# EDGAR Filing Document

**Accession Number:** 0001581091
**File Stem:** 0001104659-26-017550
**Filing Date:** 2026-2
**Character Count:** 54551
**Document Hash:** 5d05c4729c0a25d15d232c870acf9305
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-017550.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001104659-26-017550

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260219

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RE/MAX Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001581091
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 800937145
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36101
- **FILM NUMBER:** 26654635

**BUSINESS ADDRESS:**
- **STREET 1:** 5075 SOUTH SYRACUSE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** (303)770-5531

**MAIL ADDRESS:**
- **STREET 1:** 5075 SOUTH SYRACUSE STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 19, 2026**

**RE/MAX Holdings, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36101** | **80-0937145** |
| (State or other jurisdiction of<br> incorporation or organization) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**5075 South Syracuse Street**

**Denver** **, Colorado 80237**

(Address of principal executive offices, including Zip code)

**(303) 770-5531**

(Registrant's telephone number, including area code)

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

---

| |
|:---|
| **Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)** |
| **Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)** |
| **Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))** |
| **Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))** |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Class A Common Stock $0.0001 par value per share | RMAX | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02. Results of Operations and Financial Conditions. \***

On February 19, 2026, RE/MAX Holdings, Inc. (the "Company") issued a press release announcing its financial results for the quarter and full year ended December 31, 2025. The full text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The Company is also disclosing that it may use the remaxholdings.com, investors.remaxholdings.com, remax.com, remax.ca, mottomortgage.com, and wemlo.io websites as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

**Item 9.01. Financial Statements and Exhibits. \*** 

Exhibit No. Description <br> [99.1](tm266809d1_ex99-1.htm) [Press release issued on February 19, 2026](tm266809d1_ex99-1.htm) <br> 104 Cover Page Interactive Data File (formatted as inline XBRL)

\* The information contained in Items 2.02 and 9.01 and Exhibit 99.1 of this Current Report on Form 8-K is being "furnished" and shall not be deemed "filed" for purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be set forth by specific reference in such filing.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | RE/MAX HOLDINGS, INC. | RE/MAX HOLDINGS, INC. |
| Date: February 19, 2026 | By: | /s/ Karri Callahan |
|  |  | Karri Callahan |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm266809d1_ex99-1img001.jpg)

**RE/MAX HOLDINGS, INC.** 

**REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS**

*Total Fourth Quarter Revenue of $71.1 Million, Adjusted EBITDA of $22.4 Million*

**DENVER, February 19, 2026** 

**Fourth Quarter 2025 Highlights**

*(Compared to fourth quarter 2024 unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 Revenue decreased 1.8% to $71.1 million

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 excluding the Marketing Funds<sup>1</sup> decreased 0.4% to $53.6 million, driven by a negative
 0.4% organic revenue growth<sup>2</sup> and flat foreign currency movements

&nbsp;&nbsp;&nbsp;&nbsp;▪ Net
 income attributable to RE/MAX Holdings, Inc. of $1.4 million and income per diluted share
 (GAAP EPS) of $0.07

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted
 EBITDA<sup>3</sup> decreased 4.0% to $22.4 million, Adjusted EBITDA margin<sup>3</sup> of
 31.5% and Adjusted earnings per diluted share (Adjusted EPS<sup>3</sup>) of $0.30

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 agent count increased 1.4% to 148,660 agents

&nbsp;&nbsp;&nbsp;&nbsp;▪ U.S.
 and Canada combined agent count decreased 4.6% to 72,977 agents

**Full-Year 2025 Highlights**

*(Compared to full year 2024 unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 Revenue decreased 5.2% to $291.6 million

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 excluding the Marketing Funds<sup>1</sup> decreased 4.3% to $218.8 million, driven by negative
 3.9% organic growth<sup>2</sup> and adverse foreign currency movements of 0.4%

&nbsp;&nbsp;&nbsp;&nbsp;▪ Net
 income attributable to RE/MAX Holdings, Inc. of $8.2 million and earnings per diluted share
 (GAAP EPS) of $0.40

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted
 EBITDA<sup>3</sup> decreased 4.1% to $93.7 million, Adjusted EBITDA margin<sup>3</sup> of
 32.1% and Adjusted earnings per diluted share (Adjusted EPS<sup>3</sup>) of $1.30

**RE/MAX Holdings, Inc.** (the "Company" or "RE/MAX Holdings") (NYSE: RMAX), parent company of REMAX, one of the world's leading franchisors of real estate brokerage services, and Motto Mortgage ("Motto"), the first and only national mortgage brokerage franchise brand in the U.S., today announced operating results for the quarter and year ended December 31, 2025.

