Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 2025
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore’s operations and financial performance. In some
Slide 3: Table of Contents
Table of Contents Section Evercore Overview I Evercore’s Breadth and Depth II Opportunities for Future Growth and Value Creation III Business Overviews IV Appendix V
Slide 4: I. Evercore Overview
l. Evercore Overview EVERCORE
Slide 5: Evercore: Focused on Delivering for Our Clients, Our Shareholders and Our People
Evercore: Focused on Delivering for Our Clients, Our Shareholders and Our People Our Goal To be the most respected and trusted independent investment bank in the world Our Priorities Long-term, trusted relationships, providing a breadth of capabilities to Clients advise our clients on their most imp
Slide 6: Track Record of Achieving Strong Results for Our Clients, Our Shareholders and Our People
Track Record of Achieving Strong Results for Our Clients, Our Shareholders and Our People #1 #1 #1 in Advisory Revenues among M&A league table ranking globally among Research Provider among all firms on a Independent Firms and #3 among All all independent firms 2025 weighted basis, for the fourth co
Slide 7: 2025: Strategic Milestones
2025: Strategic Milestones Financial Talent Expansion #3 largest investment bank, 171 Investment Banking senior Acquisition of Robey Warshaw, based on Advisory fees1,2 managing directors (SMDs) at a leading UK-based advisory the end of 2025 firm Record net revenues of $3.9bn1 ► 50% more Inve
Slide 8: Why Evercore?
Why Evercore? Leading global independent investment banking firm Sustainable Differentiated Diversified revenue stream Business Model Strong culture with an emphasis on talent development Broad independent advisory capabilities Expanded Revenue Leading private capital advisory and fundrais
Slide 9: Evercore Delivers Best-In-Class Performance And Is A Leader In Growth and Margins
Evercore Delivers Best-In-Class Performance And Is A Leader In Growth and Margins Strong Revenue Growth and Operating Margins Relative to Peers1,2 30% 35% 34.3% 26% 28% 25.9% 20% 18% 23.2% 21.6% 21% 18.6% 18.4% 15.7% 10% 14% 7% 0% 2 Yr CAGR Evercore Peer Average 0% 2021 2022 2023 2024 2025 EVR 5-Yea
Slide 10: Third Largest Investment Bank Based on Advisory Fees in FY 2025
Third Largest Investment Bank Based on Advisory Fees in FY 20251,2 ($ in billions) $5.0 $4.7 $4.5 $4.0 $3.5 $3.5 $3.3 $3.0 $2.9 $2.6 $2.5 $2.1 $2.0 $1.9 $1.9 $1.8 $1.7 $1.5 $1.0 $0.5 $- GS JPM EVR MS HLI JEF C BAC LAZ PJT 1. EVR’s Advisory revenue is total Advisory fees (excluding Underwriting reven
Slide 11: II. Evercore's Breadth and Depth
II. Evercore’s Breadth and Depth
Slide 12: Leading Independent Firm With A Global Presence
Leading Independent Firm With A Global Presence Closed acquisition of Robey Warshaw in 50+ October 2025; expansion in Italy, Stockholm, Saudi Arabia in 2025 and Paris in 2024 Countries Where Clients are Served ~2,570 Employees Worldwide1 20+ Investment Banking Offices Globally ~1,615 Evercore Reach
Slide 13: Grown Investment Banking & Equities Business >12x Since 2010
Grown Investment Banking & Equities Business >12x Since 2010 Capabilities Evercore in 2010 Evercore Today $0.3 Billion1 $3.7 Billion1 FY 2010 Adjusted Investment Banking Revenue FY 2025 Adjusted Investment Banking & Equities Revenue Investment Banking Investment Banking & Equities Strategic Corporat
Slide 14: We Have Significantly Diversified Our Revenue Base, Providing Ballast Throughout Market Cycles
We Have Significantly Diversified Our Revenue Base, Providing Ballast Throughout Market Cycles Revenue Diversification Approximate Non-M&A Revenues1 Advisory Fees – M&A ($ in millions) Advisory Fees – Non-M&A $2,100 Underwriting Fees $1,800 Commissions & Related Rev $1,500 Non-M&A Revenue: Asset Mgm
Slide 15: Evercore Has Significantly Broadened And Deepened M&A Sector Coverage
