•Financial Advisory Managing Directors total 210, achieving hiring and promotion goals outlined in the Lazard 2030 Strategic Plan

•Asset Management launched three active ETFs in the United States, increasing our offerings to meet investor demand and preferences

•Announced strategic alliance with Arini Capital Management, further expanding Lazard’s connectivity to private capital across Europe

NEW YORK, April 25, 2025 – Lazard, Inc. (NYSE: LAZ) today reported net revenue of $648 million and adjusted net revenue1 of $643 million for the quarter ended March 31, 2025.

On both a U.S. GAAP and an adjusted basis1, Lazard reported first-quarter 2025 net income of $60 million or $0.56 per share, diluted.

“First quarter performance was solid in the midst of an uncertain business environment,” said Peter R. Orszag, CEO and Chairman. “Throughout our history, we've maintained an unwavering focus on serving our clients, leveraging Lazard's unparalleled global reach and deep expertise at the intersection of business and geopolitics. We continue to have substantial client engagement, while also progressing towards our Lazard 2030 long-term growth strategy.”

Note: Reconciliations of U.S. GAAP to Adjusted results are shown on pages 11-13. Endnotes are on page 5 of this release.

For the first quarter of 2025, Financial Advisory reported net revenue and adjusted net revenue1 of $367 million and $370 million, 19% and 17% lower than the first quarter 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 first quarter of 2025, selected highlights include (clients are in italics): CD&R’s €16 billion acquisition of a controlling 50% stake in Sanofi consumer health unit, Opella; Pactiv Evergreen’s $6.7 billion acquisition by Novolex, a portfolio company of Apollo; Mallinckrodt Pharmaceuticals’ $6.7 billion combination with Endo Pharmaceuticals; Sun Communities’ $5.7 billion sale of Safe Harbor Marinas to Blackstone Infrastructure; Just Eat Takeaway.com’s €4.1 billion recommended public offer by Prosus; Warburg Pincus and Berkshire Partners' $3.0 billion acquisition of Triumph; CD&R's €2.7 billion acquisition and delisting of Exclusive Networks, in consortium with Permira; Galapagos’ €2.5 billion planned separation into two publicly-traded entities; Assura’s $2.1 billion recommended cash offer from KKR and Stonepeak; Macquarie Asset Management’s agreement to invest up to $1.7 billion in DE Shaw Renewable Investments; Siete Foods’ $1.2 billion acquisition by PepsiCo; Société Générale’s €1.1 billion sale of professional equipment financing business to BPCE; Acciona Energía’s sale of 626MW hydro portfolio in Spain to Endesa for €1.0 billion; Ceva Santé Animale on renewing its shareholder structure; Tenneco on a strategic investment from Apollo into its Clean Air and Powertrain businesses; Kering on its investment agreement with Ardian for real estate assets in Paris; Thrive Operations on its investment from Berkshire Partners and Court Square Capital and Technosylva Group’s investment from General Atlantic's BeyondNetZero Fund.

Lazard’s premier Restructuring and Liability Management practice, which provides broad coverage across debtor and creditor activities along with innovative solutions for clients, has been engaged in a number of complex assignments that include company roles involving Altice France, GiFi, Global Clean Energy Holdings and Zachry Group and creditor and/or related party roles involving Accuride, EmployBridge, Franchise Group, Lowell, OQ Chemicals and Oregon Tool.

Lazard provides tailored advice, expertise and access to a broad universe of capital providers through our Private Capital Advisory and Capital Solutions practices. Highlighted assignments include advising Banneker Partners and Crestview Partners on continuation funds led by investments from Accel-KKR and Apollo S3, respectively; Grosvenor on its sale of 25% of a portfolio of properties valued at £1.2 billion to Norges Bank; Level Equity on its $1.4 billion capital raising for Level Equity Growth Partners VI and Level Equity Opportunities Fund 2025; Umm Al Qura for Development & Construction’s initial public offering at a market capitalization of $5.8 billion and Viridien’s $450 million and €475 million issuance of senior secured notes, and $125 million issuance of a super senior revolving credit facility.

Lazard is a sought-after financial advisor for governments and public sector entities across developed and emerging markets worldwide, including assignments in the quarter for the governments of Ethiopia and Morocco.

For the first quarter of 2025, Asset Management net revenue and adjusted net revenue1 were $288 million and $264 million, 2% and 4% lower than the first quarter of 2024, respectively.

Management fees and other revenue, on an adjusted basis1, were $256 million for the first quarter of 2025, 5% lower than the first quarter of 2024, and 1% lower than the fourth quarter of 2024.

