Pjt Partners Inc. · NYSE:PJT
Pjt Partners — Q2 2025 Earnings Presentation
29 slides from Pjt Partners's earnings presentation, Jul 29, 2025
Slide 1: Who We Are
Ir PUT Partners July 29, 2025 Who We Are —_ ll
Slide 2: Notices and Forward-Looking Statements
Notices and Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of These measures should not be considered substitutes for, or superior to, financial measures prepared in Disclaimers 1933, as amended, and Section 21
Slide 3: PJT Partners is a Premier, Global, Advisory-Focused Investment Bank
PJT Partners is a Strategic Advisory Premier, Global, > M&A Advisory Advisory-Focused > Capital Markets Advisory Investment Bank > Shareholder Advisory 2015 ~$7.2bn ~$1.5bn NYSE: PJT Listing Market Capitalization LTM 2Q25 Revenues Restructuring & Special Situations > Liability Management 400+ 60+ 15
Slide 4: Why PJT, Why Now
Why PJT Strong Future Growth Why Now A Firm That's Resilient Prospects > Balanced business model allows for growth in > Significant market share growth opportunities most market environments > Further integration across businesses to drive > Breadth of capabilities growth Secular Tailwinds Disciplin
Slide 5: What We're Building
What We're Our People & Our Relationships Our Financial Results Building Partners Revenues Total partner count $ millions 129 $1,535 +180% +278% 46 $406 2015 2Q25 2015 LTM 2Q25 Employees Adjusted Pretax Income Total headcount $ millions 1,155 $294 +227% +601% 353 $42 1 2 3 2015 2Q25 2015 LTM 2Q25 Cl
Slide 6: Premier Destination for Talent
Premier Partners Destination for Talent 46 51 61 71 81 88 97 105 115 119 129 18 11 14 3 20 13 15 3 27 13 17 4 37 13 16 5 45 14 15 7 52 13 16 7 56 15 18 8 66 15 18 6 73 18 19 5 75 18 20 6 81 18 23 7 Strategic Advisory Restructuring PJT Park Hill Corporate 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 7: Long-Term Growth Driven by a Growing Roster of Experienced Practitioners
Long-Term Growth Number of Strategic Driven by a Advisory Partners Growing Roster of 81 Sustained Experienced 73 75 growth in Practitioners 66 Strategic Advisory # of Strategic Advisory Partners partner count 56 with >2 years on PJT platform 52 45 ~25% of 37 partners still new 61 to the PJT 27 58 53
Slide 8: Why Clients Choose Us
Why Clients Broad Suite of Capabilities The Importance of Every Client Choose Us > Mergers & Acquisitions (“M&A”) > Capital Markets Advisory > Complex Investor Matters Advice is our North Star > Board Advisory > Activism Defense Strategic > Geopolitical and Policy Advisory Advisory > GP1 Stakes Adv
Slide 9: PJT is Built from the Ground Up to Be Different
PJT is Built from the Ground Up to Be Different Big Firm Capabilities Small Firm Feel Global reach Commitment to excellence Collaboration & teamwork Advice is the main event Brand recognition Concentration of top practitioners Complex transaction flow Entrepreneurial at all levels Cross-product capa
Slide 10: Employer of Choice
Employer of Choice > Offer best qualities of a larger organization combined with the energy of a small, entrepreneurial firm > Hire individuals with differentiated expertise, who will also contribute positively to our culture > Culture of continuous improvement > Reward employees on commercial contr
Slide 11: What Our Employees Are Saying About Us
What Our Doing the Commitment Culture of Client Employees Are Right Thing to Excellence Collaboration Exposure Saying About Us There is a cohesive culture of collaboration, The outstanding people with strong intellectual openness, and mentorship. Everyone is here to curiosity, passion, humor and emp
Slide 12: PJT Partners Gives Back
PJT Partners Gives $11mm+ 490+ Back total firm giving global organizations supported across our communities1 1 (1) Cumulative since 2020 through 6/30/25. 12
Slide 13: We See Our Reputation as Defined by Your Results
We See Our Strong Legacy One Firm Reputation as New Energy Many Capabilities Defined by Your Results Thinking Ahead Long-standing Trusted Advisor Getting Ahead Relationships Character, Content, Focus on Today’s Opportunities Collaboration Forging Tomorrow’s 13
Slide 14: Our Businesses
PUT Partners Bir Our Businesses
Slide 15: Strategic Advisory
Strategic Advisory Mergers & Board Activism Advises Many of the M&A Advisory Acquisitions Advisory Defense World’s Most Energy Geopolitical & Strategic Advisory Transition Policy Advisory Consequential Companies on Capital Markets Advisory $67 billion $63 billion $59 billion $50 billion Strategic Ob
Slide 16: Strategic Advisory: Capital Markets Advisory
