# EDGAR Filing Document

**Accession Number:** 0001581091
**File Stem:** 0001104659-25-104414
**Filing Date:** 2025-10
**Character Count:** 53615
**Document Hash:** 43d85c896b68b9a701e4204c6df58a36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-104414.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001104659-25-104414

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251030

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**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:** 251436172

**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): **October 30, 2025**

**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:

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| | | |
|:---|:---|:---|
| **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 October 30, 2025, RE/MAX Holdings, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 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](tm2529824d1_ex99-1.htm) [Press release issued on October 30, 2025](tm2529824d1_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: October 30, 2025 | By: | /s/ Karri Callahan |
|  |  | Karri Callahan |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2529824d1_ex99-1img001.jpg)

**RE/MAX HOLDINGS, INC. REPORTS THIRD QUARTER 2025 RESULTS**

*Total Revenue of $73.3 Million, Adjusted EBITDA of $25.8 Million*

**DENVER, October 30, 2025**

**Third Quarter 2025 Highlights**

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 Revenue decreased 6.7% to $73.3 million

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 excluding the Marketing Funds<sup>1</sup> decreased 5.6% to $55.1 million, driven by a negative
 5.4% organic revenue growth<sup>2</sup> and 0.2% adverse foreign currency movements

&nbsp;&nbsp;&nbsp;&nbsp;▪ Net
 income attributable to RE/MAX Holdings, Inc. of $4.0 million and income per diluted
 share (GAAP EPS) of $0.19

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted
 EBITDA<sup>3</sup> decreased 5.6% to $25.8 million, Adjusted EBITDA margin<sup>3</sup> of
 35.2% and Adjusted earnings per diluted share (Adjusted EPS<sup>3</sup>) of $0.37

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 agent count increased 1.4% to 147,547 agents

&nbsp;&nbsp;&nbsp;&nbsp;▪ U.S.
 and Canada combined agent count decreased 5.1% to 74,198 agents

&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 open Motto Mortgage franchises decreased 10.3% to 210 offices<sup>4</sup>

**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 ended September 30, 2025.

"Our total REMAX agent count reached another all-time high this quarter, fueled by steady global growth and the strongest third-quarter U.S. agent count results we've had in three years. Based on feedback from the membership, we believe our mix of new ideas, new products and new systems is enhancing our value proposition and generating great energy within the network. At the same time, our constant focus on operational excellence is driving profitability and margin performance exceeding expectations," said Erik Carlson, Chief Executive Officer of RE/MAX Holdings.

Continued Carlson: "In both the REMAX and Motto Mortgage networks, we're leaning heavily into innovation to deliver an elevated experience to affiliates and the consumers they serve. Many of our new offerings, like the recently launched AI-powered REMAX Marketing as a Service ("MaaS") platform, leverage the strength of our scale to create new competitive advantages. We also introduced two more optional economic models for REMAX – Appreciate and Ascend – that build on the success of Aspire and give U.S. franchisees even more flexibility in recruiting and retaining productive professionals. Lastly, we've rounded out our executive leadership team with two highly respected industry veterans: Vic Lombardo, President of Mortgage Services, and Tom Flanagan, Chief Digital Information Officer. Both are already contributing fresh strategies to help affiliates win more business, save time and become more profitable."

---

| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **1** of 16 |

---

**Third Quarter 2025 Operating Results**

*Agent Count*

The following table compares agent count as of September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** | **Change** | **Change** |
|  | **2025** | **2024** | **#** | **%** |
| U.S. | 49178 | 52808 | (3630) | (6.9) |
| Canada | 25020 | 25393 | (373) | (1.5) |
| Subtotal | 74198 | 78201 | (4003) | (5.1) |
| Outside the U.S. & Canada | 73349 | 67282 | 6067 | 9.0 |
| Total | 147547 | 145483 | 2064 | 1.4 |

---

*Revenue*

RE/MAX Holdings generated revenue of $73.3 million in the third quarter of 2025, a decrease of $5.2 million, or 6.7%, compared to $78.5 million in the third quarter of 2024. Revenue excluding the Marketing Funds was $55.1 million in the third quarter of 2025, a decrease of $3.3 million, or 5.6%, versus the same period in 2024. The decrease in Revenue excluding the Marketing Funds was attributable to a decline in organic revenue of 5.4% and adverse foreign currency movements of 0.2%. The decline in organic revenue was driven by a decrease in U.S. agent count, and, to a lesser extent, incentives related to recently introduced modifications to the Company's standard fee models, including the Aspire program, partially offset by an increase in revenue from advertising revenue on the Company's flagship websites.

