Marcus & Millichap, Inc. · NYSE:MMI
Marcus & Millichap — Q2 2026 Earnings Presentation
38 slides from Marcus & Millichap's earnings presentation, Aug 6, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
2026 Earnings Conference Call August 6, 2026 Second Quarter 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market and our positioning within it, our belief relating to the Company’s long- term growth, our assessment of the k
Slide 3: Conference Call Participants
CONFERENCE CALL PARTICIPANTS Hessam Nadji President, Chief Executive Officer and Director Steve DeGennaro Chief Financial Officer 3
Slide 4: MMI Financial Highlights
MMI Financial Highlights
Slide 5: 2026 Second Quarter Highlights
2026 SECOND QUARTER HIGHLIGHTS Financial Highlights YoY Revenue $202.9 million 17.8% Net Income $3.9 million 135.4% Adjusted EBITDA $12.1 million 732.6% Operational Highlights YoY Sales Volume $14.1 billion 14.3% Transaction Closings 2,306 11.4% Number of Investment Sales and Financing 1,677 2.3% Pr
Slide 6: 2026 Year to Date Highlights
2026 YEAR TO DATE HIGHLIGHTS Financial Highlights YoY Revenue $374.4 million 18.0% Net Income $0.8 million 105.2% Adjusted EBITDA $15.1 million 306.8% Operational Highlights YoY Sales Volume $26.2 billion 20.7% Transaction Closings 4,328 14.6% Number of Investment Sales and Financing 1,677 2.3% Prof
Slide 7: 2026 Second Quarter Brokerage Highlights
2026 SECOND QUARTER BROKERAGE HIGHLIGHTS Quarter Highlights YoY Sales Volume $9.5 billion 18.4% Transaction Closings 1,530 11.3% Number of Investment Sales Professionals 1,575 2.3% as of June 30, 2026 Real Estate Brokerage Commissions Revenue $167.0 million 18.1% Revenue by Transactions by Transacti
Slide 8: 2026 Year to Date Brokerage Highlights
2026 YEAR TO DATE BROKERAGE HIGHLIGHTS Year-to-date Highlights YoY Sales Volume $17.4 billion 18.5% Transaction Closings 2,878 12.9% Number of Investment Sales Professionals 1,575 2.3% as of June 30, 2026 Real Estate Brokerage Commissions Revenue $305.1 million 15.1% Revenue by Transactions by Trans
Slide 9: 2026 Second Quarter Financing Highlights
2026 SECOND QUARTER FINANCING HIGHLIGHTS Quarter Highlights YoY Sales Volume $3.6 billion 5.4% Transaction Closings 480 17.4% Number of Financing Professionals 102 2.0% as of June 30, 2026 Financing Fees Revenue $30.3 million 15.3% Transactions by Transactions by Property Type Region Other, 19% Nort
Slide 10: 2026 Year to Date Financing Highlights
2026 YEAR TO DATE FINANCING HIGHLIGHTS Year-to-date Highlights YoY Sales Volume $6.7 billion 25.2% Transaction Closings 878 17.7% Number of Financing Professionals 102 2.0% as of June 30, 2026 Financing Fees Revenue $57.1 million 28.7% Transactions by Transactions by Property Type Region Other, 16%
Slide 11: Market Highlights
Market Highlights
Slide 12: While Job Gains Have Slowed, Unemployment Remains Low
WHILE JOB GAINS HAVE SLOWED, UNEMPLOYMENT REMAINS LOW; MACROECONOMIC AND GEOPOLITICAL RISKS ELEVATED Annual Employment Growth Unemployment Rate 10 7% 2023: 2.5M 2024: 1.5M 2025: 116K 5 2026*: 800K 6% Employment Growth (Millions) Unemployment Rate 0 5% -5 4% -10 3% 23 24 21 25 22 ** 12 20 4 20 9 20 4
Slide 13: Headline Inflation Trending Higher; Geopolitical Conflict and Tariffs Pose Risk
HEADLINE INFLATION TRENDING HIGHER; GEOPOLITICAL CONFLICT AND TARIFFS POSE ADDITIONAL INFLATION RISK, KEEPING FED CAUTIOUS Inflation vs. 10-Year Treasury CPI Inflation 10-Year Treasury Core PCE 10.0% 7.5% Rate 5.0% 2.5% 0.0% 16 17 18 19 20 21 22 23 24 25 * 26 20 20 20 20 20 20 20 20 20 20 20 * Throu
Slide 14: Fed Rate Policy Balancing Inflation Pressure with Slow Employment Growth
