Newmark Group, Inc. · NASDAQ:NMRK
Newmark — Q3 2025 Earnings Presentation
47 slides from Newmark's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Financial Results Presentation
Newmark Group, Inc. (Nasdaq: NMRK) Third Quarter 2025 Financial Results Presentation October 30, 2025 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 15 Outlook & Targets 17 GAAP Financial Results 22 Additional Information on Newmark 28 Additional Industry Information 31 Financial Tables & Reconciliations Property Type: Office NEWMARK
Slide 4: Recent Consolidated Results
Recent Consolidated Results Highlights of Consolidated Results 3Q25 3Q24 Change YTD 2025 YTD 2024 Change (USD millions, except per share data) Total Revenues $863.5 $685.9 25.9% $2,288.1 $1,865.8 22.6% GAAP net income (loss) for fully diluted shares 64.0 26.2 144.7% 80.1 23.0 248.7% 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 TTM Revenues 2024 Transaction Volume Professionals Global Client Service Locations +$3.1B ~$1.1T +8,5
Slide 6: Third Quarter & YTD 2025 Highlights
Third Quarter & YTD 2025 Highlights Total Revenues AEPS AEBITDA AEBITDA Margin $863.5M $0.42 $145.2M 16.8% 3Q 2025 25.9% 27.3% 28.9% 40bps $2,288.1M $0.94 $348.4M 15.2% YTD 2025 22.6% 36.2% 32.8% 116bps In the third quarter of 2025: - AEBITDA Margin (on Total Revenues) expanded by 40 basis points to
Slide 7: Total Revenues
Total Revenues ($ in millions) 3Q 2025 Total Revenues YTD 2025 Total Revenues Capital Markets Capital Markets 30.5% 34.9% 36.8% 39.4% 3Q 2025 Revenue YTD 2025 Revenue by Business by Business Management Services, Management Services, Servicing Fees, & Other Servicing Fees, & Other 28.3% 30.1% 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) 3Q 2025 Industry Market Leasing Activity vs. 2015-2019 Average1 Total Revenues – Leasing & Other Commissions 117% 116% 116% $689 100% 18.5% 90% 79% 78% 77% $582 13.7% $244 $215 3Q 2024 3Q 2025 3Q 2025 YTD 2024 YTD 2025 YTD 2025 Boston Miami Manhattan Dalla
Slide 10: Capital Markets
Capital Markets ($ 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 $698 +6x Since +3x Since
Slide 11: Strong Balance Sheet & Credit Metrics
Strong Balance Sheet & Credit Metrics No near-term debt maturities AS OF 09/30/2025, UNLESS OTHERWISE STATED ($ IN MILLIONS) Cash and Cash Equivalents $224.1 Credit Metrics as of 09/30/2025 Interest Rate Maturity Senior Notes 7.50% 01/12/2029 $596.5 $531.3 million TTM Adjusted EBITDA Credit Facility
Slide 12: Our Strong Financial Position & Cash Generation Will Help Fuel Growth
Our Strong Financial Position & Cash Generation Will Help Fuel Our Continued Growth Low Risk Strong Financial Profile & Strong Cash Flow Intermediary Credit Metrics – Capital-light model; we do not own real estate – Operates with investment grade credit metrics – Newmark has a history of strong Cash
Slide 13: Adjusted Free Cash Flow
Adjusted Free Cash Flow (AFCF) ($ in millions) $291.9 +134% +64% $164.4 $128.5 $124.6 +316% $100.5 $30.9 TTM 3Q 2024 TTM 3Q 2025 YTD 3Q 2024 YTD 3Q 2025 3Q 2024 3Q 2025 ‒ Adjusted Free Cash Flow (AFCF) is a metric defined as GAAP operating cash flow minus capital expenditures, adjusted for the impac
Slide 14: TTM Cash Generated by the Business to Adjusted Free Cash Flow Bridge
TTM Cash Generated by the Business to Adjusted Free Cash Flow Bridge ($ in millions) $496.9 NMRK’s reported cash flow metrics Items impacting NMRK’s cash flow metrics ($179.4) $360.0 $291.9 ($360.0) ($42.5) ($25.7) ($68.2) Cash Generated Employee Net GSE/FHA GAAP Cash Capex5 Free Cash Net GSE/FHA Ad
Slide 15: Outlook & Targets
Outlook & Targets Property Type: Retail, Office, Mixed-use Click here to return to the Table of Contents 15
Slide 16: Revised & Improved Outlook for 2025
Revised & Improved Outlook for 2025 Metric FY 2025 Outlook YoY Change Prior Outlook Prior YoY Change FY 2024 Actual Total Revenues (millions) $3,175 - $3,325 16% - 21% $3,050 - $3,250 11% - 19% $2,738.5 Adjusted Earnings Per Share $1.53 - $1.63 24% - 33% $1.47 - $1.57 20% - 28% $1.23 Adjusted Earnin
Slide 17: GAAP Financial Results
GAAP Financial Results Property Type: Various Click here to return to the Table of Contents 17
Slide 18: 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 September 30, Nine Months Ended September 30, Revenues: 2025 2024 2025 2024 Management Services, Servicing Fees and Other $ 318,127 $ 282,623 $ 900,41
Slide 19: 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 September 30, Nine Months Ended September 30, Per share data: 2025 2024 2025 2024 Basic earnings per share Net income (loss) available to
Slide 20: Condensed Consolidated Balance Sheets
Newmark Group, Inc. Condensed Consolidated Balance Sheets (IN THOUSANDS) (UNAUDITED) (UNDER GAAP) September 30, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents $ 224,091 $ 197,691 Restricted cash and short-term investments 114,682 107,174 Loans held for sale, at fair value 1,
