Newmark Group, Inc. · NASDAQ:NMRK
Newmark — Q2 2025 Earnings Presentation
44 slides from Newmark's earnings presentation, Nov 10, 2025
Slide 1: Second Quarter 2025 Financial Results Presentation
Newmark Group, Inc. (Nasdaq: NMRK) Second Quarter 2025 Financial Results Presentation July 30, 2025 Property Type: Office 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: Recent Consolidated Results
Recent Consolidated Results Highlights of Consolidated Results 2Q25 2Q24 Change YTD 2025 YTD 2024 Change (USD millions, except per share data) Total Revenues $759.1 $633.4 19.9% $1,424.6 $1,179.9 20.7% GAAP net income (loss) for fully diluted shares 28.8 20.6 39.8% 16.1 (2.0) 916.1% GAAP net income
Slide 4: 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 +$2.9B ~$1.1T +8,4
Slide 5: Second Quarter & First Half 2025 Highlights
Second Quarter & First Half 2025 Highlights Total Revenues AEPS AEBITDA AEBITDA Margin $759.1M $0.31 $114.0M 15.0% 2Q 2025 19.9% 40.9% 32.1% 139bps $1,424.6M $0.52 $203.2M 14.3% YTD 2025 20.7% 40.5% 35.7% 157bps In the second quarter of 2025: - Newmark's strong operating leverage drove increases of
Slide 6: Total Revenues
Total Revenues ($ in millions) 2Q 2025 Total Revenues YTD 2025 Total Revenues Capital Markets Capital Markets 29.4% 27.9% 39.3% 40.9% 2Q 2025 Revenue YTD 2025 Revenue by Business by Business Management Services, Management Services, Servicing Fees, & Other Servicing Fees, & Other 31.3% 31.3% Leasing
Slide 7: 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 8: Leasing & Other Commissions
Leasing & Other Commissions ($ in millions) U.S. Leasing Activity by Market as a Percent of Inventory (4-Quarter Trailing)1 Total Revenues – Leasing & Other Commissions San Francisco Manhattan 3.0% Los Angeles $445 21.2% 2.5% Washington, DC Chicago $367 2.0% Boston 13.8% $237 $209 1.5% 1.0% 0.5% 0.0
Slide 9: Capital Markets
Capital Markets ($ 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 & Sales Revenues Premiums, net $397 +6x Since 3x Since $
Slide 10: Strong Balance Sheet & Credit Metrics
Strong Balance Sheet & Credit Metrics No near-term debt maturities AS OF 06/30/2025, UNLESS OTHERWISE STATED ($ IN MILLIONS) Cash and Cash Equivalents $195.8 Credit Metrics as of 06/30/2025 Interest Rate Maturity Senior Notes 7.50% 01/12/2029 $596.2 $498.7 million TTM Adjusted EBITDA Credit Facility
Slide 11: 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 12: Adjusted Free Cash Flow (AFCF)
Adjusted Free Cash Flow (AFCF) Newmark is introducing a new metric for easier comparability to other companies $228.0 +121% $95.9 ($35.9) +148% $103.0 +48% $38.7 ($69.6) TTM 2Q 2024 TTM 2Q 2025 YTD 2Q 2024 YTD 2Q 2025 2Q 2024 2Q 2025 ‒ Newmark is introducing Adjusted Free Cash Flow (AFCF), a new met
Slide 13: Outlook & Targets
Outlook & Targets Property Type: Various 13
Slide 14: 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) $3,050 - $3,250 11% - 19% $2,900 - $3,100 6% - 13% $2,738.5 Adjusted Earnings Per Share $1.47 - $1.57 20% - 28% $1.40 - $1.50 14% - 22% $1.23 Adjusted Earning
Slide 15: GAAP Financial Results
GAAP Financial Results Property Type: Various 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 June 30, Six Months Ended June 30, Revenues: 2025 2024 2025 2024 Management Services, Servicing Fees and Other $ 298,397 $ 262,778 $ 582,290 $ 519,712
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 June 30, Six Months Ended June 30, Per share data: 2025 2024 2025 2024 Basic earnings per share Net income (loss) available to common stoc
Slide 18: Condensed Consolidated Balance Sheets
