Slide 1: Lazard Investor Presentation May 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are “forward- looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Ref
Slide 3: Non-GAAP Financial Information
Non-GAAP Financial Information This presentation uses non-GAAP measures for (a) adjusted net revenue, (b) adjusted compensation and benefits expense, (c) adjusted non-compensation expenses, (d) adjusted operating income (loss), (e) adjusted operating margin, (f) adjusted net income, (g) adjusted dil
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 growth Investment Highlights Global perspective paired with local presence and expertise Outstanding talent dedicated to innovative solution
Slide 5: Lazard
LAZARD
Slide 6: Revenue by Region: Americas, EMEA, Asia-Pacific
Americas 53% Europe/Mid-East/Africa 43% Asia-Pacific 4%
Slide 7: Our Business - One Lazard Platform
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Business - One Lazard Platform Lazard has a simple and powerful model, focused on three complementary intellectual capital businesses Asset Management $259b 16 AUM years average 1026 MD tenure fe) fe) 67% 34% AUM in Investment Professionals non-USD s
Slide 8: Our People Drive Our Performance
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our People Drive Our Performance Lazard’s reputation for excellence, integrity, and delivering innovative results is driven by our commercial and collegial culture, comprised of talented colleagues working together to provide exceptional advice and inves
Slide 9: Our AI-Enabling Technology
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Al-Enabling Technology We are investing in Al to drive operational excellence and accelerate proprietary insights for our clients Al Strategy to Enhance Operational Performance Accelerating our growth by investing in a “smart” enterprise that operate
Slide 10: Lazard 2030 Strategy
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Lazard 2030 Strategy Strategic goals and actions in place to drive long-term growth and profitability with v demonstrated progress +100% Revenue GS Relevance Lazard has entered into a definitive agreement to acquire Campbell Lutyens, a premier global pri
Slide 11: Annual Performance
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Annual Performance Lazard’s 2030 Strategy is designed to drive revenue growth and higher operating margins (SM) Total Net Revenue Operating Margin Return of Capital $3,139 $2,890 $3,080 rr ro} 3S B 26% 14% 14% 2021 2022 2023 2024 2025 2021 2022 2023 2024
Slide 12: Quarterly Performance
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Quarterly Performance Our complementary businesses delivered resilient performance Total Net Revenue Financial Advisory Net Revenue $892 $770 $705 $491 gio $542 $370 $356 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1026 Asset Management Net Revenue $339
Slide 13: Lazard
LAZARD
Slide 14: Asset Management at a Glance
INVESTOR PRESENTATION Il BALANCED BUSINESS Asset Management at a Glance Premier active manager with significant diversification of investment strategies and global market reach $259b Assets under management 1026 $1.2b LTM 1Q26 96% $9B+ Net inflows 1Q26 $40b+ Quantitative equity AUM organically grown
Slide 15: Diversified Assets Under Management
INVESTOR PRESENTATION Il BALANCED BUSINESS Diversified Assets Under Management Significant diversification, scale and performance through the cycle By Client Type 9% m Institutional “intermediary = Wealth Management LAZARD AUM as of March 31, 2026 By Asset Class mEquity = Fixed Income = Multi-Asset
Slide 16: Asset Management Performance
Il BALANCED BUSINESS INVESTOR PRESENTATION Asset Management Performance AUM provides resilient revenue generation and profitability Net Revenue and Operating Income Average Assets Under Management ($B) $272 $247 $207 $233 $243 ] 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 m Average AUM 0 Avera
