NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ), the preeminent global financial advisory and asset management firm, announced today that Retired Four-Star U.S. Army General and Former Commander of U.S. Central Command Michael "Erik†Kurilla has joined as Senior Advisor in Lazard's Geopolitical Advisory group, effective immediately. General Kurilla brings deep expertise in strategic command within complex environments, most notably in the Middle East and Central Asia. His appointment builds. ...

LONDON--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) today announced the appointment of Cyrille Cotte as Managing Director and Head of Insurance for its European Financial Institutions Group (FIG), based in London and working across Europe with regional Co-Heads of Financial Services Coverage Nick Millar and Corso Bavagnoli. Cyrille joins Lazard from Evercore, where he was a Partner and Senior Managing Director in the European Financial Institutions Group. Over his career, he has focused on advisi. ...

Core Insights - Lazard, Inc. is expanding its Nordic operations by appointing Jesper Jensen as Managing Director, Financial Advisory and CEO of Denmark, effective September 17 [1] - The establishment of a new office in Denmark aims to enhance Lazard's presence and strengthen client relationships in the Nordic region [1] - Jesper Jensen brings over 25 years of experience and strong local market connectivity, which will facilitate Lazard's growth in Denmark [1]

Core Insights - Lazard, Inc. reported a preliminary asset under management (AUM) of $258.4 billion as of August 31, 2025, reflecting a 1.8% increase from July 31, 2025, driven by market appreciation and foreign exchange gains, partially offset by net outflows [1][10] Group 1: AUM Performance - The company's equity assets rose 1.9% month-over-month to $202.5 billion, while fixed-income AUM also increased by 1.9% to $46.8 billion, and other assets climbed nearly 1% to $8.9 billion [2][10] - Over the past years, Lazard has shown long-term resilience in AUM growth, with a compound annual growth rate (CAGR) of 1.7% from 2016 to 2024, despite declines in 2022 and the first half of 2025 [3] Group 2: Strategic Initiatives - Lazard has taken strategic steps to enhance its asset management franchise, including the establishment of Lazard Elaia Capital, a European growth capital initiative focused on technology sector investments [4] - The company finalized an initial investment in a strategic partnership with Elaia Partners in April 2024, and acquired Truvvo Partners in March 2023, adding $3.8 billion of AUM [4][5] Group 3: Industry Context - Peers such as Franklin Resources and T. Rowe Price have also experienced AUM growth, with Franklin reporting a preliminary AUM of $1.64 trillion and T. Rowe's AUM increasing to $1.73 trillion [6][7][8] - The growth trends in the industry are supported by market appreciation and strong demand for diversified investment solutions [8] Group 4: Market Performance - Over the past year, Lazard's shares have risen 18.6%, slightly outperforming the industry's growth of 18% [9]

Investors awaiting new CPI data at 8:30 a. m. Eastern time.Forecasters are expecting a month- over-month gain of 0.3%. And joining us right now on the economy and the markets is Peter Orzac. He's the CEO of Lazard. He was the director of the Office of Management and Budget under President Obama.And and Peter, thank you for being with us today. Um, let's just talk broadly about the economy after we saw the much cooler than anticipated uh inflation numbers yesterday with PPI. Where do you think the economy st ...

NEW YORK--(BUSINESS WIRE)--Lazard, Inc. (NYSE: LAZ) reported today that its preliminary assets under management ("AUM†) as of August 31, 2025 totaled approximately $258.4 billion. The month's AUM included market appreciation of $2.7 billion, FX appreciation of $2.2 billion, and net outflows of $0.2 billion. LAZARD, INC. ASSETS UNDER MANAGEMENT ("AUM†) (unaudited) ($ in millions)   As of: August 31, July 31, 20251 2025 Equity $202,509 198,773 Fixed Income 46,877 45,980 Other 8,982 8,900 To. ...

Group 1 - Lazard, Inc. is characterized as a 'good co./bad co.' type stock, with over 60% of its revenue coming from a top-notch independent M&A advisory firm and less than 40% from a traditional asset management business that is currently facing challenges [1] - The company has unique cross-border capabilities in its M&A advisory services, which distinguishes it from competitors [1]

