Oppenheimer : Investor Presentation Q1 2026

Published: 2026-05-04 09:39:09 ET OPY

Published on 05/04/2026 at 09:39 am EDT

Oppenheimer Holdings Inc.

First Quarter 2026 Investor Update

OPY

Listed NYSE Ticker:

Oppenheimer Snapshot (as of March 31, 2026)

Oppenheimer is a leading investment bank and full-service investment firm that provides financial services and advice to high net worth investors, individuals, businesses and institutions.

Stockholders' Equity ($M):(1) $952.4

$445.1 million

Revenue in 1Q-26

$20.6 million

Net Loss in 1Q-26

Market Cap ($M): $955.01

Book Value per Share: $88.95

Tangible Book Value per Share:(2) $72.28

Share Price: $89.19

1Q-26 (Loss) Earnings per Share (Basic):(1) $(1.93)

1Q-26 Adjusted Earnings per Share (Basic) (Non-GAAP):(1)(3)

$4.46

1Q-26 (Loss) Earnings per Share (Diluted):(1) $(1.93)

1Q-26 Adjusted Earnings per Share (Diluted)

(Non-GAAP):(1)(3)

$4.21

P/E Ratio (TTM):

9.62

Dividend Yield (TTM):

0.81%

Employees:

2,958

# of Financial Advisors:

932

Retail Branches in the US:

Client Assets under Administration ($B):

$139.8

Assets Under Management ($B):

$54.1

Attributable to Oppenheimer Holdings Inc.

Represents book value less goodwill and intangible assets dividend by number of shares outstanding

London, UK

Geneva, Switzerland

St. Helier, Isle of Jersey

Tel Aviv, Israel

Hong Kong, China

Non-GAAP measures exclude a $70 million (pre-tax) accrual related to the "cash sweep" litigation settlement and $22.3 million (pre-tax) expense

associated with the mark-to-market remeasurement of liability-based stock appreciation rights. Refer to the schedule on p. 10-11 for additional explanation of non-GAAP financial measures and a reconciliation of adjusted earnings per share to U.S. GAAP.

Higher revenue for the first quarter of 2026 was driven by significantly higher investment banking fees, increased transaction-based commissions and greater advisory fees reflecting growth in billable assets under management ("AUM")

Compensation expenses rose from the prior year quarter due mainly to elevated costs associated with stock appreciation rights2 tied to the Company's share price, higher production-related costs and greater incentive compensation accruals

Assets under management and administration both increased year-over-year as of March 31, 2026, primarily due to market appreciation

Highlights

($000's, except otherwise indicated)

For the 3-Months Ended

REVENUE

3/31/2026

3/31/2025

% Change

Commissions

$ 128,341

$ 110,878

15.7 %

Advisory fees

141,718

128,803

10.0 %

Investment banking

97,720

47,623

105.2 %

Bank deposit sweep income

26,118

30,075

(13.2) %

Interest

37,531

36,369

3.2 %

Principal transactions, net

10,787

8,975

20.2 %

Other

2,880

5,102

(43.6)%

Total Revenue

445,095

367,825

21.0 %

EXPENSES

Compensation and related expenses(2)

296,001

227,091

30.3 %

Non-compensation related expenses(3)

176,095

99,358

77.2 %

Total Expenses

472,096

326,449

44.6 %

Pre-tax (loss) income

(27,001)

41,376

(165.3) %

(Loss) Earnings per share (Basic) 1 $ (1.93) $ 2.93 (165.9) %

The effective tax rate for the current period was 23.8%, slightly lower when compared with 25.9% for the prior year period due to the impact of a discrete legal charge related to the "cash sweep" settlement recorded during the quarter

Net (loss) income attributable to Oppenheimer

Holdings Inc.

