Exhibit 99.1

TABLE OF CONTENTS

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION

October 30, 2025

This Management’s Discussion and Analysis (the “MD&A”) provides a discussion of the operations and financial condition of The Real Brokerage Inc. (“Real” or the “Company”) for the period ended September 30, 2025, and 2024. This report should be read in conjunction with the interim condensed consolidated financial statements and related notes for the period ended September 30, 2025 and 2024 (the “Financial Statements”). Unless the context indicates otherwise, references to “Real”, “the Company”, “we”, “us” and “our” in this MD&A refer to The Real Brokerage Inc. and its subsidiaries.

Unless otherwise specified herein, financial results, including historical comparatives, contained in this MD&A are based on the Financial Statements, which have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP” or “GAAP”). All dollar amounts are presented in U.S. dollars unless otherwise stated.

The purpose of this MD&A is to provide investors with a clear understanding of the Company’s performance, including its strategic initiatives, operational trends, and financial results. It also discusses key developments that may impact future performance and outlines the risks and opportunities that Real faces in the evolving real estate technology landscape.

This document includes forward-looking statements that reflect the Company’s expectations, projections, and future plans. These statements are subject to risks and uncertainties, which may cause actual results to differ materially. Readers are encouraged to review the “Caution Regarding Forward-Looking Information” section for further details on these risks.

As a growing real estate technology company, Real is focused on expanding its agent network, enhancing its proprietary technology platform, and diversifying its revenue streams through ancillary services. The following sections provide a discussion of our recent developments, operational highlights, financial performance, and future expectations.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

CAUTION REGARDING FORWARD-LOOKING INFORMATION

Some of the statements in this MD&A are forward-looking statements. These statements may constitute “forward-looking information” and “forward-looking statements” under applicable Canadian and United States securities laws (collectively, “forward-looking statements”). These forward-looking statements typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “outlook,” “will,” “should,” “could” or other words of similar meaning, as well as statements written in the future tense. Forward-looking statements contained herein may include opinions or beliefs regarding market conditions and similar matters. In many instances, those opinions and beliefs are based upon general observations by members of our management, anecdotal evidence and our experience in the conduct of our businesses, without specific investigations or analyses. Therefore, while they reflect our view of the industries and markets in which we are involved, they should not be viewed as reflecting verifiable views or views that are necessarily shared by all who are involved in those industries or markets. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Without limitation, this MD&A may contain forward-looking statements pertaining to the following:

The forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from what is anticipated by our forward-looking statements. The most important factors that could cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limited to:

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

The foregoing list of assumptions is not exhaustive. Actual results could differ materially from those anticipated in forward-looking statements as a result of various events and circumstances, including, among other things, the risk factors identified under the heading “Risks and Uncertainties”.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this MD&A. These factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this MD&A. All subsequent forward-looking information of the Company herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. The Company does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this MD&A or to reflect the occurrence of unanticipated events, except as may be required under applicable Canadian and United States securities laws.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

RISKS AND UNCERTAINTIES

There are a number of risk factors that could cause future results to differ materially from those described herein. The risks and uncertainties are not the only ones the Company faces. Additional risks and uncertainties, including those that the Company does not know about as of the date of this MD&A, or that it currently deems immaterial, may also adversely affect the Company’s business. If any of these risks occur, the Company’s business may be harmed, and its financial condition and the results of operation may suffer significantly. Please refer to the risks under the caption “Risk and Uncertainties” in the Company’s MD&As for the interim periods ended March 31, 2025 and June 30, 2025, available on SEDAR+ under the Company’s profile at www.sedarplus.com and EDGAR under the Company’s profile at www.sec.gov, as well as the risk factors set forth below, for a list of risks that could materially adversely affect our business, financial condition or results of operations.

The Company could be subject to unexpected tax liabilities.