Capital Markets Equity Capital Debt Capital Structured Advisory Provides M&A Advisory Markets Markets Products Differentiated Private Capital Spin-Offs SPACs Strategic Advisory Markets Capital Raising and Independent Capital Markets Advisory Advice in Public and Private Markets Across Shareholder Ad
Slide 17: Strategic Advisory: PJT Camberview Shareholder Advisory
PJT Camberview Governance Strategic Complex & Brings Decades of Advisory Investor Contested M&A Advisory Relations Situations Investor Experience Successfully build Design strategies to Develop strategies to Strategic Advisory relationships and engage deliver enhanced public proactively mitigate and
Slide 18: We Are the Go-To Trusted Advisor in Situations of Financial Distress
We Are the Go-To Trusted Advisor in M&A Advisory Situations of 2020, 2021, 2022 & 2023 IFR’s Restructuring Advisor of the Year Financial Distress #1 U.S. #1 Worldwide Announced & Completed restructurings1 Announced & Completed restructurings1 Over 500 clients around the Capital Markets Advisory worl
Slide 19: PJT Park Hill is a Leading Global Advisor and Placement Agent
PJT Park Hill is a Leading Global Fundraising M&A Advisory Advisor and Private Equity, $545bn+ Capital raised Placement Agent to Real Estate, Alternative Credit/ Alternative Asset Hedge Funds Capital Markets Advisory Managers 505+ Primary funds 5,500+ Investor represented relationships Our platform
Slide 20: Market Leadership in Alternative Asset Management
Market Leadership in Alternative Private Equity Real Estate Alternative Credit / Hedge Funds Private Capital Solutions Asset Management > Buyouts > Opportunistic & > Private & public credit > GP liquidity solutions value-add > Growth equity > Public equity ‒ Single & multi asset > Core / core+ > Spe
Slide 21: Our Financials
PUT Partners Bir Our Financials
Slide 22: Financials
Financials Revenue Adjusted EPS1 $ millions $ per share 1,535 1,493 $5.42 5.02 4.93 4.44 1,153 1,052 3.92 1,026 992 3.27 718 2.41 580 499 499 1.91 1.55 1.54 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM (1) Figures are shown ‘as adjusted’; see reconciliations on page 28. For 2016 2017 2018 2019 2
Slide 23: Financial Overview
Financial Overview Second Quarter 2025 First Half 2025 Last Twelve Months 2Q25 Revenue $407mm $731mm $1,535mm +13% +6% +18% Pretax Income GAAP $76mm $129mm $281mm +19% +9% +32% Adjusted¹ $80mm $136mm $294mm +22% +13% +35% EPS GAAP Diluted $1.21 $3.21 $5.82 +14% +40% +52% Adjusted¹ $1.54 $2.59 $5.42
Slide 24: Capital Priorities and Disciplined Financial Management
Capital Priorities and Disciplined Financial Capital Operational Shareholder Management Priorities Oversight Alignment > Invest in our > Disciplined > Significant stock business expense based component of management compensation > Offset dilution ~40% employee > Strong cash ownership > Maintain a di
Slide 25: Historical Share Repurchase Summary
Historical Share # of Shares Repurchased Repurchase millions of shares Summary1 4.0 3.2 3.2 3.1 2.9 2.9 3.0 1.9 2.2 2.2 2.0 1.4 1.0 - 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2Q25 Dollars Spent on Share Repurchases $ millions 500 438 400 333 300 236 200 156 163 142 158 100 52 76 - 2017 2018 2019
Slide 26: Share Count
Share Count Share count in millions Class A Common Shares Vested Partnership Units 46.1 45.9 Unvested Partnership Units 43.0 43.4 Unvested RSUs 3.6 3.7 6.8 6.4 1.1 1.2 1.1 1.2 14.4 14.2 14.4 14.1 24.0 24.4 23.8 24.3 Three months ended As of (1) Assumes the conversion of all Partnership Units, includ
Slide 27: GAAP Statements of Operations
GAAP Statements Amounts in millions, except per share data of Operations 2025 3 Months Ended 6/30, 2024 2025 6 Months Ended 6/30 2024 2025 12 Months Ended 6/30, 2024 2024 2023 12 Months Ended 12/31, 2022 2021 2020 Revenues Advisory Fees $354.5 $307.1 $636.7 $595.8 $1,354.9 $1,130.5 $1,314.0 $1,026.6
Slide 28: Summary of GAAP to Adjusted Financial Information
Summary of GAAP Amounts in millions, except per share data to Adjusted 3 Months Ended 6/30, 6 Months Ended 6/30, 12 Months Ended 6/30 12 Months Ended 12/31, 2025 2024 2025 2024 2025 2024 2024 2023 2022 2021 2020 Financial Revenues Information Advisory Fees Placement Fees $354.5 $43.2 $307.1 $46.9 $6
Slide 29: Notes to Financials
Notes to 1. This adjustment adds back to GAAP Pretax Income (Loss) transaction-related compensation expense for equity based and cash awards granted in connection with the spin-off from former Parent, the acquisition of CamberView on October 1, 2018, and the Financials acquisition of deNovo Partners