Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 256

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 256
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 $1 million:Financial Advisory87 87 249 243 Percentage of total Financial Advisory net revenue    from top 10 clients41 %32 %22 %24 %Number of M&A transactions completed with    values greater than $500 million (a)13 24 48 55 ________________________________________

(a)Source: Dealogic as of October 2, 2025.

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The geographical distribution of Financial Advisory adjusted net revenue is set forth below in percentage terms and is based on the Lazard offices that generate Financial Advisory adjusted net revenue, which are located in the Americas (primarily in the U.S.), EMEA (primarily in the U.K., France, Germany, Italy and Spain) and the Asia Pacific region and therefore may not be reflective of the geography in which the clients are located.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Americas53 %58 %58 %60 %EMEA43 41 40 39 Asia Pacific4 1 2 1 Total100 %100 %100 %100 %

The Company’s managing directors and many of its professionals have significant experience, and many of them are able to use this experience to advise on a combination of M&A, restructuring and other strategic advisory matters, depending on clients’ needs. This adaptability enables Lazard to more effectively deploy its professionals based on the often counter-cyclical nature of restructuring as compared to our M&A business. While Lazard measures revenue by practice area, Lazard does not separately measure the costs or profitability of M&A services as compared to restructuring or other services. Accordingly, Lazard measures performance in its Financial Advisory segment based on overall segment adjusted net revenue and adjusted operating income margins.

Financial Advisory Results of Operations

Financial Advisory’s quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality and other factors. Accordingly, the revenue and profits in any particular quarter or period may not be indicative of future results. Lazard management believes that annual results are the most meaningful basis for comparison among present, historical and future periods.

Three Months Ended September 30, 2025 versus September 30, 2024

Financial Advisory net revenue increased $56 million, or 15%, as compared to the 2024 period. Financial Advisory adjusted net revenue increased $53 million, or 14