Lazard LTD. (LAZ) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

At this time, I will turn the call over to Alexandra Degnan, Lazard's Head of Investor Relations and Treasury. Please go ahead. Thank you, Nikki. Good morning, and welcome to Lazard's Earnings Call for the fourth quarter and full year 2025. we discussed today are non-GAAP adjusted financial measures. We believe these non-GAAP financial measures are meaningful when evaluating the company's performance. A reconciliation of these non-GAAP financial measures to the comparable GAAP measures is provided in our earnings release and investor presentation. Listing our call today are Peter Orszag, Lazard's Chief Executive Officer and Chairman, and Marianne Betch, Lazard's Chief Financial Officer. After our prepared remarks, Chris Hogben, Chief Executive Officer of Asset Management, and Tracy Farr, our incoming CFO, will join as we open the call for questions. I'll now turn the call over to Peter. Thank you, Allie, and thank you to everyone for joining us this morning. Our fourth quarter and full year results demonstrate our ongoing focus on executing our Lazard 2030 long-term growth strategy. For 2025, we reported firm-wide revenue of $3 billion with record revenue in financial advisory and assets under management up 12% in asset management. Before we turn to our outlook and financial results, I would like to take a moment to thank Mary Ann and welcome Tracy as our new CFO. Mary Ann has played a significant role in elevating our finance team and building a foundation to support our long-term goals. I'd like to share my appreciation for her contributions and for her ongoing support as a senior advisor to Tracy through this transition. Tracy brings strategic insight, financial rigor, and deep familiarity with our business. He has worked closely with me and others on our corporat...