Slides
Page 1
Cohen & Steers: Q4 2025 and Full Year 2025 Earnings Presentation
Page 2
Summary of fourth quarter and full year 2025 results Refer to pages 15-19 of this presentation for reconciliations of U.S. GAAP to as adjusted results. 2 Assets under management • December 31, 2025 AUM was $90.5 billion versus $90.9 billion at September 30, 2025 • Average AUM was $90.8 billion for Q4 2025 versus $89.7 billion for Q3 2025 Flows • Net inflows of $1.2 billion in Q4 2025 versus net inflows of $233 million in Q3 2025 • Net inflows in open-end funds, closed-end funds, advisory, and subadvisory Financial results, as adjusted • Net income was $41.7 million in Q4 2025 versus $41.7 million in Q3 2025 • Diluted EPS of $0.81 in Q4 2025 versus $0.81 in Q3 2025 • Operating margin was 36.4% in Q4 2025 versus 36.1% in Q3 2025 • December 31, 2025 AUM was $90.5 billion versus $85.8 billion at December 31, 2024 • Average AUM was $88.6 billion for FY 2025 versus $83.9 billion for FY 2024 • Net inflows of $1.5 billion in FY 2025 versus net outflows of $171 million in FY 2024 • Net inflows in open-end funds and closed-end funds • Net outflows in advisory and subadvisory • Net income was $159.1 million in FY 2025 versus $149.3 million in FY 2024 • Diluted EPS of $3.09 in FY 2025 versus $2.93 in FY 2024 • Operating margin was 35.2% in FY 2025 versus 35.4% in FY 2024 Fourth quarter 2025 Full year 2025
Page 3
Financial results, as adjusted 3 $ in millions, except earnings per share and percentages Refer to pages 15-19 of this presentation for reconciliations of U.S. GAAP to as adjusted results. $139.9 $133.8 $135.3 $140.9 $143.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $90.2 $87.3 $89.9 $90.1 $91.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 35.5% 34.7% 33.6% 36.1% 36.4% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $0.78 $0.75 $0.73 $0.81 $0.81 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating margin Diluted earnings per share Expenses Revenue
Page 4
$70.2 $69.1 $69.9 $73.5 $73.5 $35.7 $32.2 $32.8 $33.3 $35.4 $26.0 $24.8 $24.9 $26.1 $27.0 $7.5 $7.2 $7.2 $7.5 $7.5 $0.6 $0.5 $0.4 $0.6 $0.4 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Open-end fund fees Institutional fees Closed-end fund fees Distribution and service fees Other Revenue, as adjusted 4 $ in millions Refer to pages 15-19 of this presentation for reconciliations of U.S. GAAP to as adjusted results. Totals may not foot due to rounding. $143.8$139.9 $133.8 $135.3 $140.9
Page 5
$56.4 $54.2 $54.8 $56.1 $56.2 $15.7 $15.2 $15.7 $16.3 $15.7 $15.6 $15.6 $17.0 $15.2 $17.0 $2.4 $2.4 $2.4 $2.5 $2.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Employee compensation and benefits Distribution and service fees General and administrative Depreciation and amortization Expenses, as adjusted 5 $ in millions Refer to pages 15-19 of this presentation for reconciliations of U.S. GAAP to as adjusted results. Totals may not foot due to rounding. $87.3 $89.9 $90.1 $91.4$90.2
Page 6
Assets under management 6 $ in billions $85.8 $87.6 $88.9 $90.9 $90.5 $89.4 $86.8 $87.2 $89.7 $90.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Ending AUM Avg. AUM
Page 7
Open-end funds 48.0% U.S. real estate 48.0% North America 78.3% Advisory 23.0% Preferred securities 20.0% Japan 10.0%Subadvisory 15.7% Global/international real estate 15.8% EMEA 5.9% Closed-end Funds 13.3% Global listed infrastructure 12.7% APAC ex. Japan 5.8%Other 3.6% By vehicle By strategy By client domicile Assets under management 7 Across vehicle, strategy, and client domicile As of December 31, 2025. Totals may not foot due to rounding.
