Re/max Holdings, Inc. · NYSE:RMAX
Re/max — Q2 2025 Earnings Presentation
23 slides from Re/max's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings July 30, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as “believe,” “intend,
Slide 3: Q2 2025 Highlights
Q2 2025 Highlights Q2 2025 Operating Highlights Q2 2025 Financial Highlights • Total agent count increased 2.5% • Revenue was $72.8 million YoY to 147,073 agents • Adjusted EBITDA1 of $26.3 million, • Agent count in the U.S. and Canada down 6.4% combined decreased 5.0% to 74,635 • Adjusted EBITDA Ma
Slide 4: REMAX agents average double the sales of other agents
2-1 REMAX" agents average double the sales of other agents in the RealTrends Verified rankings of large brokerages. REMAX
Slide 5: Voted #1 most trusted real estate agents in the USA and Canada
: MMMM 1 Voted #1 most trusted real estate agents in the USA’ and Canada” year after year. ‘BrandSpark al BrandSp. The greatness in you”
Slide 6: Agent Count Change Year-over-Year
Agent Count Change Year-over-Year Agents Outside U.S. & Canada Agents in Canada Agents in the U.S. +11.5% -0.9% -7.0% (+7,495 Agents) (-227 Agents) (-3,737 Agents) June 30, 2025, over June 30, 2024 Record Agent Count Total agent count increased 3,531 agents, or 2.5%, YoY to 147,073 agents as of June
Slide 7: Revenue
Revenue Quarter to Date Year to Date Revenue ($M) Increase/(Decrease) Increase/(Decrease) 2025 2024 2025 2024 $ % $ % Continuing franchise fees $29.0 $30.3 ($1.3) (4.4%) $58.3 $61.4 ($3.1) (5.0%) Annual dues $7.7 $8.2 ($0.5) (5.6%) $15.5 $16.4 ($0.9) (5.5%) Broker fees $13.5 $14.5 ($1.1) (7.4%) $24.
Slide 8: Selling, Operating and Administrative Expenses
Selling, Operating and Administrative Expenses Quarter to Date Year to Date Selling, Operating & Administrative Increase/(Decrease) Increase/(Decrease) Expenses ($M) 2025 2024 2025 2024 $ % $ % Personnel $21.5 $22.2 ($0.7) (3.3%) $46.5 $48.0 ($1.5) (3.1%) Professional fees $3.4 $2.8 $0.6 22.9% $6.0
Slide 9: Adjusted EBITDA of $26.3 Million
Adjusted EBITDA1 of $26.3 Million Adjusted EBITDA1 ($M) Adjusted EBITDA Margin1 $28.1 $26.3 35.8% 34.8% 36.1% 32.2% 25.9% Up 30 basis points over Q2 2024 For Q2 2025: • Adjusted EBITDA was $26.3 million for the second quarter of 2025, a decrease of $1.8 million, or 6.4%, compared to the second quart
Slide 10: Looking Ahead – Q3 2025 and FY 2025 Outlook
Looking Ahead – Q3 2025 and FY 2025 Outlook Q3 2025 Outlook1 Full Year 2025 Outlook1 For the third quarter of 2025, RE/MAX For the full year 2025, RE/MAX Holdings Holdings expects: expects: • Agent count to increase 1.0% to 2.0% • Agent count in a range from 0.0% to over third quarter 2024; positive
Slide 11: RE/MAX Holdings, Inc.
RE/MAX Holdings, Inc. A Leading Dual-Brand Franchisor with Compelling Growth Opportunities Most-Trusted Highly #1 Name in Agents in the Productive Real Estate3 U.S. and Network of (US/Canada) Canada1,2 More Than and 145,000 Unmatched Agents Global Footprint4 Large Network First-and- Top Franchise of
Slide 12: Thank you!
RE/MAX HOLDINGS, INC. Thank you!
