Exp World Holdings, Inc. · NASDAQ:AGNT
Exp World — Q3 2025 Earnings Presentation
43 slides from Exp World's earnings presentation, November 2025
Slide 1: Q3 2025 Investor Presentation
///////// Q3 2025 Investor Presentation
Slide 2: Safe Harbor
Safe Harbor ///////// The statements contained herein may include statements of future housing inventory supply; personnel retention; tax law changes; regulatory expectations and other forward-looking statements¹ that are based on changes; cybersecurity risks; outcomes of pending or future litigatio
Slide 3: The eXp Platform
The eXp Platform ///////// A powerful platform providing end-to-end technology & services for agents ///////// The eXp Platform eXp provides a platform to enable every agent to build their business, Competitive their brand, and their Training & Coaching Technology-Driven Compensation brokerage. Live
Slide 4: Disrupting Traditional Brokerage Models
Disrupting Traditional ///////// Brokerage Models An efficient operating model drives increased opportunities for agents Traditional Brokerage eXp Realty Operating Model Operating Model High operating expenses and capital costs Cloud-based model with minimal brick-and-mortar associated with brick-an
Slide 5: Investment Highlights
Investment Highlights ///////// 11 eXp leads the industry in profitability and is the #1 largest-scale new entrant⁽¹⁾ by transactions 2 2 Compelling agent value proposition Revenue share, stock equity awards⁽²⁾, competitive splits and 3 3 Efficient technology- driven operations Proprietary and custo
Slide 6: eXp 2.0: Operational Efficiencies and Next-Gen Technologies
///////// eXp 2.0: Operational Efficiencies and Next-Gen Technologies Turbocharge Agent Success
Slide 7: New Entrants Continue to Gain Share
New Entrants Continue to Gain Share Year-Over-Year Revenue Growth Averages New Entrants Relative Growth +28 percentage points New Entrants Revenue +21% YoY growth Legacy Brokerages Revenue -7% YoY growth * Represents average year-over-year revenue growth for each the last 12 quarters ended 9/30/2025
Slide 8: New Entrants Continue to Gain Share
New Entrants Continue to Gain Share ///////// Full Year 2021-2024: Cumulative Change in Agents* New Entrants +87,567 Legacy Brokerages +35 * New Entrants include COMP, EXPI, FTHM, and REAX. Legacy Brokerages include HOUS and RMAX.
Slide 9: Unique Combination of Scale & Profitability
Unique Combination of ///////// Scale & Profitability eXp offers agents the benefits of a global, at-scale network with leading profitability eXp leads new entrants* by ...with superior profitability. combining scale… Agents Transactions Countries Profitability # 1 80 % 28 # 1 in Agent Count More Tr
Slide 10: Scale & Efficiency Set eXp Apart
Scale & Efficiency Set eXp Apart ///////// The only public brokerage operating efficiently at scale Most efficient operating at scale Efficiency (Real Estate Sales Transactions | (433,713 | $804) Operating Expenses(1)/ Transaction in $) EXPI LTM Q3’25 Transactions COMP (240,443 | $5,182) FTHM Scale
Slide 11: Compelling Agent Value Proposition
///////// Compelling Agent Value Proposition
Slide 12: Scale + Efficiency = Leading Profitability
Scale + Efficiency = Leading Profitability ///////// eXp’s scale and superior model drive industry-leading profitability LTM Q3’25 Operating Income (in thousands) Excluding Stock-Based Compensation Source: SEC filings. Note: Calculation based on GAAP income from operations excluding total stock-base
Slide 13: Aligning Growth & Agent Success
Aligning Growth & ///////// Agent Success Revenue Share 2.0 aligns incentives to drive growth and agent success eXponential Share eXp contributes 50% of the company’s commission dollar to the Revenue Share FLQA Count Needed Pool eXpansion Top % of Revenue Share 10-14 30+ Share Pool on 0-4 5-9 15-29
Slide 14: Unique Model Provides Agent Equity Opportunities