The Company has provisions and reserves for taxes that we believe are sufficient to reflect our future tax obligations. However, it is possible that a taxing authority will successfully assert that we owe taxes that we do not believe that we owe and for which we do not have a provision or reserves. If the additional taxes are material, it could have a material adverse impact on our operating results and financial condition.

We may be exposed to lending, liquidity, concentration, and regulatory risks in our Real Wallet Capital business.

We launched our Real Wallet Capital business in certain U.S. states in October 2025, and earlier in the year in certain Canadian provinces. Through Real Wallet Capital, the Company makes business loans to real estate agents that are affiliated with the Company or its affiliates. The loans are made from the Company’s balance sheet. Real Wallet Capital is a new business for the Company, and the Company may not receive expected returns from the loans. Borrowers may default on amounts owed or file for bankruptcy and the Company may have limited recourse or recovery. Because Real Wallet Capital loans are funded from the Company’s balance sheet, this activity may reduce liquidity available for other corporate uses. In addition, loan concentrations among agents affiliated with the Company and exposure to the real estate industry may increase the risk of correlated defaults during market downturns.

The Company is operating in a complex legal and regulatory environment with Real Wallet Capital. There is no assurance that we will be able to comply with all applicable lending, licensing or disclosure requirements across jurisdictions, in an industry in which we have no prior experience, or that regulators will not later interpret these requirements in a manner adverse to the Company. An examination or enforcement action could result in penalties, increased compliance costs or restrictions on our ability to operate. Further, changes in interest rates, credit market conditions, or the valuation of our loan portfolio could negatively affect yields, borrower performance, and the carrying value of our loans. Because this business involves lending to affiliated agents, any defaults or disputes could also negatively affect agent relationships and the Company’s reputation.

SIGNIFICANT ACCOUNTING POLICIES AND OTHER EXPLANATORY INFORMATION

The preparation of the Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures as of the date of the Financial Statements. Actual results may differ from estimates under different assumptions and conditions.

Significant judgments include measures of share-based payment arrangements. Our significant judgments have been reviewed and approved by the Audit Committee for completeness of disclosure on what management believes would be relevant and useful to investors in interpreting the amounts and disclosures in the Financial Statements.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

BUSINESS OVERVIEW AND STRATEGY

Real is a growing real estate technology company that operates across all 50 U.S. states, the District of Columbia, and five Canadian provinces. As a licensed real estate brokerage, the Company’s revenue is generated primarily by processing real estate transactions which entitle us to commissions. The Company pays a portion of its commission revenue to real estate agents who are affiliated with the Company. Unlike traditional brokerages, who rely on costly physical offices with high overhead expense for service delivery, Real operates as a fully digital brokerage and offers agents a more flexible, efficient, and financially compelling model. Our proprietary software platform, reZEN, leverages artificial intelligence (“AI”) and automation to enhance agent productivity while maintaining a lean operating model.

Our vision is to transform the home buying and selling experience by integrating technology, AI, and ancillary products and services (including mortgage brokerage, title, and fintech products), into a seamless real estate ecosystem - while ensuring agents remain at the center of the transaction.

For further details on the Company’s business and strategy, see “Business Overview and Strategy” set out in our management’s discussion and analysis for the year ended December 31, 2024, available on SEDAR+ under the Company’s profile at www.sedarplus.com and on EDGAR under the Company’s profile at www.sec.gov, as incorporated in our 2024 Form 40-F. There have been no material changes to our business and strategy for the three and nine months ended September 30, 2025, as compared to those described in our management’s discussion and analysis for the year ended December 31, 2024, as incorporated in our 2024 Form 40-F.

