# EDGAR Filing Document

**Accession Number:** 0001311370
**File Stem:** 0001628280-25-035825
**Filing Date:** 2025-7
**Character Count:** 70050
**Document Hash:** 8436f39ec401ab892d7e3ae97a91ef9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-035825.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001628280-25-035825

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lazard, Inc.
- **CENTRAL INDEX KEY:** 0001311370
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980437848
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32492
- **FILM NUMBER:** 251144446

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** (212) 632-6000

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lazard Ltd
- **DATE OF NAME CHANGE:** 20041213

?xml version='1.0' encoding='ASCII'? laz-20250724

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**________________________________________________**

**FORM 8-K**

**________________________________________________**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): July 24, 2025**

**________________________________________________**

**Lazard, Inc.**

**(Exact name of registrant as specified in its charter)** 

**________________________________________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32492** | **98-0437848** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| **30 Rockefeller Plaza** <br>**New York, New York** | | **10112** |
| **(Address of Principal Executive Offices)** | | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: 212-632-6000**

**Not Applicable** 

**(Former Name or Former Address, if Changed Since Last Report)** 

**________________________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.01 per share** | **LAZ** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On July 24, 2025, Lazard, Inc. (the "Company") issued a press release announcing financial results for its second quarter ended June 30, 2025. A copy of the Company's press release containing this information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)<u>Exhibits</u>. The following exhibits are filed or furnished as part of this Report on Form 8-K:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | <u>[Press Release issued July 24, 2025](laz2025q2pr.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **LAZARD, INC.**<br>(Registrant) | **LAZARD, INC.**<br>(Registrant) |
| | By: | /s/ Shari Soloway |
| | Name: | Shari Soloway |
| | Title: | Corporate Secretary |
| Dated: July 24, 2025 |  |  |

---

## Exhibit 99.1

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)

**LAZARD REPORTS SECOND QUARTER AND FIRST HALF 2025 RESULTS**

**• Financial Advisory reported record adjusted net revenue for the second quarter up 20% year over year and driven by robust activity in Europe**

**• Asset Management reported positive net flows in the second quarter and AUM of $248 billion as of June 30, 2025**

**• Financial Advisory hired 14 Managing Directors year to date, underscoring success in attracting world-class talent to support long-term growth**

NEW YORK, July 24, 2025 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $796 million and adjusted net revenue<sup>1</sup> of $770 million for the quarter ended June 30, 2025. For the first half of 2025, Lazard reported net revenue of $1,444 million and adjusted net revenue<sup>1</sup> of $1,413 million.

On both a U.S. GAAP and an adjusted basis<sup>1</sup>, Lazard reported second quarter 2025 net income of $55 million or $0.52 per share, diluted. For the first half of 2025, on both a U.S. GAAP and an adjusted basis<sup>1</sup>, net income was $116 million or $1.08 per share, diluted.

"Lazard reported another quarter of strong performance across the firm," said Peter R. Orszag, CEO and Chairman. "Our Financial Advisory business delivered record revenue for the second quarter and first half of the year. Asset Management achieved positive net flows in the quarter and record gross inflows for the first half of the year, demonstrating progress towards our goal for this year to serve as an inflection point for the business. Firm-wide, high levels of client engagement continue."

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Selected results, $ in millions, | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| except per share data and AUM) | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| **<u>U.S. GAAP Financial Measures</u>** | **2025** | **2024** | **% '25-'24** | **2025** | **2024** | **% '25-'24** |
| Net Revenue | $796 | $685 | 16% | $1444 | $1450 | –% |
| &nbsp;&nbsp;&nbsp;Financial Advisory | $497 | $411 | 21% | $865 | $865 | –% |
| &nbsp;&nbsp;&nbsp;Asset Management | $292 | $285 | 2% | $581 | $581 | –% |
| Net Income | $55 | $50 | 11% | $116 | $86 | 35% |
| &nbsp;&nbsp;&nbsp;Per share, diluted | $0.52 | $0.49 | 6% | $1.08 | $0.84 | 29% |
| **<u>Adjusted Financial Measures</u>**<sup>1</sup> |  |  |  |  |  |  |
| Net Revenue | $770 | $685 | 12% | $1413 | $1431 | (1%) |
| &nbsp;&nbsp;&nbsp;Financial Advisory | $491 | $408 | 20% | $861 | $855 | 1% |
| &nbsp;&nbsp;&nbsp;Asset Management | $268 | $265 | 1% | $533 | $541 | (2%) |
| Net Income | $55 | $53 | 5% | $116 | $119 | (3%) |
| &nbsp;&nbsp;&nbsp;Per share, diluted | $0.52 | $0.52 | –% | $1.08 | $1.17 | (8%) |
| **<u>Assets Under Management (AUM)</u>**<br>($ in billions) |  |  |  |  |  |  |
| Ending AUM | $248 | $245 | 2% |  |  |  |
| Average AUM | $239 | $245 | (3%) | $235 | $246 | (5%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;Note: Reconciliations of U.S. GAAP to Adjusted results are shown on pages 13-15. Endnotes are on page 5 of this release.

