Evercore (EVR) investor relations material

Executive summary

• Achieved record Q2 and first half 2025 net revenues, with Q2 adjusted net revenues of $839M, up 21% year over year, and first half adjusted net revenues exceeding $1.5B, up 20% year over year.

• Net income attributable to shareholders rose 32% year over year to $97.2M in Q2, with diluted EPS up 34% to $2.42; six-month net income increased 53% to $243.4M, diluted EPS up 50% to $5.85.

• Announced acquisition of Robey Warshaw, a leading UK advisory firm, for £146M (~$196M), payable in tranches with potential contingent payments, expected to be accretive to EPS.

• Approximately 50% of Q2 and LTM revenues were from non-M&A sources, reflecting business diversification.

• Continued senior talent recruitment, with multiple SMDs and senior advisors joining or committed for the year.

Financial highlights

• Q2 2025 adjusted net revenues: $839M, up 21% year over year; Q2 adjusted operating income: $157M, up 37%; adjusted EPS: $2.42, up 34%; adjusted operating margin: 18.7%.

• Q2 adjusted advisory fees: $698M, up 23%; underwriting revenues: $32M, up 4%; commissions: $58M, up 10%.

• Asset management and admin fees: $21M in Q2, up 8% year over year; AUM reached $14.5B, up 10%.

• Employee compensation and benefits expense as a percentage of net revenues was 65.8% in Q2, down from 66.6% last year.

• Returned $532M to shareholders in H1 2025 via buybacks and dividends.

Outlook and guidance

• Optimism for continued improvement in investment banking as market clarity and stability increase.

• Expect ongoing strong activity in private capital advisory, restructuring, and sponsor-led transactions.

• Anticipate positive trends in equity capital markets and underwriting to continue into the second half.

• Continued investment in technology, talent, and geographic expansion to support long-term growth.

• No material impact expected from recent international or U.S. tax changes for the remainder of the year.