Page 8
$4.8 $4.6 $3.8 $4.0 $5.8 ($4.0) ($4.4) ($4.0) ($3.7) ($4.6) $0.9 $0.2 ($0.1) $0.2 $1.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total firm net flows 8 $ in billions Totals may not foot due to rounding. 1.1% (0.6%) 1.0% 5.3%3.7%Organic growth/ (decay) Inflows Outflows Net flows
Page 9
Net flows by investment vehicle 9 $ in billions Totals may not foot due to rounding. $3.9 $3.5 $3.1 $3.1 $3.5 ($2.7) ($2.9) ($2.8) ($2.4) ($3.5) $1.2 $0.6 $0.3 $0.8 $0.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Open-end funds Advisory $0.6 $0.6 $0.4 $0.5 $1.1 ($0.7) ($0.7) ($0.8) ($1.0) ($0.4)($0.1) ($0.1) ($0.4) ($0.5) $0.7 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 5.8%10.8% 2.7% 7.1% 0.1% (1.9%) 12.8%(9.0%)(8.4%)(2.3%) Organic growth/ (decay) Organic growth/ (decay) Inflows Outflows Net flows
Page 10
Net flows by investment vehicle 10 $ in billions $0.3 $0.5 $0.2 $0.3 $0.7 ($0.5) ($0.8) ($0.3) ($0.4) ($0.7) ($0.2) ($0.3) ($0.1) ($0.1) $0.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Subadvisory (7.3%)(5.1%) (3.0%) (2.2%) 0.8% Organic growth/ (decay) Inflows Outflows Net flows Totals may not foot due to rounding.
Page 11
Net flows by investment strategy 11 $ in billions $2.9 $2.3 $1.9 $2.1 $2.7 ($1.7) ($2.5) ($1.6) ($2.3) ($2.0) $1.3 ($0.2) $0.3 ($0.2) $0.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 U.S. real estate Preferred securities (2.1%)11.0% 3.2% (2.0%) 7.1% $0.9 $0.8 $0.7 $0.9 $1.0 ($1.1) ($0.9) ($1.2) ($0.8) ($1.3) ($0.2) ($0.1) ($0.5) $0.1 ($0.3) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (1.7%)(4.3%) (10.6%) 2.9% (7.2%) Organic growth/ (decay) Organic growth/ (decay) Inflows Outflows Net flows Totals may not foot due to rounding.
Page 12
Net flows by investment strategy 12 $ in billions Global/international real estate Global listed infrastructure $0.2 $0.8 $0.5 $0.2 $1.3 ($0.4) ($0.2) ($0.4) ($0.2) ($0.4) ($0.2) $0.6 $0.0 $0.1 $0.9 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 35.1%2.2%0.9%27.0%(6.9%) $0.3 $0.5 $0.4 $0.5 $0.5 ($0.6) ($0.6) ($0.4) ($0.3) ($0.7) ($0.2) ($0.2) ($0.0) $0.2 ($0.2) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (4.1%)(5.8%) 5.2%(0.7%)(5.1%) Organic growth/ (decay) Organic growth/ (decay) Inflows Outflows Net flows Totals may not foot due to rounding.
Page 13
Investment performance 13 (1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of specified reference benchmarks. Investment performance in excess of the performance of the benchmark is considered outperformance. The investment performance calculation of each investment strategy is based on all active accounts and investment models pursuing similar investment objectives. For accounts, actual investment performance is measured gross of fees and net of withholding taxes. For investment models, for which actual investment performance does not exist, the investment performance of a composite of accounts pursuing comparable investment objectives is used as a proxy for actual investment performance. The performance of the specified reference benchmark for each account and investment model is measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. (2) Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period as of December 31, 2025. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. See Legal Disclosures on page 20 of this presentation for more information about our investment performance. 96% 96% 96% 12/31/2024 9/30/2025 12/31/2025 97% 96% 97% 12/31/2024 9/30/2025 12/31/2025 99% 99% 99% 12/31/2024 9/30/2025 12/31/2025 % of total AUM in outperforming strategies(1) 95% 93% 95% 12/31/2024 9/30/2025 12/31/2025 1-Year 3-Year 5-Year 10-Year % of U.S. open-end fund AUM rated 4 or 5 stars by Morningstar(2) 94% 87% 90% 12/31/2024 9/30/2025 12/31/2025
Page 14
$183.0 $65.2 $95.4 $98.1 $145.5 $109.1 $109.2 $109.2 $158.9 $109.5 $68.9 $121.0 $118.2 $107.3 $148.3 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Cash & cash equivalents U.S. Treasurys Liquid seed investments Cash, cash equivalents, liquid seed investments and U.S. Treasurys 14 $ in millions $322.8 $403.2$364.3$360.9 $295.4 Totals may not foot due to rounding. (1) Excludes certain illiquid seed investments and amounts attributable to third-party interests in consolidated seed investments. (1)
Page 15
Reconciliations of U.S. GAAP to as adjusted financial results 15 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 company's internal management reports, which are used in evaluating its business. While management believes that these as adjusted financial results are useful in evaluating operating performance, this information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with U.S. GAAP.
