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Cohen & Company Inc. (COHN) Q4 2025 Earnings Call Transcript

Board Declares Quarterly Dividend of $0.25 per Share and Special Dividend of $0.70 per Share Revenue of $102.7 Million in Fourth Quarter 2025 and $275.6 Million in Full Year 2025 Net Income Attributable to Cohen & Company Inc. of $8.1 Million, or $1.48 per Diluted Share, in Fourth Quarter 2025 and $14.4 Million, or $4.35 per Diluted Share, in Full Year 2025 Adjusted Pre-Tax Income of $18.3 Million, or $2.97 per Diluted Share, in Fourth Quarter 2025 and $41.4 Million, or $6.92 per Diluted Share, in Full Year 2025 PHILADELPHIA and NEW YORK, March 06, 2026 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) today reported financial results for its fourth quarter and full year ended December 31, 2025. Summary Operating Results                                                         Three Months Ended       Twelve Months Ended     ($ in thousands) 12/31/25   9/30/25   12/31/24   12/31/25   12/31/24                             Investment banking and new issue $ 54,704     $ 68,606     $ 8,194     $ 187,608     $ 40,778       Net trading   13,819       13,560       8,947       47,347       36,409       Asset management   2,681       1,948       2,067       8,817       9,009       Principal transactions and other revenue   31,536       99       (667 )     31,792       (6,598 )     Total revenues   102,740       84,213       18,541       275,564       79,598       Compensation and benefits   57,845       53,684       12,935       177,518       56,388       Non-compensation operating expenses   14,850       8,769       11,109       38,639       31,233       Operating income (loss)   30,045       21,760       (5,503 )     59,407       (8,023 )     Interest expense, net   (1,460 )     (1,472 )     (1,474 )     (5,876 )     (5,821 )     Gain on sale of management contracts   -       1,897       -       2,734       -       Income (loss) from equity method affiliates   (5,081 )     (12,663 )     (662 )     (16,763 )     21,704       Income (loss) before income tax expense (benefit)   23,504       9,522       (7,639 )     39,502       7,860       Income tax expense (benefit)   (2,275 )     733       (764 )     (632 )     (329 )     Net income (loss)   25,779       8,789       (6,875 )     40,134       8,189       Less: Net income (loss) attributable to the non-convertible non-controlling interest   5,254       (6,853 )     66       (1,913 )     8,675       Enterprise net income (loss)   20,525       15,642       (6,941 )     42,047       (486 )     Less: Net income (loss) attributable to the convertible non-controlling interest   12,424       11,049       (4,988 )     27,616       (357 )     Net income (loss) attributable to Cohen & Company Inc. $ 8,101     $ 4,593     $ (1,953 )   $ 14,431     $ (129 )     Fully diluted net income (loss) per share $ 1.48     $ 2.58     $ (1.21 )   $ 4.35     $ (0.08 )                             Adjusted pre-tax income (loss) (1) $ 18,250     $ 16,375     $ (7,705 )   $ 41,415     $ (815 )     Fully diluted adjusted pre-tax income (loss) per share (1) $ 2.97     $ 2.71     $ (1.32 )   $ 6.92     $ (0.14 )                           (1) Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per share are not measures recognized under U.S. generally accepted accounting principles (“GAAP”).

Cohen & Company is rated Buy, with a forward P/E of 5.8x and a P/B of 0.58x, signaling undervaluation relative to cyclical risks. Q3'25 saw strong advisory revenue and operating income, but principal segment losses due to high-risk equity holdings like NAKA offset gains. COHN's asset quality is supported by 53% of assets in short-term, high-quality repo arrangements, mitigating some balance sheet risk.

PARIS, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) today announced that its controlled subsidiary, Cohen & Company Financial (Europe) S.A. (“CCFESA”), has successfully completed the second and final closing of its PriDe IV funds, with total commitments of €481.5 million. PriDe IV is the latest vintage in a series of funds focused on investing in Tier II capital instruments issued by small and mid-sized insurance companies with limited access to capital markets. The PriDe Program enables insurers to enhance their regulatory capital ratios, fund acquisitions or internal growth, optimize their reinsurance programs, and/or lower their weighted average cost of capital.

Firm Launches Houston Office Strategic Hire Anchors Firm's Expansion Across Energy, Power, and Infrastructure PHILADELPHIA and NEW YORK, Jan. 12, 2026 /PRNewswire/ -- After nearly doubling deal flow and closing $44 billion in transactions in 2025, Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, an indirect, controlled subsidiary of Cohen & Company Inc. (NYSE American: COHN), today announced the appointment of senior leadership to its Energy and Energy Transition team, along with the opening of its Houston office to serve as the firm's hub for energy and energy transition advisory services. Rahul Jasuja has joined the firm as Head of Energy and Energy Transition, bringing two decades of investment banking experience advising senior corporate leaders and boards across traditional energy, energy transition, and infrastructure, with a focus on M&A advisory and capital markets transactions.

Cohen & Company Inc. ( COHN ) Q3 2025 Earnings Call November 4, 2025 10:00 AM EST Company Participants Daniel Cohen - Executive Chairman Lester Brafman - Chief Executive Officer Joseph Pooler - Executive VP, CFO & Treasurer Presentation Operator Good morning, ladies and gentlemen. Welcome to Cohen & Company's Third Quarter 2025 Earnings Call.

PHILADELPHIA and NEW YORK, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN) will release its financial results for the third quarter 2025 on Tuesday, November 4, 2025. The Company will host a conference call at 10:00 a.m. Eastern Time (ET) that day to discuss these results.