---

| | | | |
|:---|:---|:---|:---|
| Media Contact: | Shannon Houston | +1 212 632 6880 | <u>shannon.houston@lazard.com</u> |
| Investor Contact: | Alexandra Deignan | +1 212 632 6886 | <u>alexandra.deignan@lazard.com</u> |

---

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![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**NET REVENUE**

**<u>Financial Advisory</u>**

For the second quarter of 2025, Financial Advisory reported net revenue and adjusted net revenue<sup>1</sup> of $497 million and $491 million, 21% and 20% higher than the second quarter of 2024, respectively.

For the first half of 2025, Financial Advisory reported net revenue and adjusted net revenue<sup>1</sup> of $865 million and $861 million, in line with and 1% higher than the first half of 2024, respectively.

Lazard is one of the world's leading independent financial advisors, serving as a trusted partner to clients on significant and complex M&A transactions. During and since the second quarter of 2025, selected highlights include (clients are in italics):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• CD&R's* €16 billion acquisition of a controlling 50% stake in Sanofi consumer health unit, Opella

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Berry Global's* $15.0 billion combination with Amcor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Ferrero's* $3.1 billion acquisition of WK Kellogg Co

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Roquette Frères'* $2.9 billion acquisition of IFF Pharma Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Assura's* $2.4 billion recommended combination with Primary Health Properties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Biotage's* $1.2 billion acquisition by KKR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *L'Oréal's* agreement to acquire Color Wow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Panama Canal Railway's* sale to APM Terminals

Lazard provides tailored advice, expertise and access to a broad universe of capital providers through our Private Capital Advisory and Capital Solutions practices. Private equity assignments include advising Accel-KKR, Hidden Harbor Capital Partners and IDG Capital on continuation funds and Mainsail Partners on the closing of its Fund VII. In addition, Lazard is advising on capital structure and executing debt raises for ZF Friedrichshafen, NeXtWind, and iFIT Health and Fitness.

Lazard's preeminent restructuring and liability management practice has been engaged in a broad range of mandates including debtor roles involving Solo Brands, Superior Industries, and Wilbur Ellis, and creditor roles involving Lowell, Franchise Group, Saks Global and Southern Water. In addition, our sovereign advisory practice continues to be active in advising governments and sovereign entities across developed and emerging markets.

*For a list of publicly announced transactions please visit our website or follow Lazard on LinkedIn.* 

**<u>Asset Management</u>**

For the second quarter of 2025, Asset Management net revenue and adjusted net revenue<sup>1</sup> were $292 million and $268 million, 2% and 1% higher than the second quarter of 2024, respectively.

Management fees and other revenue, on an adjusted basis<sup>1</sup>, were $265 million for the second quarter of 2025, 1% higher than the second quarter of 2024, and 4% higher than the first quarter of 2025.

Incentive fees on an adjusted basis<sup>1</sup> were $4 million for the second quarter of 2025, compared to $3 million for the second quarter of 2024.

Average assets under management (AUM) was $239 billion for the second quarter of 2025, 3% lower than the second quarter of 2024, and 3% higher than the first quarter of 2025.

For the first half of 2025, Asset Management net revenue and adjusted net revenue<sup>1</sup> were $581 million and $533 million, in line with and 2% lower than the first half of 2024, respectively.

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Management fees and other revenue, on an adjusted basis<sup>1</sup>, were $520 million for the first half of 2025, 2% lower than the first half of 2024.

Incentive fees on an adjusted basis<sup>1</sup> were $13 million for the first half of 2025, compared to $10 million for the first half of 2024.

Average AUM for the first half of 2025 was $235 billion, 5% lower than the first half of 2024. AUM as of June 30, 2025 was $248 billion, 2% higher than June 30, 2024, and 9% higher than March 31, 2025. The sequential change from March 31, 2025 was driven by market appreciation of $11.9 billion, foreign exchange appreciation of $8.4 billion and net inflows of $0.7 billion.

**OPERATING EXPENSES**

**<u>Compensation and Benefits Expense</u>**

For the second quarter of 2025, compensation and benefits expense on a U.S. GAAP and an adjusted basis<sup>1</sup> was $519 million and $504 million, respectively, compared to $453 million and $452 million, respectively, for the second quarter of 2024. The adjusted compensation ratio<sup>2</sup> for the second quarter of 2025 was 65.5%, compared to the second-quarter 2024 ratio of 66.0%.

For the first half of 2025, compensation and benefits expense on a U.S. GAAP and an adjusted basis<sup>1</sup> was $949 million and $926 million, respectively, compared to $1,003 million and $945 million, respectively, for the first half of 2024. The adjusted compensation ratio<sup>2</sup> for the first half of 2025 was 65.5%, compared to the first-half 2024 ratio of 66.0%.

We focus on the adjusted compensation ratio<sup>2</sup> to manage costs, balancing a view of current conditions in the market for talent alongside our objective to drive long-term shareholder value. Our goal is to deliver an adjusted compensation ratio<sup>2</sup> of 60% or below, with timing dependent on market conditions.

**<u>Non-Compensation Expenses</u>**

For the second quarter of 2025, non-compensation expenses on a U.S. GAAP basis were $184 million, 9% higher than the second quarter of 2024. On an adjusted basis<sup>1</sup>, non-compensation expenses were $157 million, 6% higher than the second quarter of 2024.

The adjusted non-compensation ratio<sup>3</sup> was 20.4% for the second quarter of 2025, compared to 21.7% for the second quarter of 2024.

