Marcus & Millichap, Inc. · NYSE:MMI
Marcus & Millichap — Q1 2026 Earnings Presentation
32 slides from Marcus & Millichap's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
2026 Earnings Conference Call May 7, 2026 First 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 First Quarter Highlights
2026 FIRST QUARTER HIGHLIGHTS Financial Highlights YoY Revenue $171.5 million 18.2 % Net Loss $(3.1) million 29.9 % Adjusted EBITDA $2.9 million 133.7 % Operational Highlights YoY Sales Volume $12.1 billion 29.2 % Transaction Closings 2,022 18.5 % Number of Investment Sales and Financing 1,724 3.4 %
Slide 6: 2026 First Quarter Brokerage Highlights
2026 FIRST QUARTER BROKERAGE HIGHLIGHTS YoY Sales Volume $7.9 billion 18.5% Transaction Closings 1,348 14.7% Number of Investment Sales Professionals as 1,621 3.4% of March 31, 2026 Real Estate Brokerage Commissions Revenue $138.1 million 11.7% Revenue by Transactions by Transactions by Transaction
Slide 7: 2026 First Quarter Financing Highlights
2026 FIRST QUARTER FINANCING HIGHLIGHTS YoY Sales Volume $3.1 billion 60.1% Transaction Closings 398 18.1% Number of Financing Professionals as of 103 3.0% March 31, 2026 Financing Fees Revenue $26.8 million 48.1% Transactions by Transactions by Property Type Region Northeast / Other, 16% Mid-Atlant
Slide 8: Market Highlights
Market Highlights
Slide 9: Unemployment Rate and Employment Growth
WHILE JOB GAINS HAVE SLOWED, UNEMPLOYMENT REMAINS LOW; MACROECONOMIC AND GEOPOLITICAL VARIABLES COULD MODERATE PACE OF GROWTH Annual Employment Growth Unemployment Rate 10 7% 2023: 2.5M 2024: 1.5M 2025: 116K 5 2026*: 346K 6% Employment Growth (Millions) Unemployment Rate 0 5% -5 4% -10 3% 25 ** 21 2
Slide 10: Headline Inflation Trending Higher; Middle East Conflict and Tariffs Pose Risk
HEADLINE INFLATION TRENDING HIGHER; MIDDLE EAST CONFLICT AND TARIFFS STILL 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% 20 19 18 17 16 * 25 24 23 22 21 26 20 20 20 20 20 20 20 20 20 20 20 *
Slide 11: Fed Rate Policy Balancing Inflation Pressure with Slow Employment Growth
FED RATE POLICY BALANCING INFLATION PRESSURE WITH SLOW EMPLOYMENT GROWTH; 10-YEAR TREASURY LIKELY RANGE-BOUND 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 12: 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 INDUE HAS LAGGED CURRENT WINDOW TO FLIGHT TO SAFETY 100% 5% 4% 4% 4% 4% 4% 5% 3% 3% 6% 6% 7% 7% 7% 10% 7% 90% 9% 12% 9%
Slide 13: Core Retail Sales Healthy; Space Demand Positive for Most Property Types
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 14: 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 15: Maturing CRE Loan Volumes Unlikely to Be Disruptive
MATURING CRE LOAN VOLUMES 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 he
Slide 16: 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 2025 increased 22% year- 60 over-year; dollar volume rose 28% year-over-year. Total Transaction Count (000s) 45 • In 1Q 2026 transactions grew b
Slide 17: Commercial Real Estate Yield Spreads Beginning to Expand
COMMERCIAL REAL ESTATE YIELD SPREADS BEGINNING TO EXPAND; 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 c
Slide 18: MMI Market Position
MMI Market Position
Slide 19: 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/ <$10 million. refinancing properties, as well as ma
Slide 20: MMI Financial Details
MMI Financial Details
Slide 21: Total Revenue
TOTAL REVENUE ($ IN MILLIONS) Q1 ‘25 vs Q1 ‘26 $200 $171.5 18.2% $150 $145.0 $100 $50 $0 Q1'25 Q1'26 21
Slide 22: Brokerage Operating Metrics
BROKERAGE OPERATING METRICS Q1 2025 vs Q1 2026 Total Sales Volume Total Number of Transactions ($ in billions) $15 2,000 14.7% 18.5% 1,348 $10 1,500 $7.9 1,175 $6.7 1,000 $5 500 $0 Q1'25 Q1'26 0 Q1'25 Q1'26 Average Number of Investment Sales Professionals Average Commission Per Transaction ($ in tho
Slide 23: Brokerage Revenue by Market Segment
BROKERAGE REVENUE BY MARKET SEGMENT Q1 2025 vs Q1 2026 <$1 million Private Client Market ($1 - <$10 million) ($ in thousands) ($ in thousands) $125,000 $6,000 6.1% $5,335 13.4% $5,026 $100,000 $88,137 $77,705 $4,500 $75,000 $3,000 $50,000 $1,500 $25,000 $0 $0 Q1'25 Q1'26 Q1'25 Q1'26 Middle Market ($
Slide 24: Operating Expense
OPERATING EXPENSE ($ IN MILLIONS) Q1 2025 vs Q1 2026 $200 $177.2 $175 $162.7 $150 $125 $103.6 60.5% of Rev 60.9% of Rev $88.3 $100 $75 49.3% of Rev $71.6 $71.2 41.5% of Rev $50 $25 2.0% of Rev $2.8 $2.4 1.4% of Rev $0 Q1'25 Q1'26 Depreciation SG&A COS 24
Slide 25: Net Loss and Adjusted EBITDA Performance
NET LOSS AND ADJUSTED EBITDA PERFORMANCE Q1 2025 vs Q1 2026 Net Loss Adjusted EBITDA ($ in millions) ($ in millions) $— $4 $2.9 $2 133.7% $— $(2) 29.9% $(4) $(3.1) $(6) $(8) $(4.4) $(8.7) $(5) $(10) Q1'25 Q1'26 Q1'25 Q1'26 25
Slide 26: Cash Flows Used in Operating Activities
CASH FLOWS USED IN OPERATING ACTIVITIES QTD Cash Flows Used In Operating Activities (1) ($ in millions) $— $(10,000) $(20,000) $(30,000) $(27,571) (47.8)% $(40,000) $(50,000) $(52,841) $(60,000) Q1'25 Q1'26 (1) Cash flows used in operating activities were $27.6 million for the three months ending Ma
Slide 27: Liquidity Position
LIQUIDITY POSITION Cash and Cash Equivalents and Marketable Debt Securities, Available-For-Sale ($ in millions) $500 (16.0)% $398.2 $400 $334.5 $300 $236.3 $198.0 $200 $100 $161.9 $136.5 $0 12/31/2025 3/31/2026 Cash and Cash Equivalents Marketable Debt Securities, Available-For-Sale Liquidity positi
Slide 28: Appendix
Appendix
Slide 29: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Adjusted EBITDA is defined as net loss before (i) interest income Three Months Ended and other, including interest on marketable debt securities, March 31, available-for-sale and cash, cash equivalents, and restricted cash, and net realized gains (losses) on marketable
Slide 30: 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 31: 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 32: First Quarter 2026
Marcus ¢ Millichap First Quarter 2026