Financial Data and Key Metrics Changes - For the full year 2025, the company reported firm-wide revenue of $3 billion, an increase of 5% from 2024, with fourth-quarter revenue of $892 million, up 10% year-over-year [12][5] - Financial advisory revenue reached $1.8 billion for the year, with fourth-quarter revenue of $542 million, up 7% from the previous year [12][7] - Asset management revenue was $1.2 billion for the year, with fourth-quarter revenue of $339 million, up 18% year-over-year [9][14] - The average revenue per Managing Director (MD) increased to $8.9 million, up $2.5 million since 2023 [8][20] - The adjusted effective tax rate for the full year was 22.7% [17] Business Line Data and Key Metrics Changes - In financial advisory, record revenue was achieved in EMEA and the Private Capital Advisory group, with strong performance in restructuring and liability management [7][12] - Asset management saw a 12% year-over-year increase in assets under management (AUM), totaling $254 billion as of December 31, 2025 [15][9] - The company achieved record gross inflows exceeding $50 billion in asset management, supported by a focus on sales and distribution [9][10] Market Data and Key Metrics Changes - The company reported a current level of won but not yet funded mandates at $13 billion, indicating strong client demand [7][10] - The average AUM for the fourth quarter was $261 billion, reflecting a 12% increase from 2024 [15] Company Strategy and Development Direction - The company is focused on executing its Lazard 2030 long-term growth strategy, with expectations for substantial growth in both financial advisory and asset management [5][6] - There is a strategic emphasis on enhancing connectivity with private capital, aiming to increase advisory revenue from private capital to 50% over time [22] - The company plans to continue investing in talent, with a goal of adding 10-15 Financial Advisory Managing Directors each year [7][8] - The asset management business is being transformed to focus on areas where the company can add the most value, particularly in active management and customized solutions [25][26] Management's Comments on Operating Environment and Future Outlook - Management anticipates an acceleration in financial advisory activity in 2026, despite ongoing policy and geopolitical uncertainties [24][19] - The company expects M&A activity to increase alongside elevated restructuring and liability management activity due to disparities in corporate performance [24][19] - Management highlighted the importance of AI and contextual alpha in enhancing client outcomes and driving future growth [26][28] Other Important Information - The company returned $393 million to shareholders in 2025, including dividends and share repurchases [18] - The compensation ratio for the full year was 65.5%, a slight improvement from 65.9% in the prior year [17] Q&A Session Summary Question: Advisory trends and revenue mix among non-M&A businesses - The revenue mix was approximately 60% M&A and 40% non-M&A, with expectations for the non-M&A component to rise over time [32][33] Question: CFO transition and its implications - The CFO transition is viewed as normal and smooth, with the outgoing CFO serving as a senior advisor during the transition [40][39] Question: Observations on private equity activity and deal flow - Management anticipates heightened private equity activity in 2026 as sponsors seek to return capital to LPs [48][49] Question: Asset management fee rates and unfunded mandates - The exit rate was modestly higher than the quarter run rate, with a healthy mix in the $13 billion of won but not yet funded mandates [52][54] Question: Impact of geopolitical tensions on corporate discussions - There has been no impact on corporate discussions from increased geopolitical tensions, and the regulatory environment is seen as more accommodating to deals [60][62]

Financial Data and Key Metrics Changes - Firm-wide revenue for 2025 was $3 billion, an increase of 5% from 2024, with fourth-quarter revenue at $892 million, up 10% year-over-year [11][4] - Financial advisory revenue reached $1.8 billion for the year, with fourth-quarter revenue at $542 million, up 7% from the previous year [11][6] - Asset management revenue was $1.2 billion for 2025, with fourth-quarter revenue at $339 million, up 18% year-over-year [12][8] - Average revenue per Managing Director (MD) increased to $8.9 million, up $2.5 million since 2023 [7][18] - The adjusted effective tax rate for 2025 was 22.7% [15] Business Line Data and Key Metrics Changes - In financial advisory, record revenue was reported in EMEA and the Private Capital Advisory group, with strong performance in restructuring and liability management [6][11] - Asset management AUM (Assets Under Management) was $254 billion as of December 31, 2025, a 12% increase year-over-year [13][8] - Gross inflows in asset management exceeded $50 billion, supported by a focus on sales and distribution [8][9] Market Data and Key Metrics Changes - The current level of won but not yet funded mandates is $13 billion, higher than the previous year, indicating strong client demand [6][9] - The firm anticipates positive net flows in 2026, driven by a diversified investment platform and strong client engagement [9][24] Company Strategy and Development Direction - The company is focused on executing its Lazard 2030 long-term growth strategy, with expectations for substantial growth in both financial advisory and asset management [4][5] - There is a strategic emphasis on enhancing advisory revenue from private capital, aiming to increase its share from approximately 40% to 50% over time [19][30] - The company plans to expand its presence in North America and continue investing in Europe and the Middle East, with new offices opened in Denmark and the UAE [20][24] Management's Comments on Operating Environment and Future Outlook - Management expects M&A activity to accelerate in 2026, despite ongoing geopolitical uncertainties [21][56] - The company sees a significant opportunity for restructuring and liability management due to the widening performance gap among companies [21][92] - The integration of AI into operations is viewed as a key driver for enhancing client outcomes and operational efficiency [24][25] Other Important Information - The company returned $393 million to shareholders in 2025, including dividends and share repurchases [16] - The compensation ratio for 2025 was 65.5%, a slight improvement from 65.9% in the previous year [15] Q&A Session Summary Question: Advisory trends and revenue mix - The revenue mix for the year was approximately 60% M&A and 40% non-M&A, with expectations for the non-M&A component to rise over time [30][31] Question: CFO transition - The transition to the new CFO is viewed as normal and smooth, with the outgoing CFO serving as a senior advisor during the transition [36][37] Question: Private equity activity and M&A outlook - Management anticipates heightened private equity activity in 2026, driven by LPs seeking returns and narrowing bid-ask spreads [45][46] Question: Asset management fee rates and unfunded mandates - The exit rate for the quarter was modestly higher than the average, with a healthy mix of asset classes in the $13 billion of won but not yet funded mandates [48][51] Question: Geopolitical tensions and corporate discussions - There has been no impact on corporate discussions from geopolitical tensions, and the regulatory environment is seen as accommodating for deals [55][56] Question: Incremental comp leverage and operating efficiency - Additional operating leverage is expected in 2026, with a focus on increasing productivity and creating efficiencies across corporate functions [61][62]

