Mitchell Germain's questions to Newmark Group Inc (NMRK) leadership • Q2 2025
Question
Mitchell Germain of Citizens inquired about the progress of Newmark's expansion in Germany, the sustainability of its strong capital markets activity, and the company's capital allocation priorities between M&A and share buybacks.
Answer
CEO Barry Gosin explained that the German business, launched a year ago, is set for a full launch in October with 70 brokers signed. He expressed confidence in the sustainability of capital markets activity, citing significant runway in Europe and Asia. CFO Michael Rispoli stated that while buybacks remain an option, the focus for the second half of the year will pivot to M&A, particularly in management services. He noted the stock remains undervalued based on its adjusted free cash flow yield.