Cohen & Company (COHN) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2026, increased 44% year-over-year to $127.4 million, driven by strong investment banking and trading activity.

• Net income attributable to shareholders was $3.6 million ($0.94 per diluted share) for Q2 2026, up from $1.5 million in the prior quarter and $1.4 million in the prior year quarter; for the six months, net income rose 192% to $5.1 million.

• Achieved milestones: Columbus Circle Capital II signed a business combination with Elroy Air, and Columbus Circle Capital III completed a $230 million IPO.

• The company operates in three segments: Capital Markets, Asset Management, and Principal Investing, with Capital Markets contributing the majority of revenue.

• Management expressed confidence in future earnings and commitment to long-term value creation, including quarterly dividends.

Financial highlights

• Investment banking and new issue revenue was $54.1 million for Q2 2026, up from $45.7 million in the prior quarter and $44.1 million in the prior year quarter; for the six months, revenue surged 55% year-over-year to $99.8 million.

• Net trading revenue was $13.9 million for Q2 2026, up $700,000 sequentially and $3.1 million year-over-year; for the six months, net trading revenue increased 36% to $27.1 million.

• Asset management revenue was $1.8 million for Q2 2026, down $600,000 sequentially and $300,000 year-over-year; asset management fees were $4.3 million for the six months.

• Principal transactions and other revenue was -$300,000 for Q2 2026, compared to -$3.4 million prior quarter and +$2.8 million prior year quarter; for the six months, principal transactions and other income swung to a loss of $3.7 million.

• Compensation and benefits expense was $48.2 million for Q2 2026, up $6.9 million sequentially and $3.9 million year-over-year; for the six months, operating expenses rose 36% to $109.8 million.

Outlook and guidance

• Management expects continued volatility in investment banking and trading revenues due to market conditions and transaction timing.

• The company is monitoring macroeconomic factors, including interest rate volatility, inflation, and geopolitical risks, which may impact trading and client activity.

• The SPAC market remains a key driver but is subject to regulatory and market uncertainties.

• Management remains confident in future earnings potential and ongoing quarterly dividends.