Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q2 2026 Earnings Presentation
25 slides from Cohen & Steers's earnings presentation, Jul 17, 2026
Slide 1: Cohen & Steers: Q2 2026 Earnings Presentation
Cohen & Steers: Q2 2026 Earnings Presentation
Slide 2: Today's discussion topics
Today’s discussion topics 1 Q2 2026 highlights 2 Q2 2026 financial performance Recovery, resilience, and opportunity across real assets • Investment performance 3 • Real assets continue to deliver • REIT recovery and real assets opportunity 4 Accelerating opportunity • Highlights and growth momentum
Slide 3: Q2 2026 highlights
Q2 2026 highlights • Adjusted EPS of $0.85 • AUM increased 7.5% to $100.1 billion • Broad based net inflows of $1.3 billion, our strongest quarter since Q4 2021 • Robust institutional pipeline of $1.6 billion • Strong execution on growth initiatives • Continued strong long-term investment performanc
Slide 4: AUM and net flows by vehicle
AUM and net flows by vehicle $ in billions AUM $100.1 $88.9 $90.9 $90.5 $93.1 $15.6 • Open-end fund primarily driven by net inflows into: $14.5 $14.2 $14.3 Subadvisory $14.3 - U.S. mutual funds of $805 million $22.9 Advisory $20.0 $20.2 $20.8 $21.7 - SICAVs of $326 million $12.6 Closed-end $11.6 $11
Slide 5: AUM and net flows by strategy
AUM and net flows by strategy $ in billions AUM $100.1 $88.9 $90.9 $90.5 $93.1 $4.4 $3.3 $3.2 $3.8 • U.S. real estate net inflows primarily driven by: Other $3.0 $12.7 Listed infrastructure $10.1 $10.5 $11.5 $12.6 - U.S. open–end funds $15.1 Global/int’l RE $14.0 $14.5 $14.3 $14.4 - Active ETFs $18.
Slide 6: Earnings overview
Earnings overview $ in millions Adjusted revenue Adjusted net income $151.8 $140.9 $143.8 $144.3 $135.3 $41.7 $41.7 $40.7 $44.0 $37.3 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted 33.6% 36.1% 36.4% 35.1% 36.3% operating margin Adjusted EPS $0.73 $0.81 $0.81 $0.79 $0.85 Net income $36.8 $41.7 $34.
Slide 7: Adjusted revenue and expenses
Adjusted revenue and expenses $ in thousands Revenue +5.2% $7,941 $151,837 ($136) ($136) ($232) ($232) • Increase due to higher average assets under $144,264 management $7.6 million increase Investment advisory Distribution and Other Q1 Inv adv Distro Port & other Q2 and administration service fees
Slide 8: Cash, cash equivalents, liquid seed investments and U.S. Treasurys
Cash, cash equivalents, liquid seed investments and U.S. Treasurys $ in millions (1) Liquid seed investments Cash & cash equivalents U.S. Treasurys $403.2 $364.3 $354.3 $342.9 $322.8 $109.5 $158.9 $109.2 $144.4 $159.3 $145.5 $95.4 $53.1 $59.2 $98.1 $148.3 $145.4 $135.8 $118.2 $107.3 June 30, 2025 Se
Slide 9: Today's discussion topics
Today’s discussion topics 1 Q2 2026 highlights 2 Q2 2026 financial performance Recovery, resilience, and opportunity across real assets • Investment performance 3 • Real assets continue to deliver • REIT recovery and real assets opportunity Accelerating opportunity 4 • Highlights and growth momentum
Slide 10: Investment performance
Investment performance % of total AUM in outperforming strategies(1) % of U.S. open-end fund AUM rated 4 or 5 stars by Morningstar(2) 1-Year 94% 86% 41% 6/30/2025 3/31/2026 6/30/2026 3-Year 96% 98% 91% 6/30/2025 3/31/2026 6/30/2026 95% 93% 90% 5-Year 97% 97% 97% 6/30/2025 3/31/2026 6/30/2026 10-Year
Slide 11: Real assets continue to deliver
Real assets continue to deliver YTD real asset returns vs. Outlook traditional portfolio U.S. Real Estate 14.9% • Resilient global economy Infrastructure 10.7% • Market rotations supportive of real assets Diversified Real Assets 9.9% • Persistent inflation Global Real Estate 9.6% • Improving fundame
Slide 12: REIT recovery reinforces a multi-year opportunity for real assets
REIT recovery reinforces a multi-year opportunity for real assets • Growth in data centers and senior housing Real estate is shifting • Return to office momentum to a fundamentals led • Strong retail fundamentals recovery story • Improving industrial demand • Improved earnings growth Relative value
Slide 13: Today's discussion topics
Today’s discussion topics 1 Q2 2026 highlights 2 Q2 2026 financial performance Recovery, resilience, and opportunity across real assets • Investment performance 3 • Real assets continue to deliver • REIT recovery and real assets opportunity Accelerating opportunity 4 • Highlights and growth momentum
Slide 14: Growth momentum continues
Growth momentum continues • Highest quarterly net inflows in 4 years $1.3 billion net inflows • Organic growth in last 7 of 8 quarters • Net inflows in all strategies except one • Net inflows of $883 million into U.S. real estate and $380 million into multi-strategy portfolios • 6 consecutive quarte
Slide 15: Progress on strategic growth initiatives
Progress on strategic growth initiatives • $281 million net inflows surpassing $1 billion AUM • Significant opportunity to take share from $100 billion passive real estate category ETFs • Conversion of Future of Energy mutual fund to an ETF • Launch of multi-strategy real asset portfolio later this
Slide 16: Market tailwinds catalyst for CNS growth
Market tailwinds catalyst for CNS growth IPO activity Catalysts to Opportunity for • Increasing to enter public investors finance Next Gen market • More high-quality economy investment • Liquidity needs • 4 of the top 10 opportunities in real IPOs in • Debt refinance assets infrastructure, • Finance
Slide 17: Q&A
Q&A SE COHEN « STEERS 7
Slide 18: Appendix
Appendix SE COHEN « STEERS
Slide 19: Reconciliations of U.S. GAAP to as adjusted financial results
Reconciliations of U.S. GAAP to as adjusted financial results Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the compan
Slide 20: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended June 30, 2026 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering costs
Slide 21: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended March 31, 2026 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering costs
Slide 22: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended December 31, 2025 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering co
Slide 23: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended September 30, 2025 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering c
Slide 24: Reconciliation of U.S. GAAP to Non-GAAP results
Reconciliation of U.S. GAAP to Non-GAAP results Three months ended June 30, 2025 $ in thousands, except per share data Accelerated Tax effects of Fund launch Foreign Fund related vesting of adjustments GAAP and rights currency (gain) Non-GAAP amounts (1) restricted stock and discrete offering costs
Slide 25: Legal disclosures
Legal disclosures This presentation and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's cur