"Our strategy is working and is beginning to yield results even though 2025 marked the third consecutive year of a historically tough housing market in the United States and Canada. We exited 2025 with strong momentum across both of our networks, driven by record global agent count growth, our best fourth quarter U.S. agent performance since 2021, and a renewed excitement for the REMAX brand given enhancements to our overall value proposition. In January we also saw the largest conversion in our history as nearly 1,200 agents led by visionary entrepreneurs chose to join our market-leading brand in Canada, an exciting start to the year," said Erik Carlson, Chief Executive Officer.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 1 of 16

Carlson continued, "Engagement throughout REMAX reflects growing enthusiasm for the recent strategic investments in our brand, including our Marketing as a Service and Lead Concierge platforms, reinforcing our confidence as we enter the year ahead. At the same time, we continue to operate the business with discipline, with fourth quarter profit and margin performance at the high end of our expectations. As signs of modest improvement in home sales activity are starting to emerge, we believe our networks are well positioned to capitalize on a recovering market, and we will continue to be laser focused on supporting our networks to win more business, in less time, and more profitably."

**Fourth Quarter 2025 Operating Results**

 

*Agent Count*

The following table compares agent count as of December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **Change** | **Change** |
|  | **2025** | **2024** | **#** | **%** |
| U.S. | 48165 | 51286 | (3121) | (6.1) |
| Canada | 24812 | 25171 | (359) | (1.4) |
| Subtotal | 72977 | 76457 | (3480) | (4.6) |
| Outside the U.S. & Canada | 75683 | 70170 | 5513 | 7.9 |
| Total | 148660 | 146627 | 2033 | 1.4 |

---

*Revenue*

RE/MAX Holdings generated revenue of $71.1 million in the fourth quarter of 2025, a decrease of $1.3 million, or 1.8%, compared to $72.5 million in the fourth quarter of 2024. Revenue excluding the Marketing Funds was $53.6 million in the fourth quarter of 2025, a decrease of $0.2 million, or 0.4%, versus the same period in 2024. The decrease in Revenue excluding the Marketing Funds was attributable to a decline in organic revenue of 0.4%. The decline in organic revenue was driven mainly by a reduction in U.S. agent count and recently introduced incentives related to modifications to the Company's standard fee models, including Aspire, partially offset by an increase in Broker fees due to: (1) the impact of recognizing Broker fees ratably throughout the year in the U.S. and Canada for capped programs like Aspire; (2) an increase in Broker Fees related to modifications to the Company's standard fee models, including Aspire, which resulted in an offsetting decrease to Continuing franchise fees and to a lesser extent Marketing Funds fees; and (3) higher average home sales prices in the U.S., an increase in revenue from marketing as a service ("MaaS") and an increase from advertising revenue on the Company's flagship websites.

Recurring revenue streams, which consist of continuing franchise fees and annual dues, decreased $3.2 million, or 8.5%, compared to the fourth quarter of 2024 and accounted for 64.3% of Revenue excluding the Marketing Funds in the fourth quarter of 2025 compared to 69.9% in the prior-year period.

*Operating Expenses*

Total operating expenses were $61.8 million for the fourth quarter of 2025, a decrease of $6.4 million, or 9.4%, compared to $68.2 million in the fourth quarter of 2024. Fourth quarter 2025 total operating expenses decreased primarily due to lower Settlement and impairment charges, Marketing Funds expenses, and Depreciation and amortization expenses, partially offset by higher Selling, operating and administrative expenses.

Selling, operating and administrative expenses were $37.3 million in the fourth quarter of 2025, an increase of $1.6 million, or 4.4%, compared to the fourth quarter of 2024 and represented 69.7% of Revenue excluding the Marketing Funds, compared to 66.5% in the prior-year period. Fourth quarter 2025 Selling, operating and administrative expenses increased primarily due to losses on sale and disposal of assets, increase in expenses from timing of other events, partially offset by a reduction in certain personnel-related expenses.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 2 of 16

*Net Income and GAAP EPS*

Net income attributable to RE/MAX Holdings was $1.4 million for the fourth quarter of 2025 compared to net income of $5.8 million for the fourth quarter of 2024. Reported basic and diluted GAAP earnings per share were $0.07 each for the fourth quarter of 2025 compared to basic and diluted GAAP earnings per share were $0.31 and $0.29, respectively, for the fourth quarter of 2024.

*Adjusted EBITDA and Adjusted EPS*

Adjusted EBITDA was $22.4 million for the fourth quarter of 2025, a decrease of $0.9 million, or 4.0%, compared to the fourth quarter of 2024. Fourth quarter 2025 Adjusted EBITDA decreased due to an increase in certain personnel-related expenses and lower revenue, partially offset by a decrease in bad debt expense. Adjusted EBITDA margin was 31.5% in the fourth quarter of 2025, compared to 32.2% in the fourth quarter of 2024.

Adjusted basic and diluted EPS were $0.31 and $0.30 respectively for the fourth quarter of 2025 compared to Adjusted basic and diluted EPS of $0.32 and $0.30, respectively for the fourth quarter of 2024. The ownership structure used to calculate Adjusted basic and diluted EPS for the quarter ended December 31, 2025, assumes RE/MAX Holdings owned 100% of RMCO, LLC ("RMCO"). The weighted average ownership RE/MAX Holdings had in RMCO was 61.5% for the quarter ended December 31, 2025.

**Balance Sheet** 

As of December 31, 2025, the Company had cash and cash equivalents of $118.7 million, an increase of $22.1 million from December 31, 2024. As of December 31, 2025, the Company had $436.8 million of outstanding debt, net of an unamortized debt discount and issuance costs, compared to $440.8 million as of December 31, 2024.