Slide 13: REMAX Aspire – New Agent Onboarding Program
REMAX Aspire – New Agent Onboarding Program Designed to incentivize recruiting leveraging extensive franchisee feedback An optional, enhanced onboarding program designed to build the next generation of top-producing RE/MAX agents combining education, marketing and technology offerings alongside an a
Slide 14: Total Agent Count
Total Agent Count Agent Count Change Year-over-Year June 30, 2024 June 30, 2025 +2.5% YoY (+3,531 agents) Record Agent Count as of June 30, 2025 147,073 143,542 -5.0% YoY (-3,964 agents) +11.5% YoY (+7,495 agents) 78,599 74,635 72,438 64,943 Total RE/MAX U.S. & Canada Outside U.S. & Canada 14
Slide 15: Balance Sheet, Capital Allocation & Liquidity
Balance Sheet, Capital Allocation & Liquidity Balance Sheet & Leverage Capital Allocation & Liquidity • Cash balance of $94.3 million on • The Company has a common stock June 30, 2025, down $2.3 million repurchase program of up to $100 from December 31, 2024 million. During the three months • $439.0
Slide 16: Industry Forecasts
Industry Forecasts Monthly Existing Home Sales1 (Thousands) Annual Existing Home Sales2,3 (Millions) 700 Fannie Mae MBA 600 4.53 4.44 500 4.14 4.16 4.06 4.08 400 300 200 2024 2025e 2026e Home Price Appreciation2,3 (YoY) Housing Starts - Single Family2,4 (Thousands) Fannie Mae MBA Fannie Mae NAHB 5.3
Slide 17: Mortgage Finance Forecasts
Mortgage Finance Forecasts Loan Originations1 ($’s in billions) Mortgage & Interest Rates1 Purchase Refinance 30-Year Fixed 10-Year Treasury $1,600 $1,400 $1,461 $1,200 $1,357 $1,288 $1,000 6.6% 6.7% 6.4% $800 $781 $600 4.3% $664 4.3% 4.3% $400 $491 $200 $0 2024 2025e 2026e 2024 2025e 2026e 1Source:
Slide 18: Agent Count and Revenue Excluding Marketing Funds
Agent Count and Revenue Excluding Marketing Funds As of June 30, March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 2024 2023 2023 2023 Agent Count: U.S. Company-Owned Regions 43,363 43,543 44,911 46,283 46,780 47,302 48,401 49,576 50
Slide 19: Adjusted EBITDA Reconciliation to Net Income
Adjusted EBTIDA Reconciliation to Net Income (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC) Three Months Ended Six Months Ended June 30, June 30, $ in 000’s 2025 2024 2025 2024 Net income (loss) $ 6,698 $ 6,190 $ 3,462 $ 583 Depreciation and amortization 6,601 7,400 13,190 15,252 Intere
Slide 20: Adjusted Net Income & Adjusted Earnings per Share
Adjusted Net Income & Adjusted Earnings per Share (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC) Three Months Ended Six Months Ended June 30, June 30, $ in 000’s 2025 2024 2025 2024 Net income (loss) $ 6,698 $ 6,190 $ 3,462 $ 583 Amortization of acquired intangible assets 4,416 4,943 8,
Slide 21: Adjusted Free Cash Flow & Unencumbered Cash Generation
Adjusted Free Cash Flow & Unencumbered Cash Generation Six Months Ended June 30, $ in 000’s 2025 2024 Cash flow from operations $ 10,213 $ 25,266 Less: Purchases of property, equipment and capitalization of software (3,307) (4,510) (Increases) decreases in restricted cash of the Marketing Funds (1)
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. GAAP, such as revenue excluding the Marketing Funds, Adjusted EBITDA and the ratios related thereto, Adjusted net inc
Slide 23: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Adjusted net income (loss) is calculated as Net income (loss) attributable to RE/MAX Holdings, assuming the full exchange of all outstanding non-controlling interests for shares of Class A common stock as of the beginning of the period (and the related increas