Perella Weinberg Partners · NASDAQ:PWP
Perella Weinberg Partners — Q3 2025 Earnings Presentation
16 slides from Perella Weinberg Partners's earnings presentation, Nov 7, 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION November 2025 PERELLA WEINBERG
Slide 2: Notices & Disclaimers
Notices & Disclaimers Disclaimers This document is “as is" and is based, in part, on information obtained from other sources. Our use of such information does not imply that we have independently verified or necessarily agree with any of such information, and we have assumed and relied upon the accu
Slide 3: Advisory-Focused Investment Bank
PERELLA WEINBERG | Advisory-Focused Investment Bank ADVISORY PRODUCT EXPERTISE “a Mergers & piu Restructuring Financing & Capital e Shareholder Engagement, all Private Funds Acquisitions & Liability Management a Markets Advisory SW Analytics, & Activism Advisory INDUSTRY COVERAGE . Energy & Financia
Slide 4: Clients Rely on our Advice and Expertise
Clients Rely on our Advice and Expertise o) HOLcIM @ CrownRock La Caisse AMBER INFRASTRUCTUREGROUP covestro| SHOCKWAVE Financial advisor to Holcim in connection with its planned separation of its North American business via a spin-off and US. listing Financial advisor to CrownRock L.P. in connection
Slide 5: Our Business is Positioned for Long-Term Revenue Growth
Our Business is Positioned for Long-Term Revenue Growth Broad Team With Long Runway 76 Experienced & Committed Organic & Inorganic Growth 31% of Partners average Vearn <3 Years in Role Advisory Partners Experience Globally 51 18 41% of Partners PERE VETS of Internal Promotes Average age of Partner P
Slide 6: Multiple Drivers of Revenue Growth
Multiple Drivers of Revenue Growth | Enter Open Spaces | a | = Pursue new sectors and coverage | vo | | = Expand range of advisory services vo | u J a I Ly ; z 2 2 a = Add in adjacent sectors within core industries “7 = Extend advisory capabilities “* = Leverage established Firm infrastructure peat
Slide 7: Our Culture Attracts High Quality Clients and Talent
Our Culture Attracts High Quality Clients and Talent WE VS. ME MENTALITY PERELLA WEINBERG OWNERSHIP MENTALITY INCLUSIVE
Slide 8: Drivers of Shareholder Value
Drivers of Shareholder Value REVENUE GROWTH ———— EXPENSE MANAGEMENT Grow Partnership & Invest Responsibly & Client Coverage Footprint Strategically in Growth Expand Existing Partner Demonstrate Balanced Comp Productivity Discipline Expand Advisory Drive Operating Leverage via Services Non-Comp
Slide 9: Financial Overview
Financial Overview ADJUSTED NON-GAAP Q3 2025 YTD 2025 LTM Q3 2025 Revenue $165M $532 $757 YoY Perf. -41% -18% -12% Pre-Tax Income $20M $53M $93M EPS $0.13 $0.51 $0.77 v¥ $186M Cash v¥ No Debt September 30, 2025 Balance Sheet
Slide 10: Prudent Capital Priorities and Strong Shareholder Alignment
Prudent Capital Priorities and Strong Shareholder Alignment CAPITAL PRIORITIES G) Invest in our Business (2) Maintain Strong, Asset Light Balance Sheet Return Excess Cash | = Repurchases to Shareholders " Dividends SHAREHOLDER ALIGNMENT —— © ® © Partners and Employees Own > 30% of the Firm Stock is
Slide 11: Approximately $690 Million Returned to Equity Holders
Approximately $690 Million Returned to Equity Holders mw Unit Exchanges m Net Settlements Share Repurchases ™ Dividends ™ Distributions Shares & Share Equivalents Retired Avg. Price $47M 2021 1.7M $12.84 $136M Ee 2022 10.6M $7.40 $67M 2023 4.0M $9.77 $282M 2024 14.5M $16.51 $157M 2025 YTD 6.4M $21.6
Slide 12: We Actively Manage Our Share Count
We Actively Manage Our Share Count WB Class A Shares HM Partnership Units (SHARES / UNITS IN MILLIONS) Partnership Exchanges 92.8 (0.9) 86.3 (3.0) 29 86.2 86.6 (4.0) 5.8 — || 12/31/2021 Net Net 12/31/2022 Net Net 12/31/2023 Net Net 12/31/2024 Net Net 9/30/2025 Partnership Class A Partnership Class A
Slide 13: Compelling and Simple Investment Thesis
Growing Revenue Large addressable market Strength of brand and client relationships position us well for market share gains Investment in people to support next leg of growth has been meaningful Significant industry open space remains Substantial Earnings Power As platform drives toward initial mile
Slide 14: Consolidated Income Statement (GAAP)
Consolidated Income Statement (GAAP) ($ IN MILLIONS) Three Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, 2025 2024 2025 2024 2024 2023 $ssi7§ssz4] Ss 8780] $640.7] Expenses Compensation and benefits 88.7 1741 292.0 392.6 525.9 426.6 Equity-based compensation 27.6
Slide 15: GAAP To Adjusted (Non-GAAP) Reconciliation
GAAP To Adjusted (Non-GAAP) Reconciliation ($ IN MILLIONS) Ts ont ded wing Moth se Year Ended December 2025 2024 2025 2024 2024 2023 Revenues $ 1646 $ 278.2 $ S317 $ 652. $ 878.0 $ 648.7} Compensation and benefits Total compensation and benefits- GAAP 163 202.3 3739 6282 72842 6089 Adjustments Equit
Slide 16: Notes to GAAP Reconciliation of Adjusted (Non-GAAP) Results
Notes to GAAP Reconciliation of Adjusted (Non-GAAP) Results a (2) @) (4) (5) 6) a” (8) (9) 10) Equity-based compensation not dilutive to investors in PWP or PWP Holdings LP (“PWP OpCo”) includes the amortization of legacy awards granted to certain partners prior to a business combination that closed
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