Real Matters (REAL) investor relations material

Executive summary

• Consolidated revenue for Q2 2026 was $47.2 million, up 27% year-over-year, with net revenue up 35% to $13.6 million, reflecting strong growth in U.S. Appraisal and U.S. Title segments.

• Adjusted EBITDA was $0.9 million, a turnaround from a $1.9 million loss in the prior year quarter, marking the strongest result in seven quarters and reflecting strong operating leverage.

• Net income was $1.2 million, reversing a net loss of $2.2 million in the prior year quarter.

• Seven new clients were launched in Q2, including a major non-bank servicer in U.S. Title and three new clients in Canada.

• U.S. Title origination volumes surged 268% year-over-year, and U.S. Appraisal origination transaction volumes increased 22%.

Financial highlights

• U.S. Appraisal segment revenue rose 26% year-over-year to $33.7 million; adjusted EBITDA grew 41% to $3.6 million, with margins expanding to 42.1%.

• U.S. Title segment revenue increased 127% to $5.1 million, with net revenue up 176% to $3.3 million and net revenue margins improving to 63.3%.

• U.S. Title adjusted EBITDA loss narrowed to $0.4 million from $2.1 million a year ago.

• Canadian segment revenue was $8.4 million, flat year-over-year, but net revenue rose 5% and net revenue margins hit a record 19.9%.

• Ended the quarter with no debt and $41.7 million in cash.

Outlook and guidance

• Anticipates continued growth in U.S. Title and U.S. Appraisal segments, with a strong sales pipeline and additional Tier 1 and top 100 lender launches expected in coming quarters.

• Management is optimistic about U.S. mortgage market fundamentals and expects a large base of refinance candidates to drive future volume growth.

• Plans to invest in capacity to support onboarding of new clients as current capacity is near its limit.

• Platform demonstrates scalable operating leverage, positioning for continued growth.

• The company expects continued earnings growth as market conditions normalize and platform scale increases.