Lazard, Inc. · NYSE:LAZ
Lazard — Q2 2026 Earnings Presentation
44 slides from Lazard's earnings presentation, Jul 23, 2026
Slide 1: Investor Presentation
JULY 2026 Investor Presentation
Slide 2: Safe Harbor
Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to These factors also include, but are not limited to: (a) the possibility that the Transaction will future performance and events . These statements, estimates and forecasts are “forward - not be complet
Slide 3: Non-GAAP Financial Information
Non-GAAP Financial Information This presentation uses non -GAAP measures for (a) adjusted net revenue, (b) adjusted certain non -GAAP measures provide a meaningful and useful basis for assessing our compensation and benefits expense, (c) adjusted non -compensation expenses, (d) adjusted operating re
Slide 4: Investment Thesis
INVESTOR PRESENTATION Investment Thesis Lazard is the preeminent, independent financial advisory and asset management firm focused on driving the next phase of growt h 1 Investment Highlights Global perspective paired with local presence 2 Balanced Business One Lazard serving our clients 3 Financial
Slide 5: Investment Highlights
1Investment Highlights
Slide 6: Our Firm
INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS Our Firm Lazard is defined by independent, differentiated advice and investment solutions grounded in “contextual alpha” – the broad insi ght needed to navigate macroeconomic, geopolitical and other forces, helping leaders see beyond what the world sees
Slide 7: Our Business – One Lazard Platform
INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS Our Business –One Lazard Platform Lazard has a simple and powerful model, focused on three complementary intellectual capital businesses Asset Management Financial Advisory $285b 16 226 12 AUM Years average 2Q26 MD tenure Premier Brand & Managing Directo
Slide 8: Our People Drive Our Performance
INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS Our People Drive Our Performance Lazard’s reputation for excellence, integrity and delivering innovative results is driven by our commercial and collegial cul ture, comprised of talented colleagues working together to provide exceptional advice and inves
Slide 9: Our AI-Enabling Technology
INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS Our AI-Enabling Technology We are investing in AI to drive operational excellence and accelerate proprietary insights for our clients AI Strategy to Enhance Operational Performance Accelerating our growth by investing in a “smart” enterprise that operate
Slide 10: Lazard 2030 Strategy
INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS Lazard 2030 Strategy Strategic goals and actions in place to drive long -term growth and profitability with ✓demonstrated progress +100% 10-15% Revenue Relevance Returns Our goal is for revenue to double by Our goal is for our relevance to grow Our goal
Slide 11: Annual Performance
INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS Annual Performance Lazard’s 2030 Strategy is designed to drive revenue growth and higher operating margins ($M) Total Net Revenue Operating Margin Return of Capital $3,139 $3,030 $695 $2,890 26% $2,769 $576 $2,440 42% 21% 38% $436 40% 38% 17% Average $38
Slide 12: Quarterly Performance
INVESTOR PRESENTATION I INVESTMENT HIGHLIGHTS Quarterly Performance Our complementary businesses delivered resilient performance Total Net Revenue Financial Advisory Net Revenue Asset Management Net Revenue $892 $542 $770 $725 $786 $491 $339 $331 $673 $422 $445 $356 $309 $294 $268 2Q25 3Q25 4Q25 1Q2
Slide 13: Balanced Business
2 Balanced Business
Slide 14: Asset Management at a Glance
INVESTOR PRESENTATION II BALANCED BUSINESS Asset Management at a Glance Premier active manager with significant diversification of investment strategies and global market reach $285b $7b+ > 45 68% Assets under Net inflows Investment strategies AUM in non -USD management YTD 2Q26 >$1b in AUM securiti
Slide 15: Diversified Assets Under Management
INVESTOR PRESENTATION II BALANCED BUSINESS Diversified Assets Under Management Significant diversification, scale and performance through the cycle By Client Type By Asset Class By Investment Strategy By Vehicle 4% 4% 9% 9% 9% 15% 20% 12% 11% 46% 47% 45% 37% 75% 57% Equity Emerging Markets Instituti
Slide 16: Asset Management Performance
INVESTOR PRESENTATION II BALANCED BUSINESS Asset Management Performance AUM provides resilient revenue generation and profitability Average Assets Under Management Net Revenue and Operating Income ($B) ($M) $272 $1,329 $243 $247 $1,166 $227 $233 $1,099 $1,100 $1,068 43 43 42 41 43 $336 $303 $267 $26
