Investor Presentation SECOND QUARTER 2025 July 30, 2025 CBIZ.COM | NYSE: CBZ Forward-Looking Statements 2 Non-GAAP Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we also present Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share ("EPS"), and Adjusted EBITDA, which are non-GAAP measures. These non-GAAP measures are adjusted to exclude the impact of the Transaction, integration costs, amortization of acquired intangible asse ...

Financial Data and Key Metrics Changes - The total firm-wide adjusted net revenue for the first half of 2025 was $1.4 billion, with a second quarter adjusted net revenue of $770 million, up 12% year-over-year [4][8] - Financial Advisory achieved a record first half adjusted net revenue of $861 million, with second quarter adjusted net revenue of $491 million, up 20% from the previous year [4][8] - Asset Management reported adjusted net revenue of $533 million for the first half of the year, with second quarter adjusted net revenue of $268 million, up 1% year-over-year [5][10] Business Line Data and Key Metrics Changes - Financial Advisory revenue demonstrated geographic and product diversity, with record revenue in France and Germany [4] - Revenue from private capital accounted for over 40% of total financial advisory revenue, reflecting increased emphasis on this business [5] - Asset Management AUM increased by 10% year-to-date, reaching $248 billion as of June 30, 2025, with positive net flows and record gross inflows for the first half of the year [5][10] Market Data and Key Metrics Changes - The second quarter saw market appreciation of $11.9 billion and foreign exchange appreciation of $8.4 billion, contributing to overall asset management performance [11] - Notable new mandates included significant inflows from various institutional clients across different strategies, indicating robust client engagement [11] Company Strategy and Development Direction - The company is diversifying its advisory business model, now comprising approximately 60% M&A and 40% non-M&A activities, with a focus on expanding product offerings [24] - The outlook for M&A activity is improving, driven by strong corporate balance sheets and ongoing dialogue with corporate strategics [14][29] - The company is investing in talent acquisition, having hired 14 financial advisory managing directors in 2025, aiming to expand its team by 10 to 15 net per year [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving environment for financial advisory activity, citing strong underlying drivers such as innovation and technology [14][26] - The regulatory environment is expected to clarify, which may enhance M&A activity, particularly from private equity [78] - Management highlighted the importance of human relationships in an AI-enabled world, emphasizing the need for deep client connectivity [74] Other Important Information - The adjusted effective tax rate for the second quarter was 36.5%, with expectations for the full year to be in the mid-twenty percent range [13] - The company returned $60 million to shareholders in the second quarter, including a quarterly dividend of $0.50 per share [13] Q&A Session Summary Question: Advisory outlook and recovery trajectory - Management noted that while the M&A market is improving, the business mix is diversifying, with a current ratio of 60% M&A and 40% non-M&A [24][26] Question: Asset management distribution momentum - Management highlighted changes in sales and distribution teams and increased clarity and accountability in setting sales goals, contributing to positive net inflows [35][36] Question: Advisory compensation ratio and hiring - The compensation ratio was held flat at 65.5%, with management cautious about quarter-to-quarter fluctuations, aiming for a long-term goal of 60% [42][43] Question: M&A activity in Europe vs. the U.S. - Management indicated that while European activity remains strong, they expect a disproportionate pickup in U.S. activity in the latter half of the year [54] Question: Impact of inflows on asset management fee rates - The fee rate increased slightly quarter-over-quarter, with expectations for stability or an increase due to shifts in AUM mix [83] Question: Restructuring and liability management activity - Management noted that even in a constructive environment, challenges remain for certain companies, leading to continued activity in liability management [92]

