Marcus & Millichap, Inc. · NYSE:MMI
Marcus & Millichap — Q3 2026 Earnings Presentation
38 slides from Marcus & Millichap's earnings presentation, Nov 6, 2026
Slide 1: Third Quarter 2026 Earnings Conference Call
2026 Earnings Conference Call November 6, 2026 Third Quarter 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and conference call and webcast (the “Earnings Call”), including statements made by management, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934,
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 Third Quarter Highlights
2026 THIRD QUARTER HIGHLIGHTS Financial Highlights YoY Revenue $208.4 million 7.5% Net Income $1.0 million 319.6% Adjusted EBITDA(1) $8.2 million 19.6% Operational Highlights YoY Sales Volume $13.8 billion 13.2% Transaction Closings 2,316 1.2% Number of Investment Sales and Financing 1,670 0.1% Prof
Slide 6: 2026 Year to Date Highlights
2026 YEAR TO DATE HIGHLIGHTS Financial Highlights YoY Revenue $582.8 million 14.0% Net Income $1.8 million 111.9% Adjusted EBITDA(1) $23.3 million n.m.(2) Operational Highlights YoY Sales Volume $40.0 billion 18.0% Transaction Closings 6,644 9.5% Number of Investment Sales and Financing 1,670 0.1% P
Slide 7: 2026 Third Quarter Brokerage Highlights
2026 THIRD QUARTER BROKERAGE HIGHLIGHTS Quarter Highlights YoY Sales Volume $9.4 billion 12.6% Transaction Closings 1,584 (0.1)% Number of Investment Sales Professionals as of September 30, 2026 1,568 (0.1)% Real Estate Brokerage Commissions Revenue $174.1 million 7.4% Revenue by Transactions by Tra
Slide 8: 2026 Year to Date Brokerage Highlights
2026 YEAR TO DATE BROKERAGE HIGHLIGHTS Year-to-date Highlights YoY Sales Volume $26.8 billion 16.3% Transaction Closings 4,462 7.9% Number of Investment Sales Professionals as of September 30, 2026 1,568 (0.1)% Real Estate Brokerage Commissions Revenue $479.2 million 12.2% Revenue by Transactions by
Slide 9: 2026 Third Quarter Financing Highlights
2026 THIRD QUARTER FINANCING HIGHLIGHTS Quarter Highlights YoY Sales Volume $2.9 billion 0.7% Transaction Closings 423 4.2% Number of Financing Professionals as of September 30, 2026 102 2.0% Financing Fees Revenue $27.0 million 2.6% Transactions by Transactions by Property Type Region Northeast / O
Slide 10: 2026 Year to Date Financing Highlights
2026 YEAR TO DATE FINANCING HIGHLIGHTS Year-to-date Highlights YoY Sales Volume $9.5 billion 16.6% Transaction Closings 1,301 12.9% Number of Financing Professionals as of September 30, 2026 102 2.0% Financing Fees Revenue $84.1 million 19.0% Transactions by Transactions by Property Type Region Nort
Slide 11: Market Highlights
Market Highlights
Slide 12: While job gains 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*: 675K 6% Employment Growth (Millions) Unemployment Rate 0 5% -5 4% -10 3% 22 25 21 24 23 ** 12 20 4 20 9 20 4
Slide 13: Headline inflation trending higher; Fed cautious
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 20 24 17 21 25 18 22 * 19 23 26 20 20 20 20 20 20 20 20 20 20 20 * Throu
Slide 14: Recent rise in Treasury yields pressuring CRE valuations
RECENT RISE IN TREASURY YIELDS UNEXPECTED, FURTHER PRESSURING CRE VALUATIONS 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 (Trillions September 2026 Dollars)
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% 9% 7% 9% 11% 8% 9% 6% 5%
Slide 16: Consumer spending, economic output resiliency supporting demand
CONSUMER SPENDING, ECONOMIC OUTPUT RESILIENCY STILL SUPPORTING DEMAND • Wage gains and robust savings have Core Retail Sales Growth Trends sustained retail sales; despite 10.0% expectations of a slowdown, consumer Y-O-Y Percent Change strength remains positive. 7.5% • Uncertainty surrounding trade p
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 expected to drive more sales
MATURING CRE LOAN VOLUME EXPECTED TO DRIVE MORE SALES AS LENDERS REDUCE LENIENCY; RISKS VARY BY PROPERTY TYPE Commercial Real Estate Loan Maturities* • While lenders have favored workouts and 1,000 extensions of loans, many are pushing more property sales and recapitalization with fresh Other Dollar
