Piper Sandler Companies · NYSE:PIPR
Piper Sandler Companies — Investor Presentation (October 2025)
30 slides from Piper Sandler Companies's investor presentation, October 2025
Slide 1: Investor Presentation
Investor Presentation October 2025
Slide 2: Piper Sandler Investor Presentation Disclosures
Piper Sandler Investor Presentation Disclosures Cautionary notice regarding forward-looking statements and non-GAAP financial measures This presentation contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are
Slide 3: Contents
Contents 1. Value Proposition 2. Overview of Business Lines 3. Reconciliation of Non-GAAP Financial Measures Piper Sandler | 3
Slide 4: Value Proposition
01 Value Proposition
Slide 5: A Leading Investment Bank
$1.7B LTM 3Q 2025 adjusted net revenues* 1,800+ Employees across six A Leading countries Investment Bank 130+ Years serving clients We enable growth and success for our clients through deep sector expertise and candid advice while delivering consistent positive returns for Increase in shareholders t
Slide 6: Investment Rationale
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Investment Rationale 1 2 3 Track record of profitable Diversified Platform Disciplined operating growth creates a destination of by business, sectors, management and capital choice for top talent products and clients lig
Slide 7: Building a Stronger and more Durable Platform
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Building a Stronger and more Durable Platform Advisory Revenues (in millions) 2025 2015 LTM 3Q 2025 $0 $200 $400 $600 $800 $1,000 2015 Investment Banking Managing Directors 2015 3Q 2025 $599M $1.7B 0 40 80 120 160 200 Ne
Slide 8: Our Diversified Platform
Our Diversified Platform With a focus on market leadership, we offer broad product capabilities and scale across business lines What We Do Our Clients INVESTMENT BANKING & INVESTMENT PUBLIC EQUITY FIXED PUBLIC FINANCE BANKING FINANCE BROKERAGE INCOME • Private Equity • Alternative Capital • Private
Slide 9: Creating and Delivering Shareholder Value
Creating and Delivering Shareholder Value Our consistent operating discipline and capital light approach results in strong cash generation and drives shareholder returns across cycles Multiple levers to manage capital: • Acquisitions – deploy capital towards growth initiatives • Share repurchases –
Slide 10: Driving Shareholder Value Through Strategic Acquisitions
Driving Shareholder Value Through Strategic Acquisitions Investing in Product, Sector and Geographic Expansion $346.99 PIPR Share Price as of 9/30/2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 February 2016 August 2019 January 2020 April 2020 December 2020 Simmons & Company Weeden & Co
Slide 11: Well-Positioned for Next Stage of Growth
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Well-Positioned for Next Stage of Growth INVESTMENT BANKING • Continued investment in sector, product and geographic expansion via corporate development and strategic hiring • Top priorities include private equity, techn
Slide 12: Overview of Business Lines
02 Overview of Business Lines
Slide 13: Corporate Investment Banking
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Corporate Investment Banking A Decade of Investing in Growth $1.1B 7 183 4 $310M MDs 72 MDs 2015 LTM 3Q 2015 2025 2015 2025 2025 Revenue Growth Invest in Top Talent Industry Diversification 13% investment banking revenue
Slide 14: Sector Diversification Through Organic and Acquisitive Growth
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Sector Diversification Through Organic and Acquisitive Growth Technology Consumer 2015 3 Services & Healthcare 2025 Industrials BioPharma Since 2015 Grown revenues, productivity, and market share Acquired firms have cont
Slide 15: A Full Range of Solutions Covering 100% of Clients' Lifecycle
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these A Full Range of Solutions Covering 100% of Clients’ Lifecycle 2015 Core Products 2025 Core Products 1 2 1 2 9 Mergers & 15 Equity 3 Product Capital Acquisitions focused 3 Markets MDs 8 45 4 Product 7 focused MDs 5 6 Sinc
Slide 16: Market Leadership in U.S. M&A
Market Leadership in U.S. M&A U.S. M&A Market Share Growth1 Top Ranked Financial Advisor Piper Sandler Number of Deals & Ranking in U.S. M&A1 LTM 3Q 2025 #3 1 Houlihan Lokey 245 2 Piper Sandler 138 #2 #2 3 Jefferies 127 #3 4 Raymond James 104 #2 #2 5 Goldman Sachs 103 #4 #3 6 Lincoln International 1
Slide 17: Advising Prominent & Transformative Companies Across Industries