Page 16
Reconciliation of U.S. GAAP to as adjusted results 16 * Amounts round to less than $0.01 per share. (1) Represents the impact of consolidated funds and the net effect of corporate seed investment performance. (2) Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. (3) Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025 and year ended December 31, 2025, and the impact of incremental expenses associated with the separation of certain employees for the year ended December 31, 2024. (4) Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign subsidiaries. (5) Includes excess tax benefits related to the vesting and delivery of restricted stock units and unrecognized tax benefit adjustments. Net income attributable to common stockholders and diluted earnings per share $ in thousands, except per share data Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net income attributable to common stockholders, U.S. GAAP $45,822 $39,778 $36,849 $41,711 $34,879 Seed investments - net (1) (1,700) (50) (3,523) (1,320) (1,498) Accelerated vesting of restricted stock units 91 369 1,835 1,142 (77) Lease transition and other costs – 280 Park Avenue (2) — — — — — Fund launch and rights offering costs — — — 650 10,814 Other non-recurring expenses (3) — 616 — — — Foreign currency exchange (gains) losses – net (4) (2,824) 969 2,742 (677) 422 Tax effects of adjustments above 627 (438) (219) (132) (2,062) Tax effects of discrete tax items (5) (1,621) (2,891) (360) 346 (760) Net income attributable to common stockholders, as adjusted $40,395 $38,353 $37,324 $41,720 $41,718 Diluted weighted average shares outstanding 51,704 51,418 51,471 51,572 51,639 Diluted earnings per share, U.S. GAAP $0.89 $0.77 $0.72 $0.81 $0.68 Seed investments – net (1) (0.03) —* (0.07) (0.03) (0.03) Accelerated vesting of restricted stock units —* 0.01 0.04 0.02 —* Lease transition and other costs – 280 Park Avenue (2) — — — — — Fund launch and rights offering costs — — — 0.01 0.21 Other non-recurring expenses (3) — 0.01 — — — Foreign currency exchange (gains) losses – net (4) (0.06) 0.02 0.05 (0.01) 0.01 Tax effects of adjustments above 0.01 (0.01) —* —* (0.04) Tax effects of discrete tax items (5) (0.03) (0.05) (0.01) 0.01 (0.02) Diluted earnings per share, as adjusted $0.78 $0.75 $0.73 $0.81 $0.81 Year Ended December 31, 2024 December 31, 2025 $151,265 $153,217 (6,245) (6,391) 7,134 3,269 807 — — 11,464 1,196 616 (1,059) 3,456 (2,020) (2,851) (1,792) (3,665) $149,286 $159,115 50,938 51,526 $2.97 $2.97 (0.12) (0.12) 0.14 0.06 0.02 — — 0.22 0.02 0.01 (0.02) 0.07 (0.04) (0.05) (0.04) (0.07) $2.93 $3.09
Page 17
Reconciliation of U.S. GAAP to as adjusted results 17 (1) Represents the impact of consolidated funds and expenses incurred on behalf of certain company -sponsored funds. (2) Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expired in January 2024. (3) Represents reimbursement of filing fees paid by certain members of senior leadership for the three months ended March 31, 2025 and year ended December 31, 2025, and the impact of incremental expenses associated with the separation of certain employees for the year ended December 31, 2024. Revenue, expenses, operating income and operating margin $ in thousands, except percentages Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Revenue, U.S. GAAP $139,783 $134,467 $136,126 $141,720 $143,803 Fund related amounts (1) 122 (677) (806) (783) (9) Revenue, as adjusted $139,905 $133,790 $135,320 $140,937 $143,794 Expenses, U.S. GAAP $90,446 $89,269 $92,799 $92,819 $103,493 Fund related amounts (1) (158) (940) (1,102) (967) (1,324) Accelerated vesting of restricted stock units (91) (369) (1,835) (1,142) 77 Lease transition and other costs – 280 Park Avenue (2) — — — — — Fund launch and rights offering costs — — — (650) (10,814) Other non-recurring expenses (3) — (616) — — — Expenses, as adjusted $90,197 $87,344 $89,862 $90,060 $91,432 Operating income, U.S. GAAP $49,337 $45,198 $43,327 $48,901 $40,310 Fund related amounts (1) 280 263 296 184 1,315 Accelerated vesting of restricted stock units 91 369 1,835 1,142 (77) Lease transition and other costs – 280 Park Avenue (2) — — — — — Fund launch and rights offering costs — — — 650 10,814 Other non-recurring expenses (3) — 616 — — — Operating income, as adjusted $49,708 $46,446 $45,458 $50,877 $52,362 Operating margin, U.S. GAAP 35.3% 33.6% 31.8% 34.5% 28.0% Operating margin, as adjusted 35.5% 34.7% 33.6% 36.1% 36.4% Year Ended December 31, 2024 December 31, 2025 $517,417 $556,116 853 (2,275) $518,270 $553,841 $344,540 $378,380 (698) (4,333) (7,134) (3,269) (807) — — (11,464) (1,196) (616) $334,705 $358,698 $172,877 $177,736 1,551 2,058 7,134 3,269 807 — — 11,464 1,196 616 $183,565 $195,143 33.4% 32.0% 35.4% 35.2%
