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 [14][9] - 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), reaching $254 billion as of December 31, 2025 [15][9] - The company reported 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 noted a current level of won but not yet funded mandates at $13 billion, indicating strong demand for its services [7][10] - The company anticipates positive net flows in both financial advisory and asset management for 2026, driven by ongoing client demand and market conditions [6][10] Company Strategy and Development Direction - The company is focused on executing its Lazard 2030 long-term growth strategy, emphasizing investments in talent and operational efficiency [5][6] - There is a strategic shift towards enhancing advisory services related to private capital, aiming to increase the share of advisory revenue from private capital to 50% over time [22][32] - The company plans to expand its presence in North America, Europe, and the Middle East, with new offices opened in Denmark and the UAE [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A cycle, expecting acceleration in 2026 despite geopolitical uncertainties [24][60] - The company highlighted the importance of contextual alpha in navigating complex market conditions, which is seen as a competitive advantage [28][60] - Management noted that the disparity in corporate performance is leading to increased restructuring and liability management activity, alongside M&A [98][34] 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 - 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 [32][31] Question: CFO transition - The transition to the new CFO was characterized as normal and smooth, with the outgoing CFO serving as a senior advisor [40][39] Question: M&A market observations - Management anticipates heightened private equity activity in 2026, driven by sponsors needing to return capital to LPs [48][47] 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: Geopolitical tensions impact - No significant impact on corporate discussions was noted due to geopolitical tensions, with a focus on broader variables in decision-making [60][59] Question: Restructuring cycle outlook - Continued activity in restructuring is expected due to the widening performance disparity among companies [98][34]

3Q25 EARNINGS CONFERENCE CALL OCTOBER 30, 2025 © 2025 Tradeweb Markets LLC. All rights reserved. 113 112 115 239 178 30 167 101 115 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 Disclaimers The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsi ...