Slide 1: Fourth Quarter 2025 Financial Results Presentation
Newmark Group, Inc. (Nasdaq: NMRK) Fourth Quarter 2025 Financial Results Presentation February 25, 2026 Property Type: Multifamily NMRK.COM
Slide 2: Disclaimers
Disclaimers Discussion of Forward-Looking Statements References in this document to “we,” “us,” “our,” the “Company” and “Newmark” mean Newmark Group, Inc., and its consolidated subsidiaries. Statements in this document regarding Newmark that are not historical facts are "forward-looking statements"
Slide 3: Table of Contents
Table of Contents 04 Recent Consolidated Results & Company Overview 13 Outlook & Targets 16 GAAP Financial Results 21 Additional Information on Newmark 29 Additional Industry Information 31 Financial Tables & Reconciliations Property Type: Office
Slide 4: Recent Consolidated Results
Recent Consolidated Results Highlights of Consolidated Results 4Q25 4Q24 Change FY 2025 FY 2024 Change (USD millions, except per share data) Total Revenues $1,006.0 $872.7 15.3% $3,294.0 $2,738.5 20.3% GAAP net income (loss) for fully diluted shares 92.9 65.7 41.4% 173.0 61.2 182.5% GAAP net income
Slide 5: Leading Commercial Real Estate Advisor and Service Provider
Leading Commercial Real Estate Advisor and Service Provider Founded in 1929, Newmark is a global leader in commercial real estate services, seamlessly powering every phase of the property life cycle FY 2025 Revenues 2025 Transaction Volume Professionals Global Client Service Locations ~$3.3B +$1.6T
Slide 6: Fourth Quarter & FY 2025 Highlights
Fourth Quarter & FY 2025 Highlights ($ in millions, except per share data) Total Revenues AEPS AEBITDA AEBITDA Margin $1,006.0 $0.68 $214.0 21.3% 4Q 2025 15.3% 23.6% 17.0% 32bps $3,294.0 $1.62 $562.4 17.1% FY 2025 20.3% 31.7% 26.3% 81bps In 4Q 2025: - Our revenue-generating headcount in the U.S. was
Slide 7: Total Revenues
Total Revenues ($ in millions) 4Q 2025 Total Revenues FY 2025 Total Revenues Capital Markets Capital Markets 31.8% 34.7% 34.2% 37.8% 4Q 2025 Revenue FY 2025 Revenue by Business by Business Management Services, Management Services, Servicing Fees, & Other Servicing Fees, & Other 31.1% 30.4% Leasing &
Slide 8: Management Services, Servicing Fees & Other
Management Services, Servicing Fees & Other ($ in millions) Management Services, Servicing Fees & Other Detail Total Revenues – Management Services, Servicing Fees & Other Valuation & Other Pass Through Revenues Servicing Fees & Valuation & Advisory (V&A) Management Other Revenues Advisory (V&A) Ser
Slide 9: Leasing & Other Commissions
Leasing & Other Commissions ($ in millions) 4Q 2025 Industry U.S. Office Market Leasing Activity YoY1 Total Revenues – Leasing & Other Commissions 30% 25% 20% 16.9% $1,003 $858 13% $313 National Average: 5% 13.6% $276 1% -2% -8% -12% 4Q 2024 4Q 2025 4Q 2025 FY 2024 FY 2025 FY 2025 Miami Manhattan Bo
Slide 10: Capital Markets
Capital Markets ($ in millions) Newmark U.S. Market Share Total Revenues – Capital Markets U.S. Total Debt U.S. Investment Sales Investment Mortgage Brokerage & Loan Originations OMSR Market Share Market Share Sales Debt Placement Related Fees & Revenues Sales Premiums, net $1,047 +6x Since +3x Sinc
Slide 11: Strong Balance Sheet & Credit Metrics
Strong Balance Sheet & Credit Metrics No near-term debt maturities AS OF 12/31/2025, UNLESS OTHERWISE STATED ($ IN MILLIONS) Cash and Cash Equivalents $229.1 Credit Metrics as of 12/31/2025 Interest Rate Maturity $562.4 million Senior Notes 7.50% 01/12/2029 $596.7 TTM Adjusted EBITDA Credit Facility
Slide 12: Our Strong Financial Position & Cash Generation Will Help Fuel Our Continued Growth
Our Strong Financial Position & Cash Generation Will Help Fuel Our Continued Growth Low Risk Strong Financial Profile & Strong Cash Flow Intermediary Credit Metrics – Capital-light model; we do not own real estate – Operates with investment grade credit metrics – Newmark has a history of strong Cash
Slide 13: Outlook & Targets
Outlook & Targets Property Type: Multifamily Click here to return to the Table of Contents 13
Slide 14: Outlook for 2026
Outlook for 2026 Metric FY 2026 Outlook YoY Change FY 2025 Actual Total Revenues (millions) $3,700 - $3,800 12% - 15% $3,294.0 Adjusted Earnings Per Share $1.82 - $1.92 12% - 19% $1.62 Adjusted Earnings Tax Rate 13% - 15% 11.4% Adjusted EBITDA (millions) $635 - $675 13% - 20% $562.4 ‒ We currently e
Slide 15: GAAP Financial Results
GAAP Financial Results Property Type: Office, Multifamily, Various Click here to return to the Table of Contents 15
Slide 16: Condensed Consolidated Statements of Operations
