Lazard (LAZ) investor relations material

Executive summary

• Announced acquisition of Campbell Lutyens to form Lazard CL, a leading global private capital advisory unit, expected to generate $500 million in 2027 revenue and close in H2 2026.

• Acquisition accelerates the 2030 strategy, diversifies revenue, and expands global reach, with strategic goals to double revenue by 2030 and achieve 10–15% average annual total shareholder return.

• Q1 2026 adjusted net revenue was $673 million, up 5% year-over-year; net revenue for Q1 2026 was $757 million, up 17% year-over-year.

• Asset Management delivered $9 billion in net inflows, the highest quarterly level in nearly 20 years, with AUM reaching $259 billion.

• U.S. GAAP net income for Q1 2026 was $101 million ($0.91 per diluted share), up 67% year-over-year; adjusted net income was $47 million ($0.42 per diluted share), down 23%.

Financial highlights

• Adjusted net revenue for 2025 was $3,030 million, up 5% year-over-year; Q1 2026 adjusted net revenue was $673 million.

• Asset Management adjusted net revenue was $309 million in Q1 2026, up 17% year-over-year; management fees rose 25% to $296 million.

• Financial advisory adjusted net revenue was $356 million in Q1 2026, down 4% year-over-year; 2025 financial advisory net revenue was $1,825 million, up 5%.

• Adjusted operating income for 2025 was $432 million (14% margin); Q1 2026 adjusted operating income was $53.7 million (8.0% margin).

• Ending AUM reached $259 billion in Q1 2026, up 14% year-over-year, with 67% in non-USD securities.

Outlook and guidance

• Targeting to double revenue by 2030, with continued expansion in key geographies and sectors, and aiming for 10–15% average annual total shareholder return.

• Optimistic outlook for financial advisory and M&A activity, supported by strong client engagement and a robust deal pipeline.

• Asset Management expected to maintain net inflows for the full year, with fee rates stable around 44.6 bps.

• Compensation ratio for the full year guided to approximately 65.5%, with long-term target of 60% or below; non-compensation ratio targeted at 16–20%.

• Focus on cost discipline, margin expansion, and prudent capital management.