THIRD QUARTER FINANCIAL HIGHLIGHTS

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

SUMMARY OF QUARTERLY INFORMATION

The following table provides selected quarterly financial information (in thousands, except per share data) for the nine most recently completed financial quarters ended September 30, 2025. This information reflects all adjustments of a recurring nature that are, in the opinion of management, necessary to present a fair statement of the results of operations for the periods presented. Quarter-to-quarter comparisons of financial results are not necessarily meaningful and should not be relied upon as an indication of future performance. The general increase in revenue and expense quarter over quarter is due to growth and expansion of the Company.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

QUARTERLY REVENUE PERFORMANCE BY CATEGORY

Year-over-year quarterly revenue growth (in thousands)

Quarterly Revenue and Gross Margin Trends

Our revenue has continued to grow over the last eight quarters, driven primarily by the expansion of our agent base, and the resulting increase in closed transaction volume. Contributions from Title, Mortgage and Wallet businesses have also increased, though they remain a smaller portion of overall revenue.

Our gross margin percentage has fluctuated quarter to quarter, reflecting transaction mix, contributions from our ancillary services, and the proportion of agents who have reached their annual commission cap. Over time, we expect contributions from ancillary services to improve our gross margin.

Quarterly Operating Expense Trends

Operating expenses have generally increased in line with agent and transaction growth, as we continue to invest in technology, support functions, and headcount. Expenses in Q1 2024 reflect the $9.25 million settlement of the Umpa class action lawsuit, as described in Note 15 of our Q3 2025 interim condensed consolidated financial statements.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

QUARTERLY KEY PERFORMANCE METRICS

The Company tracks the results of our operations and certain key performance metrics related to our business and the real estate industry to evaluate performance, make strategic decisions, and allocate resources. The following table presents these metrics for the last nine quarters:

1 Represents the number of transactions closed by our agents during the period.

2 Represents the U.S. dollar value of all sale, lease and purchase transactions closed by our agents during the period.

3 Represents the median price (in USD) of homes sold or purchased by our agents during the period, based on closed transactions.

4 Represents the total number of agents affiliated with Real at the end of the period.

5 Represents the rate at which agents left our platform during the period, calculated as the number of churned agents during the period divided by the total agent base at the beginning of the period.

6 A supplementary financial measure, calculated as the percentage of revenue lost from agents who churned during the period, calculated as commission revenue generated by churned agents during the last six months divided by total Company commissions revenue for the last six months.

7 Represents the total number of full-time employees of the Company at period end.

8 Represents the total number of full-time employees of the Company excluding employees of One Real Title and One Real Mortgage.

9 Represents the ratio of full-time brokerage employees (excluding One Real Title and One Real Mortgage employees) to the number of agents on our platform.

10 A supplementary financial measure calculated as total company revenue divided by full-time brokerage employees (excludes One Real Title and One Real Mortgage employees).

11 A non-GAAP measure, calculated as total operating expenses per the Financial Statements, less revenue share expense. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ and accordingly may not be comparable. For definitions and basis of presentation of Real’s non-GAAP measures, refer to the “Non-GAAP measures and ratios” section in this MD&A.

12 A non-GAAP measure, calculated as operating expense excluding revenue share, divided by the number of closed transaction sides. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ and accordingly may not be comparable. For definitions and basis of presentation of Real’s non-GAAP measures, refer to the “Non-GAAP measures and ratios” section in this MD&A.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

PRESENTATION OF FINANCIAL INFORMATION AND NON-GAAP MEASURES

Unless otherwise specified herein, financial results, including historical comparatives, contained in this MD&A are based on the Financial Statements, which have been prepared in conformity with U.S. GAAP.

Non-GAAP measures and ratios

In addition to the reported GAAP measures, industry practice is to evaluate entities giving consideration to certain non-GAAP performance measures, including non-GAAP ratios, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”) or adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), operating expenses excluding certain non-cash items and related ratios.

Management believes that these measures are helpful to investors because they are measures that the Company uses to measure performance relative to other entities. In addition to GAAP results, these measures are also used internally to measure the operating performance of the Company. These measures are not in accordance with GAAP and have no standardized definitions, and as such, our computations of these non-GAAP measures may not be comparable to measures by other reporting issuers. In addition, Real’s method of calculating non-GAAP measures may differ from other reporting issuers, and accordingly, may not be comparable.

