Slide 1: The Real Brokerage Supplemental Investor Information Q1 2026
The Real Brokerage Supplemental Investor Information Q1 2026 May 2026
Slide 2: Disclaimer
Disclaimer Certain statements herein relating to The Real Brokerage Inc. (“Real” or the “Company”) constitute Future Oriented Financial Information: To the extent any “forward-looking statements”, within the meaning of applicable securities laws, including without forward-looking information in this
Slide 3: Q1 2026 Performance Summary
Q1 2026 Performance Summary Revenue Operating Loss Adjusted EBITDA 33,510 +25% $465.6M ($3.4M) $14.9M Total Agents YoY 41,882 +25% +32% YoY +$1.8M YoY +80% YoY Transactions(1) YoY Cash from Ops.(2) Cash & Invest.(2) Adj. EBITDA Margin $16.8B +24% GMV(1) YoY $23.3M $62.9M 3.2% $385k +1% +46% YoY +78%
Slide 4: KPI Summary – Agent & Transaction Count
KPI Summary – Agent & Transaction Count Agent Count LTM Closed Transaction Sides 33,510 Agents as of Q1’26 193,579 Transactions as of Q1’26 (Agents in 000s) (Transactions in 000s) Note: Financial & operating metrics as of Q1 2026. 4
Slide 5: KPI Summary – Gross Market Value & Median Sale Price
KPI Summary – Gross Market Value & Median Sale Price LTM Gross Market Value(1) Median Home Sale Price $78.6B of Gross Market Value as of Q1’26 $385k Median Home Sale Price as of Q1’26 (Gross Market Value in $Bn) (Median Home Sale Price in $000s) Note: Financial & operating metrics as of Q1 2026. (1)
Slide 6: Financial Summary – Revenue & Adjusted EBITDA
Financial Summary – Revenue & Adjusted EBITDA Revenue Adjusted EBITDA $2.1B of LTM Revenue as of Q1’26 $70M of LTM Adjusted EBITDA as of Q1’26 Re enue ( s) d usted ( s) uarterly Re enue ( s) , uarterly d usted ( s) , , , , , , ( ) Note: Financial & operating metrics as of Q1 2026. 6
Slide 7: Financial Summary – Historical Margin Trends
Financial Summary – Historical Margin Trends Quarterly Gross Margin Quarterly Adj. Operating Expense (% of Rev.) 9.1% Gross Margin as of Q1’26 4.6% Adj. Operating Expense (% of Rev.) as of Q1’26 d usted perating pense as of Re enue Re enue are as of Re enue Note: Financial & operating metrics as of
Slide 8: Financial Summary – Cash & Operating Cash Flow
Financial Summary – Cash & Operating Cash Flow Quarterly Unrestricted Cash & Investments(1) LTM Operating Cash Flow(1) $63M of Unrestricted Cash & Investments as of Q1’26 $73M of Operating Cash Flow as of Q1’26 (Unrestricted Cash & Investments in $Ms) (Operating Cash Flow in $Ms) Note: Financial & o
Slide 9: Appendix
Appendix real
Slide 10: Non-GAAP Measures & Ratios
Non-GAAP Measures & Ratios This Presentation includes references to “ d usted ”, “ d usted Operating Adjusted EBITDA, Adjusted Operating Expense and Operating Expense pense”, and “ perating Expense Excluding Revenue are”, which are non-U.S. Excluding Revenue Share have no direct comparable GAAP fina
Slide 11: Consolidated Balance Sheet
Consolidated Balance Sheet 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
Slide 12: Consolidated Statement of Income
Consolidated Statement of Income 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
Slide 13: Consolidated Statement of Cash Flows
Consolidated 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 st
Slide 14: Revenue by Business Line
Revenue by Business Line 2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 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 96
Slide 15: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA 2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 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)
Slide 16: Reconciliation of Operating Expense to Adj. Operating Expense
Reconciliation of Operating Expense to Adj. Operating Expense 2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 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 $45,595 Less: Revenue Sh
Slide 17: Key Performance Indicators
Key Performance Indicators 2023 2024 2025 2026 (Expressed in thousands of U.S. dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Transaction Data Closed Transaction Sides 10,963 17,537 20,397 17,749 19,032 30,367 35,832 35,370 33,617 49,282 53,512 48,903 41,882 Total Value of Home Side Transactions ($