**Share Repurchases and Retirement**

As previously disclosed, in January 2022 the Company's Board of Directors authorized a common stock repurchase program of up to $100 million. During the three months ending December 31, 2025, the Company did not repurchase any shares. As of December 31, 2025, $62.5 million remained available under the share repurchase program.

**Outlook**

The Company's first quarter and full year 2026 Outlook assumes no further currency movements, acquisitions, or divestitures.

For the first quarter of 2026, RE/MAX Holdings expects:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Agent
 count to increase 1.50% to 2.50% over first quarter 2025;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 in a range of $69.0 million to $74.0 million (including revenue from the Marketing Funds
 in a range of $16.0 million to $18.0 million); and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted
 EBITDA in a range of $14.0 million to $17.0 million.

For the full year 2026, the Company now expects:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Agent
 count in a range from 1.50% to positive 3.50% over full year 2025

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 in a range of $285.0 million to $305.0 million (including revenue from the Marketing Funds
 in a range of $66.0 million to $70.0 million), and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted
 EBITDA in a range of $90.0 million to $100.0 million.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 3 of 16

**Webcast and Conference Call**

The Company will host a conference call for interested parties on Friday, February 20, 2026, beginning at 8:30 a.m. Eastern Time. Interested parties can register in advance for the conference call using the following link: https://events.q4inc.com/attendee/808192655. Interested parties also can access a live webcast through the Investor Relations section of the Company's website at http://investors.remaxholdings.com. Please dial in or join the webcast 10 minutes before the start of the conference call. An archive of the webcast will be available on the Company's website for a limited time as well.

**Basis of Presentation**

Unless otherwise noted, the results presented in this press release are consolidated and exclude adjustments attributable to the non-controlling interest.

**Footnotes:**

 ****

<sup>1</sup>Revenue excluding the Marketing Funds is a non-GAAP measure of financial performance that differs from U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and a reconciliation to the most directly comparable U.S. GAAP measure is as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue excluding the Marketing Funds:** |  |  |  |  |
| Total revenue | $71137 | $72467 | $291601 | $307685 |
| Less: Marketing Funds fees | 17556 | 18652 | 72835 | 78983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue excluding the Marketing Funds | $53581 | $53815 | $218766 | $228702 |

---

<sup>2</sup>The Company defines organic revenue growth as revenue growth from continuing operations excluding (i) revenue from Marketing Funds, (ii) revenue from acquisitions, and (iii) the impact of foreign currency movements. The Company defines revenue from acquisitions as the revenue generated from the date of an acquisition to its second anniversary (excluding Marketing Funds revenue related to acquisitions where applicable).

<sup>3</sup>Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS are non-GAAP measures. These terms are defined at the end of this release. Please see Tables 5 and 6 appearing later in this release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

**# # #**

**About RE/MAX Holdings, Inc.**

RE/MAX Holdings, Inc. (NYSE: RMAX) is one of the world's leading franchisors in the real estate industry, franchising real estate brokerages globally under the REMAX<sup>®</sup> brand, and mortgage brokerages within the U.S. under the Motto<sup>®</sup> Mortgage brand. REMAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Now with more than 145,000 agents in over 8,500 offices and a presence in more than 120 countries and territories, nobody in the world sells more real estate than REMAX, as measured by total residential transaction sides. Dedicated to innovation and change in the real estate industry, RE/MAX Holdings launched Motto Franchising, LLC, a ground-breaking mortgage brokerage franchisor, in 2016. Motto Mortgage, the first and only national mortgage brokerage franchise brand in the U.S., has offices across more than 40 states.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 4 of 16

**Forward-Looking Statements** 

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," "anticipate," "may," "will," "would" and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. Forward-looking statements include statements related to agent count; Motto open offices; franchise sales; revenue; the Company's outlook for the first quarter and full year 2026; non-GAAP financial measures; housing and mortgage market conditions; the Company's commitment to innovation and delivering an elevated experience; enhancing our value proposition; our profitability and margin performance exceeding expectations; our new MaaS platform and economic models and the impact thereof; and our strengthened leadership team. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, without limitation, (1) changes in the real estate market or interest rates and availability of financing, (2) changes in business and economic activity in general, including enacted and proposed tariffs and other trade policies which could impact the global economy, (3) the Company's ability to attract and retain quality franchisees, (4) the Company's franchisees' ability to recruit and retain real estate agents and mortgage loan originators, (5) changes in laws and regulations, (6) the Company's ability to enhance, market, and protect its brands, (7) the Company's ability to implement its technology initiatives, (8) risks related to recent changes in the Company's leadership team, (9) fluctuations in foreign currency exchange rates, (10) the nature and amount of the exclusion of charges in future periods when determining Adjusted EBITDA is subject to uncertainty and may not be similar to such charges in prior periods, and (11) those risks and uncertainties described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at www.remaxholdings.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.

