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LAZARD REPORTS THIRD QUARTER AND NINE MONTH 2025 RESULTS

•Record firmwide adjusted net revenue for the third quarter of $725 million, up 12% year-over-year

•Record Financial Advisory adjusted net revenue of $1.3 billion for the first nine months of 2025, with 20 Managing Directors hired year-to-date to support long-term growth

•Record Asset Management inflows for the third quarter and first nine months of the year, with positive net flows of $1.6 billion and total AUM up 17% year-to-date

NEW YORK, October 23, 2025 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $748 million and record adjusted net revenue1 of $725 million for the quarter ended September 30, 2025. For the first nine months of 2025, Lazard reported net revenue of $2,192 million and adjusted net revenue1 of $2,138 million.

On a U.S. GAAP basis, Lazard reported third quarter 2025 net income of $71 million or $0.65 per share, diluted. For the first nine months of 2025, net income on a U.S. GAAP basis was $187 million or $1.72 per share, diluted. For the third quarter 2025, adjusted net income1 was $62 million or $0.56 per share, diluted. For the first nine months of 2025, adjusted net income1 was $178 million or $1.64 per share, diluted.

“Lazard’s long-term growth strategy continues to build momentum and produce results, with record Financial Advisory revenue and record Asset Management inflows year-to-date,” said Peter R. Orszag, CEO and Chairman. “We see an increasingly constructive environment for both of our businesses, with substantial client engagement firmwide. We look forward to welcoming Chris Hogbin as our new CEO of Asset Management later this year, helping to further accelerate progress toward our vision for the future of Lazard.”

(Selected results, $ in millions,Three Months EndedNine Months Ended
except per share data and AUM)September 30,September 30,
U.S. GAAP Financial Measures20252024% ’25-’2420252024% ’25-’24
Net Revenue$748 $785 (5%)$2,192 $2,235 (2%)
Financial Advisory$427 $371 15%$1,292 $1,236 5%
Asset Management$327 $294 11%$908 $875 4%
Net Income$71 $108 (34%)$187 $194 (3%)
Per share, diluted$0.65 $1.02 (36%)$1.72 $1.88 (9%)
Adjusted Financial Measures1
Net Revenue$725 $646 12%$2,138 $2,077 3%
Financial Advisory$422 $369 14%$1,283 $1,223 5%
Asset Management$294 $272 8%$827 $813 2%
Net Income$62 $40 56%$178 $159 12%
Per share, diluted$0.56 $0.38 47%$1.64 $1.54 6%
Assets Under Management (AUM)
($ in billions)
Ending AUM$265 $248 7%
Average AUM$257 $246 5%$242 $246 (2%)
Note: Reconciliations of U.S. GAAP to Adjusted results are shown on pages 13-15. Endnotes are on page 5 of this release.

Media Contact:
Shannon Houston+1 212 632 6880shannon.houston@lazard.com
Investor Contact:Alexandra Deignan+1 212 632 6886alexandra.deignan@lazard.com

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NET REVENUE
Financial Advisory
For the third quarter of 2025, Financial Advisory reported net revenue and adjusted net revenue1 of $427 million and $422 million, 15% and 14% higher than the third quarter of 2024, respectively.
For the first nine months of 2025, Financial Advisory reported net revenue and adjusted net revenue1 of $1,292 million and $1,283 million, respectively, both 5% higher than the first nine months of 2024.

Lazard is one of the world’s leading independent financial advisors, serving as a trusted partner to clients on significant and complex M&A transactions. During and since the third quarter of 2025, selected highlights include (clients are in italics):

•Corteva Agriscience on its planned separation into multiple businesses
•Keurig Dr. Pepper’s $23 billion acquisition of JDE Peet’s and planned subsequent separation into two independent companies
•Mallinckrodt Pharmaceuticals’ $6.7 billion combination with Endo Pharmaceuticals
•Sixth Street on its investment, together with a consortium led by William Chisholm, to acquire a majority controlling interest in the Boston Celtics in a deal valued at $6.1 billion
•Caithness Energy on multiple transactions, including the $3.8 billion sale of assets to Talen Energy
•Ferrero’s $3.1 billion acquisition of WK Kellogg Co
•Arcadia on its majority sale to Nordic Capital

Lazard provides tailored advice, expertise and access to a broad universe of capital providers through our Private Capital Advisory and Capital Solutions practices. Private equity assignments include advising Norvestor on a continuation fund, and advising on the closing of Nexus Capital Management’s Fund IV and Pacific Avenue’s Fund II. In addition, Lazard advised on capital structure and capital raises for Morrisons and TenneT Holdings.