LAZARD JANUARY 2026 Investor Presentation Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "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," ...

Core Viewpoint - Lazard exceeded fourth-quarter profit estimates, driven by robust growth in its advisory and asset management sectors [1] Group 1: Financial Performance - The company reported strong growth in its advisory business, contributing significantly to the overall profit [1] - Asset management also showed substantial growth, further enhancing the company's financial results [1] Group 2: Leadership Changes - Lazard appointed insider Tracy Farr as the new chief financial officer, indicating a strategic move to strengthen its leadership team [1]

Financial Performance - Lazard reported fourth-quarter 2025 net revenue of $907 million, an 11% increase from $817 million in Q4 2024, and full-year net revenue of $3,099 million, a 2% increase from $3,052 million in 2024[2]. - Financial Advisory segment achieved fourth-quarter net revenue of $542 million, a 4% increase year-over-year, and full-year net revenue of $1,834 million, also a 4% increase from 2024[4]. - Asset Management reported fourth-quarter net revenue of $367 million, an 18% increase from Q4 2024, and full-year net revenue of $1,275 million, a 7% increase from 2024[10]. - Total revenue for Q4 2025 reached $929,378,000, representing a 21% increase year-over-year and an 11% increase from Q3 2025[29]. - Net revenue for the year ended December 31, 2025, reached $3,029,813, a 5% increase from $2,889,554 in 2024[38]. Income and Earnings - Adjusted net income for Q4 2025 was $89 million, a 5% increase from $85 million in Q4 2024, while full-year adjusted net income was $266 million, a 9% increase from $244 million in 2024[2]. - Basic net income per share for Q4 2025 was $0.49, down 31% from $0.71 in Q4 2024[29]. - Adjusted net income increased by 9% to $266,364 compared to $244,110 in the previous year[38]. - Adjusted diluted net income per share rose to $2.44, reflecting a 4% increase from $2.34 in 2024[38]. Assets and Management - Assets Under Management (AUM) reached $254 billion as of December 31, 2025, a 12% increase from $226 billion in 2024[10]. - Average AUM for Q4 2025 was $261 billion, a 12% increase year-over-year, and for the full year, it was $247 billion, a 2% increase from 2024[10]. - Total assets as of December 31, 2025, were $4,940,734,000, an increase from $4,793,993,000 in 2024[33]. Expenses and Ratios - Operating expenses for the year ended December 31, 2025, totaled $2,771,249,000, a 4% increase from 2024[31]. - The adjusted compensation ratio for Q4 2025 was 65.5%, slightly down from 65.6% in Q4 2024, with a full-year adjusted compensation ratio of 65.5% compared to 65.9% in 2024[11]. - Compensation and benefits expenses for Q4 2025 were $637,694,000, a 28% increase compared to Q4 2024[29]. - Adjusted compensation and benefits expense for 2025 was $1,985 million, up 4% from $1,903 million in 2024[41]. - The effective tax rate decreased to 22.7% from 24.4% in 2024[38]. Shareholder Returns - Lazard returned $98 million to shareholders in Q4 2025, including $47 million in dividends and $50 million in stock repurchases[14]. Leadership and Strategy - The company appointed Tracy Farr as Chief Financial Officer, indicating a focus on leadership and strategic direction[1]. - Lazard's CEO highlighted strong client demand for contextual alpha, positioning the company for substantial growth opportunities ahead[1].