---

| | |
|:---|:---|
| **Investor Contact:** | **Media Contact:** |
| Joe Schwartz | Keri Henke |
| (303) 796-3693 | (303) 796-3424 |
| joe.schwartz@remax.com | khenke@remax.com |

---

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 5 of 16

**TABLE 1**

**RE/MAX Holdings, Inc.**

**Consolidated Statements of Income (Loss)**

***(In thousands, except share and per share amounts)***

***(Unaudited)***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing franchise fees | $27077 | $29788 | $112865 | $122011 |
| &nbsp;&nbsp;&nbsp;Annual dues | 7361 | 7843 | 30462 | 32188 |
| &nbsp;&nbsp;&nbsp;Broker fees | 13907 | 11657 | 53691 | 51816 |
| &nbsp;&nbsp;&nbsp;Marketing Funds fees | 17556 | 18652 | 72835 | 78983 |
| &nbsp;&nbsp;&nbsp;Franchise sales and other revenue | 5236 | 4527 | 21748 | 22687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 71137 | 72467 | 291601 | 307685 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, operating and administrative expenses | 37333 | 35770 | 146702 | 152258 |
| &nbsp;&nbsp;&nbsp;Marketing Funds expenses | 17556 | 18652 | 72835 | 78983 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6215 | 7072 | 25848 | 29561 |
| &nbsp;&nbsp;&nbsp;Settlement and impairment charges |  | 5483 | (1542) | 5483 |
| &nbsp;&nbsp;&nbsp;Change in estimated tax receivable agreement liability | 715 | 1219 | 715 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 61819 | 68196 | 244558 | 267504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 9318 | 4271 | 47043 | 40181 |
| Other expenses, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (7740) | (8562) | (31700) | (36258) |
| &nbsp;&nbsp;&nbsp;Interest income | 933 | 903 | 3580 | 3738 |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction gains (losses) | 371 | (893) | 705 | (1461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | (6436) | (8552) | (27415) | (33981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before provision for income taxes | 2882 | (4281) | 19628 | 6200 |
| Provision for income taxes | (373) | 8361 | (6195) | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $2509 | $4080 | $13433 | $8077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: net income (loss) attributable to non-controlling interest | 1069 | (1725) | 5280 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to RE/MAX Holdings, Inc. | $1440 | $5805 | $8153 | $7123 |
| Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.07 | $0.31 | $0.41 | $0.38 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.07 | $0.29 | $0.40 | $0.37 |
| Weighted average shares of Class A common stock outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 20078818 | 18921229 | 19845469 | 18780200 |
| &nbsp;&nbsp;&nbsp;Diluted | 20904332 | 19985471 | 20400048 | 19293827 |

---

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 6 of 16

**TABLE 2** 

**RE/MAX Holdings, Inc.**

**Consolidated Balance Sheets**

***(In thousands, except share and per share amounts)***

***(Unaudited)***

 ****

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $118736 | $96619 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 74332 | 72668 |
| &nbsp;&nbsp;&nbsp;Accounts and notes receivable, net of allowances | 26944 | 27807 |
| &nbsp;&nbsp;&nbsp;Income taxes receivable | 8188 | 7592 |
| &nbsp;&nbsp;&nbsp;Other current assets | 11940 | 13825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 240140 | 218511 |
| Property and equipment, net of accumulated depreciation | 5996 | 7578 |
| Operating lease right of use assets | 12608 | 17778 |
| Franchise agreements, net | 67080 | 81186 |
| Other intangible assets, net | 10774 | 13382 |
| Goodwill | 239572 | 237239 |
| Income taxes receivable, net of current portion |  | 355 |
| Other assets, net of current portion | 6305 | 5565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $582475 | $581594 |
| **Liabilities and stockholders' equity (deficit)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $3986 | $5761 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 100927 | 110859 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 105 | 541 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 21391 | 22848 |
| &nbsp;&nbsp;&nbsp;Debt | 4600 | 4600 |
| &nbsp;&nbsp;&nbsp;Payable pursuant to tax receivable agreements | 1542 | 1537 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 9217 | 8556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 141768 | 154702 |
| Debt, net of current portion | 432151 | 436243 |
| Deferred tax liabilities | 8193 | 8448 |
| Deferred revenue, net of current portion | 12859 | 14778 |
| Operating lease liabilities, net of current portion | 13514 | 22669 |
| Other liabilities, net of current portion | 2978 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 611463 | 639988 |
| Commitments and contingencies |  |  |
| Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock, par value $.0001 per share, 180,000,000 shares authorized; 20,095,180 and 18,971,435 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Class B common stock, par value $.0001 per share, 1,000 shares authorized; 1 share issued and outstanding as of December 31, 2025 and 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 578429 | 565072 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (126072) | (133727) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (deficit), net of tax | 54 | (1864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to RE/MAX Holdings, Inc. | 452413 | 429483 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (481401) | (487877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (28988) | (58394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity (deficit)** | $582475 | $581594 |