Newmark Group, Inc. Condensed Consolidated Statements of Operations (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) Three Months Ended December 31, Year Ended December 31, Revenues: 2025 2024 2025 2024 Management Services, Servicing Fees and Other $ 343,817 $ 304,364 $ 1,244,233 $ 1,1
Slide 17: Condensed Consolidated Statements of Operations (continued)
Newmark Group, Inc. Condensed Consolidated Statements of Operations (continued) (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Per share data: Basic earnings per share Net income (loss) available to common st
Slide 18: Condensed Consolidated Balance Sheets
Newmark Group, Inc. Condensed Consolidated Balance Sheets (IN THOUSANDS) (UNAUDITED) (UNDER GAAP) December 31, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents $ 229,109 $ 197,691 Restricted cash and short-term investments 120,176 107,174 Loans held for sale, at fair value 913
Slide 19: Summarized Condensed Consolidated Statements of Cash Flows
Newmark Group, Inc. Summarized Condensed Consolidated Statements of Cash Flows (IN THOUSANDS) (UNAUDITED) (UNDER GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ 618,516 $ 402,577 $ 172,001 $ (9,936) Net cash prov
Slide 20: Appendix 1: Additional Information on Newmark
Appendix 1: Additional Information on Newmark Property Type: Office, Multifamily, Various Click here to return to the Table of Contents NEWMARK 20
Slide 21: Newmark Volumes
Newmark Volumes ($ in millions) Quarterly Volumes Annual Volumes 4Q 2025 4Q 2024 % Change FY 2025 FY 2024 % Change Newmark Volumes Fannie Mae $1,575 $1,450 8.7% $5,822 $4,231 37.6% Freddie Mac 1,756 1,663 5.6% 4,965 4,185 18.6% FHA / Other - - - 24 - NMF Total GSE/FHA Origination Volume $3,332 $3,11
Slide 22: Fully Diluted Period-End Share Count Summary
Newmark Group, Inc. Fully Diluted Period-End Share Count Summary As of December 31, 2025 Fully Diluted Shares (millions) Ownership (%) Class A owned by Public 151.5 59.5% 1 Limited partnership units owned by employees 47.4 18.6% Class A owned by employees 8.2 3.2% Other owned by employees 6.1 2.4% P
Slide 23: Servicing & Asset Management
Servicing & Asset Management Portfolio Composition as of 12/31/2025 Newmark Fannie Mae/Freddie Mac Portfolio Maturities by Year Special 36.7% Servicing 0.8% Fannie Mae 17.1% 25.6% Freddie Mac 19.2% 18.5% 13.8% $211.2 Billion FHA/Other(1) 4.7% Limited Servicing & Asset Management 63.6% 2026-28 2029-3
Slide 24: Adjusted Free Cash Flow (AFCF)
Adjusted Free Cash Flow (AFCF) ($ in millions) $268.9 $194.3 +38.4% $163.4 $141.8 -13.2% FY 2024 FY 2025 4Q 2024 4Q 2025 ‒ Adjusted Free Cash Flow (AFCF) is a metric defined as GAAP operating cash flow minus capital expenditures, adjusted for the impact of GSE/FHA loan activity. The Company believes
Slide 25: TTM Cash Generated by the Business to Adjusted Free Cash Flow Bridge
TTM Cash Generated by the Business to Adjusted Free Cash Flow Bridge ($ in millions) $518.4 NMRK’s reported cash flow metrics Items impacting NMRK’s cash flow metrics ($220.2) $126.2 $268.9 $172.0 ($126.2) $142.6 ($29.4) Cash Generated Employee Net GSE/FHA GAAP Cash Capex5 Free Cash Net GSE/FHA Adju
Slide 26: Certain Revenue Terms Defined
Certain Revenue Terms Defined Fee and non-fee revenues The Company’s Total Revenues include certain Management Services revenues that equal their related expenses. These revenues represent fully reimbursable compensation and non-compensation costs recorded as part of Newmark's Occupier Solutions ("O
Slide 27: Other Useful Information
Other Useful Information Recent Notable Hires For additional information about the Company's most recent acquisitions, please see press releases titled "Altus Group Announces the Sale of its Canadian Appraisals Business to Newmark"; "Newmark Acquires Catella Valuation Advisory in Paris, France"; and
Slide 28: Appendix 2: Additional Industry Information
Appendix 2: Additional Industry Information Property Type: Office, Multifamily, Various Click here to return to the Table of Contents NEWMARK 28
Slide 29: We Expect Record Quantities of Maturing Debt to Continue Driving Newmark's Results
We Expect Record Quantities of Maturing Debt to Continue Driving Newmark’s Results ~$1T of Outstanding CRE Debt is Potentially Troubled, $567B of this is Maturing in 2026-2028 U.S. Commercial & Multifamily Mortgage Maturities ($B) 1,000 900 ~$2.1T 800 700 Dollars in Billions 600 500 400 300 200 100
Slide 30: Appendix 3: Financial Tables & Reconciliations
Appendix 3: Financial Tables & Reconciliations Property Type: Multifamily Click here to return to the Table of Contents NEWMARK 30
Slide 31: Non-GAAP Financial Measures
Non-GAAP Financial Measures NON-GAAP FINANCIAL MEASURES This document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"). Non-GAAP financial mea
