Douglas Elliman (DOUG) investor relations material

Executive summary

• Revenues for the first half of 2025 increased 8% year-over-year to $524.8M, the strongest first half since 2022.

• Net loss for the six months ended June 30, 2025, narrowed to $28.7M from $43.1M in 2024, with improved adjusted EBITDA and adjusted net loss.

• Q2 2025 net loss was $22.7M ($0.27/share), impacted by a $17M non-cash charge from convertible debt derivatives.

• Strategic growth initiatives included the launch of Element Capital (mortgage platform) and Element International (global expansion), with a focus on luxury markets and technology.

• The company transitioned to a single reportable segment as of January 1, 2025.

Financial highlights

• Q2 2025 revenues were $271.4M, down from $285.8M in Q2 2024; six-month revenues rose to $524.8M from $486.0M year-over-year.

• Adjusted EBITDA for Q2 2025 was a loss of $849K; for six months, adjusted EBITDA was $259K vs. a loss of $14.7M in 2024.

• Adjusted net loss for Q2 2025 was $4.7M ($0.06/share); for six months, $7.1M ($0.08/share) vs. $23.6M ($0.28/share) in 2024.

• Real estate agent commissions expense was $204.6M in Q2 2025 (75.4% of revenue) and $391.1M for the six months (74.5% of revenue).

• Cash, cash equivalents, and restricted cash totaled $136M–$144.7M as of June 30, 2025.

Outlook and guidance

• Optimism for Q3 and the remainder of 2025, supported by strong luxury home demand, rising transaction values, and a robust development marketing pipeline.

• Expansion of Element Capital to additional states and international growth through Element International are expected to drive future revenue streams.

• Management anticipates current cash and expected cash flows will be sufficient to meet liquidity needs over the next twelve months.