---

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 7 of 16

**TABLE 3**

**RE/MAX Holdings, Inc.**

**Consolidated Statements of Cash Flows**

***(In thousands)***

***(Unaudited)***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $13433 | $8077 | $(98486) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to operating cash flows: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 25848 | 29561 | 32414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 16627 | 18855 | 19536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 3278 | 1359 | 6784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | (455) | (2102) | 49387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments to contingent consideration | (109) | (225) | (533) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash settlement and impairment charges | 401 | 5483 | 73783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net settlement payments | (5581) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash debt charges | 880 | 863 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration in excess of acquisition date fair value |  | (360) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in estimated tax receivable agreement liability | 763 | 1219 | (25298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 1134 | (30) | 468 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net of allowances | (3941) | 7505 | (8442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments pursuant to tax receivable agreements | (757) | (504) | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable/payable | (314) | (6505) | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current and noncurrent | (3516) | (2870) | (5432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (6813) | (674) | (16635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 40878 | 59652 | 28264 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, equipment and capitalization of software | (7374) | (6622) | (6419) |
| &nbsp;&nbsp;&nbsp;Other | (408) | 746 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (7782) | (5876) | (5643) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Payments on debt | (4600) | (4600) | (4600) |
| &nbsp;&nbsp;&nbsp;Debt amendment costs | (245) |  |  |
| &nbsp;&nbsp;&nbsp;Distributions paid to non-controlling unitholders |  |  | (8655) |
| &nbsp;&nbsp;&nbsp;Dividends and dividend equivalents paid to Class A common stockholders | (498) | (599) | (13553) |
| &nbsp;&nbsp;&nbsp;Payments related to tax withholding for share-based compensation | (4589) | (3075) | (4367) |
| &nbsp;&nbsp;&nbsp;Common shares repurchased |  |  | (3408) |
| &nbsp;&nbsp;&nbsp;Payment of contingent consideration | (791) |  | (1234) |
| &nbsp;&nbsp;&nbsp;Other financing | (27) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (10750) | (8273) | (35817) |
| Effect of exchange rate changes on cash | 1435 | (1979) | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash, cash equivalents and restricted cash | 23781 | 43524 | (12365) |
| Cash, cash equivalents and restricted cash, beginning of period | 169287 | 125763 | 138128 |
| Cash, cash equivalents and restricted cash, end of period | $193068 | $169287 | $125763 |

---

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 8 of 16

**TABLE 4**

**RE/MAX Holdings, Inc.**

**Agent Count**

***(Unaudited)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** | **March 31,**<br>**2024** | **December 31,**<br>**2023** |
| **Agent Count:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Regions | 41998 | 42935 | 43363 | 43543 | 44911 | 46283 | 46780 | 47302 | 48401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Regions | 6167 | 6243 | 6306 | 6311 | 6375 | 6525 | 6626 | 6617 | 6730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Total** | **48165** | **49178** | **49669** | **49854** | **51286** | **52808** | **53406** | **53919** | **55131** |
| &nbsp;&nbsp;&nbsp;Canada |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Regions | 19803 | 20045 | 20060 | 20227 | 20311 | 20515 | 20347 | 20151 | 20270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Regions | 5009 | 4975 | 4906 | 4929 | 4860 | 4878 | 4846 | 4885 | 4898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Canada Total** | **24812** | **25020** | **24966** | **25156** | **25171** | **25393** | **25193** | **25036** | **25168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. and Canada Total** | **72977** | **74198** | **74635** | **75010** | **76457** | **78201** | **78599** | **78955** | **80299** |
| &nbsp;&nbsp;&nbsp;Outside U.S. and Canada |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Regions | 75683 | 73349 | 72438 | 71116 | 70170 | 67282 | 64943 | 64332 | 64536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outside U.S. and Canada Total** | **75683** | **73349** | **72438** | **71116** | **70170** | **67282** | **64943** | **64332** | **64536** |
| **Total** | **148660** | **147547** | **147073** | **146126** | **146627** | **145483** | **143542** | **143287** | **144835** |

---

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 9 of 16

**TABLE 5**

**RE/MAX Holdings, Inc.** 

**Adjusted EBITDA Reconciliation to Net Income (Loss)**

***(In thousands, except percentages)***

***(Unaudited)***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $2509 | $4080 | $13433 | $8077 |
| Depreciation and amortization | 6215 | 7072 | 25848 | 29561 |
| Interest expense | 7740 | 8562 | 31700 | 36258 |
| Interest income | (933) | (903) | (3580) | (3738) |
| Provision for income taxes | 373 | (8361) | 6195 | (1877) |
| EBITDA | 15904 | 10450 | 73596 | 68281 |
| Settlement and impairment charges <sup>(1)</sup> |  | 5483 | (1542) | 5483 |
| Equity-based compensation expense | 4314 | 4412 | 16627 | 18855 |
| Fair value adjustments to contingent consideration <sup>(2)</sup> | (25) | 75 | (109) | (225) |
| Restructuring charges <sup>(3)</sup> | (200) | 1286 | 2536 | 1227 |
| Change in estimated tax receivable agreement liability <sup>(4)</sup> | 715 | 1219 | 715 | 1219 |
| Other adjustments <sup>(5)</sup> | 1692 | 416 | 1898 | 2860 |
| Adjusted EBITDA <sup>(6)</sup> | $22400 | $23341 | $93721 | $97700 |
| Adjusted EBITDA Margin <sup>(6)</sup> | 31.5% | 32.2% | 32.1% | 31.8% |

---

(1) During 2025, the Company recorded
a cost recovery in connection with a previous settlement, that was received in the fourth quarter of 2025 from an escrow fund from a
prior acquisition. This was partially offset by the settlement of an immaterial legal matter and an impairment recognized on an office
lease in Canada. During 2024, represents the settlements of certain industry class-action lawsuits and other legal settlements.

