Slide 1: Lazard Investor Presentation July 2025
LAZARD JULY 2025 Investor Presentation
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: 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 solutio
Slide 4: Lazard
LAZARD
Slide 5: Revenue by region: Americas, EMEA, Asia-Pacific
Americas 50% Europe/Mid-East/Africa 45% Asia-Pacific 5%
Slide 6: Our Business
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Business Lazard has a simple and powerful model, focused on two complementary intellectual capital businesses. Asset Management Financial Advisory $948b 63% Premier Brand & >200 344 memes securities Established DrectorsiMD) with fees > 1M 32% 16 Glob
Slide 7: Our Culture
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Culture Lazard’s reputation for excellence, integrity, and delivering innovative results is driven by our commercial and collegial culture, comprised of talented colleagues working together to provide exceptional advice and investment solutions for c
Slide 8: Tools
Tools • • • • • • • • • • • • • • • • • • • • • • •
Slide 9: Our Value Proposition
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Value Proposition Our complementary businesses and intellectual capital result in a global platform built over centuries that provides unparalleled service as a trusted advisor to institutions and individuals. @ LAZARD Established in the world’s Seas
Slide 10: Lazard 2030 Strategy
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Lazard 2030 Strategy Strategic goals and actions in place to drive long-term growth and profitability +100% Revenue 10-15% Returns +++ Relevance “_» Qur goal is for revenue to double by 2030 ts Our goal is for our total shareholder return (TSR) to averag
Slide 11: Annual Performance
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Annual Performance Lazard’s 2030 Strategy is designed to drive revenue growth and higher operating margins ($M) Total Net Revenue Growth Operating Margin Return of Capital $3,139 3 8 26% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 20
Slide 12: Quarterly Performance
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Quarterly Performance Our complementary businesses delivered resilient performance Total Net Revenue $812 $770 $685 $646 $643 2Q24 3Q24 4Q24 1Q25 2Q25 Return of Capital Avg Shares Capital Returned Outstanding 70 $70 $60 102 107 2Q24 2Q25 2Q24 2Q25 Financ
Slide 13: Balanced Business
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 LAZARD $248b Assets under management 2025 $L.b Net revenue LTM 2Q25 >90% Revenues from management fees and other 63% AUM in
Slide 15: Diversified Assets Under Management
INVESTOR PRESENTATION Il BALANCED BUSINESS Diversified Assets Under Management Significant diversification, scale and performance through the cycle By Client Type By Asset Class B% 17% 19% 78% mlnstitutional mEquity Other Fixed Income Alternative, PE & Other LAZARD _ 4UMasof June 30, 2025 By Investm
Slide 16: Asset Management Performance
INVESTOR PRESENTATION Il BALANCED BUSINESS Asset Management Performance AUM provides resilient revenue generation and profitability Average Assets Under Management ($B) $272 $243 $225 $227 $238 | . 2020 2021 2022 2023 2024 mAverage AUM 0 Average Fees (Bps) LAZARD _ Net Revenue and Operating Income a
Slide 17: Lazard Asset Management
INVESTOR PRESENTATION Il BALANCED BUSINESS Lazard Asset Management A differentiated framework with a demonstrated ability to scale organically ttt Active Experienced Tailored Engaged Responsible Investment-driven, Significant growth track High-quality, customizable Active ownership with Disciplined
Slide 18: Delivering Innovative Investment Solutions
INVESTOR PRESENTATION Il BALANCED BUSINESS Delivering Innovative Investment Solutions Demonstrated ability to innovate and scale new strategies organically and through team additions to the platform Large, Organically Scaled Platforms Recently Launched Active US. ETFs Provide New Vector of Growth ‘_
Slide 19: Asset Management Long-term Value Proposition
INVESTOR PRESENTATION Il BALANCED BUSINESS Asset Management Long-term Value Proposition Significant opportunity to drive performance and leverage scale * Integrated institutional investment platform * Robust platform supports expanded investment and distribution * Regional presence optimizes local i
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Slide 21: Financial Advisory Revenue
INVESTOR PRESENTATION Il BALANCED BUSINESS Financial Advisory Revenue Independent, innovative insights to support clients’ strategic initiatives suaeelc and M&A Advisory cata Markets Advisory Public / private valuation Public capital raising advisory - debt and equity * Private capital advisory and
Slide 22: Global Insights, Local Presence
INVESTOR PRESENTATION Il BALANCED BUSINESS Global Insights, Local Presence Seasoned, independent financial advisory expertise paired with deep industry knowledge LAZARD Strategic Advisory Catalysts Energy transition Technology disruption Global market / local supply Infrastructure investment Biophar
Slide 23: Financial Advisory net revenue and operating income, selected transactions
($M) $1,778 $1,731 $1,652 $1,403 $1,357 $427 $594 $529 $149 $397 2020 2021 2022 2023 2024 2023 2025E 2030E Net Revenue Operating Income Combination Altice France CD&R acquired a Proposed Proposed creates a global announces controlling 50% acquisition to acquisition leader in landmark stake in Sanofi