Earnings before Interest, Taxes, Depreciation and Amortization

EBITDA is used as an alternative to net income (loss) because it excludes major non-cash items such as interest, taxes, and amortization, which management considers non-operating in nature. It provides useful information about our core profit trends by eliminating our taxes, amortization, and interest which provides a useful comparison between our competitors. A reconciliation of EBITDA to GAAP net income (loss) is presented under the section “Discussion of Results from Operations” in this MD&A.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization

Management believes Adjusted EBITDA provides useful information about our financial performance and allows for greater transparency with respect to a key metric used by the Company for financial and operational decision-making. We believe that Adjusted EBITDA helps identify underlying trends in our business that otherwise could be masked by the effect of the expenses that we exclude in Adjusted EBITDA. In particular, we believe the exclusion of finance, stock-based compensation and stock option expenses provides a useful supplemental measure in evaluating the performance of our operations and provides additional transparency into our results of operations.

Adjusted EBITDA is used as an addition to net income (loss) because it excludes major non-cash items such as amortization, interest, stock-based compensation, current and deferred income tax expenses and other items management considers unique, non-recurring or non-operating in nature.

A reconciliation of Adjusted EBITDA to GAAP net income (loss) is presented under the section “Discussion of Results from Operations” of this MD&A.

Operating Expense Excluding Revenue Share

Operating expense excluding revenue share is used as an alternative to operating expenses by removing variable cash expenses associated with revenue share expenses, which is a component of marketing expense. Management believes that Operating Expense Excluding Revenue Share provides investors with useful insight into Real’s underlying fixed and discretionary cost base by removing a variable expense that scales with revenue.

A reconciliation of operating expense excluding revenue share to operating expense is presented below (in thousands):

Operating Expense Excluding Revenue Share Per Transaction

Operating expense excluding revenue share per transaction is a ratio calculated as operating expense excluding revenue share, divided by the number of closed transaction sides. Management uses this metric to evaluate operating efficiency and cost scalability on a per-transaction basis. Management and investors can use this metric to assess whether Real is achieving greater operating leverage as transaction volume grows.

KEY COMPONENTS OF RESULTS FROM OPERATIONS

For details on the key components of the results of operations, see “Key Components of Results from Operations” set out in our management’s discussion and analysis for the year ended December 31, 2024, available on SEDAR+ under the Company’s profile at www.sedarplus.com and EDGAR under the Company’s profile at www.sec.gov, as incorporated in our 2024 Form 40-F. There have been no material changes to our key components of results of operations for the three and nine months ended September 30, 2025, as compared to those described in our management’s discussion and analysis for the year ended December 31, 2024, as incorporated in our 2024 Form 40-F.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

SUMMARY RESULTS FROM OPERATIONS

The following table sets forth our interim condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Basic and diluted earnings (loss) per share are calculated based on weighted average of the common shares of the Company (“Common Shares”) outstanding during the period.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

The following table sets forth our cost of sales and operating expenses for the three and nine months ended September 30, 2025 and 2024 (in thousands):

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

DISCUSSION OF RESULTS FROM OPERATIONS

Key Performance Metrics

We track key performance indicators to evaluate business growth, agent and transaction trends, operational efficiency, and financial discipline. These metrics help management assess market activity, agent network stability, and the scalability of our platform. Closed transaction sides, total value of home side transactions, and median home sale price provide insight into market growth, market share, and transaction volume, key drivers of our revenue. Total agents, agent churn rate, and revenue churn rate help evaluate agent network expansion, retention, and the stability of our revenue base.

Operational efficiency is measured through metrics such as full-time employees (“FTEs”), headcount efficiency ratio, and revenue per FTE. These reflect the scalability of our business model and the relationship between headcount and revenue growth. In 2025, our FTE count increased primarily due to the conversion of 136 contractors in India (122 excluding One Real Mortgage and One Real Title) to employee status. This transition contributed to a decrease in the headcount efficiency ratio in 2025.