Recurring revenue streams, which consist of continuing franchise fees and annual dues, decreased $3.7 million, or 9.6%, compared to the third quarter of 2024 and accounted for 63.6% of Revenue excluding the Marketing Funds in the third quarter of 2025 compared to 66.4% in the prior-year period.

*Operating Expenses*

Total operating expenses were $54.9 million for the third quarter of 2025, a decrease of $8.3 million, or 13.2%, compared to $63.3 million in the third quarter of 2024. Third quarter 2025 total operating expenses decreased primarily due to lower Selling, operating, and administrative expenses, Settlement and impairment charges, Marketing Funds, and Depreciation and amortization expenses.

Selling, operating and administrative expenses were $32.5 million in the third quarter of 2025, a decrease of $3.5 million, or 9.7%, compared to the third quarter of 2024 and represented 58.9% of Revenue excluding the Marketing Funds, compared to 61.5% in the prior-year period. Third quarter 2025 Selling, operating and administrative expenses decreased primarily due to certain lower personnel expenses and a reduction in other events, partially due to their timing, offset by higher investments in technology and our flagship websites, and an increase in bad debt, legal expenses and the estimated fair value of the contingent consideration liability.

*Net Income and GAAP EPS*

Net income attributable to RE/MAX Holdings was $4.0 million for the third quarter of 2025 compared to net income of $1.0 million for the third quarter of 2024. Reported basic and diluted GAAP earnings per share were $0.20 and $0.19, respectively for the third quarter of 2025 compared to basic and diluted GAAP earnings per share of $0.05 each in the third quarter of 2024.

---

| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **2** of 16 |

---

*Adjusted EBITDA and Adjusted EPS*

Adjusted EBITDA was $25.8 million for the third quarter of 2025, a decrease of $1.5 million, or 5.6%, compared to the third quarter of 2024. Third quarter 2025 Adjusted EBITDA decreased primarily due to lower revenue from the declines in U.S. agent count, a decline in revenue as a result of recently implemented changes to the Company's existing fee models, including the Aspire program, increases in expenses related to higher investments in technology and our flagship websites, and an increase in bad debt and legal expenses, offset by certain lower personnel-related expenses and increased advertising revenue on our flagship websites. Adjusted EBITDA margin was 35.2% in the third quarter of 2025, compared to 34.8% in the third quarter of 2024.

Adjusted basic and diluted EPS were $0.38 and $0.37 respectively for the third quarter of 2025 compared to Adjusted basic and diluted EPS of $0.39 and $0.38, respectively for the third quarter of 2024. The ownership structure used to calculate Adjusted basic and diluted EPS for the quarter ended September 30, 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 September 30, 2025.

**Balance Sheet**

As of September 30, 2025, the Company had cash and cash equivalents of $107.5 million, an increase of $10.9 million from December 31, 2024. As of September 30, 2025, the Company had $437.9 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 September 30, 2025, the Company did not repurchase any shares. As of September 30, 2025, $62.5 million remained available under the share repurchase program.

**Outlook**

The Company's third quarter and full year 2025 Outlook assumes no further currency movements, acquisitions, or divestitures.

For the fourth quarter of 2025, RE/MAX Holdings expects:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Agent
 count to increase 0.0% to 1.5% over fourth quarter 2024;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 in a range of $69.5 million to $73.5 million (including revenue from the Marketing Funds
 in a range of $17.0 million to $19.0 million); and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted
 EBITDA in a range of $19.0 million to $23.0 million.