Incentive fees on an adjusted basis1 were $9 million for the first quarter of 2025, compared to $8 million for the first quarter of 2024.

Average assets under management (AUM) was $231 billion for the first quarter of 2025, 7% lower than the first quarter of 2024, and 1% lower than the fourth quarter of 2024.

AUM as of March 31, 2025 was $227 billion, in line with December 31, 2024 and 9% lower than March 31, 2024. The sequential change from December 31, 2024 was driven by market appreciation of $0.8 billion, foreign exchange appreciation of $3.9 billion and net outflows of $3.7 billion.

For the first quarter of 2025, compensation and benefits expense on a U.S. GAAP and an adjusted basis1 was $430 million and $421 million, respectively, compared to $551 million and $493 million, respectively, for the first quarter of 2024. The adjusted compensation ratio2 for the first quarter of 2025 was 65.5%, compared to the first-quarter 2024 ratio of 66.0%.

We focus on the adjusted compensation ratio2 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 ratio2 of 60% or below, with timing dependent on market conditions.

For the first quarter of 2025, non-compensation expenses on a U.S. GAAP basis were $163 million, 2% higher than the first quarter of 2024. On an adjusted basis1, non-compensation expenses were $148 million, 10% higher than the first quarter of 2024.

The adjusted non-compensation ratio3 was 23.0% for the first quarter of 2025, compared to 18.0% for the first quarter of 2024.

Our goal is to deliver an adjusted non-compensation ratio3 between 16% to 20%, with timing dependent on market conditions.

The benefit for income taxes on a U.S. GAAP and an adjusted basis1 were both $7 million for the first quarter of 2025, which equates to an effective tax rate of (13.9%) on an adjusted basis1. First quarter 2025 income tax includes a discrete tax benefit related to stock-based compensation awards that vested in the first quarter.

In the first quarter of 2025, Lazard returned $175 million to shareholders, which included: $45 million in dividends; $36 million in repurchases of our common stock; and $94 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

During the first quarter of 2025, we repurchased 0.8 million shares at an average price of $46.73. As of March 31, 2025, our total outstanding share repurchase authorization was approximately $164 million.

On April 24, 2025, Lazard declared a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 16, 2025, to stockholders of record on May 5, 2025.

Lazard’s financial position remains strong. As of March 31, 2025, our cash and cash equivalents were $909 million.

1A 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.

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

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

Lazard will host a conference call at 8:00 a.m. ET on April 25, 2025, to discuss the company’s financial results for the first-quarter 2025. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, 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: LAZQ125.

A replay of the conference call will be available by 10:00 a.m. ET, April 25, 2025, via the Lazard Investor Relations website at www.lazard.com, or by dialing +1 800-753-5212 (toll-free, U.S. and Canada) or +1 402-220-2673 (outside of the U.S. and Canada).

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 www.lazard.com.

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

•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;

•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);

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

•Losses due to unidentified or unanticipated risks;

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

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

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

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 www.lazard.com.

***

LAZ-EPE

			As of
			March 31,						December 31,
($ in thousands)			2025						2024
ASSETS
Cash and cash equivalents			$908,586						$1,308,218
Deposits with banks and short-term investments			264,944						268,684
Restricted cash			34,252						32,466
Receivables			683,004						753,623
Investments			506,497						614,947
Property			168,190						160,402
Operating lease right-of-use assets			430,502						434,938
Goodwill and other intangible assets			394,103						393,575
Deferred tax assets			496,848						479,582
Other assets			345,141						347,558
Total Assets			$4,232,067						$4,793,993
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS’ EQUITY
Liabilities
Deposits and other customer payables			$335,380						$308,213
Accrued compensation and benefits			248,194						844,953
Operating lease liabilities			503,875						505,483
Tax receivable agreement obligation			75,826						75,899
Senior debt			1,687,841						1,687,052
Other liabilities			648,587						607,610
Total liabilities			3,499,703						4,029,210
Commitments and contingencies
Redeemable noncontrolling interests			83,811						79,629
Stockholders’ equity
Preferred stock, par value $.01 per share			–						–
Common stock, par value $.01 per share			1,128						1,128
Additional paid-in capital			131,697						327,810
Retained earnings			1,477,662						1,472,113
Accumulated other comprehensive loss, net of tax			(306,766)						(326,742)
Subtotal			1,303,721						1,474,309
Common stock held by subsidiaries, at cost			(700,693)						(838,069)
Total Lazard, Inc. stockholders’ equity			603,028						636,240
Noncontrolling interests			45,525						48,914
Total stockholders’ equity			648,553						685,154
Total liabilities, redeemable noncontrolling interests and stockholders’ equity			$4,232,067						$4,793,993

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.

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