Slide 21: Summarized Consolidated Statements of Cash Flows
Newmark Group, Inc. Summarized Condensed Consolidated Statements of Cash Flows (IN THOUSANDS) (UNAUDITED) (UNDER GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ 114,079 $ (85,245) $ (445,067) $ (412,513)
Slide 22: Additional Information on Newmark
Appendix 1: Additional Information on Newmark Property Type: Office Click here to return to the Table of Contents NEWMARK 22
Slide 23: Newmark Volumes
Newmark Volumes ($ in millions) Quarterly Volumes YTD Volumes 3Q 2025 3Q 2024 % Change YTD 2025 YTD 2024 % Change Newmark Volumes Fannie Mae $1,960 $1,028 90.7% $4,247 $2,781 52.7% Freddie Mac 1,464 1,070 36.8% 3,209 2,522 27.2% FHA / Other - - - 24 - NMF Total GSE/FHA Origination Volume $3,424 $2,0
Slide 24: Fully Diluted Period-End Share Count Summary
Newmark Group, Inc. Fully Diluted Period-End Share Count Summary As of September 30, 2025 Fully Diluted Shares (millions) Ownership (%) Class A owned by Public 147.7 58.7% 1 Limited partnership units owned by employees 48.5 19.3% Class A owned by employees 8.7 3.5% Other owned by employees 6.1 2.4%
Slide 25: Servicing & Asset Management
Servicing & Asset Management Portfolio Composition as of 09/30/2025 Newmark Fannie Mae/Freddie Mac Portfolio Maturities by Year Special Servicing 41.6% 0.9% 37.2% Fannie Mae 18.9% $185.4 Billion 17.1% Freddie Mac 15.2% Limited Servicing & Asset Management 60.4% 4.2% FHA/Other 4.6% 2025-26 2027-28 20
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 key hires announced over the twelve months ended October 29, 2025, see press releases including: "Newmark Announces Expansion into India; Sathish Rajendren Hired to Lead Growth in Regional Property and Facilities Manageme
Slide 28: Additional Industry Information
Appendix 2: Additional Industry Information Property Type: Various Click here to return to the Table of Contents NEWMARK 28
Slide 29: Maturing Debt Will Continue Driving Results
We Expect Record Quantities of Maturing Debt to Continue Driving Newmark’s Results ~$1T of Outstanding CRE Debt is Potentially Troubled, $542B of this is Maturing in 2025-2027 U.S. Commercial & Multifamily Mortgage Maturities ($B) 1,000 900 ~$2.1T 800 700 Dollars in Billions 600 500 400 300 200 100
Slide 30: Demand For New Data Centers Has Propelled Development
Demand For New Data Centers Has Propelled Development to New Heights Strong demand tailwinds are driving unprecedented data center expansion, with hyperscalers and developers announcing hundreds of billions in capital expenditures for AI infrastructure helping fuel Newmark’s $25 Billion+ of TTM Data
Slide 31: Financial Tables & Reconciliations
Appendix 3: Financial Tables & Reconciliations Property Type: Multifamily, Mixed-Use Click here to return to the Table of Contents NEWMARK 31
Slide 32: 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 33: 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 34: Excluded Compensation-Related Items
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 35: Other Income and Adjusted Earnings
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 36: Methodology for Calculating Adjusted Earnings Taxes
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 37: Adjusted Earnings Share Count
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 38: Adjusted EBITDA Defined
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 39: Management Rationale for Using Adjusted EBITDA
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 40: Liquidity Defined
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 41: Reconciliation to Adjusted Earnings
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 September 30, Nine Months Ended September 30, 202
Slide 42: Reconciliation 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 September 30, Nine Months Ended Septe
Slide 43: Adjusted Earnings Tax Provision
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 September 30, 2025 2024 Nine Months Ended September 30, 2025
Slide 44: Reconciliation to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (in Thousands, unless noted) (Unaudited) Three Months Ended September 30, Nine Month Ended September 30, 2025 2024 2025 2024 GAAP net income (loss) available to common stockholders $ 46,154 $ 17,794 $ 58,209 $ 15,820 Adjustments: Net income (loss)
Slide 45: 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 September 30, Nine Months Ended September 30, TTM Ended September 30, 2024 2025 2024 2025 2024 2025 Net cash provided by (used in) ope
Slide 46: Other Income Details of Net Leverage
Other Income (in Millions) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Other items, net 42.0 $ 0.3 $ 43.0 $ 5.9 Other income (loss), net under GAAP 42.0 0.3 43.0 5.9 To reconcile from GAAP other income, exclude: Other items, net (42.0) (0.03) (42.
Slide 47: Find Out More About Newmark
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 twitter.com/newmark nmrk.com/service