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Lazard (LAZ) investor relations material
Lazard Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Adjusted net revenue for Q2 2025 was $770 million, up 12% year-over-year, driven by record Financial Advisory results and strong Asset Management inflows; AUM reached $248 billion as of June 30, 2025.
Net income attributable to shareholders for Q2 2025 was $55 million, up from $50 million in Q2 2024; H1 2025 net income was $116 million, up from $86 million year-over-year.
Hired 14 Managing Directors year-to-date to support long-term growth and continued expansion in Europe.
High client engagement, robust private capital connectivity, and progress toward Asset Management inflection point supported business momentum.
2030 strategy targets doubling revenue, 10–15% average annual TSR, and increased relevance.
Financial highlights
Q2 2025 net revenue: $796 million (up 16% year-over-year); adjusted net revenue: $770 million (up 12% year-over-year).
Financial Advisory Q2 2025 adjusted net revenue: $491 million (up 20% year-over-year); Asset Management Q2 2025 adjusted net revenue: $268 million (up 1% year-over-year).
Adjusted operating income for Q2 2025 was $108 million, up 29% year-over-year; adjusted operating margin improved to 14.1%.
Adjusted compensation expense for Q2 2025 was $504 million (65.5% ratio); adjusted non-compensation expense was $157 million (20.4% ratio).
AUM at June 30, 2025: $248 billion, up 10% from December 31, 2024, and up 2% year-over-year.
Outlook and guidance
M&A environment expected to improve as tariff and regulatory uncertainties resolve; constructive financing markets and strong corporate balance sheets support activity.
Targeting adjusted compensation ratio of 60% or below and adjusted non-compensation ratio between 16% and 20%, timing dependent on market conditions.
Asset Management expected to benefit from evolving investor preferences, especially outside the U.S., and is positioned for an inflection point with record gross inflows.
Full-year 2025 effective tax rate projected in the mid-20% range; no material impact expected from recent U.S. tax legislation.
Non-comp expense growth now expected to be high single digits for the year due to FX and business development investments.
Explain drivers behind Asset Management AUM growth.
Detail restructuring mandates beyond those listed.
Elaborate on the 'cost-saving initiatives'.
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Lazard Ltds financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising, and other strategic advisory matters. This segment provides advice on strategic transactions and financing alternatives to corporations, partnerships, institutions, governments, and municipalities. The segment also offers financial valuations; fairness opinions relating to capital-raising transactions; debt restructuring advice in connection with out-of-court restructurings and Chapter 11 proceedings; shareholder advisory relating to activist shareholders or hostile takeovers of public companies; advice on capital structuring and intercreditor issues for financing of acquisition of companies through leveraged buyouts or other transactions for private equity funds; advice on the reduction of corporate expenses; analysis on the tax implications of strategic transactions; and certain litigation consulting services.
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