We also monitor operating expense excluding revenue share, and operating expense per transaction excluding revenue share, which provide additional visibility into our costs by isolating fixed and discretionary expenses from agent-driven revenue share.

Revenue

Revenue for the three months ended September 30, 2025, increased 53% to $568.5 million, from $372.5 million in the three months ended September 30, 2024. For the nine months ended September 30, 2025, total revenue grew to $1.5 billion compared to $914.0 million in the corresponding period of 2024. This substantial growth was driven primarily by an increase in the number of productive agents on our platform and the resulting increase in closed real estate transactions.

Substantially all revenue is generated from commissions on real estate transactions, supplemented by ancillary services. Continued investment in our technology platform is designed to support agent productivity, which we expect will further contribute to increased transaction growth. Further details on our revenue streams are provided in the Business Segment Information section below.

Cost of Sales

Cost of Sales for the three months ended September 30, 2025 increased to $523.7 million, from $340.4 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, Cost of Sales was $1.3 billion, compared to $829.3 million for the nine months ended September 30, 2024. The increase in both periods primarily reflected higher commission payments tied to agent and transaction growth.

As a percentage of revenue, Cost of Sales was 92.1% for the three months ended September 30, 2025, compared to 91.4% for the same period in 2024. For the nine months ended September 30, 2025, Cost of Sales was 91.3%, compared to 90.7% for the nine months ended September 30, 2024. The increases reflect a higher proportion of revenue generated by agents who had reached their annual commission cap, as well as lower contributions from higher-margin ancillary services.

Gross Profit

Gross profit for the three months ended September 30, 2025 grew to $44.9 million, compared to $32.1 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, Gross profit increased to $126.7 million, from $84.8 million for the nine months ended September 30, 2024. The increase was driven by higher transaction volume, growth in our agent base, and contributions from ancillary services.

Gross margin declined to 7.9% for the three months ended September 30, 2025, compared to 8.6% for the three months ended September 30, 2024, and to 8.7% for the nine months ended September 30, 2025, compared to 9.3% for the same period in 2024. The decline reflects a higher proportion of revenue generated by agents who had reached their annual commission cap, as well as a relative decrease in contribution from higher-margin ancillary services.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

General & Administrative Expenses (“G&A”)

G&A expenses were $19.6 million for the three months ended September 30, 2025, compared to $16.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, G&A expenses were $56.0 million, compared to $42.5 million for the nine months ended September 30, 2024. These increases primarily reflect strategic investments in corporate infrastructure and personnel to support our growth and operations.

Key components contributing to the G&A increase include:

Marketing Expenses

Marketing expenses were $21.0 million for the three months ended September 30, 2025, compared to $15.3 million for the three months ended September 30, 2024, and $62.0 million for the nine months ended September 30, 2025, compared to $43.8 million for the nine months ended September 30, 2024. This increase reflects our continued investment in agent attraction and retention, consistent with our model of prioritizing agent-driven growth over traditional advertising.

Key components contributing to the increase in marketing expenses include:

Research and Development Expenses (“R&D”)

R&D expenses were $4.7 million for the three months ended September 30, 2025, compared to $3.0 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, R&D expenses were $12.6 million, compared to $8.1 million for the nine months ended September 30, 2024. The increase was primarily driven by higher headcount to support ongoing investment in platform enhancements, new product development, and technological innovation, including various AI initiatives, as well as payroll-related costs associated with the acquisition of the Flyhomes consumer search portal.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

Operating Income (Loss)

Operating loss was $(0.5) million for the three months ended September 30, 2025, compared to $(2.5) million for the three months ended September 30, 2024. As a percentage of revenue, the operating loss narrowed to (0.1%) from (0.7%) from the prior year period.