For the first half of 2025, non-compensation expenses on a U.S. GAAP basis were $347 million, 6% higher than the first half of 2024. On an adjusted basis<sup>1</sup>, non-compensation expenses were $305 million, 8% higher than the first half of 2024.

The adjusted non-compensation ratio<sup>3</sup> was 21.6% for the first half of 2025, compared to 19.8% for the first half of 2024.

Our goal is to deliver an adjusted non-compensation ratio<sup>3</sup> between 16% to 20%, with timing dependent on market conditions.

**TAXES**

The provision for income taxes on both a U.S. GAAP and an adjusted basis<sup>1</sup> was $32 million for the second quarter of 2025, which equates to an effective tax rate of 34.1% on a U.S. GAAP basis and 36.5% on an adjusted basis<sup>1</sup>.

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The provision for income taxes on both a U.S. GAAP and an adjusted basis<sup>1</sup> was $24 million for the first half of 2025, which equates to an effective tax rate of 16.5% on a U.S. GAAP basis and 17.4% on an adjusted basis<sup>1</sup>.

**CAPITAL MANAGEMENT AND BALANCE SHEET**

In the second quarter of 2025, Lazard returned $60 million to shareholders, which included: $47 million in dividends; $4 million in repurchases of our common stock; and $9 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

In the first half of 2025, Lazard returned $235 million to shareholders, which included: $92 million in dividends; $40 million in repurchases of our common stock; and $103 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

During the first half of 2025, we repurchased 0.9 million shares at an average price of $46.44. As of June 30, 2025, our total outstanding share repurchase authorization was approximately $160 million.

On July 23, 2025, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on August 15, 2025, to stockholders of record on August 4, 2025.

Lazard's financial position remains strong. As of June 30, 2025, our cash and cash equivalents were $978 million.

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ENDNOTES**

<sup>1</sup>A non-GAAP measure. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is a meaningful and useful way to compare our operating results across periods.

<sup>2</sup>A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue.

<sup>3</sup>A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue.

**CONFERENCE CALL**

Lazard will host a conference call at 8:00 a.m. ET on July 24, 2025, to discuss the company's financial results for the second quarter and first half 2025. The conference call can be accessed via a live audio webcast available through Lazard's Investor Relations website at <u>www.lazard.com</u>, or by dialing +1 800-445-7795 (toll-free, U.S. and Canada) or +1 785-424-1699 (outside of the U.S. and Canada), 15 minutes prior to the start of the call. Conference ID: LAZQ225.

A replay of the conference call will be available by 10:00 a.m. ET, July 24, 2025, via the Lazard Investor Relations website at <u>www.lazard.com</u>, or by dialing +1 800-839-6911 (toll-free, U.S. and Canada) or +1 402-220-6059 (outside of the U.S. and Canada).

**ABOUT LAZARD**

Founded in 1848, Lazard is one of the world*'*s preeminent financial advisory and asset management firms, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. For more information, please visit <u>www.lazard.com</u>.

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![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Cautionary Note Regarding Forward-Looking Statements:***

*This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," "pipeline," or "continue," and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.*

*These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A "Risk Factors," and also discussed from time to time in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including the following:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Adverse general economic conditions or adverse conditions in global or regional financial markets;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Changes in international trade policies and practices including the implementation of tariffs, proposed further tariffs, and responses from other jurisdictions, and the economic impacts, volatility and uncertainty resulting therefrom;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Losses caused by financial or other problems experienced by third parties;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Losses due to unidentified or unanticipated risks;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• A lack of liquidity, i.e., ready access to funds, for use in our businesses;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Changes in relevant tax laws, regulations or treaties or an adverse interpretation of those items*

*These risks and uncertainties are not exhaustive. Our SEC reports describe additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.*

*As a result, there can be no assurance that the forward-looking statements included in this release will prove to be accurate or correct. Although we believe the statements reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, achievements or events. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.*

*Lazard, Inc. is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through <u>www.lazard.com</u>.*

<br> \*\*\*

LAZ-EPE

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**CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**(U.S. GAAP - unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | % Change From | % Change From |
| | June 30, | March 31, | June 30, | March 31, | June 30, |
| ($ in thousands, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Total revenue | $817160 | $669164 | $707991 | 22% | 15% |
| &nbsp;&nbsp;&nbsp;Interest expense | (21163) | (21113) | (22642) |  |  |
| Net revenue | 795997 | 648051 | 685349 | 23% | 16% |
| Operating expenses: |  |  |  |  |  |
| Compensation and benefits | 519208 | 430270 | 452560 | 21% | 15% |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 33703 | 35413 | 32031 |  |  |
| &nbsp;&nbsp;&nbsp;Marketing and business development | 29593 | 27731 | 25493 |  |  |
| &nbsp;&nbsp;&nbsp;Technology and information services | 49272 | 46216 | 46406 |  |  |
| &nbsp;&nbsp;&nbsp;Professional services | 24589 | 18837 | 23734 |  |  |
| &nbsp;&nbsp;&nbsp;Fund administration and outsourced services | 30054 | 26545 | 27114 |  |  |
| &nbsp;&nbsp;&nbsp;Other | 16497 | 8404 | 14371 |  |  |
| Non-compensation expenses | 183708 | 163146 | 169149 | 13% | 9% |
| Operating expenses | 702916 | 593416 | 621709 | 18% | 13% |
| Operating income | 93081 | 54635 | 63640 | 70% | 46% |
| Provision (benefit) for income taxes | 31764 | (7354) | 11587 | NM | NM |
| Net income | 61317 | 61989 | 52053 | (1%) | 18% |
| Net income attributable to noncontrolling interests | 5971 | 1614 | 2144 |  |  |
| Net income attributable to Lazard, Inc. | $55346 | $60375 | $49909 | (8%) | 11% |
| **Attributable to Lazard, Inc. Common Stockholders:** |  |  |  |  |  |
| &nbsp;&nbsp;**Weighted average shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 97534319 | 95255423 | 92886364 | 2% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 104911633 | 104828753 | 100627867 | –% | 4% |
| &nbsp;&nbsp;**Net income per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.56 | $0.61 | $0.53 | (8%) | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.52 | $0.56 | $0.49 | (7%) | 6% |