Slide 32: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) - Charges with respect to preferred units. Any preferred units would not be included in the Company’s fully diluted share count because they cannot be made exchangeable into shares of common stock and are entitled only to a fixed distribution. Preferred units
Slide 33: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Excluded Compensation-Related Items with Respect to the 2021 Equity Event under Adjusted Earnings and Adjusted EBITDA Newmark does not view the cash GAAP compensation charges related to 2021 Equity Event (the "Impact of the 2021 Equity Event") as being reflect
Slide 34: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Calculation of Other income (loss) for Adjusted Earnings and Adjusted EBITDA Adjusted Earnings calculations also exclude certain other non-cash, non-dilutive, and/or non-economic items, which may in some periods include: – Unusual, non-ordinary or non-recurrin
Slide 35: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) METHODOLOGY FOR CALCULATING ADJUSTED EARNINGS TAXES Although Adjusted Earnings are calculated on a pre-tax basis, Newmark also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted Earnings to fully diluted sha
Slide 36: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends and/or distributions. Each quarter, the dividend payable to Newmark’s stockholders, if any, is
Slide 37: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) ADJUSTED EBITDA DEFINED Newmark also provides an additional non-GAAP financial performance measure, “Adjusted EBITDA”, which it defines as GAAP “Net income (loss) available to common stockholders”, adjusted for the following items: – Net income (loss) attribut
Slide 38: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) MANAGEMENT RATIONALE FOR USING ADJUSTED EBITDA Newmark’s calculation of Adjusted EBITDA excludes certain items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are not expected to be fully reali
Slide 39: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) LIQUIDITY DEFINED Newmark may also use a non-GAAP measure called “Liquidity”. The Company considers Liquidity to be comprised of the sum of cash and cash equivalents, marketable securities, and reverse repurchase agreements (if any), less securities lent out i
Slide 40: Reconciliation of GAAP Net Income to Adjusted Earnings and Post-Tax Adjusted EPS
Reconciliation of GAAP Net Income Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests And Taxes And GAAP Fully Diluted EPS to Post-Tax Adjusted EPS (in Thousands, Except per Share Data) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 20
Slide 41: Reconciliation of GAAP Net Income to Adjusted Earnings (continued)
Reconciliation of GAAP Net Income Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests And Taxes And GAAP Fully Diluted EPS to Post-Tax Adjusted EPS (continued) (in Thousands, Except per Share Data) (Unaudited) Three Months Ended December 31, Year Ended December 31,
Slide 42: Reconciliation of GAAP Net Income to Adjusted Earnings (continued)
Reconciliation of GAAP Net Income Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests And Taxes And GAAP Fully Diluted EPS to Post-Tax Adjusted EPS (continued) (in Millions) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 GAAP
Slide 43: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (in Thousands, unless noted) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 GAAP net income (loss) available to common stockholders $ 67,979 $ 45,411 $ 126,186 $ 61,234 Adjustments: Net income (loss) attrib
Slide 44: Reconciliation of GAAP Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow
Reconciliation of GAAP Net cash provided by (used in) operating activities to Free Cash Flow and Adjusted Free Cash Flow (in Millions) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash provided by (used in) operating activities (1) $ 618.5 $ 402.6 $ 172
Slide 45: Other Income Details of Net Leverage
Other Income (in Millions) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Other Items, net — 0.7 43.0 6.7 Other income (loss), net under GAAP — 0.7 43.0 6.7 To reconcile from GAAP other income, exclude: Other items, net — (0.6) (43.0) (6.6) Other income, net
Slide 46: Media and Investor Contacts
MEDIA CONTACT INVESTOR CONTACT Find out more about Newmark For additional insights from Newmark Research, at the following sites: please go to the following websites: Deb Bergman Jason McGruder t 303-260-4307 nmrk.com Shaun French nmrk.com/insights t 212-829-7124 linkedin.com/company/nmrk-cre nmrk.c