RE/MAX (RMAX) investor relations material

Executive summary

• Total agent count reached a record 147,547 as of September 30, 2025, up 1.4% year-over-year, driven by 9.0% international growth, offset by a 5.1% decline in U.S. and Canada.

• Q3 2025 revenue was $73.3 million, down 6.7% year-over-year, with adjusted EBITDA of $25.8 million (margin 35.2%), and net income of $4.0 million.

• Adjusted diluted EPS for Q3 2025 was $0.37; operating expenses decreased 13.2% to $54.9 million, mainly due to lower personnel and event costs.

• Launched new agent economic models (Aspire, Ascend, Appreciate) and an AI-powered Marketing as a Service platform to enhance recruitment, retention, and engagement.

• Expanded leadership team with new President of Mortgage Services and Chief Digital Information Officer.

Financial highlights

• Revenue excluding Marketing Funds was $55.1 million, down 5.6% year-over-year, with recurring revenue streams making up 63.6% of this total.

• Adjusted EBITDA margin improved to 35.2% from 34.8% a year ago.

• Selling, operating, and administrative expenses fell 9.7% to $32.5 million, driven by lower personnel and event costs.

• Adjusted net income for Q3 2025 was $12.4 million; adjusted free cash flow for the nine months ended September 30, 2025, was $25.4 million.

• Cash and cash equivalents increased to $107.5 million as of September 30, 2025.

Outlook and guidance

• Q4 2025 guidance: agent count up 0.0%–1.5% year-over-year, revenue $69.5M–$73.5M, adjusted EBITDA $19M–$23M.

• Full-year 2025 guidance: agent count up 0.0%–1.5%, revenue $290M–$294M, adjusted EBITDA $90M–$94M.

• Guidance narrowed due to macroeconomic and housing market uncertainties.