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![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**(U.S. GAAP - unaudited)**

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| | | | |
|:---|:---|:---|:---|
| | Six Months Ended | Six Months Ended | Six Months Ended |
| | June 30, | June 30, | |
| ($ in thousands, except per share data) | 2025 | 2024 | % Change |
| &nbsp;&nbsp;&nbsp;Total revenue | $1486324 | $1493472 | –% |
| &nbsp;&nbsp;&nbsp;Interest expense | (42276) | (43370) |  |
| Net revenue | 1444048 | 1450102 | –% |
| Operating expenses: |  |  |  |
| Compensation and benefits | 949478 | 1003384 | (5%) |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 69116 | 64888 |  |
| &nbsp;&nbsp;&nbsp;Marketing and business development | 57324 | 49092 |  |
| &nbsp;&nbsp;&nbsp;Technology and information services | 95488 | 91323 |  |
| &nbsp;&nbsp;&nbsp;Professional services | 43426 | 43614 |  |
| &nbsp;&nbsp;&nbsp;Fund administration and outsourced services | 56599 | 53254 |  |
| &nbsp;&nbsp;&nbsp;Other | 24901 | 26346 |  |
| Non-compensation expenses | 346854 | 328517 | 6% |
| Operating expenses | 1296332 | 1331901 | (3%) |
| Operating income | 147716 | 118201 | 25% |
| Provision for income taxes | 24410 | 25924 | (6%) |
| Net income | 123306 | 92277 | 34% |
| Net income attributable to noncontrolling interests | 7585 | 6613 |  |
| Net income attributable to Lazard, Inc. | $115721 | $85664 | 35% |
| **Attributable to Lazard, Inc. Common Stockholders:** |  |  |  |
| &nbsp;&nbsp;**Weighted average shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 96394871 | 92073414 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 104870193 | 99989817 | 5% |
| &nbsp;&nbsp;**Net income per share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $1.17 | $0.91 | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $1.08 | $0.84 | 29% |

---

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)

**CONDENSED CONSOLIDATED**

**STATEMENT OF FINANCIAL CONDITION**

**(U.S. GAAP - unaudited)**

---

| | | |
|:---|:---|:---|
| | As of | As of |
| | June 30, | December 31, |
| ($ in thousands) | 2025 | 2024 |
| **<u>ASSETS</u>** | **<u>ASSETS</u>** | **<u>ASSETS</u>** |
| Cash and cash equivalents | $978259 | $1308218 |
| Deposits with banks and short-term investments | 237141 | 268684 |
| Restricted cash | 32908 | 32466 |
| Receivables | 754795 | 753623 |
| Investments | 637473 | 614947 |
| Property | 176240 | 160402 |
| Operating lease right-of-use assets | 443388 | 434938 |
| Goodwill and other intangible assets | 395225 | 393575 |
| Deferred tax assets | 492254 | 479582 |
| Other assets | 345703 | 347558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $4493386 | $4793993 |
| **<u>LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY</u>** | **<u>LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY</u>** | **<u>LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS' EQUITY</u>** |
| **Liabilities** |  |  |
| Deposits and other customer payables | $400328 | $308213 |
| Accrued compensation and benefits | 391048 | 844953 |
| Operating lease liabilities | 518172 | 505483 |
| Tax receivable agreement obligation | 75826 | 75899 |
| Senior debt | 1688631 | 1687052 |
| Other liabilities | 549319 | 607610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3623324 | 4029210 |
| **Commitments and contingencies** |  |  |
| **Redeemable noncontrolling interests** | 83578 | 79629 |
| **Stockholders' equity** |  |  |
| Preferred stock, par value $.01 per share | – | – |
| Common stock, par value $.01 per share | 1128 | 1128 |
| Additional paid-in capital | 225058 | 327810 |
| Retained earnings | 1477618 | 1472113 |
| Accumulated other comprehensive loss, net of tax | (268903) | (326742) |
| Subtotal | 1434901 | 1474309 |
| Common stock held by subsidiaries, at cost | (693298) | (838069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Lazard, Inc. stockholders' equity | 741603 | 636240 |
| Noncontrolling interests | 44881 | 48914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 786484 | 685154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable noncontrolling interests and stockholders' equity | $4493386 | $4793993 |

---

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)

