Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q1 2026 Earnings Presentation
20 slides from Cohen & Steers's earnings presentation, Apr 17, 2026
Slide 1: Cohen & Steers: Q1 2026 Earnings Presentation
Cohen & Steers: Q1 2026 Earnings Presentation
Slide 2: Summary of first quarter 2026 results
Summary of first quarter 2026 results • March 31, 2026 AUM was $93.1 billion versus $90.5 billion at December 31, 2025 Assets under • Average AUM was $94.4 billion for Q1 2026 versus $90.8 billion for Q4 2025 management • Market appreciation of $2.7 billion for Q1 2026 versus market depreciation of
Slide 3: Financial results, as adjusted
Financial results, as adjusted $ in millions, except earnings per share and percentages Revenue $133.8 $135.3 $140.9 $143.8 $144.3 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Expenses $87.3 $89.9 $90.1 $91.4 $93.6 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Diluted earnings $0.81 $0.81 $0.75 $0.73 $0.79 per
Slide 4: Revenue, as adjusted
Revenue, as adjusted $ in millions Open-end Institutional Closed-end Distribution and Other fund fees fees fund fees service fees $133.8 $135.3 $140.9 $143.8 $144.3 $0.6 $0.4 $0.8 $0.5 $0.4 $7.5 $8.1 $7.5 $7.2 $7.2 $26.1 $27.0 $27.1 $24.8 $24.9 $33.3 $35.4 $34.2 $32.2 $32.8 $69.1 $69.9 $73.5 $73.5 $
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee compensation and benefits Distribution and service fees General and administrative Depreciation and amortization $87.3 $89.9 $90.1 $91.4 $93.6 $2.5 $2.6 $2.4 $2.4 $2.5 $15.2 $17.0 $17.0 $15.6 $17.0 $16.3 $15.7 $16.3 $15.2 $15.7 $54.2 $54.8 $56.1 $56.2 $57
Slide 6: Assets under management
Assets under management $ in billions Ending AUM Avg. AUM $94.4 $89.7 $90.8 $86.8 $87.2 $88.9 $90.9 $90.5 $93.1 $87.6 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 6
Slide 7: Assets under management
Assets under management Across vehicle, strategy, and client domicile Other 4.0% Closed-end Funds APAC ex. Japan 5.7% 13.2% Global listed EMEA 6.0% infrastructure 13.5% Japan Subadvisory 9.8% 15.4% Global/international real estate 15.4% Advisory Preferred securities 23.3% 19.2% North America 78.5% O
Slide 8: Total firm net flows
Total firm net flows $ in billions Inflows Outflows Net flows Organic growth/ 1.1% (0.6%) 1.0% 5.3% 2.2% (decay) $5.8 $4.6 $4.5 $3.8 $4.0 $1.2 $0.2 $0.2 $0.5 ($0.1) ($4.0) ($3.7) ($4.0) ($4.4) ($4.6) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Totals may not foot due to rounding. 8
Slide 9: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Open-end funds Organic 5.8% 2.7% 7.1% 0.1% 5.2% growth/ (decay) $3.5 $3.1 $3.5 $3.4 $3.1 $0.6 $0.8 $0.6 $0.3 $0.0 ($2.9) ($2.8) ($2.4) ($2.8) ($3.5) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Advisory Organic growth/ (2.3%) (8.4%)
Slide 10: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Subadvisory Organic growth/ (decay) (7.3%) (3.0%) (2.2%) 0.8% (7.7%) $0.7 $0.2 $0.3 $0.5 $0.4 $0.0 ($0.1) ($0.1) ($0.3) ($0.3) ($0.3) ($0.4) ($0.7) ($0.8) ($0.7) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Totals may not foot due t
Slide 11: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows U.S. real estate Organic growth/ (2.1%) 3.2% (2.0%) 7.1% (0.2%) (decay) $2.7 $2.3 $1.9 $2.1 $2.2 $0.8 $0.3 ($0.0) ($0.2) ($0.2) ($1.6) ($2.3) ($2.0) ($2.2) ($2.5) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Preferred securities Or
Slide 12: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows Global/international real estate Organic growth/ (5.1%) (0.7%) 5.2% (4.1%) 1.3% (decay) $0.5 $0.5 $0.6 $0.5 $0.4 $0.2 ($0.0) $0.1 ($0.2) ($0.2) ($0.4) ($0.3) ($0.6) ($0.7) ($0.6) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Global
Slide 13: 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 89% 95% 86% 3/31/2025 12/31/2025 3/31/2026 3-Year 96% 96% 98% 3/31/2025 12/31/2025 3/31/2026 92% 90% 95% 5-Year 99% 97% 97% 3/31/2025 12/31/2025 3/31/2026 10-Y
Slide 14: Cash, cash equivalents, liquid seed investments and U.S. Treasurys
Cash, cash equivalents, liquid seed investments and U.S. Treasurys $ in millions (1) Cash & cash equivalents U.S. Treasurys Liquid seed investments $295.4 $322.8 $364.3 $403.2 $342.9 $148.3 $107.3 $118.2 $145.4 $121.0 $109.5 $158.9 $109.2 $109.2 $144.4 $145.5 $95.4 $98.1 $65.2 $53.1 March 31, 2025 J
Slide 15: 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 16: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Net income attributable to common stockholders and diluted earnings per share $ in thousands, except per share data Three Months Ended March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Net income attributable to common
Slide 17: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Revenue, expenses, operating income and operating margin $ in thousands, except percentages Three Months Ended March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Revenue, U.S. GAAP $134,467 $136,126 $141,720 $143,803 $1
Slide 18: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Non-operating income (loss) $ in thousands Three Months Ended March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 Non-operating income (loss), U.S. GAAP $7,752 $10,507 $6,657 $1,978 $7,077 Seed investments - net (1) (3,8
Slide 19: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Summary of Operating Items Adjustments Accelerated Fund vesting of Fund launch and Other non- related restricted rights offering recurring expense As U.S. GAAP amounts(1) stock units costs (2) adjusted Q1 2026 Investment advisory and administration
Slide 20: 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