Lazard’s preeminent restructuring and liability management practice has been engaged in a broad range of mandates including debtor roles involving Altice France, First Brands Group, Grapevine Energy (formerly known as Global Clean Energy) and Victoria, and creditor roles involving Anthology, CityFibre, and Saks Global. In addition, our sovereign advisory practice continues to be active in advising governments and sovereign entities across developed and emerging markets.
For a list of publicly announced transactions please visit our website or follow Lazard on LinkedIn.
Asset Management
For the third quarter of 2025, Asset Management reported net revenue and adjusted net revenue1 of $327 million and $294 million, 11% and 8% higher than the third quarter of 2024, respectively.
Management fees and other revenue, on an adjusted basis1, were $285 million for the third quarter of 2025, 6% higher than the third quarter of 2024, and 8% higher than the second quarter of 2025.
Incentive fees on an adjusted basis1 were $9 million for the third quarter of 2025, compared to $3 million for the third quarter of 2024.
Average assets under management (AUM) was $257 billion for the third quarter of 2025, 5% higher than the third quarter of 2024, and 8% higher than the second quarter of 2025.
For the first nine months of 2025, Asset Management net revenue and adjusted net revenue1 were $908 million and $827 million, 4% and 2% higher than the first nine months of 2024, respectively.
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Management fees and other revenue, on an adjusted basis1, were $806 million for the first nine months of 2025, up slightly from the first nine months of 2024.
Incentive fees on an adjusted basis1 were $21 million for the first nine months of 2025, compared to $13 million for the first nine months of 2024.
Average AUM for the first nine months of 2025 was $242 billion, 2% lower than the first nine months of 2024. AUM as of September 30, 2025 was $265 billion, 7% higher than both September 30, 2024 and June 30, 2025, and 17% higher year-to-date. The sequential change from June 30, 2025 was driven by market appreciation of $12.0 billion and net inflows of $4.6 billion, partially offset by foreign exchange depreciation of $0.4 billion.
OPERATING EXPENSES
Compensation and Benefits Expense
For the third quarter of 2025, compensation and benefits expense on a U.S. GAAP and an adjusted basis1 was $498 million and $475 million, respectively, compared to $465 million and $426 million, respectively, for the third quarter of 2024. The adjusted compensation ratio2 for the third quarter of 2025 was 65.5%, compared to the third-quarter 2024 ratio of 66.0%.
For the first nine months of 2025, compensation and benefits expense on a U.S. GAAP and an adjusted basis1 was $1,448 million and $1,400 million, respectively, compared to $1,469 million and $1,371 million, respectively, for the first nine months of 2024. The adjusted compensation ratio2 for the first nine months of 2025 was 65.5%, compared to 66.0% for the first nine months of 2024.
We focus on the adjusted compensation ratio2 to manage costs, balancing a view of current conditions in the market for talent alongside our objective to drive long-term shareholder value. Our goal is to deliver an adjusted compensation ratio2 of 60% or below, with timing dependent on market conditions.
Non-Compensation Expenses
For the third quarter of 2025, non-compensation expenses on a U.S. GAAP basis were $175 million, 11% higher than the third quarter of 2024. On an adjusted basis1, non-compensation expenses were $149 million, 8% higher than the third quarter of 2024.
The adjusted non-compensation ratio3 was 20.5% for the third quarter of 2025, compared to 21.4% for the third quarter of 2024.
For the first nine months of 2025, non-compensation expenses on a U.S. GAAP basis were $522 million, 7% higher than the first nine months of 2024. On an adjusted basis1, non-compensation expenses were $454 million, 8% higher than the first nine months of 2024.
The adjusted non-compensation ratio3 was 21.2% for the first nine months of 2025, compared to 20.3% for the first nine months of 2024.
Our goal is to deliver an adjusted non-compensation ratio3 between 16% to 20%, with timing dependent on market conditions.