**SELECTED SUMMARY FINANCIAL INFORMATION (a)**

**(Adjusted Basis - Non-GAAP - unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | % Change From | % Change From |
| | June 30, | March 31, | June 30, | March 31, | June 30, |
| ($ in thousands, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 |
| **Net Revenue:** |  |  |  |  |  |
| Financial Advisory | $491359 | $369543 | $407936 | 33% | 20% |
| Asset Management | 268491 | 264494 | 265219 | 2% | 1% |
| Corporate | 10016 | 9148 | 11487 | 9% | (13%) |
| Adjusted net revenue | $769866 | $643185 | $684642 | 20% | 12% |
| **Expenses:** |  |  |  |  |  |
| Adjusted compensation and benefits expense | $504263 | $421286 | $451864 | 20% | 12% |
| *Adjusted compensation ratio (b)* | *65.5%* | *65.5%* | *66.0%* |  |  |
| Adjusted non-compensation expenses | $157371 | $147882 | $148612 | 6% | 6% |
| *Adjusted non-compensation ratio (c)* | *20.4%* | *23.0%* | *21.7%* |  |  |
| **Earnings:** |  |  |  |  |  |
| Adjusted operating income | $108232 | $74017 | $84166 | 46% | 29% |
| *Adjusted operating margin (d)* | *14.1%* | *11.5%* | *12.3%* |  |  |
| Adjusted net income | $55346 | $60375 | $52869 | (8%) | 5% |
| Adjusted diluted net income per share | $0.52 | $0.56 | $0.52 | (7%) | –% |
| Adjusted diluted weighted average shares (e) | 106696656 | 107676233 | 102188981 | (1%) | 4% |
| *Adjusted effective tax rate (f)* | *36.5%* | *(13.9%)* | *14.0%* |  |  |

---

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Adjusted Results and Notes to Financial Schedules.

***See Notes to Financial Schedules***

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SELECTED SUMMARY FINANCIAL INFORMATION (a)**

**(Adjusted Basis - Non-GAAP - unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | Six Months Ended | Six Months Ended | Six Months Ended |
| | June 30, | June 30, | |
| ($ in thousands, except per share data) | 2025 | 2024 | % Change |
| **Net Revenue:** |  |  |  |
| Financial Advisory | $860902 | $854570 | 1% |
| Asset Management | 532985 | 541153 | (2%) |
| Corporate | 19164 | 35484 | (46%) |
| Adjusted net revenue | $1413051 | $1431207 | (1%) |
| **Expenses:** |  |  |  |
| Adjusted compensation and benefits expense | $925549 | $944597 | (2%) |
| *Adjusted compensation ratio (b)* | *65.5%* | *66.0%* |  |
| Adjusted non-compensation expenses | $305253 | $282905 | 8% |
| *Adjusted non-compensation ratio (c)* | *21.6%* | *19.8%* |  |
| **Earnings:** |  |  |  |
| Adjusted operating income | $182249 | $203705 | (11%) |
| *Adjusted operating margin (d)* | *12.9%* | *14.2%* |  |
| Adjusted net income | $115721 | $119475 | (3%) |
| Adjusted diluted net income per share | $1.08 | $1.17 | (8%) |
| Adjusted diluted weighted average shares (e) | 107186445 | 101860599 | 5% |
| *Adjusted effective tax rate (f)* | *17.4%* | *25.5%* |  |

---

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Adjusted Results and Notes to Financial Schedules.

***See Notes to Financial Schedules***

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ASSETS UNDER MANAGEMENT**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | As of | As of | As of | % Change From | % Change From |
| | June 30, | March 31, | December 31, | March 31, | December 31, |
| ($ in millions) | 2025 | 2025 | 2024 | 2025 | 2024 |
| Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Emerging Markets | $33102 | $28830 | $27926 | 14.8% | 18.5% |
| &nbsp;&nbsp;&nbsp;Global | 61166 | 49886 | 49058 | 22.6% | 24.7% |
| &nbsp;&nbsp;&nbsp;Local | 49528 | 46415 | 49750 | 6.7% | (0.4%) |
| &nbsp;&nbsp;&nbsp;Multi-Regional | 48454 | 48999 | 48204 | (1.1%) | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | **192250** | **174130** | **174938** | 10.4% | 9.9% |
| Fixed Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Emerging Markets | 5113 | 5130 | 6919 | (0.3%) | (26.1%) |
| &nbsp;&nbsp;&nbsp;Global | 13411 | 11223 | 11138 | 19.5% | 20.4% |
| &nbsp;&nbsp;&nbsp;Local | 5546 | 5637 | 5617 | (1.6%) | (1.3%) |
| &nbsp;&nbsp;&nbsp;Multi-Regional | 22987 | 22034 | 19612 | 4.3% | 17.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Fixed Income** | **47057** | **44024** | **43286** | 6.9% | 8.7% |
| Alternative Investments | 3512 | 3132 | 2917 | 12.1% | 20.4% |
| Private Wealth Alternative Investments | 3103 | 3116 | 3097 | (0.4%) | 0.2% |
| Private Equity | 1508 | 1500 | 1514 | 0.5% | (0.4%) |
| Cash Management | 930 | 1525 | 569 | (39.0%) | 63.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total AUM** | **$248360** | **$227427** | **$226321** | 9.2% | 9.7% |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | June 30, | March 31, | June 30, | June 30, | June 30, |
|  | 2025 | 2025 | 2024 | 2025 | 2024 |
| AUM - Beginning of Period | $227427 | $226321 | $250432 | $226321 | $246651 |
| Net Flows | 677 | (3659) | (6599) | (2982) | (13229) |
| Market and foreign exchange |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;appreciation | 20256 | 4765 | 837 | 25021 | 11248 |
| AUM - End of Period | $248360 | $227427 | $244670 | $248360 | $244670 |
| Average AUM | $238552 | $230787 | $245302 | $234620 | $246126 |
| *% Change in Average AUM* |  | *3.4%* | *(2.8%)* |  | *(4.7%)* |

---

Note: Average AUM generally represents the average of the monthly ending AUM balances for the period.