Slide 17: Delivering Innovative Investment Solutions
INVESTOR PRESENTATION Il BALANCED BUSINESS Delivering Innovative Investment Solutions Demonstrated ability to innovate and scale strategies organically and through team additions Large, Organically Scaled Platforms Recent Trends in AUM and net flows show positive inflection + Demonstrated ability to
Slide 18: Lazard Active ETF Launch Growth Catalyst
INVESTOR PRESENTATION Il BALANCED BUSINESS Lazard Active ETF Launch Growth Catalyst Our suite of active ETFs offers access to compelling strategies from our specialized investment teams so investors can pursue their most important goals Japanese JPY Equity Next Gen TEKY Technologies Equity THMZ Mega
Slide 19: Asset Management A Differentiated Global Platform
INVESTOR PRESENTATION Il BALANCED BUSINESS Asset Management A Differentiated Global Platform Significant demand for active strategies where sophisticated insights and quantitative edge deliver superior results + Investment platform built on fundamental research-driven, active * Active quantitative s
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Slide 21: Preeminent Independent Global Financial Advisory
INVESTOR PRESENTATION Il BALANCED BUSINESS Preeminent Independent Global Financial Advisory Independent, innovative insights to support clients’ strategic initiatives suaeelc and M&A Advisory cata Markets Advisory Public / private valuation Public capital raising advisory - debt and equity * Private
Slide 22: Global Insights, Local Presence
INVESTOR PRESENTATION Il BALANCED BUSINESS Global Insights, Local Presence Seasoned, independent financial advisory expertise paired with deep industry knowledge LAZARD Strategic Advisory Catalysts Energy transition Technology disruption Global market / local supply Infrastructure investment Biophar
Slide 23: Financial Advisory Net Revenue and Selected Transactions
($M) $1,778 $1,825 $1,731 $1,652 $1,357 $397 $594 $441 $529 $149 2021 2022 2023 2024 2025 1Q24 1Q26 2030E Net Revenue Operating Income Recommended Advised Xerox on Combination of Proposed Proposed cash offer for its IP joint venture complementary acquisition acquisition of Beazley by transaction and
Slide 24: Selected Strategic Advisory Trends
INVESTOR PRESENTATION Il BALANCED BUSINESS Selected Strategic Advisory Trends Diversified global M&A drivers support sustained growth for Lazard’s M&A platform os. Technology ele >» Al Reshaping Markets Disruption driving sharp bifurcation in valuations, M&A and financing access Vv Semiconductor Ren
Slide 25: Connectivity to Private Capital Providing Growth Catalyst
INVESTOR PRESENTATION Il BALANCED BUSINESS Connectivity to Private Capital Providing Growth Catalyst Accelerating revenue growth through private capital connectivity in M&A, Capital Solutions and Restructuring Target Financial Advisory Revenue Associated with Private Capital 50% 45% 40% 35% 30% 25%
Slide 26: Private Capital Advisory
INVESTOR PRESENTATION I BALANCED BUSINESS Private Capital Advisory Lazard announced the entry into a definitive agreement to acquire Campbell Lutyens to create Lazard CL, the most comprehensive global private capital advisory business Together, Lazard and Campbell Lutyens represent leading global po
Slide 27: Global Capital Solutions
INVESTOR PRESENTATION Il 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
Slide 29: Capital Management Strategy
INVESTOR PRESENTATION Ill FINANCIAL STRATEGY Capital Management Strategy Our commitment to shareholder value creation includes disciplined investment in growth and returning excess capital to shareholders Maintain attractive Evaluate capital needs common dividend for growth strategy _ Optimize Commo
Slide 30: Operating Margin by Segment
