Douglas Elliman Inc 2025年度报告

April 30, 2026 Dear Fellow Stockholder, In a year that was marked by the continuation of elevated U.S. mortgage rates, low housinginventory, and soft transaction volumes, we were able to take decisive steps in 2025, includingstrategic realignment and disciplined financial management, that we believe have enabled us tomake meaningful progress on our long-term vision: to be the leading independent luxury realestate brokerage, driven by innovation, talent, and a relentless focus on our clients and agents.The groundwork we laid during 2025 — in particular, selling our property managementdivision and eliminating the overhang of the in-the-money convertible debt, expanding ourbrand internationally, and making investments in artificial intelligence that is helping ouragents do what they do best — positions us for accelerated growth and value creation in2026 and beyond. While I am incredibly proud of what we have accomplished thus far and believe DouglasElliman is well positioned for long-term growth and success, our work is not yet done. Ourstrengthened balance sheet and enhanced operational capabilities give us flexibility to enter newmarkets, scale our innovative offerings, and attract top talent, and we believe 2026 will mark thebeginning of a new growth phase for our Company. Below are some highlights of 2025 and ourplans for the year ahead. A Strengthened Financial Position In 2025, we further strengthened our financial foundation, increased our revenues andstrategically managed expenses. •We increased revenues to $1.03 billion in 2025, up from $995.6 million in 2024.•Our net income increased to $15.2 million in 2025, up from a net loss of $76.3 millionin 2024.•OurAdjusted EBITDA improved to a loss of $14.0 million in 2025, up from a loss of$24.1 million in 2024.•Our industry-leading average price per transaction increased from $1.67 million to$1.86 million per homesale, and this strength drove about $39.8 billion in total salesvolume, up from $36.4 billion in 2024. Looking to the future, our Development Marketing Division continues to contribute to ourmomentum, with approximately $25.3 billion in gross transaction value currently beingmarketed and another $7.5 billion expected to come to market through December 2026. Douglas Elliman’s balance sheet remained healthy at year-end, with approximately $115.5million of cash and cash equivalents at December 31, 2025, and, as a result of our redemptionof our outstanding convertible notes in October 2025, no long-term debt. We believe ourbalance sheet gives Douglas Elliman a competitive advantage by providing optionality toexpand into new markets, where appropriate, and strengthen our services platform asopportunities arise in our ever-changing industry. Driving Sustainable Growth During 2025, we expanded our brand internationally, and more recently entered into theFrench Alps and Canada, building on our successful launches in Bordeaux, the French Riviera, and Monaco. In 2025, we also launched Elliman Capital, an in-house mortgageplatform designed to streamline the home financing process for clients seeking bothtraditional and non-traditional loan products. For the year ahead, we are squarely focusedon unlocking the full potential of our platform by capitalizing on our core strengths andpursuing significant growth opportunities. •TargetedExpansion and Recruitment:We continue to actively pursueopportunities to deepen our footprint in existing markets while strategically enteringnew, high-potential regions.•Expansion of Core Service Offerings: Following our launch of Elliman Capital in2025, we more recently launched Elliman Yachts, offering yacht acquisition advisoryand brokerage services and bespoke yacht charters globally through a strategicrelationship. We are continuing to seek to expand and optimize our ancillary realestate services that allow our agents and our other businesses to enhance the clientexperience and drive growth in revenues and earnings.•Investingin Agent Experience:Our global network of agents remains thecornerstone of our success and we plan to continue to make investments in marketintelligence, technology and agent resources.◦In2025,we launched Elli AI,a first-of-its-kind,AI-powered assistant appdesigned to streamline the daily workflow of our agents. Elli AI enables natural-language MLS searches, generates branded reports and lifestyle maps, andaggregates real-time data from MLS, public records, and the web – giving ouragents the insights they need to deliver truly personalized, data-driven service.◦We recently launched a new market data report program, which will provideagents and clients with timely, transparent insights tailored to our markets.◦Our ongoing rollout of agent-centric technology — including Elliman PrivateListings, and enhanced marketing tools — ensures our professionals remain atthe forefront of the industry. Confidence in Our Future In addition to our world-class brand, we have many opportunities to generate value