Cohen & Steers (CNS) investor relations material

Executive summary

• Net inflows of $1.6B marked a fifth consecutive quarter of organic growth and the strongest flows since Q4 2021; annualized organic growth exceeded 6%.

• The $1.9B institutional won and unfunded pipeline was the second-largest ever, supported by $700M of fundings reloaded and over $1.1B in new mandates awarded.

• Ending AUM was $95.9B; average AUM increased to $101.1B despite negative market movement.

Financial highlights

• Q3 revenue was $157.4M GAAP and $156.4M adjusted, up 11% YoY and 3% QoQ; higher average AUM drove the increase, with one additional day in the quarter contributing QoQ.

• GAAP net income attributable to common stockholders was $42.2M and diluted EPS was $0.81; adjusted net income was $46.5M and adjusted diluted EPS was $0.89.

• Adjusted expenses rose $1.6M QoQ to $98.3M, mainly from employee compensation and distribution and service fees.

• Nine-month revenue was $455.8M GAAP and $452.5M adjusted; adjusted net income was $131.1M and adjusted diluted EPS was $2.53.

Outlook and guidance

• Expense guidance was maintained: compensation and benefits at ~40% of revenue, G&A growth in the mid-single digits relative to 2025, and a pro forma effective tax rate of 25%-26%.

• Listed real estate fundamentals were described as improving, with reduced new supply and growing demand expected to support growth above historical norms.

• Global listed infrastructure EBITDA growth was projected at 9%, versus a 6%-7% historical average; natural resources earnings growth was projected at 20%, versus a 6%-8% historical average.

• Growth initiatives include expanding distribution and vehicles, developing global engagement, and pursuing the institutional pipeline.