($M) $600 $400 $200 26% 21% 7% 14% 14% $- 2021 2022 2023 2024 2025 Asset Management Financial Advisory Firm-wide Operating Margin 38% 33% 32% 31% 28% 24% 23% 23% 24% 11% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Slide 31: Net Revenue and Compensation Ratio
$M $3,139 3,402 $3,030 $2,890 3,291 3,263 3,309 $2,769 3,179 $2,440 58.5% 59.8% 69.8% 65.9% 65.5% 15.0% 18.7% 23.4% 19.9% 20.2% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net Revenue Compensation Ratio Non-Compensation Ratio Professionals Managing Directors
Slide 32: Debt Maturities and Liquidity
• • $200 • $1,021 $500 $500 $400 $300 • 2026 2027 2028 2029 2030 2031 2035 Senior notes Cash & cash equivalents Undrawn revolver •
Slide 33: Dividends and Share Repurchases
(Shares in millions) $1.97 $2.00 $2.00 $2.00 $1.88 114.2 110.4 108.9 103.2 104.4 97.5 $0.50 2021 2022 2023 2024 2025 1Q26 2021 2022 2023 2024 2025 1Q26 Diluted Weighted Avg Shares Shares Repurchased
Slide 34: Appendix
Appendix LAZARD
Slide 35: U.S. GAAP Selected Financial Information
INVESTOR PRESENTATION APPENDIX Unaudited US. GAAP Selected Financial Information ® (Sinmillions) Total Firm 2021 2022 2023 2024 5 Q1’26 Net Revenue $3,193 $2,774 $2,515 $3,052 $3,099 $757 % Growth 24% (13%) (9%) 21% 2% Compensation and Benefits Expense 1,896 1,656 1,946 2,003 2,085 492 Non-Compensat
Slide 36: U.S. GAAP Net Revenue to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX US. GAAP Net Revenue to Adjusted Reconciliation Unaudited (Sinmiillions) 2021 2022 2023 2024 5 Q1’26 Net Revenue - U.S. GAAP $3,193 $2,774 $2,515 $3,052 $3,099 $757 Adjustments: Noncontrolling interests and similar arrangements ©) (32) (49) (30) (30) (46) (4) (Gains) l
Slide 37: U.S. GAAP Compensation to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX US. GAAP Compensation to Adjusted Reconciliation (Sinmillions) Compensation and Benefits Expense - U.S. GAAP Adjustments: Noncontrolling interests and similar arrangements © (Charges) credits pertaining to LFl and similar arrangements “) Expenses associated with senior
Slide 38: U.S. GAAP Non-Compensation to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX U.S. GAAP Non-Compensation to Adjusted Reconciliation (Sinmillions) Non-Compensation Expenses - U.S. GAAP Adjustments: Noncontrolling interests and similar arrangements © Distribution fees, reimbursable deal costs, provision for credit losses and other ©) Expenses rela
Slide 39: U.S. GAAP Net Income to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX US. GAAP Net Income to Adjusted Reconciliation Unaudited Seen nee) 202 2022 2023 2024 2025 Q1’26 Net Income (Loss) attributable to Lazard, Inc. - U.S. GAAP $528 $358 ($75) $280 $237 $101 Adjustments: Expenses associated with senior management transition - 33 ani - 50 1
Slide 40: Non-GAAP Selected Financial Information
INVESTOR PRESENTATION APPENDIX Unaudited Non-GAAP Selected Financial Information ® (Sin millions except pershare values) Total Firm 2021 2022 2023 2024 5 Q1’26 Adjusted Net Revenue $3,139 $2,769 $2,440 $2,890 $3,030 $673 % Growth 24% (12%) (12%) 18% 5% Adjusted Compensation and Benefits Expense 1,83
Slide 41: Adjusted Results by Segment
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 $1,068 $1,100 $1,166 $3,139 $2,769 $2,440 $2,890 $3,030 % Growth 27% (7%) (18%) 28% 5% 20% (17%) (3%) 3
Slide 42: Asset Management Adjusted Net Revenue
INVESTOR PRESENTATION APPENDIX Unaudited Asset Management Adjusted Net Revenue Asset Management 2021 2022 2023 2024 2025 Q1’25 Q2’25 Q3’25 Q4'25 Q1’26 ($ in millions) Management Fees $1,155 $977 $978 $998 = $1,048 $238 $252 $272 $287 $296 Incentive Fees 120 67 30 43 59 9 4 9 37 an Other Revenue 53 5
Slide 43: Financial Advisory and Asset Management Net Revenue - U.S. GAAP to Adjusted
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 $1,666 $1,385 $1,756 $1,834 $1,425 $1,205 $1,151 $1,187 $1,275 $4 ($98) ($21) $109 ($10) $3,193 $2,774 $2,515 $3
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 compari