DOUG · Douglas Elliman Inc.

Douglas Elliman's first quarter 2026 results reflect a challenging comparison to an unusually strong Q1 2025, compounded by the October 2025 disposition of its property management business, which contributed $9.5 million to prior-year revenue. Excluding property management, revenue declined from $243.9 million to $214.3 million, a 12.1% drop. The operating loss widened to $17.5 million from $5.3 million, driven by lower revenue and only partial offset from expense reductions. Real estate agent commissions fell 10.2% to $167.4 million, while sales and marketing, operations and support, and general and administrative expenses all decreased, reflecting cost discipline. The net loss attributable to Douglas Elliman was $16.3 million ($0.19 per share) versus $6.0 million ($0.07 per share) a year ago. On an adjusted basis, Adjusted EBITDA loss was $10.4 million compared to a $0.9 million loss, and Adjusted Net Loss was $12.4 million ($0.14 per share) versus $4.3 million ($0.05 per share). Gross transaction value fell to $8.6 billion from $9.9 billion, with average price per transaction declining to $1.96 million from $2.02 million. Management emphasized strategic progress, including new market entries in Canada, France, Monaco, and the Caribbean, and key brokerage leadership hires. The company maintains a strong balance sheet with $96 million cash and no debt, providing flexibility for organic growth and investments. The development marketing pipeline stands at approximately $27.2 billion, with $8.4 billion scheduled to come to market through March 2027. While near-term results were pressured, management expressed confidence in the platform's positioning for long-term growth as market conditions normalize.