(20,578) $

30,655

(167.1) %

The Board of Directors increased the quarterly dividend to be paid on May 29, 2026 by 11.1% to $0.20 per common share

Non-compensation expenses significantly increased from the prior year quarter primarily due to legal costs associated with our settlement of the "cash sweep" class action litigation3

(Loss) Earnings per share (Diluted) 1 $ (1.93) $ 2.72 (171.0) %

1 Attributable to Oppenheimer Holdings Inc.

2 During the quarter-ended March 31, 2026, the Company incurred a $22.3 million (pre-tax) expense associated with a recurring liability-based employee compensation award program for financial advisors that are tied to our stock price.

3 During the quarter-ended March 31, 2026, the Company incurred a $70 million (pre-tax) expense associated with a legal accrual for the

settlement of the "cash sweep" class action litigation. 4

Revenue ($M)

Net Income (Loss) ($M)1

Earnings (Loss) per Share ("EPS") ($)1

1Q-26 Non-GAAP

Adjusted

EPS

Stockholders' Equity ($M)1

1 Attributable to Oppenheimer Holdings Inc.

2 Non-GAAP measure excludes a $70 million (pre-tax) accrual related to the "cash sweep" litigation settlement and $22.3 million (pre-tax) expense associated with the mark-to-market remeasurement of liability-based stock appreciation rights. Refer to the schedule on p. 10-11 for additional explanation of non-GAAP financial measures and a reconciliation of adjusted net income and adjusted earnings per share to U.S. GAAP.

Revenue Breakdown by Segment ($M)

Pre-Tax Income/Loss Breakdown by Segment ($M)

1Q-26 Revenue

$445.1 MM

42%

$2.3

Corp/Other

Wealth Management

57%

1Q-25 Revenue

$367.8 MM

34%

$2.5

Corp/Other

Capital Markets

66%

Well-recognized brand and one of the few independent, non-bank broker-dealers with full service capabilities

Retail Services

Advisory Services

Retail Investments

Full-Service Brokerage

Financial Planning, Retirement Services, Insurance Solutions, Corporate & Executive Services & Trust Services

Margin & Securities Lending

Investment Policy Design & Implementation

Asset Allocation & Portfolio Construction

Research, Diligence & Manager Selection

Portfolio Monitoring & Reporting

Hedge Funds & Fund-of-Funds

Private Equity

Private Market Opportunity (Qualified Investors only) to source investments across the private markets continuum

Wealth Management Revenue ($M) Pre-Tax Income ($M) and Pre-Tax Margin (%)

28%

27%

25%

23%

28%

17%

Financial Advisors

At 3/31/2026

Assets under Administration

At 3/31/2026

Assets under Management

At 3/31/2026

Advisory Fees

1Q-26 vs 1Q-25

A leading capital markets business providing sophisticated investment banking, research and trading solutions

Institutional Equities

Equity Services

Capital Markets Revenue ($M)

Investment Banking Focus Industries

Sales and Trading

Healthcare

Equity Research

− 36 senior research analysts covering

~675 companies

Corporate Access (Conferences & NDRs)

Investment Banking

Technology

Mergers & Acquisitions

Equity Capital Markets

Consumer

& Retail

Capital Markets Revenue Breakdown 1Q-26 ($M)

Financial

Institutions

1Q-26

$189.1M

Industrials &

Energy

$45.7

24%

Fixed Income

Debt Capital Markets

Restructuring & Special Situations

Taxable Fixed Income Sales & Trading

Non-Taxable Fixed Income Sales & Trading

Public Finance

Investment Banking Revenues

1Q-26 vs 1Q-25

Sales & Trading Revenues

1Q-26 vs 1Q-25

As of March 31, 2026 ($ in thousands)

Total Assets:

$ 3,815,278

Stockholders' Equity:(1)

$ 952,426

Broker-Dealer Regulatory Capital ($ in millions)

Regulatory Net Capital: $ 437.2

Regulatory Excess Net Capital: $ 403.9

(1) Attributable to Oppenheimer Holdings Inc.

