Real Brokerage (REAX) Q4 2025 Earnings Transcript

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Wed, March 4, 2026 astatine 8:26 AM CST 30 min read

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Wednesday, March 4, 2026 astatine 8 a.m. ET

• Chairman and Chief Executive Officer — Tamir Poleg

• Chief Operating Officer — Jenna Marie Rozenblat

• Chief Financial Officer — Ravi Jani

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Tamir Poleg, our Chairman and Chief Executive Officer; Jenna Marie Rozenblat, our Chief Operating Officer; and Ravi Jani, our Chief Financial Officer. This morning, The Real Brokerage Inc. published an net property merchandise including results for the 4th fourth and afloat twelvemonth ended 12/31/2025. The property release, on with the consolidated fiscal statements and related management's treatment and investigation for the afloat twelvemonth ended 12/31/2025 person been filed with the U.S. Securities and Exchange Commission connected EDGAR and with the Canadian Securities regulators connected SEDAR. Before we get started, I would similar to punctual everyone that statements made connected this league telephone that are not humanities facts, including statements astir aboriginal clip periods, whitethorn beryllium deemed to represent forward-looking statements.

Our existent results whitethorn disagree materially from these forward-looking statements, and the hazard factors that could origin these differences are elaborate successful our Canadian continuous disclosure documents and SEC reports. The Real Brokerage Inc. disclaims immoderate intent oregon work to update these forward-looking statements but arsenic expressly required by law. With that, I volition present crook the telephone implicit to Chairman and Chief Executive Officer, Tamir Poleg. Tamir, delight proceed.

Tamir Poleg: Thank you, Alex, and bully morning, everyone. 2025 was different transformational twelvemonth for The Real Brokerage Inc., and our 4th fourth results provided a beardown finish. In the 4th quarter, we grew closed transactions by 38% to astir 49,000, importantly outpacing the broader existing location income market. This measurement drove gross maturation of 44% to $505 cardinal and a 30% summation successful gross nett to $39 million. Net nonaccomplishment narrowed to $4.2 million, portion adjusted EBITDA was affirmative $14.2 million, a 56% year-over-year increase. Looking astatine the afloat year, gross grew 56% to astir $2 billion, portion our gross nett maturation of 44% importantly outpaced the 25% summation successful operating expenses.

This subject resulted successful a important betterment successful our GAAP nett nonaccomplishment to $8.1 million, portion adjusted EBITDA reached $62.9 million, up 57% from past year. Furthermore, our exemplary generated affirmative currency travel from operations of astir $66 million, allowing america to instrumentality $39 cardinal to shareholders done buybacks, portion maintaining a debt-free equilibrium expanse with $50 cardinal successful liquidity. We ended 2025 with 31,739 agents connected our platform, up 31% twelvemonth implicit year, and today, that fig has grown to implicit 33,000. These results would beryllium awesome successful immoderate environment, but are notable fixed the broader lodging backdrop.