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS (a)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | June 30, | March 31, | June 30, | June 30, | June 30, |
| ($ in thousands) | 2025 | 2025 | 2024 | 2025 | 2024 |
| **Net Revenue** | **Net Revenue** | **Net Revenue** | **Net Revenue** | **Net Revenue** | **Net Revenue** |
| Financial Advisory net revenue - U.S. GAAP Basis | $497306 | $367359 | $411308 | $864665 | $864815 |
| Adjustments: |  |  |  |  |  |
| Reimbursable deal costs, (provision) benefit for credit losses and other (g) | (5952) | 2181 | (3372) | (3771) | (10873) |
| Interest expense (h) | 5 | 3 | – | 8 | 41 |
| Losses associated with cost-saving initiatives (i) | – | – | – | – | 587 |
| Adjusted Financial Advisory net revenue | $491359 | $369543 | $407936 | $860902 | $854570 |
| Asset Management net revenue - U.S. GAAP Basis | $292478 | $288100 | $285487 | $580578 | $580963 |
| Adjustments: |  |  |  |  |  |
| Revenue related to noncontrolling interests and similar arrangements (j) | (5225) | (6850) | (4054) | (12075) | (8151) |
| Distribution fees and other (g) | (18765) | (16762) | (16216) | (35527) | (31664) |
| Interest expense (h) | 3 | 6 | 2 | 9 | 5 |
| Adjusted Asset Management net revenue | $268491 | $264494 | $265219 | $532985 | $541153 |
| Corporate net revenue - U.S. GAAP Basis | $6213 | ($7408) | ($11446) | ($1195) | $4324 |
| Adjustments: |  |  |  |  |  |
| (Revenue) loss related to noncontrolling interests and similar arrangements (j) | (6775) | 839 | (866) | (5936) | (3872) |
| (Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements (k) | (10509) | (5243) | 1201 | (15752) | (8172) |
| Interest expense (h) | 21087 | 20960 | 22598 | 42047 | 43204 |
| Adjusted Corporate net revenue | $10016 | $9148 | $11487 | $19164 | $35484 |
| Net revenue - U.S. GAAP Basis | $795997 | $648051 | $685349 | $1444048 | $1450102 |
| Adjustments: |  |  |  |  |  |
| Revenue related to noncontrolling interests and similar arrangements (j) | (12000) | (6011) | (4920) | (18011) | (12023) |
| (Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements (k) | (10509) | (5243) | 1201 | (15752) | (8172) |
| Distribution fees, reimbursable deal costs, provision for credit losses and other (g) | (24717) | (14581) | (19588) | (39298) | (42537) |
| Interest expense (h) | 21095 | 20969 | 22600 | 42064 | 43250 |
| Losses associated with cost-saving initiatives (i) | – | – | – | – | 587 |
| Adjusted net revenue | $769866 | $643185 | $684642 | $1413051 | $1431207 |

---

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.

