eXp World Holdings, Inc.

Good afternoon and welcome to eXp World Holdings second quarter 2025 earnings fireside chat via live stream and our metaverse on the web frame. My name is Denise Garcia, and I manage investor relations for eXp World Holdings. Today, we will begin our earnings fireside chat with remarks from Leo Perea, CEO of eXp Realty, Wendy Forsyth, CMO of eXp Realty, Felix Bravo, Managing Director International, Jesse Hill, Chief Financial Officer of eXp World Holdings, and Glenn Sanford, Founder, Chairman, and CEO of eXp World Holdings. Following our prepared remarks, we will open the call to a Q&A session with our speakers. Let's begin with the review of the forward-looking statements. There will be a number of forward-looking statements made today that should be considered in conjunction with the cautionary statements contained in the company's SEC filings. Forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Please see our filings with the SEC, including our most recently filed annual report on Form 10-K and quarterly reports on Form 10-Q for a discussion of specific risks that may affect our business, performance, and financial condition. We assume no obligation to update or revise any forward-looking statements or information. As a reminder, today's call is being recorded and a replay will also be made available on expworldholdings.com. Now for a few logistics and we will get started. For those of you joining in frame today, welcome to our metaverse on the web. To zoom into a specific screen, you can click on that screen and then click zoom in. If the content on the screen disappears or you lose audio, simply refresh your page. While in frame, if you need help, just use the help button at the bottom right to link with tech support. Should you wish to ask a question during our presentation, you can enter your questions by scanning the QR code presented on this screen with your mobile phone or go to slido.com and type in the event code EXPI. From there, you can submit a question or vote up an existing question by giving a thumbs up for that question to be asked. This screen will remain up on the right-hand side of the stage. Now, I'll turn the fireside chat over to our speakers before opening the call to questions. Leo, you may begin.

Thanks, Denise. I would like to start off by noting some positive trends amongst eXp agents in our base this quarter. This quarter marked our first quarter since Q2 of 2024 that we saw sequential quarter-over-quarter growth in our agent count. This is a great indication that our strategies and programs we've created to attract and retain agents are working. Not only have we been able to attract and retain great agents, we've created stronger, more productive agent base during this market downturn. Sales transactions per agent are up 4% year-over-year. The number of ICON agents is up 9% year-over-year. And we've had 22% fewer agents leave in Q2 this year versus last year. And we continue to shed our most unproductive agents. 57% of non-productive agents that left eXp left the industry in Q2. Let's talk more about retention on this next slide. In the U.S., the majority of departing agents continue to be in the low-producing cohort, and we retain the highest, most producing agent cohorts, which are multiple less likely to churn than low-producing agents. Our strategy to attract teams is working and helping drive the increase in agent productivity. Nearly half at 41% of new agents to eXp were members of teams in the second quarter. Agents on teams are 79% more productive than individual agents. Increased agent retention, a trend we began to see in Q1 of this year, is what has helped drive our quarter-over-quarter agent growth in the US. And we had 31% fewer agents leave eXp versus a year ago a quarter in the US. I'd like to highlight some of the notable teams that helped us get there on the next slide. Starting with Shane and Clint Neal from the Neal team in San Antonio. a top three Keller Williams teams for 2024 in both units and GCI, where they operate across all niches of residential real estate, including luxury and land and ranch, which Wendy will discuss in a moment. We also welcome the move team in Edmonton, Alberta and Canada. The move team marked a historic moment for us at EXP as they were our first official co-sponsored team in Canada. As mentioned, our strategy to attract agents and teams with innovative programs is working and Wendy will also provide an update on co-sponsorship program in her remarks. The ERS group in Omaha, Nebraska is a great example of the flexibility of the eXp platform enabling entrepreneurs to realize their vision. ERS is building a platform to connect homeowners and tenants with every service they need and real estate ecosystem on eXp's cloud-based model that offers perfect foundation to scale nationally while tapping into a network of forward-thinking agents and brokers. On the next slide, we join the Kumla Group from Scottsdale, Arizona. Scott and his team joined us in Arizona under the leadership of Joshua Smith, his long-time mentor. And as part of eXp, he now gets to the benefit from Mike Sherrard and other folks that he partnered with, formerly coming from my home group. In Long Beach, California, we welcome Costanza, Genesee, and Zerbe and Associates who came to eXp to increase their production and were attracted to the strong infrastructure, all the tools and autonomy we give them to scale their business. And some of you may recognize YouTube star Kyler Ferris, who is coming back. He was formerly with us several years ago where he went independent to grow his brand and just realized that the value proposition was too great not to be affiliated with us. And he was also one of our first folks to take advantage of the co-sponsorship program that officially launched May 1st and has been wildly successful. On that note, I'll turn it over to Wendy Forsythe, our Chief Market Officer, to share more details about that program and others driving our success. Wendy?