Page 18
Reconciliation of U.S. GAAP to as adjusted results (1) Represents the impact of consolidated funds and the net effect of corporate seed investment performance. (2) Represents net foreign currency exchange (gains) losses associated with U.S. dollar -denominated assets held by certain foreign s ubsidiaries. 18 Non-operating income (loss) $ in thousands Three Months Ended Year Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2024 December 31, 2025 Non-operating income (loss), U.S. GAAP $6,368 $7,752 $10,507 $6,657 $1,978 $36,664 $26,894 Seed investments - net (1) 824 (3,824) (8,742) (1,427) 1,363 (19,323) (12,630) Foreign currency exchange (gain) loss - net (2) (2,824) 969 2,742 (677) 422 (1,059) 3,456 Non-operating income (loss), as adjusted $4,368 $4,897 $4,507 $4,553 $3,763 $16,282 $17,720
Page 19
Summary of Operating Items Adjustments U.S. GAAP Fund related amounts(1) Accelerated vesting of restricted stock units Fund launch and rights offering costs Other non- recurring expenses (2) Lease transition and other costs - 280 Park Avenue(3) As adjusted Q4 2025 Investment advisory and administration fees $135,890 ($9) $- $- $- $- $135,881 Employee compensation and benefits $56,076 $- $77 $- $- $- $56,153 Distribution and service fees $25,670 $- $- ($9,924) $- $- $15,746 General and administrative $19,212 ($1,324) $- ($890) $- $- $16,998 Q3 2025 Investment advisory and administration fees $133,628 ($783) $- $- $- $- $132,845 Employee compensation and benefits $57,196 $- ($1,142) $- $- $- $56,054 General and administrative $16,775 ($967) $- ($650) $- $- $15,158 Q2 2025 Investment advisory and administration fees $128,545 ($806) $- $- $- $- $127,739 Employee compensation and benefits $56,640 $- ($1,835) $- $- $- $54,805 General and administrative $18,078 ($1,102) $- $- $- $- $16,976 Q1 2025 Investment advisory and administration fees $126,771 ($677) $- $- $- $- $126,094 Employee compensation and benefits $54,554 $- ($369) $- $- $- $54,185 General and administrative $17,169 ($940) $- $- ($616) $- $15,613 Q4 2024 Investment advisory and administration fees $131,740 $117 $- $- $- $- $131,857 Other $593 $5 $- $- $- $- $598 Employee compensation and benefits $56,504 $- ($91) $- $- $- $56,413 General and administrative $15,784 ($158) $- $- $- $- $15,626 FY 2024 Investment advisory and administration fees $487,059 $810 $- $- $- $- $487,869 Other $2,216 $43 $- $- $- $- $2,259 Employee compensation and benefits $217,980 $- ($7,134) $- ($1,196) $- $209,650 General and administrative $60,135 ($698) $- $- $- ($807) $58,630 FY 2025 Investment advisory and administration fees $524,834 ($2,275) $- $- $- $- $522,559 Employee compensation and benefits $224,466 $- ($3,269) $- $- $- $221,197 Distribution and service fees $72,894 $- $- ($9,924) $- $- $62,970 General and administrative $71,234 ($4,333) $- ($1,540) ($616) $- $64,745 Reconciliation of U.S. GAAP to as adjusted results (1) Represents the impact of consolidated funds and expenses incurred on behalf of certain company -sponsored funds. (2) For Q1 2025 and FY 2025, represents reimbursement of filing fees paid by certain members of senior leadership. For FY 202 4, represents incremental expenses associated with the separation of certain employees. (3) Represents the impact of lease and other expenses related to the company's prior headquarters, for which the lease expire d in January 2024. 19
Page 20
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 current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the company's Annual Report on Form 10-K for the year ended December 31, 2024 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation contains as adjusted financial results that we believe are meaningful in evaluating the company’s performance. For disclosures on these as adjusted financial results and their U.S. GAAP reconciliations, you should refer to the Reconciliation of U.S. GAAP to As Adjusted Results contained on pages 15-19 of this presentation. Investment Performance: © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Copyright © 2026 Cohen & Steers, Inc. All rights reserved. 20