***See Notes to Financial Schedules***

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 **RECONCILIATION OF U.S. GAAP TO ADJUSTED RESULTS (a)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | June 30, | March 31, | June 30, | June 30, | June 30, |
| ($ in thousands, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 |
| **Compensation and Benefits Expense** | **Compensation and Benefits Expense** | **Compensation and Benefits Expense** | **Compensation and Benefits Expense** | **Compensation and Benefits Expense** | **Compensation and Benefits Expense** |
| Compensation and benefits expense - U.S. GAAP Basis | $519208 | $430270 | $452560 | $949478 | $1003384 |
| Adjustments: |  |  |  |  |  |
| Compensation and benefits expense related to noncontrolling interests and similar arrangements (j) | (4436) | (3741) | (1897) | (8177) | (4005) |
| (Charges) credits pertaining to LFI and other similar arrangements (l) | (10509) | (5243) | 1201 | (15752) | (8172) |
| Expenses associated with cost-saving initiatives | – | – | – | – | (46610) |
| Adjusted compensation and benefits expense | $504263 | $421286 | $451864 | $925549 | $944597 |
| **Non-Compensation Expenses** | **Non-Compensation Expenses** | **Non-Compensation Expenses** | **Non-Compensation Expenses** | **Non-Compensation Expenses** | **Non-Compensation Expenses** |
| Non-compensation expenses - U.S. GAAP Basis | $183708 | $163146 | $169149 | $346854 | $328517 |
| Adjustments: |  |  |  |  |  |
| Non-compensation expenses related to noncontrolling interests and similar arrangements (j) | (1594) | (657) | (881) | (2251) | (1407) |
| Distribution fees, reimbursable deal costs, provision for credit losses and other (g) | (24717) | (14581) | (19588) | (39298) | (42537) |
| Amortization and other acquisition-related costs | (26) | (26) | (68) | (52) | (136) |
| Expenses associated with cost-saving initiatives | – | – | – | – | (1532) |
| Adjusted non-compensation expenses | $157371 | $147882 | $148612 | $305253 | $282905 |
| **Operating Income** | **Operating Income** | **Operating Income** | **Operating Income** | **Operating Income** | **Operating Income** |
| Operating income - U.S. GAAP Basis | $93081 | $54635 | $63640 | $147716 | $118201 |
| Adjustments: |  |  |  |  |  |
| Operating income related to noncontrolling interests and similar arrangements (j) | (5970) | (1613) | (2142) | (7583) | (6611) |
| Interest expense (h) | 21095 | 20969 | 22600 | 42064 | 43250 |
| Amortization and other acquisition-related costs | 26 | 26 | 68 | 52 | 136 |
| Losses associated with cost-saving initiatives (i) | – | – | – | – | 587 |
| Expenses associated with cost-saving initiatives | – | – | – | – | 48142 |
| Adjusted operating income | $108232 | $74017 | $84166 | $182249 | $203705 |
| **Provision (Benefit) for Income Taxes** | **Provision (Benefit) for Income Taxes** | **Provision (Benefit) for Income Taxes** | **Provision (Benefit) for Income Taxes** | **Provision (Benefit) for Income Taxes** | **Provision (Benefit) for Income Taxes** |
| Provision (benefit) for income taxes - U.S. GAAP Basis | $31764 | ($7354) | $11587 | $24410 | $25924 |
| Adjustment: |  |  |  |  |  |
| Tax effect of adjustments | – | – | (2960) | – | 14918 |
| Adjusted provision (benefit) for income taxes | $31764 | ($7354) | $8627 | $24410 | $40842 |
| **Net Income attributable to Lazard, Inc.** | **Net Income attributable to Lazard, Inc.** | **Net Income attributable to Lazard, Inc.** | **Net Income attributable to Lazard, Inc.** | **Net Income attributable to Lazard, Inc.** | **Net Income attributable to Lazard, Inc.** |
| Net income attributable to Lazard, Inc. - U.S. GAAP Basis | $55346 | $60375 | $49909 | $115721 | $85664 |
| Adjustments: |  |  |  |  |  |
| Losses associated with cost-saving initiatives (i) | – | – | – | – | 587 |
| Expenses associated with cost-saving initiatives | – | – | – | – | 48142 |
| Tax effect of adjustments | – | – | 2960 | – | (14918) |
| Adjusted net income | $55346 | $60375 | $52869 | $115721 | $119475 |
| **Diluted Weighted Average Shares Outstanding** | **Diluted Weighted Average Shares Outstanding** | **Diluted Weighted Average Shares Outstanding** | **Diluted Weighted Average Shares Outstanding** | **Diluted Weighted Average Shares Outstanding** | **Diluted Weighted Average Shares Outstanding** |
| Diluted Weighted Average Shares Outstanding - U.S. GAAP Basis | 104911633 | 104828753 | 100627867 | 104870193 | 99989817 |
| Adjustment: participating securities including profits interest participation rights and other | 1785023 | 2847480 | 1561114 | 2316252 | 1870782 |
| Adjusted Diluted Weighted Average Shares Outstanding (e) | 106696656 | 107676233 | 102188981 | 107186445 | 101860599 |
| **Diluted net income per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. GAAP Basis | $0.52 | $0.56 | $0.49 | $1.08 | $0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted net income effect of adjustments | – | – | 0.03 | – | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Basis | $0.52 | $0.56 | $0.52 | $1.08 | $1.17 |

---

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.

***See Notes to Financial Schedules***

------

![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**RECONCILIATION OF NON-COMPENSATION EXPENSES U.S. GAAP TO ADJUSTED (a)**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
| | June 30, | March 31, | June 30, | June 30, | June 30, |
| ($ in thousands) | 2025 | 2025 | 2024 | 2025 | 2024 |
| Non-compensation expenses - U.S. GAAP Basis: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | $33703 | $35413 | $32031 | $69116 | $64888 |
| &nbsp;&nbsp;&nbsp;Marketing and business development | 29593 | 27731 | 25493 | 57324 | 49092 |
| &nbsp;&nbsp;&nbsp;Technology and information services | 49272 | 46216 | 46406 | 95488 | 91323 |
| &nbsp;&nbsp;&nbsp;Professional services | 24589 | 18837 | 23734 | 43426 | 43614 |
| &nbsp;&nbsp;&nbsp;Fund administration and outsourced services | 30054 | 26545 | 27114 | 56599 | 53254 |
| &nbsp;&nbsp;&nbsp;Other | 16497 | 8404 | 14371 | 24901 | 26346 |
| Non-compensation expenses - U.S. GAAP Basis | $183708 | $163146 | $169149 | $346854 | $328517 |
| Non-compensation expenses - Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment (j) | ($95) | ($95) | ($95) | ($190) | ($1668) |
| &nbsp;&nbsp;&nbsp;Marketing and business development (g) (j) | (4032) | (2657) | (2944) | (6689) | (5023) |
| &nbsp;&nbsp;&nbsp;Technology and information services (g) (j) | (35) | (28) | (49) | (63) | (84) |
| &nbsp;&nbsp;&nbsp;Professional services (g) (j) | (931) | (1736) | (1085) | (2667) | (1958) |
| &nbsp;&nbsp;&nbsp;Fund administration and outsourced services (g) (j) | (17744) | (15843) | (15588) | (33587) | (30623) |
| &nbsp;&nbsp;&nbsp;Other (g) (j) | (3500) | 5095 | (776) | 1595 | (6256) |
| Subtotal non-compensation expenses adjustments | ($26337) | ($15264) | ($20537) | ($41601) | ($45612) |
| Adjusted non-compensation expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | $33608 | $35318 | $31936 | $68926 | $63220 |
| &nbsp;&nbsp;&nbsp;Marketing and business development | 25561 | 25074 | 22549 | 50635 | 44069 |
| &nbsp;&nbsp;&nbsp;Technology and information services | 49237 | 46188 | 46357 | 95425 | 91239 |
| &nbsp;&nbsp;&nbsp;Professional services | 23658 | 17101 | 22649 | 40759 | 41656 |
| &nbsp;&nbsp;&nbsp;Fund administration and outsourced services | 12310 | 10702 | 11526 | 23012 | 22631 |
| &nbsp;&nbsp;&nbsp;Other | 12997 | 13499 | 13595 | 26496 | 20090 |
| Adjusted non-compensation expenses | $157371 | $147882 | $148612 | $305253 | $282905 |