(2) Fair value adjustments to contingent consideration
 include amounts recognized for changes in the estimated fair value of the contingent consideration
 liabilities.

(3) During 2025 and 2024, the Company restructured
 its support services to further enhance the overall customer experience.

(4) Change in estimated tax receivable agreement
 liability is the result of a valuation allowance on deferred tax assets.

(5) Other adjustments are primarily made up
 of losses on disposal of assets in 2025 and employee retention related expenses from the
 Company's CEO transition in 2024.

(6) Non-GAAP measure. See the end of this press
 release for definitions of non-GAAP measures.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 10 of 16

**TABLE 6**

**RE/MAX Holdings, Inc.** 

**Adjusted Net Income (Loss) and Adjusted Earnings per Share**

***(In thousands, except share and per share amounts)***

***(Unaudited)***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $2509 | $4080 | $13433 | $8077 |
| Amortization of acquired intangible assets | 4217 | 4621 | 17440 | 19706 |
| Provision for income taxes | 373 | (8361) | 6195 | (1877) |
| Add-backs: |  |  |  |  |
| Settlement and impairment charges <sup>(1)</sup> |  | 5483 | (1542) | 5483 |
| Equity-based compensation expense | 4314 | 4412 | 16627 | 18855 |
| Fair value adjustments to contingent consideration <sup>(2)</sup> | (25) | 75 | (109) | (225) |
| Restructuring charges <sup>(3)</sup> | (200) | 1286 | 2536 | 1227 |
| Change in estimated tax receivable agreement liability <sup>(4)</sup> | 715 | 1219 | 715 | 1219 |
| Other adjustments <sup>(5)</sup> | 1692 | 416 | 1898 | 2860 |
| Adjusted pre-tax net income | 13595 | 13231 | 57193 | 55325 |
| Less: Provision for income taxes at 25% <sup>(6)</sup> | (3398) | (3307) | (14298) | (13831) |
| **Adjusted net income <sup>(7)</sup>** | $10197 | $9924 | $42895 | $41494 |
| Total basic pro forma shares outstanding | 32638418 | 31480829 | 32405069 | 31339800 |
| Total diluted pro forma shares outstanding | 33463932 | 32545071 | 32959648 | 31853427 |
| **Adjusted net income basic earnings per share <sup>(7)</sup>** | $0.31 | $0.32 | $1.32 | $1.32 |
| **Adjusted net income diluted earnings per share <sup>(7)</sup>** | $0.30 | $0.30 | $1.30 | $1.30 |

---

(1) During 2025, the Company recorded
a cost recovery in connection with a previous settlement, that was received in the fourth quarter of 2025 from an escrow fund from a
prior acquisition. This was partially offset by the settlement of an immaterial legal matter and an impairment recognized on an office
lease in Canada. During 2024, represents the settlements of certain industry class-action lawsuits and other legal settlements.

(2) Fair
 value adjustments to contingent consideration include amounts recognized for changes in the
 estimated fair value of the contingent consideration liabilities.

(3) During
 2025 and 2024, the Company restructured its support services to further enhance the overall
 customer experience.

(4) Change
 in estimated tax receivable agreement liability is the result of a valuation allowance on
 deferred tax assets.

(5) Other
 adjustments are primarily made up of losses on disposal of assets in 2025 and employee retention
 related expenses from the Company's CEO transition in 2024.

(6) The
 long-term tax rate assumes the exchange of all outstanding non-controlling interest partnership
 units for Class A Common Stock that (a) removes the impact of unusual, non-recurring tax
 matters and (b) does not estimate the residual impacts to foreign taxes of additional step-ups
 in tax basis from an exchange because that is dependent on stock prices at the time of such
 exchange and the calculation is impracticable.

(7) Non-GAAP
 measure. See the end of this press release for definitions of non-GAAP measures.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 11 of 16

**TABLE 7**

**RE/MAX Holdings, Inc.** 

**Pro Forma Shares Outstanding**

***(Unaudited)***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Total basic weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares of Class A common stock outstanding | 20078818 | 18921229 | 19845469 | 18780200 |
| &nbsp;&nbsp;&nbsp;Remaining equivalent weighted average shares of stock outstanding on a pro forma basis assuming RE/MAX Holdings owned 100% of RMCO | 12559600 | 12559600 | 12559600 | 12559600 |
| &nbsp;&nbsp;&nbsp;Total basic pro forma weighted average shares outstanding | 32638418 | 31480829 | 32405069 | 31339800 |
| **Total diluted weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares of Class A common stock outstanding | 20078818 | 18921229 | 19845469 | 18780200 |
| &nbsp;&nbsp;&nbsp;Remaining equivalent weighted average shares of stock outstanding on a pro forma basis assuming RE/MAX Holdings owned 100% of RMCO | 12559600 | 12559600 | 12559600 | 12559600 |
| &nbsp;&nbsp;&nbsp;Dilutive effect of unvested restricted stock units <sup>(1)</sup> | 825514 | 1064242 | 554579 | 513627 |
| &nbsp;&nbsp;&nbsp;Total diluted pro forma weighted average shares outstanding | 33463932 | 32545071 | 32959648 | 31853427 |