Slide 17: Delivering Innovative Investment Solutions
INVESTOR PRESENTATION II BALANCED BUSINESS Delivering Innovative Investment Solutions Demonstrated ability to innovate and scale strategies organically and through team additions Large, Organically Scaled Platforms Recent Trends in AUM and net flows show positive inflection Demonstrated ability to s
Slide 18: Lazard Active ETF Launch Growth Catalyst
INVESTOR PRESENTATION II BALANCED BUSINESS Lazard Active ETF Launch Growth Catalyst Our expanded suite of active ETFs offers access to compelling equity and fixed income strategies from our specialized investm ent teams so investors can pursue their most important goals Upcoming fixed income ETFs pr
Slide 19: Asset Management – A Differentiated Global Platform
INVESTOR PRESENTATION II BALANCED BUSINESS Asset Management –A Differentiated Global Platform Significant demand for active strategies where sophisticated insights and quantitative edge deliver superior results • Investment platform built on fundamental research -driven, active • Expanding active ET
Slide 20: Financial Advisory at a Glance
INVESTOR PRESENTATION II BALANCED BUSINESS Financial Advisory at a Glance Sophisticated, local financial expertise, paired with global execution capabilities Link to public $1.8b 346 226 Lazard Insights report Net revenue Clients with Managing Link with solid fill LTM 2Q26 fees >$1M Directors AI Imp
Slide 21: Preeminent Independent Global Financial Advisory
INVESTOR PRESENTATION II BALANCED BUSINESS Preeminent Independent Global Financial Advisory Independent, innovative insights to support clients’ strategic initiatives Strategic and M&A Advisory Capital Markets Advisory • Public / private valuation • Public capital raising advisory – debt and equity
Slide 22: Global Insights, Local Presence
INVESTOR PRESENTATION II BALANCED BUSINESS Global Insights, Local Presence Seasoned, independent financial advisory expertise paired with deep industry knowledge Strategic Advisory Catalysts Diversified Industry Expertise Geographic Strengths • Energy transition 2025 Net Revenue by Industry Sector •
Slide 23: Financial Advisory Performance
INVESTOR PRESENTATION II BALANCED BUSINESS Financial Advisory Performance Significant investment in talent to drive growth and increase productivity Net Revenue and Operating Income Expanding Our Market Breadth with Innovative Transactions and Seasoned Expertise ($M) $1,778 $1,825 Managing Directors
Slide 24: Investments in MD Talent – Understanding the Transitional Revenue J-Curve
INVESTOR PRESENTATION II BALANCED BUSINESS Investments in MD Talent –Understanding the Transitional Revenue -Curve J From 2023 to 2025, we separated with 87 total We are now moving through a Financial Advisory Financial Advisory MDs, which has been more than revenue J - curve as the new MD cohorts r
Slide 25: Selected Strategic Advisory Trends
INVESTOR PRESENTATION II BALANCED BUSINESS Selected Strategic Advisory Trends Diversified global M&A drivers support sustained growth for Lazard’s M&A platform Technology Industrials Power & Energy Healthcare ➢ AI Reshaping Markets ➢ Robust Power Demand ➢ Strategic Consolidation ➢ Technology and Aut
Slide 26: Lazard to Acquire Campbell Lutyens, Creating the Global Leader in Private Capital
INVESTOR PRESENTATION II BALANCED BUSINESS Lazard to Acquire Campbell Lutyens, Creating the Global Leader in Private Capital A On April 30, 2026, Lazard entered into a definitive agreement to acquire Campbell Lutyens, a premier global private markets a dvi sor focused on fund placement, secondary ad
Slide 27: Global Capital Solutions
INVESTOR PRESENTATION II BALANCED BUSINESS Global Capital Solutions • Rapid convergence of public and private capital markets allows Lazard to provide unbiased advice across all financing options • Scale and flexibility of the private capital markets facilitate creative financing solutions across ca
Slide 28: Financial Strategy
Financial Strategy LAZARD
Slide 29: Capital Management Strategy
INVESTOR PRESENTATION III FINANCIAL STRATEGY Capital Management Strategy Our commitment to shareholder value creation includes disciplined investment in growth and returning excess capital to shareh olders Evaluate capital needs Maintain attractive for growth strategy common dividend Optimize Common
Slide 30: Balanced Profitability
INVESTOR PRESENTATION III FINANCIAL STRATEGY Balanced Profitability ($M) Operating Income $600 $400 $200 26% 21% 7% 14% 14% $- 2021 2022 2023 2024 2025 Asset Management Financial Advisory Firm-wide Operating Margin Segment Operating Margin Asset Management Financial Advisory 38% 33% 32% 31% 28% 24%
