The Real Brokerage, Inc.

Good day, everyone, and welcome to the Real Brokerage fourth quarter and full year-end December 31st, 2025 earnings call. At this time, all participants are placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to hand the floor over to your host, Ms. Alex Lumpkin, Chief Legal Officer at The Real Brokerage. Ma'am, the floor is yours.

Thanks, and good morning. Good morning. Thank you for standing by and welcome to the Real Brokerage Conference Call and Webcast for the fourth quarter and full year ended December 31, 2025. We appreciate everyone for joining us today. With me on the call today are Tamir Poleg, our Chairman and Chief Executive Officer, Jenna Rosenblatt, our Chief Operating Officer, and Robby Jani, our Chief Financial Officer. This morning, Real published an earnings press release including results for the fourth quarter and full year ended December 31, 2025. The press release, along with the consolidated financial statements and related management discussion and analysis for the full year ended December 31, 2025, have been filed with the U.S. Securities and Exchange Commission on EDGAR and with the Canadian securities regulators on SEDAR. Before we get started, I'd like to remind everyone that statements made on this conference call that are not historical facts, including statements about future time periods, may be deemed to constitute forward-looking statements. Our actual results may differ materially from these forward-looking statements, and the risk factors that could cause these differences are detailed in our Canadian Continuous Disclosure Documents and SEC Report. REAL disclaims any intent or obligation to upstate these forward-looking statements, except as expressly required by law. With that, I'd like to turn the call over to Chairman and Chief Executive Officer, Tamir Poleg. Tamir, please proceed.

Thank you, Alex, and good morning, everyone. 2025 was another transformational year for Real, and our fourth quarter results provided a strong finish. In the fourth quarter, we grew closed transactions by 38% to nearly 49,000, significantly outpacing the broader existing home sales market. This volume drove revenue growth of 44% to $505 million and a 30% increase in gross profit to $39 million. Net loss narrowed to $4.2 million while adjusted EBITDA was positive $14.2 million, a 56% year-over-year increase. Looking at the full year, revenue grew 56% to nearly $2.0 billion, while our gross profit growth of 44% significantly outpaced a 25% increase in operating expenses. This discipline resulted in a substantial improvement in our GAAP net loss to $8.1 million, while adjusted EBITDA reached $62.9 million, up 57% from last year. Furthermore, Our model generated positive cash flow from operations of approximately $66 million, allowing us to return $39 million to shareholders through buybacks while maintaining a debt-free balance sheet with $50 million in liquidity. We ended 2025 with 31,739 agents on our platform, up 31% year-over-year, and today that number has grown to over 33,000. These results would be impressive in any environment, but are especially notable given the broader housing backdrop. Existing home sales remain well below long-term averages, transaction volumes across the industry remain constrained, and many market participants are waiting for macro improvement. Meanwhile, our growth continues to be driven by structural factors, a powerful agent attraction flywheel, improving agent productivity, and ever-increasing agent engagement and retention on our platform. That distinction is important. At the same time, we continue to make steady progress expanding beyond brokerage into ancillary products and services tied to the housing ecosystem and transaction lifecycle. To that end, one real mortgage generated $6 million in revenue in 2025, up 50% year over year, driven by increased loan officer growth and productivity. In January, we were pleased to welcome Kate Gurevich as CEO of OneReal Mortgage and look forward to seeing accelerating growth and improved profitability under her leadership. OneReal Title generated $5 million in revenue up 5% from 2024 as we began transitioning our model toward more scalable state-based joint ventures. Today, one real title operates 13 joint ventures with operations across 17 states, and we expect to open three additional joint ventures in 2026. And RealWallet, which completed its first full year, generated nearly $900,000 of revenue with 77% gross margins, with its current run rate approximately one point five million dollars importantly today more than seven thousand agents are actively using wallet with approximately twenty three million dollars in deposits we view wallet not only as a revenue opportunity but as a deeper integration point with our agents daily financial workflows While brokerage remains the core engine of the business, these ancillary services represent the next layer of value creation. They increase engagement, improve retention, and expend revenue and gross margin per transaction. Over the past decade plus, we've been focused on building an integrated platform, aligning agent economics, investing in proprietary technology, and expanding our ecosystem of products and services. In 2025, we saw clear evidence that this model can scale while improving operating leverage. We're not managing a collection of disconnected tools or regional systems. We're operating one unified platform across North America. That consistency is what allows us to improve the system year after year. With that, I'll turn it over to Jenna.