Unique Model Provides Agent ///////// Equity Opportunities⁽¹⁾ Agents & brokers are less likely to pursue other opportunities if they are shareholders Equity Awards Agent Equity ICON Agent Award Through Incentive Program Commission Program Top agents can receive up to $16,000 in stock $200 of EXPI st
Slide 15: Growth-Oriented & Agent-Led Culture Driving Industry-Leading Programs
Growth-Oriented & Agent-Led Culture ///////// Driving Industry-Leading Programs Masterminds & eXp University Mentorship Broker Support Task Forces 10+ weekly, live classes and Whether you are brand new This is your opportunity to Our Managing Brokers hundreds of hours of on- or starting something ne
Slide 16: Enhancing the Lives of Our Agents and Our Communities
Enhancing the Lives of Our Agents ///////// and Our Communities We are committed to We are dedicated to the We are committed to creating an equitable, betterment of our wellbeing. diverse, and inclusive communities. eXp’s affiliated nonprofit, eXtend- culture for our employees, The first week of Oct
Slide 17: Efficient, Technology-Driven Operations
///////// Efficient, Technology-Driven Operations
Slide 18: Technology-based Operating System Creates Competitive Advantage
Technology-based Operating System ///////// Creates Competitive Advantage eXp is one of the only companies operating Best-in-class technology partnerships designed within a metaverse at scale to enhance agent productivity Frame is a highly customizable spatial computing platform, Industry-leading CR
Slide 19: Agent Platform Ecosystem
RELATIONSHIP MANAGEMENT CRM of Choice • Sisu FINANCIAL MANAGEMENT LEARNING & DEVELOPMENT RevShare 2.0 eXp University eXpCON & Regional Rallies Pay Now Fast Start and FastCap Continuing Education My eXp Team Leader Academy Broker Lead Classes Elevate Coaching Mentor Program Masterminds Zoocasa BUILDI
Slide 20: Superior Financial Model & Debt-Free Balance Sheet
///////// Superior Financial Model & Debt-Free Balance Sheet
Slide 21: Financial Sustainability & Agility
Financial Sustainability & Agility ///////// Low asset intensity driven by Strong operating cash flow technology-based model $1,095 million of cumulative Adjusted Operating Cash Flow since 2017(3) Strongest net cash position among industry peers⁽¹⁾ Industry-leading cost Commitment to return excess e
Slide 22: Model + Management = Leading Cash Position
Model + Management = Leading Cash Position ///////// eXp’s superior model & financial management results in industry-leading cash position Net Cash (Debt) as of 9/30/25 (in millions) Source: SEC filings. Note: Net cash (debt) defined as the sum of cash + short-term investments less the sum of short-
Slide 23: Operating Efficiently
Operating Efficiently ///////// Low operating expenses per transaction Operating Expenses⁽¹⁾ / Transaction⁽²⁾ — | LTM Q3’25 Source: Respective company SEC filings. (1) Operating Expenses exclude one-time charges and include sales and marketing, general and administrative expenses and, for the follow
Slide 24: Track Record of Cash Flow Generation
Track Record of Cash Flow Generation ///////// Cash Flow Generation Cumulative Adjusted EBITDA ⁽²⁾ ($M) $1,095M cumulative adjusted Operating Cash Flow ⁽¹⁾ ($M) operating cash flow and $39M Cumulative Adjusted cumulative adjusted EBITDA since 2017 (1) Reconciliation of adjusted operating cash flow t
Slide 25: Returning Capital to Shareholders
Returning Capital to Shareholders ///////// Significant share repurchases and dividends 874 850 118 805 818 111 $800M BOD increases dividend 103 95 by 11.1% to $0.05/quarter 773 730 88 756 80 739 $700M 674 710 715 BOD increases repurchase 73 685 authorization $1 billion total 634 650 600 65 $600M 58
Slide 26: Large TAM with Multiple Expansion Opportunities
///////// Large TAM with Multiple Expansion Opportunities
Slide 27: A Large & Underpenetrated Addressable Market
A Large & Underpenetrated ///////// Addressable Market $453B Total Addressable Market +453B $204B Expanded Opportunity⁽¹⁾ International Residential Real Estate Brokerage +$204B $112B Expansion⁽²⁾ U.S. Commercial Brokerage +$112B $54B Growth Verticals⁽³⁾ Professional Coaching⁽⁴⁾ Mortgage, Title & Esc