93.81

82.31

82.87

88.95

76.72

72.41

Average Short-term Borrowings

Dividends and Stock Repurchases

The Board of Directors announced a $0.02 or 11.1% increase in the quarterly dividend to $0.20 per share effective for the first quarter of 2026 payable on May 29, 2026 to holders of Class A non-voting and Class B voting common stock of record on May 15, 2026

There were no OPY Class A stock repurchases during the quarterended March 31, 2026

Book & Tangible Book Value per Share ($)

The Company included certain non-GAAP financial measures within this presentation to supplement the U.S. Generally Accepted Accounting Principles ("GAAP") financial information. Adjusted results begin with information prepared in accordance with U.S. GAAP, and such results are adjusted to exclude, or include, certain items. Specifically, we included non-GAAP measures that adjust the Company's net income and earnings per share to exclude the expense associated with the settlement of the class action "cash sweep" litigation because management does not view this as ordinary-course litigation for the Company given the nature of the claims and the manner in which the action was brought.

We also included non-GAAP measures that exclude compensation expense related to the recurring, mark-to-market remeasurement of liability-based stock appreciation rights from net income and earnings per share because the period-to-period variability in this expense is largely driven by factors outside the Company's direct control, including changes in the fair value of and underlying volatility levels in Oppenheimer Holdings Inc.'s Class A common stock price. For this reason, management expects to provide this non-GAAP measure in future reporting periods, subject to ongoing evaluation.

The Company believes that these non-GAAP financial measures provide additional useful information for investors because they permit investors to view the Company's financial performance measures on a basis consistent with how management views the operating performance of the Firm. These non-GAAP financial measures, when presented in conjunction with comparable U.S. GAAP measures, are also useful to investors when comparing the Company's results across different financial reporting periods on a consistent basis.

The tables on the following slide reconcile our non-GAAP financial measures to their respective U.S. GAAP measures. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, the analysis of U.S. GAAP financial measures.

Net (Loss) Income Attributable to Oppenheimer Holdings Inc. and (Loss) Earnings Per Share U.S. GAAP Reconciliation

Reconciliation of net (loss) income attributable to Oppenheimer Holdings Inc. to adjusted net income attributable to Oppenheimer Holdings Inc., reconciliation of basic (loss) earnings per share to adjusted basic earnings per share, and reconciliation of diluted (loss) earnings per share to adjusted diluted earnings per share are as follows:

('000s, except per share amounts)

For the Three Month Ended March 31, 2026

For the Three Month Ended March 31, 2025

Net (loss) income attributable to Oppenheimer Holdings Inc. (U.S. GAAP)

(20,578)

30,655

Non-GAAP adjustments:

Class action sweep litigation settlement

70,000

Liability-based stock appreciation rights expense

22,285

(2,742)

Tax impact of Non-GAAP adjustments (1)

(24,216)

714

Adjusted net income attributable to Oppenheimer Holdings Inc. (Non-GAAP)

47,491

28,627

Basic (loss) earnings per share (U.S. GAAP)

(1.93)

2.93

Impact of Non-GAAP adjustments

6.39

(0.19)

Adjusted basic earnings per share (Non-GAAP)

4.46

2.74

Diluted (loss) earnings per share (U.S. GAAP)

(1.93)

2.72

Impact of Non-GAAP adjustments

6.14

(0.18)

Adjusted diluted earnings per share (Non-GAAP)

4.21

2.54

Weighted average share outstanding

Basic (U.S. GAAP and Non-GAAP)

10,642,909

10,465,771

Diluted (U.S. GAAP)

10,642,909

11,277,939

Diluted (Non-GAAP) (2)

11,288,897

11,277,939

(1) The tax impact is estimated using the statutory rates for the applicable entities 11

(2) Includes 645,988 shares which were previously anti-dilutive due to the net loss, however, the Non-GAAP adjustments result in adjusted net income and those shares are now dilutive

For more information contact Investor Relations at [email protected]

Disclaimer

Oppenheimer Holdings Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 13:38 UTC.