Oppenheimer (OPY) investor relations material

Executive summary

• Q3 2026 revenue was $382.0M, down 10.0% YoY; net income attributable to shareholders was $5.5M versus $21.7M, while adjusted net income was $20.9M versus $31.7M.

• Nine-month revenue rose 10.0% to $1,282.0M; reported net income fell to $12.2M from $74.0M, while adjusted net income increased to $114.1M from $88.1M.

• AUM reached a record $59.6B and stockholders’ equity reached a record $991.1M at September 30, 2026.

Financial highlights

• Q3 pre-tax income fell 72.2% to $8.8M; total expenses declined 5.0% to $373.2M.

• Q3 advisory fees rose 15.3% to $155.0M; investment banking revenue fell 57.2% to $33.2M and commissions declined 4.0% to $115.9M.

• Q3 compensation expense declined 8.8% to $264.8M; non-compensation expense rose 5.7% to $108.5M, with communications and technology costs increasing.

• Nine-month adjusted basic EPS rose to $10.68 from $8.39; adjusted diluted EPS increased to $9.97 from $7.76.

Outlook and guidance

• Growth priorities include recruiting experienced financial advisors and bankers, expanding asset management and family-office services, and selectively opening branches or pursuing acquisitions.

• Plans include a Swiss platform for non-U.S. custody and investment solutions for global high-net-worth clients, subject to registration and approvals.

• Technology investment and measured AI adoption aim to improve client service and productivity while managing cyber and regulatory risks.

• Ample liquidity and capital are expected to meet foreseeable needs; the pending investee purchase and potential replacement headquarters lease are not expected to materially impair liquidity or capital resources.

• Changes to the advisor incentive program began in 2026 to reduce grants, with the full expense impact expected to emerge over several years.