Slide 31: Commitment to Expense Discipline
INVESTOR PRESENTATION III FINANCIAL STRATEGY Commitment to Expense Discipline Lazard 2030 strategy is focused on driving enhanced productivity as we continue to invest and grow our business Target Expense Ratios Global Talent Compensation Ratio of 60% or below Asset Management new Executive Leadersh
Slide 32: Strong Balance Sheet and Liquidity
INVESTOR PRESENTATION III FINANCIAL STRATEGY Strong Balance Sheet and Liquidity Optimal capital structure with flexibility to navigate varying market environments Investment Grade Capital Balanced Debt Profile with Long -term Maturities Structure ($ in millions) • Senior notes – $1.7 billion • No tr
Slide 33: Dividends and Share Repurchases
INVESTOR PRESENTATION III FINANCIAL STRATEGY Dividends and Share Repurchases Balancing capital returns with growth initiatives through the cycle 1 Annual Dividends 2 Weighted Average Shares Outstanding (Shares in millions) $1.97 $2.00 $2.00 $2.00 $1.88 114.2 110.5 108.9 103.2 104.4 97.5 $1.00 9.1 19
Slide 34: Appendix
Appendix LAZARD
Slide 35: U.S. GAAP Selected Financial Information
INVESTOR PRESENTATION APPENDIX (a) Unaudited U.S. GAAP Selected Financial Information ($ in millions) Total Firm 2021 2022 2023 2024 2025 Q2’26 H1’26 Net Revenue $3,193 $2,774 $2,515 $3,052 $3,099 $808 $1,564 % Growth 24% (13%) (9%) 21% 2% Compensation and Benefits Expense 1,896 1,656 1,946 2,003 2,
Slide 36: U.S. GAAP Net Revenue to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX Unaudited U.S. GAAP Net Revenue to Adjusted Reconciliation ($ in millions) Total Firm 2021 2022 2023 2024 2025 Q2’26 H1’26 Net Revenue - U.S. GAAP $3,193 $2,774 $2,515 $3,052 $3,099 $808 $1,564 Adjustments: Noncontrolling interests and similar arrangements (c) (32) (49
Slide 37: U.S. GAAP Compensation to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX Unaudited U.S. GAAP Compensation to Adjusted Reconciliation ($ in millions) Total Firm 2021 2022 2023 2024 2025 Q2’26 H1’26 Compensation and Benefits Expense - U.S. GAAP $1,896 $1,656 $1,946 $2,003 $2,085 $562 $1,054 Adjustments: Noncontrolling interests and similar ar
Slide 38: U.S. GAAP Non-Compensation to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX Unaudited U.S. GAAP Non -Compensation to Adjusted Reconciliation ($ in millions) Total Firm 2021 2022 2023 2024 2025 Q2’26 H1’26 Non -Compensation Expenses - U.S. GAAP $571 $601 $693 $670 $705 $208 $383 Adjustments: Noncontrolling interests and similar arrangements (c)
Slide 39: U.S. GAAP Net Income to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX Unaudited U.S. GAAP Net Income to Adjusted Reconciliation ($ in millions, except per share values) Total Firm 2021 2022 2023 2024 2025 Q2’26 H1’26 Net Income (Loss) attributable to Lazard, Inc. - U.S. GAAP $528 $358 ($75) $280 $237 $5 $106 Adjustments: Expenses associa
Slide 40: Non-GAAP Selected Financial Information
INVESTOR PRESENTATION APPENDIX (a) Unaudited Non-GAAP Selected Financial Information ($ in millions, except per share values) Total Firm 2021 2022 2023 2024 2025 Q2’26 H1’26 Adjusted Net Revenue $3,139 $2,769 $2,440 $2,890 $3,030 $786 $1,459 % Growth 24% (12%) (12%) 18% 5% Adjusted Compensation and
Slide 41: Non-GAAP Supplemental Segment Information
INVESTOR PRESENTATION APPENDIX Unaudited Non-GAAP Supplemental Segment Information ($ in millions) Financial Advisory 1 Asset Management 1 Corporate 2 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Adjusted Net Revenue $1,778 $1,652 $1,357 $1,731 $1,825 $1,329 $1,099 $1,0
Slide 42: Asset Management Adjusted Net Revenue
INVESTOR PRESENTATION APPENDIX Unaudited Asset Management Adjusted Net Revenue Asset Management Annual Quarterly 2021 2022 2023 2024 2025 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 ($ in millions) Management Fees $1,155 $977 $978 $998 $1,048 $252 $272 $287 $296 $310 Incentive Fees 120 67 30 43 59 4 9 37 11 5 Oth
Slide 43: U.S. GAAP Operating Income to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX Unaudited U.S. GAAP Operating Income to Adjusted Reconciliation ($ in millions) Financial Advisory Asset Management Corporate Total Firm 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net Revenue - U.S. GAAP $1,765 $
Slide 44: Notes to Financial Schedules
INVESTOR PRESENTATION APPENDIX Notes to Financial Schedules (a) Selected Financial Information are both U.S . GAAP and non -GAAP measures . Lazard believes that presenting results and measures on an adjusted basis in conjunction with U.S . GAAP measures provides a meaningful and useful basis for com