FED RATE POLICY BALANCING INFLATION PRESSURE WITH SLOW EMPLOYMENT GROWTH; 10-YEAR TREASURY HAS DRIFTED HIGHER 10-Year Treasury vs. Fed Funds Rate Inflation-adjusted Fed Balance Sheet 10-Year Treasury Fed Funds Rate Notes & Bonds MBS 6.0% TIPS/TIPS Inflation Compensation/Agencies/Bills Fed Holdings (
Slide 15: Private Investors Dominate U.S. Commercial Real Estate
PRIVATE PRIVATEINVESTORS DOMINATE INVESTORS DOMINATE U.S. U.S. COMMERCIAL COMMERCIAL REAL REAL ESTATE; ESTATE; INSTITUTIONAL INVESTORS INSTITUTIONAL INVESTOR MORE HESITANT ACTIVITY INNEAR STABILIZING CURRENT WINDOW HISTORICAL NORM 100% 3% 3% 5% 4% 4% 4% 4% 4% 5% 6% 7% 7% 6% 7% 9% 7% 90% 9% 12% 9% 10
Slide 16: Core Retail Sales Remain Healthy; Space Demand Positive
CORE RETAIL SALES REMAIN HEALTHY; SPACE DEMAND POSITIVE FOR MOST PROPERTY TYPES Core Retail Sales Growth Trends • Wage gains and robust savings have 10.0% sustained retail sales; despite 7.5% expectations of a slowdown, consumer Y-O-Y Percent Change strength remains positive. 5.0% • Uncertainty surr
Slide 17: Property Fundamentals Generally Sound by Historical Standards
PROPERTY FUNDAMENTALS GENERALLY SOUND BY HISTORICAL STANDARDS Occupancy Trends • Multifamily and industrial aggressively delivered record new completions over the past few years, but 100% seeing significant pullback. Over-supply limited to select local markets with heavy construction. 95% • Pullback
Slide 18: Maturing CRE Loan Volume Unlikely to Be Disruptive
MATURING CRE LOAN VOLUME UNLIKELY TO BE DISRUPTIVE; LENDERS BEGINNING TO REDUCE LENIENCY; Commercial Real Estate Loan Maturities* RISKS VARY BY PROPERTY TYPE 1,000 • With the exception of office and self-storage properties, rent growth and appreciation has Other Dollar Volume (Billions) 750 been hea
Slide 19: CRE Transaction Flow Gaining Momentum
CRE TRANSACTION FLOW GAINING MOMENTUM, BUT UNCERTAINTY STILL WEIGHING ON RECOVERY Annual U.S. Commercial Real Estate Sales Trends(1) • Transaction count in 1H 2026 increased 60 an estimated 10% year-over-year, while Total Transaction Count (000s) dollar volume rose an estimated 23% year- 45 over-yea
Slide 20: Commercial Real Estate Yield Spreads Recently Tightened
COMMERCIAL REAL ESTATE YIELD SPREADS RECENTLY TIGHTENED; Cap Rate/10-Year Treasury Spreads PRICING STILL RECALIBRATING CRE Cap Rate 10-Year Treasury Rate • Despite recent interest rate volatility, 12% rising capital flows support probability of higher transaction flow. Continued macro 10% factors co
Slide 21: MMI Market Position
MMI Market Position
Slide 22: MMI Well-Aligned with the CRE Market
MMI WELL-ALIGNED WITH THE CRE MARKET Private Client Segment Boasts Largest Transaction and Commission Pool Opportunity • Private client market typically consists of sales $1 million to • Influenced by personal drivers that result in buying/selling/ <$10 million. refinancing properties, as well as ma
Slide 23: MMI Financial Details
MMI Financial Details
Slide 24: Total Revenue
TOTAL REVENUE ($ IN MILLIONS) Q2’25 vs Q2’26 Year-to-date ‘25 vs ‘26 $250 $500 17.8 % $202.9 $200 $400 18.0% $374.4 $172.3 $317.3 $150 $300 $100 $200 $50 $100 $0 $0 Q2'25 Q2'26 YTD '25 YTD '26 24
Slide 25: Brokerage Operating Metrics Q2
BROKERAGE OPERATING METRICS Q2 2025 vs Q2 2026 Total Sales Volume Total Number of Transactions ($ in billions) $15 2,000 11.3% 1,530 18.4% $9.5 1,375 $10 1,500 $8.0 1,000 $5 500 $0 Q2'25 Q2'26 0 Q2'25 Q2'26 Average Number of Investment Sales Professionals Average Commission Per Transaction ($ in tho
Slide 26: Brokerage Operating Metrics Year-to-Date