For the full year 2025, the Company now expects:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Agent
 count in a range from 0.0% to positive 1.5% over full year 2024

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 in a range of $290.0 million to $294.0 million (including revenue from the Marketing Funds
 in a range of $72.0 million to $74.0 million), a change from $290.0 million to $296.0 million
 (including revenue from the Marketing Funds in a range of $72.0 million to $74.0 million);
 and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjusted
 EBITDA in a range of $90.0 million to $94.0 million, a change from $90.0 million to $95.0
 million.

**Webcast and Conference Call**

The Company will host a conference call for interested parties on Friday, October 31, 2025, beginning at 8:30 a.m. Eastern Time. Interested parties can register in advance for the conference call using the link below:

https://registrations.events/direct/Q4I9411539

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|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **3** of 16 |

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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** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue excluding the Marketing Funds:** |  |  |  |  |
| Total revenue | $73247 | $78478 | $220464 | $235218 |
| Less: Marketing Funds fees | 18142 | 20098 | 55279 | 60331 |
| &nbsp;&nbsp;&nbsp;Revenue excluding the Marketing Funds | $55105 | $58380 | $165185 | $174887 |

---

<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.

<sup>4</sup>Total open Motto Mortgage franchises includes only "bricks and mortar" offices with a unique physical address with rights granted by a full franchise agreement with Motto Franchising, LLC and excludes any "virtual" offices or Branchise<sup>SM</sup> offices.

**# # #**

**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 nearly 9,000 offices and a presence in more than 110 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.

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|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **4** of 16 |

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**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 fourth quarter and full year 2025; 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 | Kimberly Golladay |
| (303) 796-3693 | (303) 224-4258 |
| joe.schwartz@remax.com | kgolladay@remax.com |

---

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|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **5** of 16 |

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**TABLE 1**

**RE/MAX Holdings, Inc.<br> Consolidated Statements of Income (Loss)<br> *(In thousands, except share and per share amounts)<br> (Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing franchise fees | $27445 | $30798 | $85788 | $92223 |
| &nbsp;&nbsp;&nbsp;Annual dues | 7619 | 7969 | 23101 | 24345 |
| &nbsp;&nbsp;&nbsp;Broker fees | 14899 | 14915 | 39784 | 40159 |
| &nbsp;&nbsp;&nbsp;Marketing Funds fees | 18142 | 20098 | 55279 | 60331 |
| &nbsp;&nbsp;&nbsp;Franchise sales and other revenue | 5142 | 4698 | 16512 | 18160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 73247 | 78478 | 220464 | 235218 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, operating and administrative expenses | 32453 | 35932 | 109369 | 116488 |
| &nbsp;&nbsp;&nbsp;Marketing Funds expenses | 18142 | 20098 | 55279 | 60331 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6443 | 7237 | 19633 | 22489 |
| &nbsp;&nbsp;&nbsp;Settlement and impairment charges | (2104) |  | (1542) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 54934 | 63267 | 182739 | 199308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 18313 | 15211 | 37725 | 35910 |
| Other expenses, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (8054) | (9249) | (23960) | (27696) |
| &nbsp;&nbsp;&nbsp;Interest income | 898 | 885 | 2647 | 2835 |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction gains (losses) | 94 | 74 | 334 | (568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | (7062) | (8290) | (20979) | (25429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before provision for income taxes | 11251 | 6921 | 16746 | 10481 |
| Provision for income taxes | (3789) | (3507) | (5822) | (6484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $7462 | $3414 | $10924 | $3997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: net income (loss) attributable to non-controlling interest | 3476 | 2448 | 4211 | 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to RE/MAX Holdings, Inc. | $3986 | $966 | $6713 | $1318 |
| Net income (loss) attributable to RE/MAX Holdings, Inc. per share<br> of Class A common stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.20 | $0.05 | $0.34 | $0.07 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.19 | $0.05 | $0.33 | $0.07 |
| Weighted average shares of Class A common stock outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 20043339 | 18863793 | 19767686 | 18733190 |
| &nbsp;&nbsp;&nbsp;Diluted | 20682749 | 19483798 | 20262647 | 19063279 |

---

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|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **6** of 16 |

