Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 122

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 122
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 segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated Results of Operations” above for further information on the adjustments. 

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

The geographical distribution of Asset Management adjusted net revenue is set forth below in percentage terms, and is based on the Lazard offices that manage and distribute the respective AUM amounts. Such geographical distribution may not be reflective of the geography of the investment products or clients.

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Americas44 %43 %42 %43 %EMEA42 44 44 44 Asia Pacific14 13 14 13 Total100 %100 %100 %100 %

Asset Management Results of Operations

Asset Management’s quarterly revenue and profits in any particular quarter or period may not be indicative of future results and may fluctuate based on the performance of the equity and other capital markets. 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

Asset Management net revenue increased $33 million, or 11%, as compared to the 2024 period. Asset Management adjusted net revenue increased $23 million, or 8%, as compared to the 2024 period. Management fees and other revenue, on an adjusted basis, was $285 million, an increase of $17 million, or 6%, as compared to $269 million in the 2024 period. Incentive fees, on an adjusted basis, were $9 million, an increase of $6 million as compared to $3 million in the 2024 period. 

Adjusted compensation and benefits expense increased $10 million, or 7%, as compared to the 2024 period primarily driven by increased adjusted net revenue.  

Adjusted non-compensation expense increased $6 million, or 11%, as compared to the 2024 period primarily due to continued investments in technology and higher mutual fund servicing fees, which were largely driven by an increase in AUM.

Asset Management adjusted operating income was $74 million, an increase of $6 million, or 9%, as compared to adjusted operating income of $68 million in the 2024 period, and, as a percentage of adjusted net revenue