Slide 19: CRE transaction flow gaining momentum
CRE TRANSACTION FLOW GAINING MOMENTUM; BID/ASK SPREADS, INTEREST RATE UNCERTAINTY STILL WEIGHING ON RECOVERY Annual U.S. Commercial Real Estate Sales Trends(1) • YTD transaction count through 3Q 2026 increased 60 an estimated 12% year-over-year, while dollar Total Transaction Count (000s) volume ros
Slide 20: CRE yield spreads recently tightened
COMMERCIAL REAL ESTATE YIELD SPREADS RECENTLY TIGHTENED, FORCING FURTHER Cap Rate/10-Year Treasury Spreads PRICING RECALIBRATION CRE Cap Rate 10-Year Treasury Rate • Despite recent interest rate volatility, rising 12% capital flows support probability of higher transaction flow. Continued macro fact
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) Q3’25 vs Q3’26 Year-to-date ‘25 vs ‘26 $250 $700 7.5 % $208.4 14.0% $600 $582.8 $200 $193.9 $511.2 $500 $150 $400 $100 $300 $200 $50 $100 $0 $0 Q3'25 Q3'26 YTD '25 YTD '26 24
Slide 25: Brokerage Operating Metrics Q3
BROKERAGE OPERATING METRICS Q3 2025 vs Q3 2026 Total Sales Volume Total Number of Transactions ($ in billions) $10 12.6% $9.4 $8.4 2,000 (0.1)% 1,586 1,584 $5 1,000 $0 Q3'25 Q3'26 0 Q3'25 Q3'26 Average Number of Investment Sales Professionals Average Commission Per Transaction ($ in thousands) 2,000
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 16.3 % $26.8 5,000 7.9% 4,462 4,136 $23.0 $20 2,500 $10 $0 0 YTD '25 YTD '26 YTD '25 YTD '26 Average Number of Investment Sales Professionals Average Commission Per Transaction (
Slide 27: Brokerage Revenue by Market Segment Q3
BROKERAGE REVENUE BY MARKET SEGMENT Q3 2025 vs Q3 2026 <$1 million Private Client Market ($1 - <$10 million) ($ in thousands) ($ in thousands) $10,000 $150,000 $7,356 3.6% (16.8)% $7,500 $102,323 $105,989 $6,123 $100,000 $5,000 $50,000 $2,500 $0 $0 Q3'25 Q3'26 Q3'25 Q3'26 Middle Market ($10 - <$20 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) $20,000 $18,032 (2.6)% $400,000 $17,559 9.8% $300,340 $15,000 $300,000 $273,542 $10,000 $200,000 $5,000 $100,000 $0 $0 YTD '25 YTD '26 YTD '25 YTD '26
Slide 29: Operating Expense
OPERATING EXPENSE ($ IN MILLIONS) Q3’25 vs Q3’26 Year-to-date ‘25 vs ‘26 $250 $700 $209.3 $600 $587.2 $200 $196.3 $540.3 $500 $150 $133.5 $400 $363.8 62.4% $121.0 64.0% 61.8% $316.0 62.4% of Rev of Rev of Rev of Rev $300 $100 37.4% 35.3% $200 $215.6 $216.4 $72.6 $73.5 42.2% 37.2% of Rev of Rev of Re
Slide 30: Net Income and Adjusted EBITDA Performance
NET INCOME AND ADJUSTED EBITDA PERFORMANCE Q3 2025 vs Q3 2026 Net Income Adjusted EBITDA ($ in millions) ($ in millions) $1.5 $9 $8.2 $8 19.6% $6.9 $7 $1.0 $1.0 $6 $5 319.6% $4 $0.5 $3 $2 $0.2 $1 $— $— Q3'25 Q3'26 Q3'25 Q3'26 30
Slide 31: Net Income (Loss) and Adjusted EBITDA Performance YTD
NET INCOME (LOSS) AND ADJUSTED EBITDA PERFORMANCE YEAR-TO-DATE 2025 vs 2026 Net Income (Loss) Adjusted EBITDA ($ in millions) ($ in millions) $5.0 $25.0 $23.3 111.9% $2.5 $1.8 $20.0 $— n.m.(1) $(2.5) $15.0 $(5.0) $10.0 $(7.5) $(10.0) $5.0 $(12.5) $— $(15.0) $(0.4) $(15.2) $(17.5) $(5.0) YTD '25 YTD
Slide 32: Cash Flows Provided by Operating Activities
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES Q3 Cash Flows Provided By YTD Cash Flows Provided by Operating Activities Operating Activities (1) ($ in millions) ($ in millions) $60.0 $30.0 $27.9 $52.2 (36.4)% $50.0 $25.0 36.6% $20.4 $40.0 $20.0 $33.2 $30.0 $15.0 $20.0 $10.0 $10.0 $5.0 $— $— Q3'25 Q3'2
Slide 33: Liquidity Position
LIQUIDITY POSITION Cash, Cash Equivalents, and restricted cash and Marketable Debt Securities, Available-For-Sale ($ in millions) $500 (6.4)% $398.2 $400 $372.8 $300 $236.3 $183.6 $200 $100 $189.2 $161.9 $0 12/31/2025 9/30/2026 Cash, Cash Equivalents, and Restricted Cash Marketable Debt Securities,
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 Ended Nine Months Ended income and other, including interest on marketable debt securities, September 30, September 30, available-for-sale and cash, cash equivalents, and restricted cash,
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: Third Quarter 2026
Marcus ¢ Millichap Third Quarter 2026