Core Viewpoint - Lazard Ltd. (LAZ) has outperformed its peers and the industry with a 19% share price increase over the past three months, driven by solid revenue growth, strategic initiatives, and cost management efforts [1][8]. Revenue Growth - Lazard has achieved a compound annual growth rate (CAGR) of 7.9% in revenues over the past four years, with continued momentum into the first half of 2025, primarily due to growth in financial advisory revenues and a diversified asset management mix [4]. - The company aims to double its revenues by 2030 while targeting an average annual shareholder return of 10-15% [5]. Asset Management Expansion - As of July 31, 2025, Lazard's preliminary assets under management (AUM) stood at $253.7 billion, reflecting a 3.1% increase from the previous year, supported by net inflows and market appreciation [9]. - The acquisition of Truvvo Partners in 2023 added $3.8 billion in AUM, and a partnership with Elaia Partners in 2024 introduced new asset management services focused on private market solutions in the technology sector [10]. Cost Management - Lazard is implementing disciplined cost management to restore historical profitability, targeting a compensation ratio of 60% or below and a non-compensation ratio between 16% and 20% [11]. - The company has seen a decrease in non-compensation expenses in recent years, contributing to improved margins [11]. Return on Equity - Lazard reported a trailing 12-month return on equity (ROE) of 34.33%, significantly higher than the industry average of 8.73%, indicating strong operational efficiency [12]. Earnings Projections - Earnings are projected to grow by 7.69% in 2025 and 54.10% in 2026, with recent upward revisions in earnings estimates reflecting positive analyst sentiment [13]. - Current earnings estimates for 2025 and 2026 have been adjusted upward, indicating encouraging prospects for the company [14]. Valuation - Lazard is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 15.85X, which is lower than the industry average of 20.56X, making it an attractive investment opportunity [16]. - The company’s strong fundamentals and upward estimate revisions further enhance its appeal for long-term investors [19].

Core Insights - Lazard, Inc. reported a preliminary asset under management (AUM) balance of $253.7 billion as of July 31, 2025, reflecting a 2.1% increase from June 30, 2025, driven by net inflows and market appreciation, partially offset by foreign exchange depreciation [1][9] AUM Breakdown - Lazard's equity assets increased by 3.4% from the previous month to $198.8 billion [2][9] - Other assets decreased by 1.7% from the previous month to $8.9 billion [2] - Fixed-income assets fell by 2.3% sequentially to $45.9 billion [2][9] Revenue and Cost Management - The company's high reliance on financial advisory fees is likely to impact top-line growth, but cost-management efforts are expected to support the bottom line in the near term [3] Price Performance - Over the past year, Lazard's shares have risen by 6.4%, while the industry has grown by 19.9% [6] - The company currently holds a Zacks Rank 1 (Strong Buy) [7]

Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Lazard's unaudited condensed consolidated financial statements, detailing financial condition, operations, and cash flows for H1 2025 [Condensed Consolidated Statements of Financial Condition](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Lazard's total assets decreased to $4.49 billion as of June 30, 2025, while total stockholders' equity increased to $786.5 million Financial Position Summary | Financial Position | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$4,493,386** | **$4,793,993** | **(6.3%)** | | Cash and cash equivalents | $978,259 | $1,308,218 | (25.2%) | | **Total Liabilities** | **$3,623,324** | **$4,029,210** | **(10.1%)** | | Accrued compensation and benefits | $391,048 | $844,953 | (53.7%) | | Senior debt | $1,688,631 | $1,687,052 | 0.1% | | **Total Stockholders' Equity** | **$786,484** | **$685,154** | **14.8%** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Lazard's Q2 2025 total revenue increased to $817.2 million, with H1 2025 net income attributable to Lazard rising to $115.7 million Key Operating Metrics | Metric (in thousands, except EPS) | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$817,160** | **$707,991** | **+15.4%** | **$1,486,324** | **$1,493,472** | **-0.5%** | | Investment banking fees | $493,226 | $408,773 | +20.7% | $853,593 | $861,800 | -0.9% | | Asset management fees | $275,605 | $267,914 | +2.9% | $540,221 | $544,763 | -0.8% | | **Operating Income** | **$93,081** | **$63,640** | **+46.3%** | **$147,716** | **$118,201** | **+25.0%** | | **Net Income Attributable to Lazard** | **$55,346** | **$49,909** | **+10.9%** | **$115,721** | **$85,664** | **+35.1%** | | **Diluted EPS** | **$0.52** | **$0.49** | **+6.1%** | **$1.08** | **$0.84** | **+28.6%** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $167.8 million for H1 2025, a reversal from cash provided in the prior year period Cash Flow Summary | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(167,846) | $86,255 | | Net cash used in investing activities | $(49,014) | $(109,483) | | Net cash used in financing activities | $(231,548) | $(94,125) | | **Net Decrease in Cash** | **$(361,060)** | **$(140,530)** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail Lazard's accounting policies, segment performance, senior debt, and incentive compensation plans - The company's business is divided into two main segments: Financial Advisory and Asset Management, with a Corporate segment for other activities like cash management and investments[48](index=48&type=chunk)[52](index=52&type=chunk) Net Revenue by Segment | Net Revenue by Segment (in thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Financial Advisory | $864,665 | $864,815 | | Asset Management | $580,578 | $580,963 | - As of June 30, 2025, the company had **$1.689 billion** in senior debt, with maturities ranging from 2027 to 2031[152](index=152&type=chunk) - Total share-based incentive compensation expense for H1 2025 was **$184.1 million**, an increase from **$159.5 million** in H1 2024[179](index=179&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Lazard's financial performance, highlighting Q2 2025 revenue growth, H1 2025 operating income increase, and segment performance [Business Environment and Outlook](index=47&type=section&id=Business%20Environment%20and%20Outlook) Global economic conditions impact Lazard's M&A and restructuring businesses, with M&A deal values increasing and corporate defaults decreasing in H1 2025 Global M&A and Restructuring Activity | Global M&A and Restructuring Activity | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Announced M&A Value (>$500M)** | $1,768B | $1,293B | +37% | | **Completed M&A Value (>$500M)** | $1,320B | $1,098B | +20% | | **Completed Restructuring Value** | $171B | $246B | -30% | - The number of corporate defaults decreased to **64** in H1 2025 from **80** in H1 2024, according to Moody's[301](index=301&type=chunk) [Consolidated Results of Operations](index=51&type=section&id=Consolidated%20Results%20of%20Operations) Lazard's H1 2025 GAAP operating income increased 25% to $147.7 million, while adjusted operating income decreased 11% to $182.2 million Key Financial Metrics (H1) | Metric (in thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net Revenue (GAAP)** | **$1,444,048** | **$1,450,102** | | **Adjusted Net Revenue** | **$1,413,051** | **$1,431,207** | | **Operating Income (GAAP)** | **$147,716** | **$118,201** | | **Adjusted Operating Income** | **$182,249** | **$203,705** | | Adjusted Operating Margin | 12.9% | 14.2% | Adjusted Expense Ratios (H1) | Expense Ratios (Adjusted) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Compensation & Benefits / Net Revenue | 65.5% | 66.0% | | Non-Compensation / Net Revenue | 21.6% | 19.8% | [Business Segments](index=56&type=section&id=Business%20Segments) Financial Advisory's adjusted operating income rose 12% in H1 2025, while Asset Management's declined 12%, and Corporate's loss widened Segment Adjusted Operating Income | Segment Adjusted Operating Income (in millions) | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Financial Advisory | $198.9 | $178.2 | +11.6% | | Asset Management | $127.7 | $144.9 | -11.9% | | Corporate (Loss) | $(144.4) | $(119.4) | +20.9% | [Cash Flows, Liquidity and Capital Resources](index=64&type=section&id=Cash%20Flows,%20Liquidity%20and%20Capital%20Resources) Lazard maintains strong liquidity with $978 million in cash, while H1 2025 saw net cash used in operations and share repurchases - As of June 30, 2025, Lazard had **$978 million** in cash and cash equivalents and **$210 million** in unused credit facilities[414](index=414&type=chunk)[416](index=416&type=chunk) Share Repurchase Activity (H1) | Share Repurchases | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Shares Purchased | 859,849 | 1,055,913 | | Average Price Per Share | $46.44 | $38.66 | - On July 23, 2025, the Board declared a quarterly dividend of **$0.50** per share[429](index=429&type=chunk) [Critical Accounting Policies and Estimates](index=68&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management identifies critical accounting policies requiring significant judgment, including revenue recognition, credit losses, compensation, and income taxes - Key areas requiring significant management judgment include revenue recognition, allowance for credit losses, compensation liabilities, income taxes, the Tax Receivable Agreement (TRA) obligation, and goodwill impairment[433](index=433&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Lazard's market risk exposures include equity, interest rate, credit spread, and foreign exchange risks, partially hedged with derivatives - The company is exposed to equity market, interest rate, credit spread, and foreign exchange risks, which it partially hedges using derivatives[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) Market Risk Sensitivity | Risk Sensitivity (as of June 30, 2025) | Exposure (in millions) | Net Impact of 10% Adverse Change (in millions) | | :--- | :--- | :--- | | Equity Market Price Risk | $270 | $(1.2) | | Foreign Exchange Rate Risk | $63 | $(2.1) | | Private Equity Risk | $27 | $(2.7) | | **Interest Rate/Credit Spread Risk** | **$18** | **$(0.7) (from 100bps change)** | [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that Lazard's disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that as of the end of the quarter, the company's disclosure controls and procedures were effective[481](index=481&type=chunk) - No material changes were made to the internal control over financial reporting during the most recent fiscal quarter[482](index=482&type=chunk) Part II. Other Information [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) Lazard is involved in various legal proceedings, but management expects no material adverse effect on its business or financial condition - The company states that based on currently available information, the results of any pending legal matters are not expected to have a material effect on its business or financial condition[485](index=485&type=chunk) [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes from the risk factors disclosed in the 2024 Form 10-K were reported[486](index=486&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details Lazard's Q2 2025 common stock repurchases, including shares bought under its program and those withheld for employee tax obligations Share Repurchase Activity (Q2) | Share Repurchase Activity (Q2 2025) | Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Publicly Announced Program | 85,894 | $43.81 | | Employee Tax Withholding | 215,082 | $42.93 | - As of June 30, 2025, approximately **$160.1 million** remained available for repurchase under the company's authorized plan, expiring December 31, 2026[489](index=489&type=chunk)[491](index=491&type=chunk) [Exhibits](index=77&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents, contracts, and certifications