For the nine months ended September 30, 2025, Operating Loss was $(4.0) million, an improvement from $(18.8) million for the nine months ended September 30, 2024. As a percentage of revenue, Operating loss improved to (0.3)% from (2.1)%. The improvement reflects strong revenue growth and disciplined expense management, partially offset by higher personnel and operating costs to support growth. The prior year’s nine-month results also included a $9.25 million litigation settlement expense related to the resolution of the Umpa v. The National Association of Realtors, et al. (the “Umpa Class Action”) lawsuit, which did not recur in 2025.

The Company remains committed to balancing growth with improving profitability. We continue to focus on scaling our agent network while managing our cost structure to drive long-term financial performance.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (in thousands)

EBITDA was $0.4 million for the three months ended September 30, 2025, compared to $(2.2) million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, EBITDA was $(2.4) million, compared to $(18.7) million for the nine months ended September 30, 2024. The improvement for both periods was primarily driven by revenue growth and cost management initiatives, offset in part by higher salaries, benefits, and technology-related operating expenses. Consistent with Operating loss, the prior year’s nine-month EBITDA was impacted by the $9.25 million Umpa Class Action litigation settlement expense, which materially impacted 2024 results and did not recur in 2025.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

Adjusted earnings before interest, taxes, depreciation, and amortization (in thousands)

Adjusted EBITDA excludes stock-based compensation expense, tax expense, finance expenses, depreciation and amortization expense, goodwill impairment, restructuring expenses, and expenses incurred as part of the settlement agreement to resolve the Umpa Class Action. Stock-based compensation expense is influenced by factors such as the volume of awards granted and/or forfeited during the period, as well as changes in their fair value. Management uses Adjusted EBITDA to evaluate core operating performance and scalability.

Adjusted EBITDA was $20.4 million for the three months ended September 30, 2025, compared to $13.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, Adjusted EBITDA increased to $48.7 million, compared to $30.9 million for the nine months ended September 30, 2024. The growth in Adjusted EBITDA for both periods reflects:

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

Stock-Based Compensation

Stock-based compensation expense for the three months ended September 30, 2025 was $19.9 million compared to $15.4 million for the three months ended September 30, 2024. Stock-based compensation expense for the nine-month period ended September 30, 2025 was $50.4 million compared to $37.8 million for the nine-month period ended September 30, 2024. The increase for both periods is primarily attributable to higher participation in the Agent Stock Purchase Program, increased production-based incentives for agents, and higher equity compensation awarded to FTEs.

Stock-based compensation is expected to continue increasing as we expand our agent network, enhance equity programs to attract and retain key personnel, and grant production-based equity awards to qualifying agents. As equity awards typically vest over one to three years, stock-based compensation expense in a given period may fluctuate due to changes in share price and the timing of new grants.

The following tables are presented in thousands:

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

OUTSTANDING SHARE DATA

As of September 30, 2025, the Company had 210.9 million Common Shares issued and 210.9 million Common Shares outstanding. Additionally, there were 26.1 million Common Shares reserved for issuance subject to RSUs and 11.4 million Common Shares reserved for issuance pursuant to the exercise of Options. At quarter end, 3.6 million shares that were repurchased under the Company’s share repurchase plan were retired.

As of October 23, 2025, the Company had 211.8 million Common Shares issued and 211.8 million outstanding. As of October 23, 2025, a total of 26.8  million RSUs are issued and outstanding. Once vested, each RSU will settle for a Common Share, but may be settled in cash in certain circumstances in accordance with the equity plan under which the RSUs were issued. Additionally, there were 11.3 million Options issued and outstanding with exercise prices ranging from $0.08 to $6.50 per share and expiration dates ranging from June 2030 to August 2035. Each Option is exercisable for one Common Share.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

BUSINESS SEGMENT INFORMATION

A breakdown of the interim condensed consolidated statements of comprehensive income (loss) by business segment during the period, as well as a reconciliation from Net Income (Loss) to Adjusted EBITDA, is included below (in thousands). Further details regarding the Company’s operating segments are provided in Note 5 within the Financial Statements.