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This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Notes to Financial Schedules.

***See Notes to Financial Schedules***

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![screenshot2025-04x21110736.jpg](screenshot2025-04x21110736.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**LAZARD, Inc.**

***Notes to Financial Schedules***

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| (a) | Selected Summary Financial Information and Reconciliations from U.S. GAAP to Adjusted Results contain non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods. | Selected Summary Financial Information and Reconciliations from U.S. GAAP to Adjusted Results contain non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods. | Selected Summary Financial Information and Reconciliations from U.S. GAAP to Adjusted Results contain non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods. | Selected Summary Financial Information and Reconciliations from U.S. GAAP to Adjusted Results contain non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods. | Selected Summary Financial Information and Reconciliations from U.S. GAAP to Adjusted Results contain non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods. | Selected Summary Financial Information and Reconciliations from U.S. GAAP to Adjusted Results contain non-GAAP measures. Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S. GAAP measures provides a meaningful and useful basis for comparison of its operating results across periods. |
| (b) | A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted compensation and benefits expense as a percentage of adjusted net revenue. |
| (c) | A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted non-compensation expenses as a percentage of adjusted net revenue. |
| (d) | A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. | A non-GAAP measure which represents adjusted operating income as a percentage of adjusted net revenue. |
| (e) | A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computation of outstanding stock equivalents for U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs. | A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computation of outstanding stock equivalents for U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs. | A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computation of outstanding stock equivalents for U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs. | A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computation of outstanding stock equivalents for U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs. | A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computation of outstanding stock equivalents for U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs. | A non-GAAP measure which includes units of the long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock. Certain profits interest participation rights may be excluded from the computation of outstanding stock equivalents for U.S. GAAP net income per share. In addition, this measure includes the dilutive effect of the weighted average number of shares of common stock issuable from share-based compensation programs. |
| (f) | A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs. | A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs. | A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs. | A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs. | A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs. | A non-GAAP measure which represents the adjusted provision (benefit) for income taxes as a percentage of adjusted operating income less interest expense, amortization and other acquisition-related costs. |
|  |  | Three Months Ended | Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended |
|  | ($ in thousands) | June 30, | March 31, | June 30, | June 30, | June 30, |
|  |  | 2025 | 2025 | 2024 | 2025 | 2024 |
|  | Adjusted provision (benefit) for income taxes | $31764 | ($7354) | $8627 | $24410 | $40842 |
|  | Adjusted operating income less interest expense, amortization and other acquisition-related costs | $87111 | $53022 | $61496 | $140133 | $160317 |
|  | *Adjusted effective tax rate* | *36.5%* | *(13.9%)* | *14.0%* | *17.4%* | *25.5%* |
| (g) | Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and (provision) benefit for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue. | Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and (provision) benefit for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue. | Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and (provision) benefit for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue. | Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and (provision) benefit for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue. | Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and (provision) benefit for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue. | Represents certain distribution, introducer and management fees paid to third parties, reimbursable deal costs, and (provision) benefit for credit losses relating to fees and other receivables that are deemed uncollectible, for which an equal amount is excluded for purposes of determining adjusted non-compensation expenses and included for purposes of determining adjusted net revenue. |
| (h) | Interest expense, excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. | Interest expense, excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. | Interest expense, excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. | Interest expense, excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. | Interest expense, excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. | Interest expense, excluding interest expense incurred by Lazard Frères Banque SA ("LFB"), is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. |
| (i) | Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss. | Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss. | Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss. | Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss. | Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss. | Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, primarily consisting of the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss. |
| (j) | (Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. | (Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. | (Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. | (Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. | (Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. | (Revenue) loss and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. |
| (k) | Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. | Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. | Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. | Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. | Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. | Represents changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements, for which a corresponding equal amount is excluded from compensation and benefits expense. |
| (l) | Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue. | Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue. | Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue. | Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue. | Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue. | Represents changes in the fair value of the compensation liability recorded in connection with LFI and other similar deferred incentive compensation awards, for which a corresponding equal amount is excluded from adjusted net revenue. |
| NM | Not meaningful | Not meaningful | Not meaningful | Not meaningful | Not meaningful | Not meaningful |

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