Slide 24: Selected Strategic Advisory Trends
INVESTOR PRESENTATION Il BALANCED BUSINESS Selected Strategic Advisory Trends Technology disruption Seismic shifts in underpinning technologies Disruption accelerating M&A and capital raising activity Artificial Intelligence * Race to create, and capture, the market for advanced Al applications and
Slide 25: Private Capital Advisory
INVESTOR PRESENTATION Il BALANCED BUSINESS Private Capital Advisory An integrated business offering primary fundraising and secondary advisory services across the private markets on a global basis Works with Lazard’s M&A, Capital Solutions, Restructuring and Liability Management businesses to provid
Slide 26: Global Capital Solutions
INVESTOR PRESENTATION Il BALANCED BUSINESS Global Capital Solutions * Rapid convergence of public and private capital markets allows Lazard to provide unbiased advice across all financing options * Scale and flexibility of the private capital markets facilitate creative financing solutions across ca
Slide 27: Financial Strategy
Financial Strategy LAZARD
Slide 28: Capital Management Strategy
INVESTOR PRESENTATION Ill FINANCIAL STRATEGY Capital Management Strategy Our commitment to shareholder value creation includes disciplined investment in growth and returning excess capital to shareholders LAZARD Maintain attractive Return excess capital to common dividend shareholders in the form of
Slide 29: Operating Margin by Segment
($M) $600 $400 $200 23% 26% 21% 7% 14% $- 2020 2021 2022 2023 2024 Asset Management Financial Advisory Firm-wide Operating Margin 37% 38% 33% 32% 31% 30% 28% 24% 23% 11% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 30: Net Revenue, Compensation Ratio
$M $3,139 $2,890 $2,769 $2,524 $2,440 3,402 3,291 3,263 3,106 3,179 59.5% 58.5% 59.8% 69.8% 65.9% 17.1% 15.0% 18.7% 23.4% 19.9% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Net Revenue Compensation Ratio Non-Compensation Ratio Professionals Managing Directors
Slide 31: Debt maturities and liquidity
• • $200 • $978 $500 $500 $400 • $300 2025 2026 2027 2028 2029 2030 2031 Senior notes Cash & cash equivalents Undrawn revolver •
Slide 32: Return of Capital
INVESTOR PRESENTATION Ill FINANCIAL STRATEGY Return of Capital 2020 2021 2022 2023 2024 $410 $576 $384 $75 $244 ™ Dividends = Shares repurchased “iShares repurchased to offset dilution * ONet income, as adjusted 32 | L. AZARD _ Asof December 31, for each year 1 Estimated based on annual amortization
Slide 33: Diluted Weighted Avg Shares
(Shares in millions) 113.9 114.2 $1.97 $2.00 $2.00 106.7 $1.88 $1.88 103.2 104.4 97.5 $1.00 2.9 9.1 19.7 2.8 1.4 2020 2021 2022 2023 2024 1H25 2020 2021 2022 2023 2024 2Q25 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 2020 2021 2022 2023 2024 Q2'25 H1’25 Net Revenue $2,566 $3,193 $2,774 $2,515 $3,052 $796 $1,444 % Growth (1%) 24% (13%) (9%) 21% Compensation and Benefits Expense 1,551 1,896 1,656 1,946 2,003
Slide 36: U.S. GAAP Net Revenue to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX US. GAAP Net Revenue to Adjusted Reconciliation (Sinmillions) Net Revenue - U.S. GAAP Basis Adjustments: Revenue related to noncontrolling interests and similar arrangements © (Gains) losses related to LFI and other similar arrangements ©) Distribution fees, reimbursab
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 Basis Adjustments: Compensation related to noncontrolling interests and similar arrangements ©) (Charges) credits pertaining to LFl and other similar arrangemen
Slide 38: U.S. GAAP Non-Compensation to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX U.S. GAAP Non-Compensation to Adjusted Reconciliation Unaudited (in millions) 2020 2021 2022 2023 2024 Q2'25 H1’25 Non-Compensation Expenses - U.S. GAAP Basis $514 $571 $601 $693 $670 $184 $347 Adjustments: Non-comp related to noncontrolling interests and similar arran
Slide 39: U.S. GAAP Net Income to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX Unaudited US. GAAP Net Income to Adjusted Reconciliation 2020 20: 2022 2023 2024 Q2'25 H1’25 Net Income (Loss) attributable to Lazard, Inc. - U.S. GAAP Basis $402 $528 $358 ($75) $280 $55 $116 Adjustments: Asset impairment charges - - - 19 - - - Losses associated with
Slide 40: Non-GAAP Selected Financial Information
INVESTOR PRESENTATION APPENDIX Non-GAAP Selected Financial Information ® (Sin millions except pershare values) Adjusted Net Revenue % Growth Adjusted Compensation and Benefits Expense Adjusted Compensation Ratio” Adjusted Non-Compensation Expenses Adjusted Non-Compensation Ratio ) Adjusted Operating
Slide 41: Financial Advisory, Asset Management, Corporate adjusted results
Financial Advisory 1 Asset Management 1 Corporate 2 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Adjusted Net Revenue $1,403 $1,778 $1,652 $1,357 $1,731 $1,111 $1,329 $1,099 $1,068 $1,100 $2,524 $3,139 $2,769 $2,440 $2,890 % Growth 3% 27% (7%) (18%) 28% (4%) 20% (17%) (
Slide 42: Net Revenue - U.S. GAAP Basis by segment
Financial Advisory Asset Management Corporate Total Firm 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Net Revenue - U.S. GAAP Basis $1,421 $1,765 $1,666 $1,385 $1,756 $1,167 $1,425 $1,205 $1,151 $1,187 ($22) $4 ($98) ($21) $109 $2,566 $3,193 $2,
Slide 43: 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