Core Viewpoint - Lazard, Inc. has appointed Tracy Farr as Chief Financial Officer effective February 1, 2026, succeeding Mary Ann Betsch, who will transition to a senior advisor role [1][2][3] Group 1: Leadership Transition - Tracy Farr has 20 years of finance experience, including over a decade at Lazard, where he was a Managing Director in the Capital Structure Advisory group [1][4] - Mary Ann Betsch has played a significant role in strengthening Lazard's financial foundation and will assist in the transition [2][3] Group 2: Strategic Goals - As CFO, Farr will focus on improving operational efficiency and driving profitable growth aligned with Lazard's 2030 goals [3] - Betsch expressed confidence in the firm's preparedness for future opportunities under Farr's leadership [3] Group 3: Company Background - Lazard, founded in 1848, is a leading financial advisory and asset management firm with a global presence [5] - The firm provides a range of services including mergers and acquisitions, capital markets solutions, and asset management [5]

Core Insights - Lazard, Inc. reported a net revenue of $907 million for Q4 2025, marking an 11% increase from $817 million in Q4 2024, and a full-year net revenue of $3,099 million, a 2% increase from $3,052 million in 2024 [4][40] - The company’s adjusted net income for Q4 2025 was $89 million, or $0.80 per share, a 5% increase from $85 million in Q4 2024, while the full-year adjusted net income was $266 million, or $2.44 per share, a 9% increase from $244 million in 2024 [2][45] - CEO Peter R. Orszag emphasized the successful execution of the Lazard 2030 long-term growth strategy, highlighting record revenues in Financial Advisory and significant inflows in Asset Management [3][7] Financial Performance - For Q4 2025, Financial Advisory generated net revenue of $542 million, a 4% increase from Q4 2024, while for the full year, it reported $1,834 million, also a 4% increase [5][45] - Asset Management reported net revenue of $367 million for Q4 2025, an 18% increase from Q4 2024, and $1,275 million for the full year, a 7% increase [11][12] - The company’s total assets under management (AUM) reached $254 billion as of December 31, 2025, a 12% increase from $226 billion a year earlier [14][49] Shareholder Returns - Lazard returned $98 million to shareholders in Q4 2025, including $47 million in dividends and $50 million in stock repurchases [25][27] - For the full year 2025, the total return to shareholders was $393 million, comprising $187 million in dividends and $91 million in stock repurchases [26][27] Cost Management - Compensation and benefits expense for Q4 2025 was $638 million, up from $534 million in Q4 2024, with an adjusted compensation ratio of 65.5% [15][16] - Non-compensation expenses for Q4 2025 were $183 million, consistent with Q4 2024, while adjusted non-compensation expenses were $159 million, a 3% increase [19][20] Strategic Developments - Tracy Farr has been appointed as the new Chief Financial Officer, indicating a strategic move to strengthen the leadership team [3] - Lazard's restructuring and liability management practice has been engaged in various significant mandates, showcasing its active role in the market [9]

NEW YORK, Jan. 28, 2026 /PRNewswire/ -- Lazard, Inc. (NYSE: LAZ) today announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on February 20, 2026, to stockholders of record on February 9, 2026. About Lazard Founded in 1848, Lazard is the preeminent financial advisory and asset management firm, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice ...

Core Viewpoint - Lazard (LAZ) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ending December 2025, with the consensus outlook indicating potential impacts on its near-term stock price [1][2]. Earnings Expectations - The upcoming earnings report is scheduled for January 29, and if the results exceed expectations, the stock may rise; conversely, a miss could lead to a decline [2]. - The Zacks Consensus Estimate predicts quarterly earnings of $0.64 per share, reflecting an 18% decrease year-over-year, with revenues expected at $810.16 million, down 0.3% from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised down by 15%, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Lazard aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, but its predictive power is stronger for positive readings [9][10]. - Lazard currently holds a Zacks Rank of 5, which complicates predictions of an earnings beat [12]. Historical Performance - In the last reported quarter, Lazard exceeded the expected earnings of $0.41 per share by delivering $0.56, resulting in a surprise of +36.59% [13]. - Over the past four quarters, Lazard has consistently beaten consensus EPS estimates [14]. Conclusion - While Lazard does not appear to be a strong candidate for an earnings beat, investors should consider other factors when making decisions regarding the stock ahead of the earnings release [17].

Core Viewpoint - Lazard, Inc. will announce its fourth quarter and full year 2025 financial results on January 29, 2026, with a press release available on its website [1] Group 1: Financial Results Announcement - The financial results will be disclosed in a press release on January 29, 2026 [1] - A conference call to discuss the financial results will be held at 8:00 a.m. ET on the same day [2] - A replay of the conference call will be accessible by 10:00 a.m. ET on January 29, 2026 [3] Group 2: Company Overview - Lazard is a leading financial advisory and asset management firm, established in 1848 [4] - The company operates globally, providing services in mergers and acquisitions, capital markets, restructuring, and asset management [4] - Lazard is publicly traded on the New York Stock Exchange under the ticker LAZ [4]