Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 116

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 116
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377 Adjusted compensation and benefits expense273,214 238,360 830,218 815,764 Adjusted non-compensation expense52,098 49,333 157,085 148,310 Adjusted operating income (b)$96,967 $81,114 $295,878 $259,303 Adjusted operating income, as a % of adjusted net revenue (b)23.0 %22.0 %23.1 %21.2 %_______________________________________

(a)Total adjustments equal the “other segment items” in Note 20 of Notes to Condensed Consolidated Financial Statements. See “Consolidated 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 adapt