Evercore Has Significantly Broadened And Deepened M&A Sector Coverage, With Continued White Space M&A Sector Coverage Evercore in 2010 Evercore Today Infrastructure, Utilities & Renewables Energy Energy Green Tech Banking Insurance Investment Management FinTech Tech – Hardware Financial Institutions
Slide 16: III. Opportunities for Future Growth and Value Creation
III. Opportunities for Future Growth and Value Creation
Slide 17: Global Announced M&A as a Percent of Global Market Capitalization Is Beginning to Rise
Global Announced M&A as a Percent of Global Market Capitalization Is Beginning to Rise From Record Lows, Presenting Opportunity for Evercore M&A activity as a percentage of total global market cap is starting to climb ($ in trillions) Announced M&A Relative to Market Cap LFQ 2015 - 2024 2005 - 2024
Slide 18: Our Vision for the Future – Clear Path for Growth
Our Vision for the Future – Clear Path for Growth Evercore’s Next Chapter 1 2 3 Sector White Space & Client Coverage Product Capabilities Global Expansion Be the top advisor to the fastest Leverage dominant leadership In October 2025, closed on the growing segments of the position in Private C
Slide 19: Financial Sponsors are a Core and Growing Part of the Market
Financial Sponsors are a Core and Growing Part of the Market and We are Well- Positioned to Provide 360-Degree Coverage How Evercore Provides 360-Degree Coverage to Private Markets Set For Continued Growth Financial Sponsors Private Markets Expected to Increase Cumulative AUM ($ trillion) ~1.5x $30T
Slide 20: Hiring and Promoting A+ Talent Leads To Additional Growth Opportunities
Hiring and Promoting A+ Talent Leads To Additional Growth Opportunities from Ramping2 SMDs and Significant Productive Capacity in the Long-Term # of Investment Banking SMDs1 % Internally 40+ SMDs in ramp2 mode Promoted 200 180 171 160 144 136 140 130 120 112 114 107 98 100 80 60 40 FY 2018 FY 2019 F
Slide 21: Commitment to Capital Return and A Strong Balance Sheet
Commitment to Capital Return and A Strong Balance Sheet Capital Return Strong Balance Sheet We remain committed to our capital return Strong and liquid balance sheet objectives which include1: Growing the per share dividend as earnings We hold cash and investments necessary to fund increase
Slide 22: Strong Shareholder Return and Outperformance Against Benchmarks
Strong Shareholder Return and Outperformance Against Benchmarks Total Shareholder Return (through 12/31/2025)1 400 360 320 280 240 200 160 120 80 EVR S&P 500 Index S&P Financial Index Peer Average2 Three-Year Return Five-Year Return Ten-Year Return (12/31/22 – 12/31/25) (12/31/20 – 12/31/25) (12/31/
Slide 23: IV. Business Overviews
IV. Business Overviews EVERCORE
Slide 24: Mergers & Acquisitions (M&A)
Mergers & Acquisitions (M&A) Our M&A team evaluates potential acquirers and targets, analyzes values and proposes financial and strategic alternatives Key Highlights Prominent Recent M&A Transactions #11 #61 Financial Advisor Exclusive Financial Advisor Joint Lead Financial Advisor 2025 Announced M&
Slide 25: Strategic, Defense and Shareholder Advisory (SDSA)
Strategic, Defense and Shareholder Advisory (SDSA) SDSA team advises clients on matters related to complex M&A, board advisory, corporate governance, activism, and hostile and unsolicited activity Business Overview Advised on Some of the Most Significant Defenses #1 activism defense team on Wall S
Slide 26: Liability Management & Restructuring
Liability Management & Restructuring Liability Management & Restructuring specializes in advising companies and creditors on addressing situations involving complex balance sheet structures Business Overview Provide independent financial advice to companies, sponsors, creditors, shareholders, and
Slide 27: Private Capital Markets & Debt Advisory (PCM)
Private Capital Markets & Debt Advisory (PCM) PCM focuses exclusively on complex financing transactions for corporate and financial sponsor clients, advising across the capital structure on both credit and structured equity solutions Business Overview Transaction & Product Suite Full-service produ