---

(1) In accordance
 with the treasury stock method.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 12 of 16

**TABLE 8**

**RE/MAX Holdings, Inc.** 

**Adjusted Free Cash Flow & Unencumbered Cash**

***(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Cash flow from operations | $40878 | $59652 |
| Less: Purchases of property, equipment and capitalization of software | (7374) | (6622) |
| (Increases) decreases in restricted cash of the Marketing Funds <sup>(1)</sup> | (1664) | (2028) |
| **Adjusted free cash flow <sup>(2)</sup>** | 31840 | 51002 |
| Adjusted free cash flow <sup>(2)</sup> | 31840 | 51002 |
| Less: Tax/Other non-dividend distributions to RIHI |  |  |
| **Adjusted free cash flow after tax/non-dividend distributions to RIHI <sup>(2)</sup>** | 31840 | 51002 |
| Adjusted free cash flow after tax/non-dividend distributions to RIHI <sup>(2)</sup> | 31840 | 51002 |
| Less: Debt principal payments | (4600) | (4600) |
| **Unencumbered cash generated <sup>(2)</sup>** | $27240 | $46402 |
| **<u>Summary</u>** |  |  |
| Cash flow from operations | $40878 | $59652 |
| Adjusted free cash flow <sup>(2)</sup> | $31840 | $51002 |
| Adjusted free cash flow after tax/non-dividend distributions to RIHI <sup>(2)</sup> | $31840 | $51002 |
| Unencumbered cash generated <sup>(2)</sup> | $27240 | $46402 |
| Adjusted EBITDA <sup>(2)</sup> | $93721 | $97700 |
| Adjusted free cash flow as % of Adjusted EBITDA <sup>(2)</sup> | 34.0% | 52.2% |
| Adjusted free cash flow less distributions to RIHI as % of Adjusted EBITDA <sup>(2)</sup> | 34.0% | 52.2% |
| Unencumbered cash generated as % of Adjusted EBITDA <sup>(2)</sup> | 29.1% | 47.5% |

---

(1) This line reflects any subsequent changes
 in the restricted cash balance (which under GAAP reflects as either (a) an increase or decrease
 in cash flow from operations or (b) an incremental amount of purchases of property and equipment
 and capitalization of developed software) to remove the impact of changes in restricted cash
 in determining adjusted free cash flow.

(2) Non-GAAP measure. See the end of this press
 release for definitions of non-GAAP measures.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 13 of 16

**Non-GAAP Financial Measures** 

The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. GAAP, such as Revenue excluding the Marketing Funds, Adjusted EBITDA and the ratios related thereto, Adjusted net income (loss), Adjusted basic and diluted earnings per share (Adjusted EPS) and adjusted free cash flow. These measures are derived based on methodologies other than in accordance with U.S. GAAP.

Revenue excluding the Marketing Funds is calculated directly from our consolidated financial statements as Total revenue less Marketing Funds fees.

The Company defines Adjusted EBITDA as EBITDA (consolidated net income before depreciation and amortization, interest expense, interest income and the provision for income taxes, each of which is presented in the unaudited consolidated financial statements included earlier in this press release), adjusted for the impact of the following items that are either non-cash or that the Company does not consider representative of its ongoing operating performance: loss or gain on sale or disposition of assets, settlement and impairment charges, equity-based compensation expense, acquisition-related expense, gain on reduction in tax receivable agreement liability, expense or income related to changes in the estimated fair value measurement of contingent consideration, restructuring charges and other non-recurring items. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.

Because Adjusted EBITDA and Adjusted EBITDA margin omit certain non-cash items and other non-recurring cash charges or other items, the Company believes that each measure is less susceptible to variances that affect its operating performance resulting from depreciation, amortization and other non-cash and non-recurring cash charges or other items. The Company presents Adjusted EBITDA and the related Adjusted EBITDA margin because the Company believes they are useful as supplemental measures in evaluating the performance of its operating businesses and provides greater transparency into the Company's results of operations. The Company's management uses Adjusted EBITDA and Adjusted EBITDA margin as factors in evaluating the performance of the business.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analyzing the Company's results as reported under U.S. GAAP. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;· these
 measures do not reflect changes in, or cash requirements for, the Company's working
 capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;· these
 measures do not reflect the Company's interest expense, or the cash requirements necessary
 to service interest or principal payments on its debt;

&nbsp;&nbsp;&nbsp;&nbsp;· these
 measures do not reflect the Company's income tax expense or the cash requirements to
 pay its taxes;

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 14 of 16

&nbsp;&nbsp;&nbsp;&nbsp;· these
 measures do not reflect the cash requirements to pay dividends to stockholders of the Company's
 Class A common stock and tax and other cash distributions to its non-controlling unitholders;