Thanks, Leo. In Q2, we saw three significant program launches to add value in our ever-growing value stack. the launch of our CRM of Choice program, the launch of our co-sponsor program, and the launch of eXp Land and Ranch. So let me share some of the details of each of these programs. I'll start with our co-sponsor program. The launch of the co-sponsor program allows the power of two here at eXp, sparking growth and collaboration and bringing attraction to a whole new level. This program has been met with great success Since launching the program, we have seen co-sponsors happen across 22 countries globally, showing the great collaboration amongst our agents in countries all over the globe. The next program we launched this quarter was our CRM of choice. CRM is the backbone of agents' businesses. And it is a very personal part of what powers an agent's business. And we are able now to give our agents the opportunity to choose between one of three CRMs for their business. And agents have received this choice very positively and are now able to select either Bold Trail, Close, or Lofty to power their CRM in their business. And this has been a real game changer for our agents as they make this selection and power their CRMs and their sphere of influences with this tool that fits their needs in their business every single day. The last program we launched this quarter in our toolbox for our agents has been the long awaited launch of our eXp land and ranch program. Landon Ranch is an important niche market in our business, and our eXp agents have received the launch of Landon Ranch very positively. In fact, since our launch in April, we've had over 100 agents join the Landon Ranch division, and we have a long list already waiting to join. So land and ranch agents, welcome. We are so happy that you are ready and able to support land and ranch consumers across the country. Moving along to programs that we launched earlier in the year. And in fact, the Canva program was launched last year, but we're just finishing our full second quarter of Canva. And our eXp agents, you guys are Canva power users. ending our second full quarter of Canva. And it is amazing the usage of Canva. You published over 500,000 designs at the end of Q2 2025, a five times increase in design usage, going from just under two designs per user to almost nine designs per user. And you are designing faster. Decreasing your time to create a design from 24 minutes down to nine minutes. The power of brand is such an important component in driving all of our businesses and Canva is such an important tool in creating that brand. And we're certainly seeing that adoption. from all of our eXp agents and Canva is at the center of that adoption. So kudos to all of you for your adoption and implementation of Canva as an important part of our toolbox. One of the things that is at the center of our culture is in-person events. And during Q2, we executed on several key in-person events. One of the ones that is a really, just such a treat is our regional rallies, which are events that we put on in conjunction and in partnership with our agents. These events are actually agent led events and our agent led regional rallies were phenomenal this year. We had over 4,000 agents attend these events across the country in 19 different locations and we received really high remarks. So Thank you to all of our agent organizers for these events and everyone who came out and attended these events. It was phenomenal to see the energy and the excitement and the connection and all of the learning and sharing that happened at these events across the country. In addition to our regional rallies, We also had two of the three of our major eXpCon events happen in Q2. The first of which happened in April, which was eXpCon in Montreal, Canada. A tremendous event that had eXp agents, not only from Canada, but from across the globe in attendance, was larger than our eXpCon Canada event in 2024. So always great to see growth. at our events and received very high marks for culture and education and all of the things that we want to have happen at these events. So thank you to everyone who attended that event. The second of our exp con events that happened this quarter was our exp con event in Barcelona. And this is our exp con international event. This event doubled in size year over year. We had over 550 EXP agents from over 18 different countries in attendance. And the event was just phenomenal. It happened just in June and we received tremendous feedback on this event. And it truly did show to us just the amazing collaboration and the The thing that I think we all took away from this event is that real estate is truly happening globally. And we as eXp are collaborating on a global stage. So it really was an exciting event to be a part of. And I think that we all share in the sentiment that we came away from this event, those who attended and even those that didn't attend, really energize about the opportunities that we have globally. And we're so excited about that. And that tees us up perfectly to hand the stage over to Felix Bravo to talk to us about all the things that are happening at eXp International. So Felix, over to you.