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**TABLE 2**

**RE/MAX Holdings, Inc.<br> Consolidated Balance Sheets<br> *(In thousands, except share and per share amounts)<br> (Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $107476 | $96619 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 76240 | 72668 |
| &nbsp;&nbsp;&nbsp;Accounts and notes receivable, net of allowances | 31650 | 27807 |
| &nbsp;&nbsp;&nbsp;Income taxes receivable | 7659 | 7592 |
| &nbsp;&nbsp;&nbsp;Other current assets | 12294 | 13825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 235319 | 218511 |
| Property and equipment, net of accumulated depreciation | 6438 | 7578 |
| Operating lease right of use assets | 13875 | 17778 |
| Franchise agreements, net | 70296 | 81186 |
| Other intangible assets, net | 10932 | 13382 |
| Goodwill | 238691 | 237239 |
| Income taxes receivable, net of current portion | 355 | 355 |
| Other assets, net of current portion | 6297 | 5565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $582203 | $581594 |
| **Liabilities and stockholders' equity (deficit)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $3885 | $5761 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 101500 | 110859 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 183 | 541 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 22736 | 22848 |
| &nbsp;&nbsp;&nbsp;Debt | 4600 | 4600 |
| &nbsp;&nbsp;&nbsp;Payable pursuant to tax receivable agreements | 779 | 1537 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 9065 | 8556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 142748 | 154702 |
| Debt, net of current portion | 433287 | 436243 |
| Deferred tax liabilities | 8921 | 8448 |
| Deferred revenue, net of current portion | 13189 | 14778 |
| Operating lease liabilities, net of current portion | 15858 | 22669 |
| Other liabilities, net of current portion | 3048 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 617051 | 639988 |
| Commitments and contingencies |  |  |
| Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;Class A common stock, par value $.0001 per share, 180,000,000 shares authorized; 20,052,736 and 18,971,435 shares issued and outstanding as of September 30, 2025 and December 31, 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 September 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 576213 | 565072 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (127354) | (133727) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (deficit), net of tax | (731) | (1864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to RE/MAX Holdings, Inc. | 448130 | 429483 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | (482978) | (487877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (34848) | (58394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity (deficit)** | $582203 | $581594 |

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|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **7** of 16 |

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**TABLE 3**

**RE/MAX Holdings, Inc.<br> Consolidated Statements of Cash Flows<br> *(In thousands)<br> (Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $10924 | $3997 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19633 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation expense | 12313 | 14443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 2118 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 407 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments to contingent consideration | (84) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement and impairment charges | (1542) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease benefit | (2545) | (2110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash debt charges | 644 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration in excess of acquisition date fair value |  | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 342 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities | (14255) | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 27955 | 42867 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, equipment and capitalization of software | (4622) | (5821) |
| &nbsp;&nbsp;&nbsp;Other | (500) | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (5122) | (5123) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments on debt | (3450) | (3450) |
| &nbsp;&nbsp;&nbsp;Debt amendment costs | (150) |  |
| &nbsp;&nbsp;&nbsp;Dividends and dividend equivalents paid to Class A common stockholders | (341) | (591) |
| &nbsp;&nbsp;&nbsp;Payments related to tax withholding for share-based compensation | (4429) | (2548) |
| &nbsp;&nbsp;&nbsp;Payment of contingent consideration | (791) |  |
| &nbsp;&nbsp;&nbsp;Other financing | (30) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (9191) | (6610) |
| Effect of exchange rate changes on cash | 787 | (519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash, cash equivalents and restricted cash | 14429 | 30615 |
| Cash, cash equivalents and restricted cash, beginning of period | 169287 | 125763 |
| Cash, cash equivalents and restricted cash, end of period | $183716 | $156378 |

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|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **8** of 16 |

