The Real Brokerage (REAX) Oppenheimer 29th Annual Technology, Internet & Communications Conference summary

Business performance and growth

• Agent count grew from 1,000 in 2020 to over 36,000 by mid-2026, with a 50% CAGR since 2023, despite a stagnant housing market.

• LTM revenue increased from $500 million in Q2 2023 to over $2.3 billion in Q2 2026; adjusted EBITDA rose to $77 million.

• Operating leverage and improved pricing drove margin expansion, with 94 agents per full-time employee by end of 2025.

• Technology and remote model enabled significant cost efficiencies and scalability.

• Value proposition includes flexible economics, technology, and multiple wealth-building opportunities for agents.

Technology and platform innovation

• Proprietary reZEN platform manages all transactions, documents, and payouts for agents.

• AI assistant Leo handles over 100,000 agent queries quarterly, automates support, compliance, marketing, and CRM integration.

• Leo 2.0 enables direct CRM integration, nurturing leads and activating agent databases.

• Real Wallet fintech offers agents instant commission payments, debit cards, and credit lines based on transaction data.

• Technology automates most processes, reducing need for physical offices and manual labor.

Strategic acquisition of RE/MAX

• Announced acquisition of RE/MAX Holdings, with a security holder vote scheduled and expected closing in H2 2026.

• RE/MAX brings a global franchise network with over 145,000 agents in 120+ countries and $94 million adjusted EBITDA at 32% margin in 2025.

• Combined entity will have over 180,000 agents, $2.3 billion revenue, and up to $187 million adjusted EBITDA (fully synergized) in 2025.

• RE/MAX and Real will operate as separate brands, sharing advanced technology and back-office infrastructure.

• Acquisition price reflects 7x 2025 adjusted EBITDA on a fully synergized basis.