Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 5

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part I, Item 2
Chunk 5
---
 million:Value$666 $617 8 %$1,320 $1,098 20 %Number253 275 (8)%541 525 3 %Announced M&A Transactions:All deals:Value$1,086 $823 32 %$2,166 $1,699 27 %Number8,359 10,580 (21)%17,836 20,791 (14)%Deals Greater than $500 million:Value$892 $605 47 %$1,768 $1,293 37 %Number341 318 7 %679 575 18 %Completed Restructuring    Transactions:All deals:Value$66 $109 (39)%$171 $246 (30)%Number78 116 (33)%176 244 (28)%____________________________________

Source: Dealogic as of July 3, 2025.

Another measure of global restructuring activity is the number of corporate defaults, which decreased during the first half of 2025 as compared to the first half of 2024. The number of defaulting issuers was 64 in the first half of 2025, according to Moody’s Investors Service, Inc., as compared to 80 in the first half of 2024.

Net revenue trends in Financial Advisory are generally correlated to the level of completed industry-wide M&A transactions and restructuring transactions occurring subsequent to corporate debt defaults. However, deviations from this relationship can occur in any given year for a number of reasons. For instance, our results can diverge from industry-wide activity where there are material variances from the level of industry-wide M&A activity in a particular market where Lazard has greater or lesser relative market share, or regarding the relative number of our advisory engagements with respect to larger-sized transactions, and where we are involved in non-public or sovereign advisory assignments. 

46

Asset Management

The percentage change in major equity market indices at June 30, 2025, as compared to such indices at March 31, 2025, December 31, 2024 and at June 30, 2024 is shown in the table below:

Percentage Changes June 30, 2025 vs. March 31, 2025December 31, 2024June 30, 2024MSCI World Index11 %9 %16 %Euro Stoxx3 %