Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 19

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 2
Chunk 19
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olidated Results of Operations” above for further information on the adjustments.

(b)Adjusted net revenue, adjusted operating income, and adjusted operating income as a percentage of adjusted net revenue are non-GAAP measures.

Certain Lazard fee and transaction statistics for the Financial Advisory segment are set forth below:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Lazard Statistics:Number of clients with fees greater than $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