points YoY up 15% and Direct Revenue up 47%
Slide 9: Q3 Financial Summary
Q3 2025 FINANCIAL RESULTS Q3 Financial Summary GROSS MARGIN OPERATING EXPENSES (% of Total Revenue) OPERATIONS & SELLING, GENERAL -60 bps MARKETING TECHNOLOGY & ADMINISTRATIVE YoY Gross Margin (GM) declined due Total Operating Expenses improved 620 bps YoY as a percent of revenue driven by to a high
Slide 10: 2025 Outlook
Q3 2025 FINANCIAL RESULTS 2025 Outlook $585M - $595M $2.099B - $2.109B Full Year 2025 GMV Q4 2025 $188M - $191M REVENUE $687M - $690M ADJUSTED $17.5M - $18.5M $37.7M - $38.7M EBITDA 10
Slide 11: Key Advantages and Differentiators
Q2 2025 FINANCIAL RESULTS Q3 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: Customer Spotlight
The RealReal Customer Spotlight
Slide 13: Our Customer Flywheel
Q3 2025 FINANCIAL RESULTS Our Customer Flywheel 50%+* of GMV From individuals who are buyers Unique, highly & consignors Convenient coveted products end-to-end service World-class Rapid monetization authentication BUYERS CONSIGNORS Flexibility Personalized buying experience Instill Trust and Access
Slide 14: Meet Our Customer
Q3 2025 FINANCIAL RESULTS Meet Our Customer Our best customer is stylish and invests in it. They love fashion and switch out their wardrobe season-to-season. They like to look relevant. For them, dressing is a form of creative expression. They now consider what will retain its value when they shop.
Slide 15: We are Changing the Way People Shop
Q3 2025 FINANCIAL RESULTS We are Changing the Way People Shop Consumer shopping behaviors are shifting… ● 58% of consumers say they prefer shopping the secondary market * ● 47% say they consider resale value when making purchasing decisions in the primary market * …And we have demographic tailwinds
Slide 16: Appendix
The RealReal Appendix
Slide 17: Q3 2025 Obsession Trends
Q3 2025 FINANCIAL RESULTS Q3 2025 Obsession Trends FPO FPO FPO Branded Jewelry Handbags RTW Women’s Shoes Tiffany & Co. Chanel Prada Christian Louboutin David Yurman Louis Vuitton Zimmermann Manolo Blahnik Chanel Miu Miu Chanel Jimmy Choo Cartier Bottega Veneta Dolce & Gabbana Saint Laurent Hermes C
Slide 18: Key Financial Metrics
Q3 2025 FINANCIAL RESULTS KEY FINANCIAL METRICS 18
Slide 19: Income Statement
Q3 2025 FINANCIAL RESULTS INCOME STATEMENT - - 19
Slide 20: Balance Sheet 1 of 2
Q3 2025 FINANCIAL RESULTS BALANCE SHEET 1 of 2 20
Slide 21: Balance Sheet 2 of 2
Q3 2025 FINANCIAL RESULTS BALANCE - SHEET 2 of 2 21
Slide 22: Free Cash Flow Reconciliation of GAAP to Non-GAAP Results
Q3 2025 FINANCIAL RESULTS FREE CASH FLOW RECONCILIATION OF GAAP TO NON-GAAP RESULTS 22
Slide 23: Adjusted EBITDA Reconciliation of GAAP to Non-GAAP Results
Q3 2025 FINANCIAL RESULTS ADJUSTED EBITDA RECONCILIATION (1) - OF GAAP TO (2) NON-GAAP (3) RESULTS (1) The gain on extinguishment of debt for the three months ended September 30, 2025 reflects the difference between the carrying value of the 2025 Exchanged Notes and the fair value of the 2031 Notes.
Slide 24: The RealReal
The RealReal