Newmark Group (NMRK) investor relations material

Executive summary

• Achieved 19.9%–20% year-over-year revenue growth in Q2 2025, with all improvement organic and double-digit gains across all major business lines.

• Adjusted EPS rose 40.9%–41% and Adjusted EBITDA increased 32.1% year-over-year, driven by strong operating leverage and productivity gains.

• Declared a quarterly dividend of $0.03 per share, consistent with prior quarters.

• Repurchased 10.8M shares for $125.5M in Q2 2025, with $246.4M remaining under authorization.

• Raised full-year outlook based on robust first-half results, strong pipeline, and improved macroeconomic conditions.

Financial highlights

• Q2 2025 total revenues: $759.1M, up 19.9% year-over-year; YTD 2025: $1,424.6M, up 20.7%.

• Q2 2025 Adjusted EPS: $0.31, up 40.9%; Adjusted EBITDA: $114M, up 32.1%; margin improved to 15%.

• Q2 2025 net income available to common stockholders: $20.8M, up 45.8% year-over-year; GAAP net income: $28.8M, up 39.8%.

• Adjusted Free Cash Flow for TTM ended June 2025: $228M, up 121% year-over-year.

• Cash and cash equivalents at June 30, 2025: $195.8M; total corporate debt: $871.2M; net leverage at 1.4x.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $3.05B–$3.25B, up ~15% at midpoint.

• Adjusted EPS expected between $1.47 and $1.57, up 20%–28%; Adjusted EBITDA guidance $523M–$573M, up 17%–29%.

• Management and leasing businesses expected to grow high single to low double digits in H2; capital markets mid to high teens.

• Adjusted tax rate expected at 14%–16% for FY 2025.

• 2026 targets reaffirmed: Adjusted EBITDA of $630M and Adjusted EPS of $1.75.