Newmark Group, Inc. Condensed Consolidated Balance Sheets (IN THOUSANDS) (UNAUDITED) (UNDER GAAP) June 30, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents $ 195,829 $ 197,691 Restricted cash 113,765 107,174 Loans held for sale, at fair value 1,349,240 774,905 Receivables, net
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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash provided by (used in) operating activities $ (379,742) $ (258,486) $ (559,146) $ (327,269) Net cas
Slide 20: Appendix 1: Additional Information on Newmark
Appendix 1: Additional Information on Newmark Property Type: Office, Various NEWMARK 20
Slide 21: Newmark Volumes
Newmark Volumes ($ in millions) Quarterly Volumes YTD Volumes 2Q 2025 2Q 2024 % Change YTD 2025 YTD 2024 % Change Newmark Volumes Fannie Mae $1,240 $918 35.1% $2,287 $1,753 30.5% Freddie Mac 866 895 (3.2%) 1,744 1,451 20.2% FHA / Other - - NMF 24 - NMF Total GSE/FHA Origination Volume $2,106 $1,813
Slide 22: Fully Diluted Period-End Share Count Summary
Newmark Group, Inc. Fully Diluted Period-End Share Count Summary As of June 30, 2025 Fully Diluted Shares (millions) Ownership (%) Class A owned by Public 143.2 57.8% 1 Limited partnership units owned by employees 50.4 20.3% Class A owned by employees 10.1 4.1% Other owned by employees 3.5 1.4% Part
Slide 23: Servicing & Asset Management
Servicing & Asset Management Portfolio Composition as of 06/30/2025 Newmark Fannie Mae/Freddie Mac Portfolio Maturities by Year Special Servicing 41.1% 0.9% 35.9% Fannie Mae 18.4% Freddie Mac 18.0% $182.0 Billion 15.1% Limited Servicing & Asset Management 60.9% 5.1% FHA/Other 4.7% 2025-26 2027-28 20
Slide 24: 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 25: Other Useful Information
Other Useful Information Recent Notable Hires For additional information about key hires announced over the twelve months ended July 29, 2025, see press releases including: "Newmark Adds to Market-Leading Debt & Structured Finance Offering, Hires Industry Veteran Matt Snyder to Lead Midwest Region";
Slide 26: Appendix 2: Additional Industry Information
Appendix 2: Additional Industry Information Property Type: Office NEWMARK 26
Slide 27: 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, $542B of this is Maturing in 2025-2027 U.S. Commercial & Multifamily Mortgage Maturities ($B) 1,000 900 ~$2.1T 800 700 Dollars in Billions 600 500 400 300 200 100
Slide 28: Appendix 3: Financial Tables & Reconciliations
Appendix 3: Financial Tables & Reconciliations Property Type: Retail, Mixed-Use NEWMARK 28
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 June 30, Six Months Ended June 30, 2025 2024 2025
Slide 39: 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 June 30, Six Months Ended June 30, 20
Slide 40: 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP p
Slide 41: Reconciliation of GAAP Net Income to Adjusted EBITDA
Reconciliation of GAAP Net Income to Adjusted EBITDA (in Thousands, unless noted) (Unaudited) Three Months Ended June 30, Six Month Ended June 30, 2025 2024 2025 2024 GAAP net income (loss) available to common stockholders $ 20,819 $ 14,280 $ 12,053 $ (1,973) Adjustments: Net income (loss) attributa
Slide 42: 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 June 30, Six Months Ended June 30, TTM Ended June 30, 2024 2025 2024 2025 2024 2025 Net cash provided by (used in) operating activitie
Slide 43: Other Income
Other Income (in Millions) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Other items, net 0.2 5.6 1.0 5.6 Other income (loss), net under GAAP 0.2 5.6 1.0 5.6 To reconcile from GAAP other income, exclude: Other items, net (0.2) (5.6) (0.9) (5.6) Other income, n
Slide 44: 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 twitter.com/newmark nmrk.com/service