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**TABLE 4**

**RE/MAX Holdings, Inc.<br> Agent Count<br> *(Unaudited)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **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** | **September 30,**<br>**2023** |
| **Agent Count:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Regions | 42935 | 43363 | 43543 | 44911 | 46283 | 46780 | 47302 | 48401 | 49576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Regions | 6243 | 6306 | 6311 | 6375 | 6525 | 6626 | 6617 | 6730 | 6918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Total** | **49178** | **49669** | **49854** | **51286** | **52808** | **53406** | **53919** | **55131** | **56494** |
| &nbsp;&nbsp;&nbsp;Canada |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company-Owned Regions | 20045 | 20060 | 20227 | 20311 | 20515 | 20347 | 20151 | 20270 | 20389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Regions | 4975 | 4906 | 4929 | 4860 | 4878 | 4846 | 4885 | 4898 | 4899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Canada Total** | **25020** | **24966** | **25156** | **25171** | **25393** | **25193** | **25036** | **25168** | **25288** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. and Canada Total** | **74198** | **74635** | **75010** | **76457** | **78201** | **78599** | **78955** | **80299** | **81782** |
| &nbsp;&nbsp;&nbsp;Outside U.S. and Canada |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Regions | 73349 | 72438 | 71116 | 70170 | 67282 | 64943 | 64332 | 64536 | 63527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outside U.S. and Canada Total** | **73349** | **72438** | **71116** | **70170** | **67282** | **64943** | **64332** | **64536** | **63527** |
| **Total** | **147547** | **147073** | **146126** | **146627** | **145483** | **143542** | **143287** | **144835** | **145309** |

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|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **9** of 16 |

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**TABLE 5**

**RE/MAX Holdings, Inc.<br> Adjusted EBITDA Reconciliation to Net Income (Loss)<br> *(In thousands, except percentages)<br> (Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $7462 | $3414 | $10924 | $3997 |
| Depreciation and amortization | 6443 | 7237 | 19633 | 22489 |
| Interest expense | 8054 | 9249 | 23960 | 27696 |
| Interest income | (898) | (885) | (2647) | (2835) |
| Provision for income taxes | 3789 | 3507 | 5822 | 6484 |
| EBITDA | 24850 | 22522 | 57692 | 57831 |
| Settlement and impairment charges <sup>(1)</sup> | (2104) |  | (1542) |  |
| Equity-based compensation expense | 2999 | 4618 | 12313 | 14443 |
| Fair value adjustments to contingent consideration <sup>(2)</sup> | (100) | (437) | (84) | (300) |
| Restructuring charges <sup>(3)</sup> | (1) | (18) | 2736 | (59) |
| Other adjustments <sup>(4)</sup> | 124 | 605 | 206 | 2444 |
| Adjusted EBITDA <sup>(5)</sup> | $25768 | $27290 | $71321 | $74359 |
| Adjusted EBITDA Margin <sup>(5)</sup> | 35.2% | 34.8% | 32.4% | 31.6% |

---

(1) During the three months ended September 30,
 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 the nine months ended September 30,
 2025.

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

(3) During the nine months ended September 30,
 2025, the Company restructured its support services intended to further enhance the overall
 customer experience.

(4) Other adjustments are primarily made up
 of employee retention-related expenses from the Company's CEO transition in the prior
 year.

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

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| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **10** of 16 |

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**TABLE 6**

**RE/MAX Holdings, Inc.<br> Adjusted Net Income (Loss) and Adjusted Earnings per Share<br> *(In thousands, except share and per share amounts)<br> (Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $7462 | $3414 | $10924 | $3997 |
| Amortization of acquired intangible assets | 4423 | 4672 | 13223 | 15085 |
| Provision for income taxes | 3789 | 3507 | 5822 | 6484 |
| Add-backs: |  |  |  |  |
| Settlement and impairment charges <sup>(1)</sup> | (2104) |  | (1542) |  |
| Equity-based compensation expense | 2999 | 4618 | 12313 | 14443 |
| Fair value adjustments to contingent consideration <sup>(2)</sup> | (100) | (437) | (84) | (300) |
| Restructuring charges <sup>(3)</sup> | (1) | (18) | 2736 | (59) |
| Other adjustments <sup>(4)</sup> | 124 | 605 | 206 | 2444 |
| Adjusted pre-tax net income | 16592 | 16361 | 43598 | 42094 |
| Less: Provision for income taxes at 25% <sup>(5)</sup> | (4148) | (4091) | (10900) | (10524) |
| **Adjusted net income <sup>(6)</sup>** | $12444 | $12270 | $32698 | $31570 |
| Total basic pro forma shares outstanding | 32602939 | 31423393 | 32327286 | 31292790 |
| Total diluted pro forma shares outstanding | 33242349 | 32043398 | 32822247 | 31622879 |
| **Adjusted net income basic earnings per share <sup>(6)</sup>** | $0.38 | $0.39 | $1.01 | $1.01 |
| **Adjusted net income diluted earnings per share <sup>(6)</sup>** | $0.37 | $0.38 | $1.00 | $1.00 |