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TAXES
The provision for income taxes on a U.S. GAAP and an adjusted basis1 was $21 million and $17 million, respectively, for the third quarter of 2025, which equates to an effective tax rate of 22.6% on a U.S. GAAP basis and 21.4% on an adjusted basis1.
The provision for income taxes on a U.S. GAAP and an adjusted basis1 was $46 million and $41 million, respectively, for the first nine months of 2025, which equates to an effective tax rate of 18.9% on a U.S. GAAP basis and 18.8% on an adjusted basis1.
CAPITAL MANAGEMENT AND BALANCE SHEET
In the third quarter of 2025, Lazard returned $60 million to shareholders, which included: $47 million in dividends; $1 million in repurchases of our common stock; and $12 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.
In the first nine months of 2025, Lazard returned $295 million to shareholders, which included: $139 million in dividends; $41 million in repurchases of our common stock; and $115 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.
During the first nine months of 2025, we repurchased 0.9 million shares at an average price of $46.64. As of September 30, 2025, our total outstanding share repurchase authorization was approximately $159 million.
On October 22, 2025, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on November 14, 2025, to stockholders of record on November 3, 2025.
Lazard’s financial position remains strong. As of September 30, 2025, our cash and cash equivalents were $1,172 million.












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ENDNOTES
1A non-GAAP measure. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is a meaningful and useful way to compare our operating results across periods.
2A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue.
3A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.
CONFERENCE CALL

Lazard will host a conference call at 8:00 a.m. ET on October 23, 2025, to discuss the company’s financial results for the third quarter and first nine months of 2025. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, or by dialing +1 800-445-7795 (toll-free, U.S. and Canada) or +1 785-424-1699 (outside of the U.S. and Canada), 15 minutes prior to the start of the call. Conference ID: LAZQ325.
A replay of the conference call will be available by 10:00 a.m. ET, October 23, 2025, via the Lazard Investor Relations website at www.lazard.com, or by dialing +1 800-839-8798 (toll-free, U.S. and Canada) or +1 402-220-6078 (outside of the U.S. and Canada).
ABOUT LAZARD
Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Lazard is listed on the New York Stock Exchange as Lazard, Inc. under the ticker LAZ. For more information, please visit Lazard.com and Lazard on LinkedIn.










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Cautionary Note Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” "pipeline," or “continue,” and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.
These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:
•Adverse general economic conditions or adverse conditions in global or regional financial markets;
•Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, the recent U.S. federal government shutdown, and the economic impacts, volatility and uncertainty resulting therefrom;
•A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);
•Losses caused by financial or other problems experienced by third parties;
•Losses due to unidentified or unanticipated risks;
•A lack of liquidity, i.e., ready access to funds, for use in our businesses;
•Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; and
•Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items

These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.
Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.
***
LAZ-EPE
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. GAAP - unaudited)
Three Months Ended% Change From
September 30,June 30,September 30,June 30,September 30,
($ in thousands, except per share data)20252025202420252024
Total revenue$770,764 $817,160 $807,414 (6%)(5%)
Interest expense(22,686)(21,163)(22,548)
Net revenue748,078 795,997 784,866 (6%)(5%)
Operating expenses:
Compensation and benefits498,212 519,208 465,405 (4%)7%
Occupancy and equipment31,908 33,703 34,249 
Marketing and business development26,085 29,593 21,782 
Technology and information services48,862 49,272 44,628 
Professional services20,951 24,589 19,541 
Fund administration and outsourced services32,390 30,054 27,996 
Other14,886 16,497 10,078 
Non-compensation expenses175,082 183,708 158,274 (5%)11%
Benefit pursuant to tax receivable agreement(20,146)– – 
Operating expenses653,148 702,916 623,679 (7%)5%
Operating income94,930 93,081 161,187 2%(41%)
Provision for income taxes21,430 31,764 45,052 (33%)(52%)
Net income73,500 61,317 116,135 20%(37%)
Net income attributable to noncontrolling interests2,253 5,971 8,197 
Net income attributable to Lazard, Inc.$71,247 $55,346 $107,938 29%(34%)
Attributable to Lazard, Inc. Common Stockholders:
Weighted average shares outstanding:
         Basic98,112,393 97,534,319 93,627,476 1%5%
         Diluted108,001,762 104,911,633 103,475,234 3%4%
Net income per share:
         Basic$0.71$0.56$1.1327%(37%)
         Diluted$0.65$0.52$1.0225%(36%)