NORTH AMERICAN BROKERAGE

Revenues for the three months ended September 30, 2025 were $565.3 million, an increase of 53% compared to $369.9 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, revenues were $1.5 billion, an increase of 60% compared to $907.7 million for the nine months ended September 30, 2024. Growth in both periods was driven by an increase in productive agents on our platform and higher transaction volume.

Operating expenses were $42.0 million for the three months ended September 30, 2025, compared to $31.8 million for the three months ended September 30, 2024, and $119.6 million for the nine months ended September 30, 2025, compared to $96.2 million for the nine months ended September 30, 2024. The increases primarily reflect higher personnel and technology costs, along with increased stock-based compensation.

The segment reported operating income of $0.8 million for the three months ended September 30, 2025, compared to a loss of $(1.5) million in 2024. For the nine months ended September 30, 2025, operating income was $1.4 million, compared to a loss of $(15.8) million in 2024. The improvement reflects revenue growth, expense management, and the absence of the $9.25 million Umpa Class Action settlement recorded in 2024.

Adjusted EBITDA was $21.1 million for the three months ended September 30, 2025, compared to $13.9 million for the three months ended September 30, 2024, and $52.4 million for the nine months ended September 30, 2025, compared to $32.8 million for the nine months ended September 30, 2024. The increases primarily reflect higher revenue and operating leverage, as well as higher stock-based compensation.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

ONE REAL TITLE

Revenues for One Real Title were $1.3 million for the three months ended September 30, 2025, compared to $1.4 million for the three months ended September 30, 2024, a decrease of (7%). For the nine months ended September 30, 2025, revenues increased to $3.7 million, compared to $3.5 million for the nine months ended September 30, 2024.

The year-over-year decline in quarterly revenues was primarily due to the termination of several joint ventures, which has not yet been fully offset by the ramp-up of new state-based joint ventures, which generally require several quarters before reaching scale. During 2025, the segment also underwent a strategic realignment under new leadership, shifting from a model focused on individual team-based joint ventures to a state-based joint venture structure designed to drive improved operating leverage and efficiency. While this transition has impacted near-term results, management believes the revised strategy better positions One Real Title for stronger growth and profitability over time.

The segment reported an operating loss of $(0.8) million for the three months ended September 30, 2025, compared to a loss of $(0.6) million for the same period in 2024. For the nine months ended September 30, 2025, operating loss was $(3.2) million, compared to a loss of $(1.8) million for the nine months ended September 30, 2024. The higher losses in both periods primarily reflect costs associated with the relaunch strategy.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

ONE REAL MORTGAGE

Revenues for One Real Mortgage were $1.8 million for the three months ended September 30, 2025, compared to $1.2 million for the three months ended September 30, 2024, an increase of 47%. For the nine months ended September 30, 2025, One Real Mortgage revenues increased to $4.5 million, compared to $2.8 million for the nine months ended September 30, 2024, an increase of 60%. Growth in both periods was driven by the addition of productive loan officers to the platform and the launch of an inside sales team.

The segment reported a modest operating loss of $(0.2) million for the three months ended September 30, 2025, compared to a loss of $(0.4) million for the same period in 2024. For the nine months ended September 30, 2025, operating loss was $(1.7) million, compared to a loss of $(1.3) million in 2024, with the increase primarily attributable to $0.7 million of stock-based compensation expense recorded in 2025 compared to none in the prior year. The improvement reflects revenue growth and expense management.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

REAL WALLET

Revenues for Real Wallet were $0.2 million for the three months ended September 30, 2025, and $0.6 million for the nine months ended September 30, 2025. There is no comparable revenue from the prior year period as the product was launched in the fourth quarter of 2024.