&nbsp;&nbsp;&nbsp;&nbsp;· these
 measures do not reflect the cash requirements pursuant to the tax receivable agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· these
 measures do not reflect the cash requirements for share repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;· these
 measures do not reflect the cash requirements for the settlements of certain industry class-action
 lawsuits and other legal settlements;

&nbsp;&nbsp;&nbsp;&nbsp;· although
 depreciation and amortization are non-cash charges, the assets being depreciated and amortized
 will often require replacement in the future, and these measures do not reflect any cash
 requirements for such replacements;

&nbsp;&nbsp;&nbsp;&nbsp;· although
 equity-based compensation is a non-cash charge, the issuance of equity-based awards may have
 a dilutive impact on earnings per share; and

&nbsp;&nbsp;&nbsp;&nbsp;· other
 companies may calculate these measures differently so similarly named measures may not be
 comparable.

The Company's Adjusted EBITDA guidance does not include certain charges and costs. The adjustments to EBITDA in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior quarters, such as gain or loss on sale or disposition of assets, settlement and impairment charges, equity-based compensation expense, acquisition-related expense, gains or losses from changes in the tax receivable agreement liability, expense or income related to changes in the fair value measurement of contingent consideration, restructuring charges and other non-recurring items. The exclusion of these charges and costs in future periods will have a significant impact on the Company's Adjusted EBITDA. The Company is not able to provide a reconciliation of the Company's non-GAAP financial guidance to the corresponding U.S. GAAP measures without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs.

Adjusted net income (loss) is calculated as Net income (loss) attributable to RE/MAX Holdings, assuming the full exchange of all outstanding non-controlling interests for shares of Class A common stock as of the beginning of the period (and the related increase to the provision for income taxes after such exchange), plus primarily non-cash items and other items that management does not consider to be useful in assessing the Company's operating performance (e.g., amortization of acquired intangible assets, gain on sale or disposition of assets, non-cash impairment charges, acquisition-related expense, restructuring charges and equity-based compensation expense).

Adjusted basic and diluted earnings per share (Adjusted EPS) are calculated as Adjusted net income (loss) (as defined above) divided by pro forma (assuming the full exchange of all outstanding non-controlling interests) basic and diluted weighted average shares, as applicable.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 15 of 16

When used in conjunction with GAAP financial measures, Adjusted net income (loss) and Adjusted EPS are supplemental measures of operating performance that management believes are useful measures to evaluate the Company's performance relative to the performance of its competitors as well as performance period over period. By assuming the full exchange of all outstanding non-controlling interests, management believes these measures:

&nbsp;&nbsp;&nbsp;&nbsp;· facilitate
 comparisons with other companies that do not have a low effective tax rate driven by a non-controlling
 interest on a pass-through entity;

&nbsp;&nbsp;&nbsp;&nbsp;· facilitate
 period over period comparisons because they eliminate the effect of changes in Net income
 attributable to RE/MAX Holdings, Inc. driven by increases in its ownership of RMCO, LLC,
 which are unrelated to the Company's operating performance; and

&nbsp;&nbsp;&nbsp;&nbsp;· eliminate
 primarily non-cash and other items that management does not consider to be useful in assessing
 the Company's operating performance.

Adjusted free cash flow is calculated as cash flows from operations less capital expenditures and any changes in restricted cash of the Marketing Funds, all as reported under GAAP, and quantifies how much cash a company has to pursue opportunities that enhance shareholder value. The restricted cash of the Marketing Funds is limited in use for the benefit of franchisees and any impact to adjusted free cash flow is removed. The Company believes adjusted free cash flow is useful to investors as a supplemental measure as it calculates the cash flow available for working capital needs, re-investment opportunities, potential Independent Region and strategic acquisitions, dividend payments or other strategic uses of cash.

Adjusted free cash flow after tax and non-dividend distributions to RIHI, Inc. ("RIHI"), an entity majority owned and controlled by David Liniger, our Chairman and Co-Founder, and by Gail Liniger, our Vice Chair Emerita and Co-Founder, is calculated as adjusted free cash flow less tax and other non-dividend distributions paid to RIHI (the non-controlling interest holder) to enable RIHI to satisfy its income tax obligations. Similar payments would be made by the Company directly to federal and state taxing authorities as a component of the Company's consolidated provision for income taxes if a full exchange of non-controlling interests occurred in the future. As a result and given the significance of the Company's ongoing tax and non-dividend distribution obligations to its non-controlling interest, adjusted free cash flow after tax and non-dividend distributions, when used in conjunction with GAAP financial measures, provides a meaningful view of cash flow available to the Company to pursue opportunities that enhance shareholder value.

Unencumbered cash generated is calculated as adjusted free cash flow after tax and non-dividend distributions to RIHI less quarterly debt principal payments less annual excess cash flow payment on debt, as applicable. Given the significance of the Company's excess cash flow payment on debt, when applicable, unencumbered cash generated, when used in conjunction with GAAP financial measures, provides a meaningful view of the cash flow available to the Company to pursue opportunities that enhance shareholder value after considering its debt service obligations.

RE/MAX Holdings, Inc. – Fourth Quarter 2025 Page 16 of 16