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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. GAAP - unaudited)
Nine Months Ended
September 30,September 30,
($ in thousands, except per share data)20252024% Change
Total revenue$2,257,088 $2,300,886 (2%)
Interest expense(64,962)(65,918)
Net revenue2,192,126 2,234,968 (2%)
Operating expenses:
Compensation and benefits1,447,690 1,468,789 (1%)
Occupancy and equipment101,024 99,137 
Marketing and business development83,409 70,874 
Technology and information services144,350 135,951 
Professional services64,377 63,155 
Fund administration and outsourced services88,989 81,250 
Other39,787 36,424 
Non-compensation expenses521,936 486,791 7%
Benefit pursuant to tax receivable agreement(20,146)– 
Operating expenses1,949,480 1,955,580 –%
Operating income242,646 279,388 (13%)
Provision for income taxes45,840 70,976 (35%)
Net income196,806 208,412 (6%)
Net income attributable to noncontrolling interests9,838 14,810 
Net income attributable to Lazard, Inc.$186,968 $193,602 (3%)
Attributable to Lazard, Inc. Common Stockholders:
Weighted average shares outstanding:
         Basic96,967,37992,591,4355%
         Diluted105,914,050101,151,6245%
Net income per share:
         Basic$1.88$2.04(8%)
         Diluted$1.72$1.88(9%)





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CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL CONDITION
(U.S. GAAP - unaudited)
As of
September 30,December 31,
($ in thousands)20252024
ASSETS
Cash and cash equivalents$1,171,985 $1,308,218 
Deposits with banks and short-term investments217,606 268,684 
Restricted cash33,452 32,466 
Receivables774,682 753,623 
Investments623,711 614,947 
Property173,285 160,402 
Operating lease right-of-use assets437,014 434,938 
Goodwill and other intangible assets395,251 393,575 
Deferred tax assets473,879 479,582 
Other assets333,055 347,558 
Total Assets$4,633,920 $4,793,993 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS’ EQUITY
Liabilities
Deposits and other customer payables$346,899 $308,213 
Accrued compensation and benefits505,860 844,953 
Operating lease liabilities510,761 505,483 
Tax receivable agreement obligation55,680 75,899 
Senior debt1,687,281 1,687,052 
Other liabilities570,295 607,610 
Total liabilities3,676,776 4,029,210 
Commitments and contingencies  
Redeemable noncontrolling interests78,518 79,629 
Stockholders’ equity  
Preferred stock, par value $.01 per share– – 
Common stock, par value $.01 per share1,127 1,128 
Additional paid-in capital293,012 327,810 
Retained earnings1,493,261 1,472,113 
Accumulated other comprehensive loss, net of tax(272,950)(326,742)
Subtotal1,514,450 1,474,309 
Common stock held by subsidiaries, at cost(672,928)(838,069)
Total Lazard, Inc. stockholders’ equity841,522 636,240 
Noncontrolling interests37,104 48,914 
Total stockholders’ equity878,626 685,154 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$4,633,920 $4,793,993 



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SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Adjusted Basis - Non-GAAP - unaudited)
Three Months Ended% Change From
September 30,June 30,September 30,June 30,September 30,
($ in thousands, except per share data)20252025202420252024
Net Revenue:
Financial Advisory$422,279 $491,359 $368,807 (14%)14%
Asset Management294,189 268,491 271,510 10%8%
Corporate 8,185 10,016 5,597 (18%)46%
Adjusted net revenue$724,653 $769,866 $645,914 (6%)12%
Expenses:
Adjusted compensation and benefits expense$474,647 $504,263 $426,303 (6%)11%
Adjusted compensation ratio (b)65.5%65.5%66.0%
Adjusted non-compensation expenses$148,665 $157,371 $138,239 (6%)8%
Adjusted non-compensation ratio (c) 20.5%20.4%21.4%
Earnings:
Adjusted operating income$101,341 $108,232 $81,372 (6%)25%
Adjusted operating margin (d)14.0%14.1%12.6%
Adjusted net income$61,872 $55,346 $39,706 12%56%
Adjusted diluted net income per share$0.56 $0.52 $0.38 8%47%
Adjusted diluted weighted average shares (e)110,354,682 106,696,656 105,514,236 3%5%
Adjusted effective tax rate (f)21.4%36.5%32.5%



