Pjt Partners Inc. · NYSE:PJT
Pjt Partners — Q4 2025 Earnings Presentation
29 slides from Pjt Partners's earnings presentation, Feb 3, 2026
Slide 1: Who We Are
Ir PUT Partners February 3, 2026 Who We Are ll 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 Premier, Global, Advisory-Focused 2015 $1.71bn $7.3bn Investment Bank NYSE: PJT Partners Revenues 2025 Market capitalization listing Strategic Advisory 16 133 1,224 Offices globally Partners globally Firmwide headcount Restructuring & Special Situations 25+ Years 435+ 60+ Avg. Part
Slide 4: Our Global Office Presence
Our Global Office Presence Americas EMEA APAC > New York > Houston > London > Paris > Hong Kong > Boston > Los Angeles > Madrid > Stockholm > Tokyo > Chicago > San Francisco > Frankfurt > Dubai > Munich > Riyadh Note: As of December 31, 2025. 4
Slide 5: Why PJT Why Now
Why PJT A Firm That's Resilient Strong Future Growth Prospects Why Now > Balanced business model allows for growth in > Significant market share growth opportunities most market environments > Collaborative culture drives better client solutions and > Breadth of capabilities contributes to sustainab
Slide 6: What We're Building
What We're Our People & Our Relationships Our Financial Results Building Partners Revenues Total Partner count $ millions 133 $1,714 +189% +322% 46 $406 2015 4Q25 2015 2025 Employees Adjusted Pretax Income Firmwide headcount $ millions 1,224 $357 +247% +750% 353 $42 1 2 2015 4Q25 2015 2025 Clients A
Slide 7: Premier Destination for Talent
Premier Partners Destination for Talent 46 51 61 71 81 88 97 105 115 119 133 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 85 18 23 7 Strategic Advisory Restructuring PJT Park Hill Corporate 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 8: Long-Term Growth Driven by a Growing Roster of Experienced Practitioners
Long-Term Growth Number of Strategic Driven by a Advisory Partners 85 Growing Roster of Sustained Experienced 73 75 13 growth in Practitioners 66 17 Strategic 20 Advisory Partner # of Strategic Advisory Partners count 56 with >2 years as Partner on the 17 PJT platform 52 # of Strategic Advisory Part
Slide 9: 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 > Board Advisory Advice is our North Star > Activism Defense > Corporate Governance Advisory Strategic > Geopolitical and Policy Ad
Slide 10: 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 11: Employer of Choice
Employer of Choice > Offer best qualities of a much larger organization combined with the energy of a smaller, entrepreneurial firm > Hire individuals with differentiated expertise, who enhance our collective capabilities and strengthen our culture > Culture of continuous improvement and growth mind
Slide 12: 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 I enjoy being surrounded by smart, high-caliber The outstanding people with strong intellectual professionals who row in the same direction, creating curiosity, passion, hum
Slide 13: PJT Partners Gives Back
PJT Partners $12mm+ 530+ Gives Back total firm giving global organizations supported across our communities1 1 (1) Cumulative since 2020 through December 31, 2025. 13
Slide 14: Our Businesses
PUT Partners Bir Our Businesses
Slide 15: Strategic Advisory
Strategic Advisory Mergers & Board Activism Teams Work M&A Advisory Acquisitions Advisory Defense Collaboratively to Geopolitical & GP Advisory Strategic Advisory Policy Advisory Provide Innovative, High-Touch Advice Capital Markets Advisory $67 billion $63 billion $59 billion on Transformative $51
Slide 16: Strategic Advisory: Capital Markets Advisory
Our Capital Equity Capital Debt Capital Structured Markets Advisory M&A Advisory Markets Markets Products Teams Partner Private Capital Spin-Offs SPACs Strategic Advisory Markets With Companies to Deliver Capital Markets Advisory Bespoke, Product Agnostic and Differentiated Shareholder Advisory Capi
Slide 17: Strategic Advisory: 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 Worldwide & U.S. Announced restructurings in 3 out of the last 4 years1 Over 500 clients around the Capital Markets Advisory world have turned to PJT f
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, $555bn+ Capital raised Placement Agent to Real Estate, Alternative Credit/ Alternative Asset Hedge Funds, Capital Markets Advisory Managers Directs 525+ Primary funds 5,500+ Investor Our platform is built on vast
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 $6.98 1,714 1,493 4.93 5.02 1,153 4.44 1,052 1,026 992 3.92 3.27 718 2.41 580 499 499 1.91 1.55 1.54 (1) Figures are shown ‘as adjusted’; see reconciliations on page 28. For 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019
Slide 23: Financial Overview
Financial Overview Fourth Quarter 2025 Full Year 2025 Revenue $535mm $1,714mm +12% +15% Pretax Income GAAP $123mm $343mm +19% +27% Adjusted¹ $127mm $357mm +19% +28% EPS GAAP Diluted $1.97 $6.68 +8% +36% Adjusted¹ $2.55 $6.98 +34% +39% Note: % growth figures are YoY. (1) Figures are shown ‘as adjuste
Slide 24: Capital Priorities and Disciplined Financial Management
Capital Priorities and Disciplined Financial Capital Operational Shareholder Management Priorities Oversight Alignment > Invest in our > Disciplined expense > Significant stock business management based component of 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 Summary 4.0 3.2 3.2 3.1 2.9 3.0 2.2 2.2 2.4 1.9 2.0 1.4 1.0 - 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dollars Spent on Share Repurchases $ millions 500 384 400 333 300 236 200 156 163 142 158 100 52 76 - 2017 2018 2019 2020
Slide 26: Share Count
Share Count 44.9 46.7 45.7 43.8 5.4 4.5 7.3 6.4 Class A Common Shares Vested Partnership Units 1.4 1.1 1.4 1.1 Unvested Partnership Units Unvested RSUs 14.4 13.9 14.3 13.9 23.8 24.3 23.7 24.3 Note: Share count in millions. Three months ended As of (1) Assumes the conversion of all Partnership Units,
Slide 27: GAAP Statements of Operations
GAAP Statements Amounts in millions, except per share data of Operations 3 Months Ended 12/31, 12 Months Ended 12/31, 2025 2024 2025 2024 2023 2022 Revenues Advisory Fees $473.9 $434.5 $1,500.4 $1,314.0 $1,026.6 $823.5 Placement Fees $53.2 $32.4 $181.6 $146.3 $102.6 $192.9 Interest Income and Other
Slide 28: Summary of GAAP to Adjusted Financial Information
Summary of GAAP Amounts in millions, except per share data to Adjusted 3 Months Ended 12/31, 12 Months Ended 12/31, Financial 2025 2024 2025 2024 2023 2022 Information Revenues Advisory Fees $473.9 $434.5 $1,500.4 $1,314.0 $1,026.6 $823.5 Placement Fees $53.2 $32.4 $181.6 $146.3 $102.6 $192.9 Intere
Slide 29: Notes to Financials
Notes to 1. This adjustment adds back to GAAP Pretax Income acquisition-related compensation expense for equity based and cash awards granted in connection with the acquisition of CamberView on October 1, 2018 and the acquisition of deNovo Partners on October 1, Financials 2024. 2. This adjustment a