Newmark Group (NMRK) investor relations material

Executive summary

• Achieved record third quarter and year-to-date revenues, with double-digit organic growth across all major business lines and no acquisitions in the trailing twelve months ended September 30, 2025.

• Expanded internationally, opening nine offices and hiring over 100 revenue-generating professionals outside the U.S., and expanded U.S. headcount, driving a 32.9% increase in commission-based revenues.

• Acquired RealFoundations and launched a Fund Administration business, enhancing investor and occupier solutions and expanding management consulting and managed services globally.

• Expanded Property and Facilities Management into India and Asia-Pacific.

• Management raised full-year 2025 outlook, targeting further margin expansion and robust earnings growth.

Financial highlights

• Q3 2025 total revenues rose 25.9% year-over-year to $863.5M; YTD revenues up 22.6% to $2.29B.

• GAAP net income for fully diluted shares increased 144.7% to $64.0M in Q3; YTD up 248.7% to $80.1M.

• Adjusted EPS increased 27.3% to $0.42 in Q3 and 36.2% YTD to $0.94; GAAP EPS rose 150% to $0.25.

• Adjusted EBITDA grew 28.9% to $145.2M in Q3 and 32.8% YTD to $348.4M.

• Adjusted Free Cash Flow for the trailing twelve months surged 134% to $291.9M.

Outlook and guidance

• FY 2025 revenue guidance raised to $3.175B–$3.325B, representing 16–21% growth over 2024.

• Adjusted EPS guidance increased to $1.53–$1.63, up 24–33% year-over-year.

• Adjusted EBITDA expected between $543M–$579M, up 22–30% from 2024, with margin improvement of ~100 basis points.

• Confident in meeting or exceeding 2026 targets: over $630M adjusted EBITDA and $1.75 adjusted EPS.

• Management/Servicing growth expected slightly above YTD rate (~12%), Leasing slightly below ~19%, Capital Markets above midpoint.