Slide 28: Segments Reflect eXp's Strategic Priorities
Segments Reflect eXp’s ///////// Strategic Priorities North American Realty, International Realty, and Other Affiliated Services North American Realty Other Affiliated Services Profitable core business funds agent-centric innovation Continue to develop the WebXR FrameVR Driving agent-centric innovati
Slide 29: Strengthening Our Agent Value Proposition
Strengthening Our Agent ///////// Value Proposition Enhance agent & consumer offering while generating attractive, high-margin revenue streams /////// Enhancing Our Service Offerings ///////// Expanding Success for Personal Development Driving high-quality buyer and seller referrals directly to eXp
Slide 30: One Brokerage Expanding Globally
One Brokerage Expanding Globally ///////// eXp is capturing global market share with 74% year-over-year international revenue growth in the 9 months ended September 30, 2025 /////// Effective Operations In New Markets Driven By: In-Country Leadership & Regional Shared Service Hubs Experienced local
Slide 31: Expanding the Metaverse Opportunity
Expanding the Metaverse Opportunity ///////// Frame: Next generation spatial computing High Level Works on desktop, mobile, and immersive hardware like Meta Quest 3 and Apple Vision Pro Squarespace but for the spatial web. For other businesses, freemium SaaS plans launched in beta last year. Present
Slide 32: Experienced Management Team
///////// Experienced Management Team
Slide 33: eXp Management
eXp Management ///////// Founder-led and seasoned team Glenn Sanford James Bramble Jesse Hill Founder & Chairman CEO, Chief Counsel Chief Financial Officer, eXp World Holdings & Corporate Secretary, eXp World Holdings eXp World Holdings Leo Pareja Patrick O’Neil Wendy Forsythe Chief Executive Office
Slide 34: 2025 Financial Summary & Roadmap
///////// 2025 Financial Summary & Roadmap
Slide 35: Q3 2025 Segment Results
Q3 2025 Segment Results North American International Other Affiliated Corporate & eXp World Q3 2025 Realty Realty Services Eliminations Holdings Revenue $1,275.9M $40.7M $0.7M $(0.6)M $1,316.7M Variance % y/y 6% 68% -53% 47% 7% Operating $10.6M $(2.2)M $(1.3)M $(3.1)M $4.0M (Loss) Income Variance %
Slide 36: 2025 Roadmap
2025 Roadmap ///////// Deliver new offerings & Invest in unique agent Double down on industry-leading training to incentive programs & multi-decade International drive agent success and technology enhancements opportunity eXp revenue growth to drive productivity Launched eXp Land & Ranch™ Continued
Slide 37: Investor Relations
///////// Investor Relations CONTACT [email protected] | 360-685-4206 2219 Rimland Dr, Suite 301, Bellingham, WA 98226 expworldholdings.com
Slide 38: Appendix
MHI eX "or HOLDINGS, INC. Appendix
Slide 39: Unique Model Incentivizes Agents and Brokers
Unique Model Incentivizes Agents ///////// and Brokers Highly Attractive Commission Structure Commission* Per Transaction Fee For Capped Agents 80/20 $25 100%* Commission Split Transaction Review Fee Commission After Cap Agents receive an 80%/20% split Capped Status Transaction Fee is $60 on first $
Slide 40: Unique Model Incentivizes Agents and Brokers
Unique Model Incentivizes Agents ///////// and Brokers Very Low Startup Costs And Commitment One-Time Costs Ongoing Costs* $149 $85 One-time Sign-Up Fee Monthly Cloud Brokerage Fee (includes business cards and folders) *U.S. eXp Realty model (exceptions may apply) ** Less applicable Agent Fees
Slide 41: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures To provide investors with additional information regarding our Adjusted EBITDA helps identify underlying trends in the business that otherwise could be masked by financial results, this chat deck includes references to adjusted the effect of the expenses that are e
Slide 42: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP ///////// Financial Measures
Slide 43: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP ///////// Financial Measures