RealReal : Second Quarter 2023 Investor Presentation

Q2 2023 EARNINGS PRESENTATION

Safe Harbor/Disclosure Statement

These materials contain forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," anticipate," "believe," "target," "contemplate," "project," "estimate," "predict," "intend," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating and financial results, including our strategies, plans, commitments, objectives and goals, in particular in the context of the impacts of recent geopolitical events, uncertainty surrounding macroeconomic trends, disruptions in the financial industry, inflation and the COVID-19 pandemic, our ability to achieve anticipated savings in connection with our real estate reduction plan and associated workforce reduction, our ability to efficiently drive growth in consignors and buyers through our marketing and advertising activity, our ability to successfully implement our growth strategies and their capacity to help us achieve profitability or generate sustainable revenue and profit, and our financial guidance, timeline to profitability, and long-range financial targets and projections. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, the impact of the COVID-19 pandemic on our operations and our business environment, inflation, macroeconomic uncertainty, disruptions in the financial industry, geopolitical instability, inflation, macroeconomic uncertainty, geopolitical instability, any failure to generate a supply of consigned goods, pricing pressure on the consignment market resulting from discounting in the market for new goods, failure to efficiently and effectively operate our merchandising and fulfillment operations, labor shortages and other reasons.

More information about factors that could affect The RealReal's operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at https://investor.therealreal.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this presentation, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.

These materials and the accompanying oral presentations also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation.

In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes the non-GAAP financial measures of Adjusted EBITDA and Adjusted EBITDA Margin (Adjusted EBITDA as a percentage of revenue). These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of other GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included at the end of this presentation. We have not reconciled forward-looking Adjusted EBITDA to the most directly comparable GAAP measures of Net Income (Loss) because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including payroll tax expense on employee stock transactions, that are not within our control, or other components that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future Net Income (Loss).

Q2 2023 Earnings Presentation

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Focus on Higher-margin Portion of Consignment Business Delivering Results

GMV and Revenue exceeded the mid-pointof our Q2 guidance and

Adjusted EBITDA exceeded the high-endof our Q2 guidance range

In Q2, consignment revenue was consistent Y/Y and direct revenue decreased 51% Y/Y, which resulted in gross margin of 66.1% (+930

bpts Y/Y)

Average Order Value increased 10% Y/Y and at $537, exceeded previous COVID-erarecords;

Branded Fine Jewelry and Watch categories leading the way

$206 million of cash and cash

equivalents and restricted cash1 on the balance sheet at quarter end; net inventory of $26 million, down $17 million vs. YE 2022

1We did not renew our $50 million revolver with PacWest. Starting in the second quarter of 2023, $16.8 million in letters of credit collateral for office leases previously backed by the PacWest revolver is now secured by cash and classified as restricted cash on the balance sheet.

Q2 2023 Earnings Presentation

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Second Quarter Business Highlights and Key Takeaways

• Reported Q2 2023 Financial Results
• • GMV -7% and revenue -15% Y/Y
  • Consignment revenue flat Y/Y and direct revenue -51% Y/Y
  • Gross margins increased +910 basis points compared to prior year period
  • Adjusted EBITDA losses narrowed compared to prior year period
• Key Initiatives Starting to Drive Improved Results

• 1. Grow profitable supply
  2. Improve efficiency
  3. Pursue new revenue streams
• Provided Q3 and Reaffirmed Full Year 2023 Guidance

• • Q3 guidance provided for GMV, Total Revenue and Adjusted EBITDA
  • Reaffirmed full year 2023 guidance previously provided
• Timeline to Profitability
• • On track to achieve Adjusted EBITDA profitability for full year 2024

Q2 2023 Earnings Presentation

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Improved Adjusted EBITDA Losses; Solid Balance Sheet

Profit and Loss Statement: Q2 2023 Results

• GMV of $423 million, a decrease of 7% year-over-year
• Total Revenue of $131 million, a decrease of 15% year-over-year
• Gross Margin of 65.9% compared to 56.8% in Q2 2022
• Adjusted EBITDA of $(22.3) million, or (17.1)% of Total Revenue compared to $(28.8) million, or (18.7)% in Q2 2022

Balance Sheet: As of End of Q2 2023

• $206 million of cash and cash equivalents and restricted cash
• $26 million of inventory, net compared to $43 million at the end of last year and $31 million at the end of last quarter

Q2 2023 Earnings Presentation

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