Lazard (LAZ) investor relations material

Executive summary

• Q3 adjusted net revenue rose 11% YoY to $805M; adjusted diluted EPS fell 36% to $0.36.

• 9M adjusted net revenue increased 6% to $2.264B, while adjusted net income fell 44% to $100M.

• Record Financial Advisory Q3 revenue, strong client activity and record 9M Asset Management gross inflows supported results.

• 2030 strategy targets doubling revenue and average annual total shareholder return of 10%–15%.

• Campbell Lutyens acquisition was expected to close in early November, with Lazard CL planned to launch thereafter.

Financial highlights

• Q3 GAAP net revenue was $814M, up 9% YoY; net income attributable to common stockholders was $29M, down 59%, and diluted EPS was $0.26, down 60%.

• Q3 adjusted operating income was $87M, down 14% YoY, and adjusted net income was $40M versus $62M.

• 9M GAAP net revenue increased 8% to $2.378B; operating income fell 25% to $182M and net income attributable to common stockholders fell 28% to $135M.

• 9M adjusted diluted EPS was $0.90, down 45% YoY.

Outlook and guidance

• Weighted 2027 Advisory pipeline at Oct. 22 was more than 2x the weighted 2026 pipeline at the same date in 2025; both are probability-weighted revenue measures.

• Second-half Advisory revenue was expected to exceed first-half revenue, with a stronger H2/H1 ratio than in 2025.

• Campbell Lutyens was expected to contribute ~$500M in combined 2027E revenue and be earnings-accretive in 2027, before potential synergies.

• Full-year adjusted effective tax rate guidance was in the high-20% range; positive Asset Management net flows were expected for 2026.

• Long-term targets include adjusted compensation ratio of 60% or below and adjusted non-compensation ratio of 16%–20%; timing depends on market conditions.