BROKERAGE OPERATING METRICS YEAR-TO-DATE 2025 vs 2026 Total Sales Volume Total Number of Transactions ($ in billions) $30 4,000 $25 12.9% 2,878 18.5 % 3,000 2,550 $20 $17.4 $14.7 $15 2,000 $10 1,000 $5 $0 0 YTD '25 YTD '26 YTD '25 YTD '26 Average Number of Investment Sales Professionals Average Comm
Slide 27: Brokerage Revenue by Market Segment Q2
BROKERAGE REVENUE BY MARKET SEGMENT Q2 2025 vs Q2 2026 <$1 million Private Client Market ($1 - <$10 million) ($ in thousands) ($ in thousands) $7,500 $125,000 8.0% $6,101 13.6% $106,214 $6,000 $5,651 $100,000 $93,514 $4,500 $75,000 $3,000 $50,000 $1,500 $25,000 $0 $0 Q2'25 Q2'26 Q2'25 Q2'26 Middle M
Slide 28: Brokerage Revenue by Market Segment Year-to-Date
BROKERAGE REVENUE BY MARKET SEGMENT YEAR-TO-DATE 2025 vs 2026 <$1 million Private Client Market ($1 - <$10 million) ($ in thousands) ($ in thousands) $15,000 $300,000 7.1% $11,436 $10,676 13.5% $194,351 $10,000 $200,000 $171,219 $5,000 $100,000 $0 $0 YTD '25 YTD '26 YTD '25 YTD '26 Middle Market ($1
Slide 29: Operating Expense
OPERATING EXPENSE ($ IN MILLIONS) Q2’25 vs Q2’26 Year-to-date ‘25 vs ‘26 $250 $400 $377.9 $344.1 $200.7 $200 $181.3 $300 $230.3 61.5% of Rev $150 61.4% of Rev $195.0 $126.7 61.9% of Rev $106.6 62.4% of Rev $200 $100 45.1% of Rev $143.1 $142.9 38.2% of Rev 41.5% of Rev $71.5 $71.7 35.3% of Rev $100 $
Slide 30: Net Income (Loss) and Adjusted EBITDA Performance Q2
NET INCOME (LOSS) AND ADJUSTED EBITDA PERFORMANCE Q2 2025 vs Q2 2026 Net Income (Loss) Adjusted EBITDA ($ in millions) ($ in millions) $5 $14 $3.9 $12.1 $12 135.4% $— $10 732.6% $8 $(5) $6 $4 $(10) $(11.0) $2 $1.5 $(15) $— Q2'25 Q2'26 Q2'25 Q2'26 30
Slide 31: Net Income (Loss) and Adjusted EBITDA Performance YTD
NET INCOME (LOSS) AND ADJUSTED EBITDA PERFORMANCE YEAR-TO-DATE 2025 vs 2026 Net Income (Loss) Adjusted EBITDA ($ in millions) ($ in millions) $5.0 $0.8 105.2% $20.0 $— $15.1 $(5.0) $10.0 306.8% $(10.0) $— $(15.0) $(15.5) $(7.3) $(20.0) $(10.0) YTD '25 YTD '26 YTD '25 YTD '26 31
Slide 32: Cash Flows Provided By (Used In) Operating Activities
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES Q2 Cash Flows Provided By YTD Cash Flows Used In Operating Activities Operating Activities (1) ($ in millions) ($ in millions) $25.0 $— 5.5% $22.2 $21.0 $(5.0) $20.0 $(5.4) $(10.0) $15.0 $(15.0) (83.1)% $(20.0) $10.0 $(25.0) $5.0 $(30.0) $(31.8)
Slide 33: Liquidity Position
LIQUIDITY POSITION Cash and Cash Equivalents and Marketable Debt Securities, Available-For-Sale ($ in millions) $500 (13.3)% $398.2 $400 $345.2 $300 $236.3 $191.7 $200 $100 $161.9 $153.5 $0 12/31/2025 6/30/2026 Cash and Cash Equivalents Marketable Debt Securities, Available-For-Sale Liquidity positi
Slide 34: Appendix
Appendix
Slide 35: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Adjusted EBITDA is defined as net income (loss) before (i) interest Three Months Six Months Ended income and other, including interest on marketable debt securities, Ended June 30, June 30, available-for-sale and cash, cash equivalents, and restricted cash, 2026 2025 2
Slide 36: Company Overview
NATIONAL PLATFORM FOCUSED ON REAL ESTATE INVESTMENT BROKERAGE • Over 50 years of experience dedicated to perfecting real estate investment brokerage • Designed to maximize real estate value, facilitate investment options by geography and property type, and create liquidity for investors MARKET LEADE
Slide 37: Illustrative MMI Earnings Model
ILLUSTRATIVE MMI EARNINGS MODEL Investment Productivity Transaction Commission Sales Agents Value Rate Revenue Investment Financing & Cost of Sales Other SG&A(1) EBITDA(2) Services Revenue Revenue 1. Includes stock-based compensation 2. EBITDA is not a measurement of our financial performance under
Slide 38: Second Quarter 2026
Marcus ¢ Millichap Second Quarter 2026