Slide 28: Private Capital Advisory (PCA)
Private Capital Advisory (PCA) PCA is a leading advisor to financial sponsors and investors in the secondary market, with 800+ transactions closed and $380bn+ in historical transaction volume Business Overview GP Advisory LP Advisory Structured Capital Solutions (“SCS”) ~260 $200bn+ ~530 $170bn+ ~20
Slide 29: Private Funds Group (PFG)
Private Funds Group (PFG) Global industry leader in providing fundraising and strategic advisory services to private asset managers Business Overview Key Stats and Industry Awards The PFG team has an exemplary record of representing top-tier Top Placement Agent in 2024 funds on all aspects of the
Slide 30: Equity Capital Markets (ECM)
Equity Capital Markets (ECM) ECM structures and executes equity-linked capital markets and advisory services for the firm’s corporate and financial sponsor clients Business Overview Recent Bookrun Transactions Advise clients on Initial Public Offering (IPOs), follow-on offerings, convertible secur
Slide 31: Equities
Equities Evercore ISI’s leading research department is known for insightful and value-added content. Our dedicated sales and trading professionals serves more than 1,200 institutional investors globally, representing many of the largest asset managers and funds in the world Equity Research Fundament
Slide 32: Evercore Wealth Management (EWM) and Evercore Trust Company, N.A.
Evercore Wealth Management (EWM) and Evercore Trust Company, N.A. EWM is a leading independent U.S. wealth management firm, providing ultra high net worth clients with strategic wealth planning advice, investment management, and family office services. The firm provides comprehensive trust and fiduc
Slide 33: V. Appendix
V. Appendix U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
Slide 34: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Information in the following financial reconciliations presents the historical results of the Company and is presented on an Adjusted basis, which is a non-generally accepted accounting principles (“non-GAAP”) measure. Adjusted results begin w
Slide 35: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Special Charges, Including Business Realignment Costs. Expenses associated with impairments of Goodwill and Intangible Assets and other costs related to business changes, including those associated with acquisitions and divestitures, are exclu
Slide 36: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Advisory Revenue & Net Revenues (dollars in thousands) Twelve Months Ended December 31, 2025 2024 2023 2022 2021 Advisory Revenue - U.S. GAAP $ 3,267,087 $ 2,440,605 $ 1,963,857 $ 2,392,990 $ 2,751,992 Income from Equity Method Investments (1)
Slide 37: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Operating Income & Net Income (dollars in thousands) Twelve Months Ended December 31, 2025 2024 2023 2022 2021 Operating Income - U.S. GAAP $ 789,942 $ 526,914 $ 359,135 $ 696,042 $ 1,102,438 Income from Equity Method Investments (1) 3,872 6,2
Slide 38: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Diluted shares outstanding & key metrics (share amounts in thousands) Twelve Months Ended December 31, 2025 2024 2023 2022 2021 Diluted Shares Outstanding - U.S. GAAP 42,131 41,646 40,099 41,037 43,321 LP Units (17) 2,238 2,499 2,769 2,970 4,8
Slide 39: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Footnotes 1. Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation. 2. Interest Expense on Debt, Lines of Credit and Other Financing Arrangements is excluded from Net Revenues and presented
Slide 40: U.S. GAAP Reconciliation to Adjusted Results (Unaudited)
U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Footnotes 13. Expenses associated with awards granted in conjunction with the Company’s acquisition of Robey Warshaw are excluded from the Adjusted presentation. 14. Expenses during 2024 that are excluded from the Adjusted presentation relate