Advising Prominent & Transformative Companies Across Industries $1,044,000,000 $2,000,000,000 $2,375,000,000 $4,000,000,000 $1,500,000,000 $1,150,000,000 €1,500,000,000 a portfolio company of a portfolio company of has sold its 50% stake in has acquired Initial Public Offering Convertible Debt Senio
Slide 18: Expanding Non-M&A Capabilities
Expanding Non-M&A Capabilities Expanding opportunities to service clients and 1 access diverse fee pools with a core focus on building out our non-M&A investment banking Equity Capital Markets businesses. • Leading underwriter of growth companies • Leading aftermarket trading support • Focused and d
Slide 19: Debt Capital Markets Advisory
Debt Capital Markets Advisory Leader in middle market debt placement Leveraging deep industry knowledge and relationships with key $50B decision makers to create best-in-class outcomes In total proceeds across 300+ debt financings in all • Full suite of debt products with flexible use of proceeds ma
Slide 20: Private Capital Advisory
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Private Capital Advisory 50 Our comprehensive offerings across primary fundraising, secondary capital advisory, and capital solutions provide integrated, full- lifecycle support to financial sponsors and alternative inve
Slide 21: Restructuring & Special Situations
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Restructuring & Special Situations One of the most seasoned restructuring teams on Wall Street, having advised on some of the largest and most complicated assignments over the past 20 years 30 Restructuring professionals
Slide 22: Best-In-Class Connectivity to Private Equity Buyers
Best-In-Class Connectivity to Private Equity Buyers A leading private equity advisory practice Most Active Middle-Market Investment Banks to U.S. Private Equity2 LTM 3Q 2025 750+ 660+ 50% 1 Houlihan Lokey 265 2 Jefferies 196 Leading financial M&A transactions Advisory revenues sponsors covered with
Slide 23: Premier Public Finance Platform
Premier Public Finance Platform Local market relationships and knowledge amplified by the Negotiated Transactions and strength of substantial scale and expertise Private Placements3 LTM 3Q 2025 • Uniquely positioned market leader with margin discipline and focus on productivity 1 Stifel Nicolaus & C
Slide 24: Fastest Growing Equity Platform on Wall Street
Fastest Growing Equity Platform on Wall Street Strategic Investments 2019 No. 1 No. 1 No. 4 SMID cap liquidity for facilitating corporate Largest domestic account base, Equity Trading: provider1 access with investors1 No. 8 largest global account base2 Acquired Weeden & Co. to be a market leader in
Slide 25: Industry-Leading Research
Industry-Leading Research Offering clients genuine thought leadership and unique perspectives Top-ranked analysts by Institutional Investor/Extel and Starmine Macro Research Equity Research Our analysts utilize independent processes that provide impartial We publish collaborative, cross-sector resea
Slide 26: Market Leading Fixed Income Platform
Re-format; this should be “why invest in PIPR?” – maybe need to expand on these Market Leading Fixed Income Platform Differentiated model providing comprehensive solutions to clients • Capital efficient, advice driven business model • Closely integrated with investment banking and public finance • L
Slide 27: Reconciliation of Non-GAAP Financial Measures
03 Reconciliation of Non-GAAP Financial Measures
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures LTM Sept. 30, Twelve Months Ended December 31, (Amounts in thousands) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net revenues: Net revenues – U.S. GAAP basis $1,717,433 $1,525,914 $1,347,967 $1,425,638 $2,031,061 $1,238,213 $834,566 $740,953
Slide 29: Reconciliation of Non-GAAP Financial Measures – continued
Reconciliation of Non-GAAP Financial Measures – continued LTM Sept. 30, Twelve Months Ended December 31, (Amounts in thousands) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Income tax expense: Income tax expense – U.S. GAAP basis $64,410 $60,972 $23,613 $33,189 $111,144 $19,192 $24,577 $18
Slide 30: Reconciliation of Non-GAAP Financial Measures – continued
Reconciliation of Non-GAAP Financial Measures – continued LTM Sept. 30, Twelve Months Ended December 31, (Amounts in thousands, except per share data) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net income/(loss) applicable to Piper Sandler Companies' common shareholders: Net income/(loss
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