Financial Data and Key Metrics Changes - The company reported total firm-wide adjusted net revenue of $1.4 billion for the first half of the year, with a record first half in Financial Advisory generating adjusted net revenue of $861 million [2][3] - For the second quarter, firm-wide adjusted net revenue was $770 million, up 12% year-over-year, driven by Financial Advisory, which achieved adjusted net revenue of $491 million, up 20% from the previous year [5][6] - Adjusted compensation expense for the second quarter was $504 million, resulting in a compensation ratio of 65.5%, compared to 66% for the same quarter last year [9][10] Business Line Data and Key Metrics Changes - Financial Advisory revenue represented over 40% of total financial advisory revenue from private capital, reflecting a strategic shift towards this area [3] - Asset Management reported adjusted net revenue of $533 million for the first half of the year, with a positive net flow in the second quarter and AUM increasing by 10% year-to-date [3][4] - The second quarter adjusted net revenue for Asset Management was $268 million, up 1% year-over-year, with average AUM of $239 billion, which was 3% lower than the previous year [7][8] Market Data and Key Metrics Changes - The company noted strong client engagement across both businesses, with corporate leaders becoming more comfortable making decisions in the current environment [4] - Market appreciation contributed $11.9 billion to AUM, with foreign exchange appreciation adding $8.4 billion and net inflows of $700 million during the quarter [8] Company Strategy and Development Direction - The company is focusing on diversifying its advisory business model, with a current mix of approximately 60% M&A and 40% non-M&A activities [19] - There is an emphasis on enhancing the Asset Management business through improved sales and distribution strategies, with record gross inflows in the first half of the year [13][14] - The company is well-positioned to benefit from ongoing investments in private capital coverage and expects private equity to play a more active role in M&A [12][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving environment for financial advisory activity, citing strong corporate balance sheets and a constructive financing market [11][24] - The company anticipates that the regulatory environment will clarify, which should facilitate M&A activity, particularly from private equity [73] - Management highlighted the importance of human relationships in an AI-enabled world, emphasizing that deep client connectivity will remain crucial [69] Other Important Information - The company has returned $60 million to shareholders in the second quarter, including a quarterly dividend of $47 million [10] - The adjusted effective tax rate for the second quarter was 36.5%, with expectations for the full year to be in the mid-twenty percent range [10] Q&A Session Summary Question: Advisory outlook and recovery trajectory - Management emphasized the diversification of the advisory business model, now at a mix of 60% M&A and 40% non-M&A, and noted that while the environment is improving, it may not be linear [19][20] Question: Asset management distribution momentum - Management discussed changes in sales and distribution teams, highlighting clarity and accountability in setting specific goals, which have contributed to improved performance [29][30] Question: Timing to hit compensation ratio goals - Management stated that achieving the goal of a 60% compensation ratio will depend on market conditions and performance, with no specific timetable provided [36][37] Question: M&A activity in Europe vs. the U.S. - Management noted that while European activity remains strong, they expect a disproportionate pickup in U.S. activity in the latter half of the year [46][47] Question: Impact of recent inflows on asset management fee rates - Management indicated that the fee rate increased slightly quarter-over-quarter and year-over-year, with expectations for stability or an increase in average fee rates due to shifts in AUM [78][79]

Lazard's Business Overview - Lazard is an independent financial advisory and asset management firm[11] - Asset Management AUM reached $248 billion in 2Q25, with 63% in non-USD securities[19] - Financial Advisory had >200 clients in FY24 with fees >$1M[19] Financial Performance & Strategy - Lazard aims to double revenue by 2030 and achieve a 10-15% average annual total shareholder return (TSR)[31] - In 2024, Financial Advisory net revenue was $1731 million and Asset Management net revenue was $1100 million[161] - Lazard targets an $85 million annual revenue per MD in Financial Advisory by 2025, increasing to $10 million by 2028[34] Financial Metrics - Adjusted net revenue for 2024 was $2890 million[159] - The adjusted compensation ratio for 2024 was 659%[154] - The adjusted non-compensation ratio for 2024 was 199%[156]

Core Viewpoint - Lazard Inc. reported first-quarter 2025 adjusted earnings per share of 56 cents, exceeding the Zacks Consensus Estimate of 27 cents, but down from 66 cents per share in the same quarter last year [1][2] Financial Performance - Net income (GAAP) for Lazard was $60.4 million, a significant increase of 68.9% from the prior-year quarter [2] - Quarterly operating revenues were $643.2 million, reflecting a decline of 13.8% year over year, yet surpassing the Zacks Consensus Estimate of $616 million [3] - Operating expenses decreased to $593.4 million, down 16.4% year over year [4] Segment Performance - Financial Advisory segment adjusted operating revenues were $369.5 million, down 17.3% from the previous year [5] - Asset Management segment adjusted operating revenues decreased to $264.5 million, a decline of 4.1% year over year [5] - Corporate segment adjusted operating revenues were $9.1 million, down 61.9% from the year-ago quarter [5] Assets Under Management (AUM) - As of March 31, 2025, total AUM was $227.4 billion, a decrease of 9.2% from the prior-year quarter [6] - The average AUM in the reported quarter was $230.8 billion, down 6.5% year over year [6] Balance Sheet Position - Cash and cash equivalents totaled $908.6 million, down 30.5% from the prior quarter [7] - Stockholders' equity was $648.6 million, a decrease of 5.3% sequentially [7] Share Repurchase Activity - In the reported quarter, Lazard repurchased 0.8 million shares at an average price of $46.73 per share, with approximately $164 million remaining for future repurchases [9] Strategic Outlook - Increased dependence on advisory revenues and continued net outflows are expected to impact top-line growth [10] - Innovative investment strategies and cost mitigation initiatives are anticipated to support profitability [10]