During the three months ended September 30, 2025, we recorded a one-time contra revenue adjustment of $0.1 million related to the launch of the Real Wallet Rewards program. Real Wallet Revenue is derived primarily from interchange fees on agents’ use of Real-branded debit cards, interest income on deposit balances held with Thread Bank, Member FDIC, and interest income from credit extended to agents. As of September 30, 2025 approximately $17 million was held by agents in Real Wallet deposit accounts, and approximately $4 million of credit was outstanding.

REVENUE BY GEOGRAPHY

The amount of revenue from external customers, by geography, is shown in the table below (in thousands):

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

FINANCIAL INSTRUMENTS

Financial assets and financial liabilities are recognized on the Company’s consolidated balance sheets when Real becomes party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

Classification and subsequent measurement

The determination of which classification category is applicable depends, in part, on management’s intent and ability to hold the securities and is made on an instrument-by-instrument basis. Three classification categories are used:

Held to maturity (HTM) — Securities that the entity has the positive intent and ability to hold to maturity are accounted for at amortized cost.

Available for sale (AFS) — Securities that are not classified as held to maturity or trading are accounted for at fair value through other comprehensive income (FVTOCI).

Trading — Trading securities are accounted for at fair value through net income (FVTNI).

Financial assets – Subsequent measurement and gains and losses

Financial liabilities – Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortized cost or FVTNI. A financial liability is classified as at FVTNI if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTNI are measured at fair value and their net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

Derecognition

Financial assets

The Company applies a control-based model to determine derecognition and derecognizes assets when control is surrendered. Control of a financial asset is surrendered only if (1) the transferred asset is legally isolated from the transferor; (2) the transferee has the ability to freely pledge or exchange the transferred financial asset (or third-party beneficial interest holders have the right to pledge or exchange the beneficial interests if the transferee’s sole purpose is to engage in securitization or asset-backed financing activities); and (3) neither the transferor nor its consolidated affiliates or agents maintain effective control over the transferred asset through other rights.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

Offsetting

Financial assets and financial liabilities are offset and the net amount presented on the consolidated statements of financial position, only when the Company has a legally enforceable right to offset the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. A breakdown of financial instruments as of September 30, 2025 is included below (in thousands):

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2025, cash and cash equivalents and investments totaled $55.8 million, compared to $32.8 million as of December 31, 2024. Cash and cash equivalents are comprised of cash held in our banking accounts and money market funds.

All of our operations are conducted in the U.S. and Canada. Assets in Israel and India, such as cash in the bank, subscriptions, computers and hardware, primarily relate to employees who provide support services for our North American operations.

For the three-month period ended September 30, 2025:

For the nine-month period ended September 30, 2025:

We believe that our existing balances of cash and cash equivalents, and cash flows expected to be generated from our operations will be sufficient to satisfy our immediate and ongoing operating requirements.

Our future capital requirements will depend on many factors, including our level of investment in technology, our rate of growth into new markets, and potential mergers and acquisitions. Our capital requirements may be affected by factors that we cannot control such as the residential real estate market, interest rates, and other monetary and fiscal policy changes. To support and achieve our future growth plans, however, we may need or seek to obtain additional funding, including through equity or debt financing.

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

The following table presents liquidity (in thousands):

[i] – Represents a non-GAAP measure. Real’s method for calculating non-GAAP measures may differ from other reporting issuers’ methods and accordingly may not be comparable. For definitions and basis of presentation of Real’s non-GAAP measures, refer to the “Non-GAAP measures and ratios” section in this MD&A.

Our primary sources of liquidity are cash and cash flows from operations. The Company expects to meet all of its obligations and other commitments as they become due. The Company has various financing sources to fund operations and will continue to fund working capital needs through these sources along with cash flows generated from operating activities.

Balance Sheet overview (in thousands)

THE REAL BROKERAGE INC.

MANAGEMENT’S DISCUSSION & ANALYSIS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025 AND 2024

Assets overview by geographical segment (in thousands)