This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Adjusted Results and Notes to Financial Schedules.
See Notes to Financial Schedules
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SELECTED SUMMARY FINANCIAL INFORMATION (a)
(Adjusted Basis - Non-GAAP - unaudited)
Nine Months Ended
 September 30,September 30,
($ in thousands, except per share data)20252024% Change
Net Revenue:
Financial Advisory$1,283,181 $1,223,377 5%
Asset Management827,174 812,663 2%
Corporate 27,349 41,081 (33%)
Adjusted net revenue$2,137,704 $2,077,121 3%
Expenses:
Adjusted compensation and benefits expense$1,400,196 $1,370,900 2%
Adjusted compensation ratio (b)65.5%66.0%
Adjusted non-compensation expenses$453,918 $421,144 8%
Adjusted non-compensation ratio (c)21.2%20.3%
Earnings:
Adjusted operating income$283,590 $285,077 (1%)
Adjusted operating margin (d)13.3%13.7%
Adjusted net income$177,593 $159,181 12%
Adjusted diluted net income per share$1.64 $1.54 6%
Adjusted diluted weighted average shares (e)108,242,524 103,078,479 5%
Adjusted effective tax rate (f)18.8%27.4%



This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Adjusted Results and Notes to Financial Schedules.
See Notes to Financial Schedules
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ASSETS UNDER MANAGEMENT
(unaudited)
As of % Change From
September 30,June 30,December 31,June 30,December 31,
($ in millions)20252025202420252024
Equity:
Emerging Markets$37,737$33,102$27,92614.0%35.1%
Global66,69561,16649,0589.0%36.0%
Local52,44549,52849,7505.9%5.4%
Multi-Regional51,63348,45448,2046.6%7.1%
Total Equity208,510192,250174,9388.5%19.2%
Fixed Income:
Emerging Markets5,1915,1136,9191.5%(25.0%)
Global12,62513,41111,138(5.9%)13.4%
Local5,2685,5465,617(5.0%)(6.2%)
Multi-Regional24,10222,98719,6124.9%22.9%
Total Fixed Income47,18647,05743,2860.3%9.0%
Alternative Investments3,6163,5122,9173.0%24.0%
Private Wealth Alternative Investments3,1633,1033,0971.9%2.1%
Private Equity 1,4771,5081,514(2.1%)(2.4%)
Cash Management585930569(37.1%)2.8%
Total AUM$264,537$248,360$226,3216.5%16.9%
Three Months EndedNine Months Ended
  September 30,June 30,September 30,September 30,September 30,
20252025202420252024
AUM - Beginning of Period$248,360$227,427$244,670$226,321$246,651
Net Flows4,575677(12,379)1,593(25,608)
Market and foreign exchange
    appreciation11,60220,25615,36636,62326,614
AUM - End of Period$264,537$248,360$247,657$264,537$247,657
Average AUM$257,358$238,552$245,958$242,142$246,070
% Change in Average AUM7.9%4.6%(1.6%)



Note: Average AUM generally represents the average of the monthly ending AUM balances for the period.
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RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS (a)
(unaudited)

Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,September 30,
($ in thousands)20252025202420252024
Net Revenue
Financial Advisory net revenue - U.S. GAAP Basis$427,335 $497,306 $370,917 $1,292,000 $1,235,732 
Adjustments:
Reimbursable deal costs, provision for credit losses and other (g)(5,061)(5,952)(2,111)(8,832)(12,984)
Interest expense (h)5 5 1 13 42 
Losses associated with cost-saving initiatives (i)– – – – 587 
Adjusted Financial Advisory net revenue$422,279 $491,359 $368,807 $1,283,181 $1,223,377 
Asset Management net revenue - U.S. GAAP Basis$327,029 $292,478 $293,878 $907,607 $874,841 
Adjustments:
Revenue related to noncontrolling interests and similar arrangements (j)(12,765)(5,225)(5,170)(24,840)(13,321)
Distribution fees and other (g)(20,083)(18,765)(17,199)(55,610)(48,863)
Interest expense (h)8 3 1 17 6 
Adjusted Asset Management net revenue$294,189 $268,491 $271,510 $827,174 $812,663 
Corporate net revenue - U.S. GAAP Basis($6,286)$6,213 $120,071 ($7,481)$124,395 
Adjustments:
Revenue related to noncontrolling interests and similar arrangements (j)(3,327)(6,775)(5,943)(9,263)(9,815)
Gains related to Lazard Fund Interests (“LFI”) and other similar arrangements (k)(4,823)(10,509)(16,732)(20,575)(24,904)
Interest expense (h)22,621 21,087 22,472 64,668 65,676 
Gain on sale of property (l)– – (114,271)– (114,271)
Adjusted Corporate net revenue$8,185 $10,016 $5,597 $27,349 $41,081 
Net revenue - U.S. GAAP Basis$748,078 $795,997 $784,866 $2,192,126 $2,234,968 
Adjustments:
Revenue related to noncontrolling interests and similar arrangements (j)(16,092)(12,000)(11,113)(34,103)(23,136)
Gains related to Lazard Fund Interests (“LFI”) and other similar arrangements (k)(4,823)(10,509)(16,732)(20,575)(24,904)
Distribution fees, reimbursable deal costs, provision for credit losses and other (g)(25,144)(24,717)(19,310)(64,442)(61,847)
Interest expense (h)22,634 21,095 22,474 64,698 65,724 
Losses associated with cost-saving initiatives (i)– – – – 587 
Gain on sale of property (l)– – (114,271)– (114,271)
Adjusted net revenue$724,653 $769,866 $645,914 $2,137,704 $2,077,121 