---

(1) During the three months ended September 30,
 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 the nine months ended September 30,
 2025.

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

(3) During the nine months ended September 30, 2025,
 the Company restructured its support services intended to further enhance the overall customer experience.

(4) Other adjustments are primarily made up
 of employee retention-related expenses from the Company's CEO transition in the prior
 year.

(5) 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.

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

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| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **11** of 16 |

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**TABLE 7**

**RE/MAX Holdings, Inc.<br> Pro Forma Shares Outstanding<br> *(Unaudited)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Total basic weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares of Class A common stock outstanding | 20043339 | 18863793 | 19767686 | 18733190 |
| &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 | 32602939 | 31423393 | 32327286 | 31292790 |
| **Total diluted weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares of Class A common stock outstanding | 20043339 | 18863793 | 19767686 | 18733190 |
| &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> | 639410 | 620005 | 494961 | 330089 |
| &nbsp;&nbsp;&nbsp;Total diluted pro forma weighted average shares outstanding | 33242349 | 32043398 | 32822247 | 31622879 |

---

(1) In accordance
 with the treasury stock method.

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| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **12** of 16 |

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**TABLE 8**

**RE/MAX Holdings, Inc.<br> Adjusted Free Cash Flow & Unencumbered Cash<br> *(Unaudited)***

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| Cash flow from operations | $27955 | $42867 |
| Less: Purchases of property, equipment and capitalization of software | (4622) | (5821) |
| (Increases) decreases in restricted cash of the Marketing Funds <sup>(1)</sup> | 2021 | (1959) |
| **Adjusted free cash flow <sup>(2)</sup>** | 25354 | 35087 |
| Adjusted free cash flow <sup>(2)</sup> | 25354 | 35087 |
| Less: Tax/Other non-dividend distributions to RIHI |  |  |
| **Adjusted free cash flow after tax/non-dividend distributions to RIHI <sup>(2)</sup>** | 25354 | 35087 |
| Adjusted free cash flow after tax/non-dividend distributions to RIHI <sup>(2)</sup> | 25354 | 35087 |
| Less: Debt principal payments | (3450) | (3450) |
| **Unencumbered cash generated <sup>(2)</sup>** | $21904 | $31637 |
| **<u>Summary</u>** |  |  |
| Cash flow from operations | $27955 | $42867 |
| Adjusted free cash flow <sup>(2)</sup> | $25354 | $35087 |
| Adjusted free cash flow after tax/non-dividend distributions to RIHI <sup>(2)</sup> | $25354 | $35087 |
| Unencumbered cash generated <sup>(2)</sup> | $21904 | $31637 |
| Adjusted EBITDA <sup>(2)</sup> | $71321 | $74359 |
| Adjusted free cash flow as % of Adjusted EBITDA <sup>(2)</sup> | 35.5% | 47.2% |
| Adjusted free cash flow less distributions to RIHI as % of Adjusted EBITDA <sup>(2)</sup> | 35.5% | 47.2% |
| Unencumbered cash generated as % of Adjusted EBITDA <sup>(2)</sup> | 30.7% | 42.5% |

---

(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. – Third Quarter 2025 | Page **13** of 16 |

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**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 and sublease, 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;

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| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **14** of 16 |

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&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 and sublease, 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 and sub-lease, 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.

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| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **15** of 16 |

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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.

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| | |
|:---|:---|
| RE/MAX Holdings, Inc. – Third Quarter 2025 | Page **16** of 16 |

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