Slide 1: Lazard Investor Presentation January 2026
LAZARD JANUARY 2026 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: Investment Highlights
LAZARD
Slide 5: Revenue by region: Americas, EMEA, Asia-Pacific
Americas 53% Europe/Mid-East/Africa 43% Asia-Pacific 4%
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 $254b 61% Premier Brand & 216 346 woMec’s securities Established DrectorsiMD) with fees > 1M 34% 16 Glo
Slide 7: Our Culture
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Culture Lazard’s reputation for excellence, integrity, and delivering innovative results is driven by our commercial and collegial culture, comprised of talented colleagues working together to provide exceptional advice and investment solutions for c
Slide 8: Our AI-Enabling Technology
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Al-Enabling Technology We are investing in Al to drive operational excellence and accelerate proprietary insights for our clients. Al Strategy to Enhance Operational Performance Accelerating our growth by investing in a “smart” enterprise that operat
Slide 9: Our Value Proposition
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Our Value Proposition Our complementary businesses and intellectual capital result in a global platform built over centuries that provides unparalleled service as a trusted advisor to institutions and individuals. Established in the world’s Seasoned expe
Slide 10: Lazard 2030 Strategy
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Lazard 2030 Strategy Strategic goals and actions in place to drive long-term growth and profitability with v demonstrated progress +100% Revenue GS Relevance 10-15% Returns “+ Our goal is for revenue to double by 2030 Vv Financial Advisory revenue / MD a
Slide 11: Annual Performance
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Annual Performance Lazard’s 2030 Strategy is designed to drive revenue growth and higher operating margins ($M) Total Net Revenue Growth Operating Margin Return of Capital $3,139 $2,890 $3,080 rr ro} 3S B 26% 14% 14% 2021 2022 2023 2024 2025 2021 2022 20
Slide 12: Quarterly Performance
INVESTOR PRESENTATION | INVESTMENT HIGHLIGHTS Quarterly Performance Our complementary businesses delivered resilient performance Total Net Revenue Financial Advisory Net Revenue $508 $491 $542 $370 $422 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Return of Capital Financial Advisory Clients Av
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 $254b Assets under management 4Q25 $1.2b Net revenue FY25 95% Revenues from management fees and other 67% AUM in non
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 By Investment Strategy B% 18% 18% 79% mlnstitutional mEquity m Emerging Markets Other Fixed Income Global mLocal Alternati
Slide 16: Asset Management Performance
INVESTOR PRESENTATION Il BALANCED BUSINESS Asset Management Performance AUM provides resilient revenue generation and profitability Average Assets Under Management 68) $272 $247 sor 8203 ; ; . 2021 ©2022, «2028.-«S 2024 = 2028 mAverage AUM 0 Average Fees (Bps) LAZARD _ Net Revenue and Operating Inco
Slide 17: Delivering Innovative Investment Solutions
INVESTOR PRESENTATION Il BALANCED BUSINESS Delivering Innovative Investment Solutions Demonstrated ability to innovate and scale strategies organically and through team additions Large, Organically Scaled Platforms Recent Trends in AUM and net flows show positive inflection + Demonstrated ability to
Slide 18: Lazard Active ETF Launch Growth Catalyst
INVESTOR PRESENTATION Il BALANCED BUSINESS Lazard Active ETF Launch Growth Catalyst Our suite of active ETFs offers access to compelling strategies from our specialized investment teams so investors can pursue their most important goals Japanese JPY Equity Next Gen TEKY Technologies Equity THMZ Mega
Slide 19: Asset Management Long-term Value Proposition
INVESTOR PRESENTATION Il BALANCED BUSINESS Asset Management Long-term Value Proposition Significant opportunity to drive performance and leverage scale * Integrated institutional investment platform * Robust platform supports expanded investment and distribution * Regional presence optimizes local i
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Slide 21: Financial Advisory Revenue
INVESTOR PRESENTATION Il BALANCED BUSINESS Financial Advisory Revenue Independent, innovative insights to support clients’ strategic initiatives suaeelc and M&A Advisory cata Markets Advisory Public / private valuation Public capital raising advisory - debt and equity * Private capital advisory and
Slide 22: Global Insights, Local Presence
INVESTOR PRESENTATION Il BALANCED BUSINESS Global Insights, Local Presence Seasoned, independent financial advisory expertise paired with deep industry knowledge LAZARD Strategic Advisory Catalysts Energy transition Technology disruption Global market / local supply Infrastructure investment Biophar
Slide 23: Financial Advisory net revenue and selected transactions
($M) $1,778 $1,825 $1,731 $1,652 $1,357 $397 $594 $441 $529 $149 2021 2022 2023 2024 2025 2023 2025 2030E Net Revenue Operating Income TPG Rise's Advising First Combination of Proposed Proposed investment in Brands on its complementary acquisition to acquisition and Techem as part chapter 11 portfol
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: 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 50% 45% 40% 35% 30% 25% 4 20% 4 39% 15% | [eg eM 10% 4 5% | 0% LAZARD _ Source: Company da
Slide 26: 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 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 3,291 3,263 3,309 $2,890 3,179 $2,769 $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 • $1,469 $500 $500 $400 • $300 2025 2028 2029 2031 2035 Senior notes Cash & cash equivalents Undrawn revolver •
Slide 33: Dividends, Diluted Shares and Shares Repurchased
(Shares in millions) $2.00 $2.00 $2.00 $1.97 $1.88 114.2 108.9 103.2 104.4 97.5 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 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 20: 2022 2023 2024 Net Revenue $3,193 $2,774 $2,515 $3,052 $3,099 % Growth 24% (13%) (9%) 21% 2% Compensation and Benefits Expense 1,896 1,656 1,946 2,003 2,085 Non-Compensation Expenses 571 6
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 Adjustments: Noncontrolling interests and similar arrangements © (Gains) losses related to LFI and similar arrangements © Distribution fees, reimbursable deal costs, provision for cre
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 LFI 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 asso
Slide 39: U.S. GAAP Net Income to Adjusted Reconciliation
INVESTOR PRESENTATION APPENDIX US. GAAP Net Income to Adjusted Reconciliation (Sin millions except pershare values) Net Income (Loss) attributable to Lazard, Inc. - U.S. GAAP Adjustments: Expenses associated with senior management transition Provision (benefit) pursuant to tax receivable agreement o
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: 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: Segment 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 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