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules
13
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RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS (a)
(unaudited)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,September 30,
($ in thousands, except per share data)20252025202420252024
Compensation and Benefits Expense
Compensation and benefits expense - U.S. GAAP Basis$498,212 $519,208 $465,405 $1,447,690 $1,468,789 
Adjustments:
Compensation and benefits expense related to noncontrolling interests and similar arrangements (j)(12,594)(4,436)(2,249)(20,771)(6,254)
Charges pertaining to LFI and other similar arrangements (m)(4,823)(10,509)(16,732)(20,575)(24,904)
Expenses associated with senior management transition (n)(6,148)– – (6,148)– 
Expenses associated with cost-saving initiatives– – – – (46,610)
Expenses associated with sale of property (o)– – (20,121)– (20,121)
Adjusted compensation and benefits expense$474,647 $504,263 $426,303 $1,400,196 $1,370,900 
Non-Compensation Expenses
Non-compensation expenses - U.S. GAAP Basis$175,082 $183,708 $158,274 $521,936 $486,791 
Adjustments:
Non-compensation expenses related to noncontrolling interests and similar arrangements (j)(1,246)(1,594)(672)(3,497)(2,079)
Distribution fees, reimbursable deal costs, provision for credit losses and other (g)(25,144)(24,717)(19,310)(64,442)(61,847)
Amortization and other acquisition-related costs(27)(26)(53)(79)(189)
Expenses associated with cost-saving initiatives– – – – (1,532)
Adjusted non-compensation expenses$148,665 $157,371 $138,239 $453,918 $421,144 
Operating Income
Operating income - U.S. GAAP Basis$94,930 $93,081 $161,187 $242,646 $279,388 
Adjustments:
Operating income related to noncontrolling interests and similar arrangements (j)(2,252)(5,970)(8,192)(9,835)(14,803)
Interest expense (h)22,634 21,095 22,474 64,698 65,724 
Amortization and other acquisition-related costs27 26 53 79 189 
Expenses associated with senior management transition (n)6,148 – – 6,148 – 
Losses associated with cost-saving initiatives (i)– – – – 587 
Expenses associated with cost-saving initiatives– – – – 48,142 
Gain on sale of property (l)– – (114,271)– (114,271)
Expenses associated with sale of property (o)– – 20,121 – 20,121 
Benefit pursuant to tax receivable agreement obligation (“TRA”) (p)(20,146)– – (20,146)– 
Adjusted operating income$101,341 $108,232 $81,372 $283,590 $285,077 
Provision for Income Taxes
Provision for income taxes - U.S. GAAP Basis$21,430 $31,764 $45,052 $45,840 $70,976 
Adjustment:
Tax effect of adjustments(4,623)– (25,915)(4,623)(10,997)
Adjusted provision for income taxes$16,807 $31,764 $19,137 $41,217 $59,979 
Net Income attributable to Lazard, Inc.
Net income attributable to Lazard, Inc. - U.S. GAAP Basis$71,247 $55,346 $107,938 $186,968 $193,602 
Adjustments:
Expenses associated with senior management transition (n)6,148 – – 6,148 – 
Losses associated with cost-saving initiatives (i)– – – – 587 
Expenses associated with cost-saving initiatives– – – – 48,142 
Gain on sale of property (l)– – (114,271)– (114,271)
Expenses associated with sale of property (o)– – 20,121 – 20,121 
Benefit pursuant to tax receivable agreement obligation (“TRA”) (p)(20,146)– – (20,146)– 
Noncontrolling interests effect of adjustments– – 3 – 3 
Tax effect of adjustments4,623 – 25,915 4,623 10,997 
Adjusted net income$61,872 $55,346 $39,706 $177,593 $159,181 
Diluted Weighted Average Shares Outstanding
Diluted Weighted Average Shares Outstanding - U.S. GAAP Basis108,001,762 104,911,633 103,475,234 105,914,050 101,151,624 
Adjustment: participating securities including profits interest participation rights and other2,352,920 1,785,023 2,039,002 2,328,475 1,926,855 
Adjusted Diluted Weighted Average Shares Outstanding (e)110,354,682 106,696,656 105,514,236 108,242,524 103,078,479 
Diluted net income per share:
U.S. GAAP Basis$0.65 $0.52 $1.02 $1.72 $1.88 
Diluted net income effect of adjustments(0.09)– (0.64)(0.08)(0.34)
Adjusted Basis$0.56 $0.52 $0.38 $1.64 $1.54 

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules
14
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RECONCILIATION OF NON-COMPENSATION EXPENSES U.S. GAAP TO ADJUSTED (a)
(unaudited)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,September 30,
($ in thousands)20252025202420252024
Non-compensation expenses - U.S. GAAP Basis:
Occupancy and equipment $31,908 $33,703 $34,249 $101,024 $99,137 
Marketing and business development26,085 29,593 21,782 83,409 70,874 
Technology and information services48,862 49,272 44,628 144,350 135,951 
Professional services20,951 24,589 19,541 64,377 63,155 
Fund administration and outsourced services32,390 30,054 27,996 88,989 81,250 
Other14,886 16,497 10,078 39,787 36,424 
Non-compensation expenses - U.S. GAAP Basis$175,082 $183,708 $158,274 $521,936 $486,791 
Non-compensation expenses - Adjustments:
Occupancy and equipment (j)($98)($95)($88)($288)($1,756)
Marketing and business development (g) (j)(3,989)(4,032)(3,064)(10,678)(8,087)
Technology and information services (g) (j)(39)(35)(66)(102)(150)
Professional services (g) (j)(957)(931)(1,270)(3,624)(3,228)
Fund administration and outsourced services (g) (j)(18,814)(17,744)(16,660)(52,401)(47,283)
Other (g) (j)(2,520)(3,500)1,113 (925)(5,143)
Non-compensation expenses adjustments($26,417)($26,337)($20,035)($68,018)($65,647)
Adjusted non-compensation expenses:
Occupancy and equipment $31,810 $33,608 $34,161 $100,736 $97,381 
Marketing and business development22,096 25,561 18,718 72,731 62,787 
Technology and information services48,823 49,237 44,562 144,248 135,801 
Professional services19,994 23,658 18,271 60,753 59,927 
Fund administration and outsourced services13,576 12,310 11,336 36,588 33,967 
Other12,366 12,997 11,191 38,862 31,281 
Adjusted non-compensation expenses$148,665 $157,371 $138,239 $453,918 $421,144 






This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.
See Notes to Financial Schedules
15
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LAZARD, Inc.
Notes to Financial Schedules
(a)Selected Summary Financial Information and Reconciliations from U.S. GAAP to Adjusted Results contain non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods.
(b)A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue.
(c)A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.
(d)A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue.
(e)A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computations of U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs.
(f)A non-GAAP measure which represents the adjusted provision for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs.
Three Months EndedNine Months Ended
($ in thousands)September 30,June 30,September 30,September 30,September 30,
20252025202420252024
Adjusted provision for income taxes$16,807$31,764$19,137$41,217$59,979
Adjusted operating income less interest expense, amortization and other acquisition-related costs$78,680$87,111$58,843$218,813$219,160
Adjusted effective tax rate21.4%36.5%32.5%18.8%27.4%
(g)Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and provision for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue.
(h)Interest expense, excluding interest expense incurred by Lazard Frères Banque SA (“LFB”), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.
(i)Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss.
(j)Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.
(k)Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense.
(l)Represents gain on the sale of an owned office building.
(m)Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue.
(n)Represents expenses associated with the upcoming departure of an executive officer.
(o)Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building.
(p)Represents the effect of the periodic revaluation of the TRA liability.
NMNot meaningful
16