Slides
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Investor Presentation Q4 2025
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This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect our current views with respect to, among other things, Evercore’s operations and financial performance. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "backlog," "believes," "expects," "potential," "probable," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. All statements, other than statements of historical fact, included in this presentation are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in Evercore's business. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Evercore believes these factors include, but are not limited to, those described under "Risk Factors" discussed in Evercore's Annual Report on Form 10-K for the year ended December 31, 2024, subsequent quarterly reports on Form 10-Q or annual reports on Form 10-K, current reports on Form 8-K and Registration Statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Evercore to predict all risks and uncertainties, nor can Evercore assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and Evercore does not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Evercore undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Throughout this presentation certain information is presented on an Adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and then those results are adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Unvested Restricted Stock Units into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore’s results across several periods and facilitate an understanding of Evercore’s operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of each non-GAAP figure to the corresponding GAAP figure is available in the Appendix at the end of this presentation.
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Table of Contents Section Evercore Overview Evercore’s Breadth and Depth Opportunities for Future Growth and Value Creation Business Overviews Appendix I II III IV V
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I. Evercore Overview
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Evercore: Focused on Delivering for Our Clients, Our Shareholders and Our People To be the most respected and trusted independent investment bank in the world Our Priorities Our Goal Clients Shareholders People Long-term, trusted relationships, providing a breadth of capabilities to advise our clients on their most important strategic, financial and capital priorities Creating long-term shareholder value through revenue growth, strong margins, and consistent capital return A strong culture grounded in our Core Values Attracting, developing, mentoring and promoting a diverse group of highly talented professionals 1
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Track Record of Achieving Strong Results for Our Clients, Our Shareholders and Our People Source: M&A data sourced from Refinitiv; Fee data sourced from Company reports and SEC filings 1. Net Revenues for all periods reflect Adjusted figures on a gross basis as described in the Q4 2025 earnings release. A reconc iliation to the corresponding GAAP figures is available in Appendix at the end of this presentation 2. Advisory revenues based on reported quarterly results for all firms that have reported through December 31, 2025 3. Total fee pool includes Advisory revenues from BAC, BARC, C, CS, DB, EVR, JEF, GS, HLI, JPM, LAZ, MC, MS, PIPR, PJT, PWP, UBS. Independents’ fee pool includes Advisory revenues from EVR, HLI, LAZ, MC, PJT, PWP 4. Extel (previously Institutional Investor) survey released in October 2025 5. Approximate Non-M&A revenues. Non-M&A revenues include Underwriting Fees, Commissions and Related Revenues, Asset Management and Administration Fees, and Other Revenue, which are publicly reported revenue line items. In addition, this includes components of Advisory Fees that are considered non-traditional M&A activities including restructuring, private capital advisory and fundraising, capital raising for companies and sponsors etc. Revenues associated with Activism and other strategic assignments included in M&A. 6. Share price as of December 31, 2025, based on Adjusted shares outstanding 7. Assumes dividends are reinvested. Represents 12/31/2015 – 12/31/2025 8. Includes dividends to Class A shareholders and equivalent amounts distributed to holders of LP units #1 in Advisory Revenues among Independent Firms and #3 among All Firms in FY 20251,2,3 #1 M&A league table ranking globally among all independent firms 2025 #1 Research Provider among all firms on a weighted basis, for the fourth consecutive year 4 ~45% Of Adjusted Total Net Revenue, in 4Q25 and FY 2025, is from non-M&A businesses 5 50% More Investment Banking Senior Managing Directors (SMDs) than the end of 2021, total of 171 SMDs (as of 4Q25) 40% Investment Banking SMDs internally promoted (as of 4Q25) 12% 10-Year Adjusted Net Revenue CAGR (2015 – 2025)1 ~$15Bn Market cap compared to ~$570mm at IPO in 20066 682% 10-Year Total Return compared to 298% for the S&P 5007 (as of 12/31/2025) $3.4Bn Capital Returned to Shareholders Since 20218 $812mm Of capital returned in FY 2025 through dividends and share repurchases, representing our second-largest year of capital returned 18 years # of consecutive years of dividend increases 2
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2025: Strategic Milestones #3 largest investment bank, based on Advisory fees1,2 Record net revenues of $3.9bn1 ► ~170% increase since 2016 Record revenues for many businesses including North America & EMEA Advisory, PCA, PFG, Equities, and Wealth Management ~45% of net revenues attributable to non-M&A businesses in 2025 3 2025 operating margin of 21.6% 1 Financial 171 Investment Banking senior managing directors (SMDs) at the end of 2025 ► 50% more Investment Banking SMDs than the end of 2021 19 Investment Banking SMDs added in 2025, representing our largest-ever class of external additions 11 Investment Banking SMD promotions in Q1 2025 ► 40% of Investment Banking SMDs internally promoted Talent Acquisition of Robey Warshaw, a leading UK-based advisory firm Key additions in France and the UK, and new offices in Italy, the Nordics, and Saudi Arabia Continued build-out of North America sector coverage (e.g., FIG, Healthcare, Industrials) Enhanced sponsor coverage Expanded product offerings (e.g., securitization, structured capital solutions within PCA) Expansion Source: M&A data sourced from Refinitiv; Fee data sourced from Company reports and SEC filings 1. Net Revenues and Operating Margins for all periods reflect Adjusted figures on a gross basis as described in the Q4 2025 earnings release. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation 2. Total fee pool includes Advisory revenues from BAC, BARC, C, CS, DB, EVR, JEF, GS, HLI, JPM, LAZ, MC, MS, PIPR, PJT, PWP, UBS. Independents’ fee pool includes Advisory revenues from EVR, HLI, LAZ, MC, PJT, PWP 3. Approximate Non-M&A revenues. Non-M&A revenues include Underwriting Fees, Commissions and Related Revenues, Asset Management and Administration Fees, and Other Revenue, which are publicly reported revenue line items. In addition, this includes components of Advisory Fees that are considered non-traditional M&A activities including restructuring, private capital advisory and fundraising, capital raising for companies and sponsors etc. Revenues associated with Activism and other strategic assignments included in M&A 3
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Why Evercore? Broad independent advisory capabilities Leading private capital advisory and fundraising business and growing in public and private capital markets Leading independent research platform Significant revenue growth opportunities related to enhanced capabilities, as well as recent hiring, internal promotions, and the number of SMDs in “ramp mode” #1 in Advisory Revenues among independent firms and #3 among all firms in FY 2025 1 50% more Investment Banking Senior Managing Directors than the end of 2021 (as of 4Q25) Best-in-class long-term operating margins Capital light business model with high ROE and ROIC Profitable every year since our IPO in 2006 Strong and liquid balance sheet with robust cash position Diversified revenue streams from a wide variety of businesses Expanded Revenue Opportunities Strong Earnings and EPS Growth Opportunity Strong Cash Flow Generation Low Risk Business Model Leading global independent investment banking firm Diversified revenue stream Strong culture with an emphasis on talent development Sustainable Differentiated Business Model 1. See footnotes 1,2, and 3 on page 2 4
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$132 $135 $136 $144 $152 $721 $520 $387 $447 $661 $852 $655 $524 $591 $812 $0 $150 $300 $450 $600 $750 $900 2021 2022 2023 2024 2025 Dividends / Distributions Share Repurchases 34.3% 25.9% 15.7% 18.6% 21.6% 23.2% 18.4% 0% 7% 14% 21% 28% 35% 2021 2022 2023 2024 2025 EVR 5-Year Average (2021-2025) 5-Year Peer Average (2021-2025) $0.84 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Quarterly Dividend Per Share ($) Evercore Delivers Best-In-Class Performance And Is A Leader In Growth and Margins 1. Net Revenues and Operating Margins for all periods reflect Adjusted figures on a gross basis as described in the Q4 2025 earnings release. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation 2. Peer average includes HLI, LAZ, MC, PJT, and PWP. Reflects reported results for peers from 2020-2025 and consensus estimates for firms that have not reported 3. Includes dividends to Class A shareholders and equivalent amounts distributed to holders of LP units. Totals may not add due to rounding. Share repurchases include net settlement Consistent Dividend Growth Strong Revenue Growth and Operating Margins Relative to Peers1,2 Substantial Capital Return ($ in millions)3 26% 18% 0% 10% 20% 30% 2 Yr CAGR Evercore Peer Average 5
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$4.7 $3.5 $3.3 $2.9 $2.6 $2.1 $1.9 $1.9 $1.8 $1.7 $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 $5.0 GS JPM EVR MS HLI JEF C BAC LAZ PJT ($ in billions) Third Largest Investment Bank Based on Advisory Fees in FY 20251,2 1. EVR’s Advisory revenue is total Advisory fees (excluding Underwriting revenue) and reflect Adjusted figures. A reconciliation to the corresponding GAAP figures is available in Appendix at the end of this presentation 2. Peer revenue reflects total Advisory fees as reported in public filings in Q4 2025 for all firms that have reported through D ecember 31, 2025 6
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II. Evercore’s Breadth and Depth
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Leading Independent Firm With A Global Presence Note: Bold text denotes Investment Banking office. * denotes Evercore Affiliate and Strategic Alliance offices 1. As of December 31, 2025 2. SMD count is as of December 31, 2025, and includes committed new hires, and known departures/transitions 50+ Countries Where Clients are Served ~2,570 Employees Worldwide1 20+ Investment Banking Offices Globally ~1,615 Investment Bankers1 16 Countries with Evercore Offices 171 Investment Banking SMDs Globally 2 Americas Boston Calgary Chicago Dallas Houston Menlo Park Minneapolis New York Richmond San Francisco São Paulo* Tampa Toronto Washington DC West Palm Beach Wilmington Europe / Middle East Dubai Frankfurt London Madrid Milan Paris Saudi Arabia Stockholm Tel Aviv Asia Beijing Hong Kong Indonesia Mumbai* Seoul* Singapore Tokyo Closed acquisition of Robey Warshaw in October 2025; expansion in Italy, Stockholm, Saudi Arabia in 2025 and Paris in 2024 Affiliate OfficesEvercore OfficesEvercore Reach 7
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Grown Investment Banking & Equities Business >12x Since 2010 1. Investment Banking & Equities Revenues on an Adjusted basis reflect the reclassification of earnings related to our equity metho d investment in Seneca Evercore of $0.01 million for FY 2025 and to our former equity method investment in G5 of $0.02 million for FY 2010 $0.3 Billion1 FY 2010 Adjusted Investment Banking Revenue $3.7 Billion1 FY 2025 Adjusted Investment Banking & Equities Revenue Capabilities Evercore in 2010 Evercore Today Strategic Corporate Advisory • Mergers and Acquisitions • Transaction Structuring • Restructuring Capital Markets Advisory Investment Banking & EquitiesInvestment Banking Capital Markets Advisory Private Capital Advisory and Fundraising Advises private asset managers on capitalizing or liquidating their assets through a privately negotiated transaction Strategic Advisory • Mergers and Acquisitions • Strategic Defense & Shareholder Advisory • Special Committee Assignments • Real Estate Strategic Advisory Liability Management & Restructuring Provides independent financial restructuring advice to companies, sponsors, creditors, shareholders and other stakeholders, both in- and out-of-court • Equity Capital Markets • Private Capital Markets and Debt Advisory • Market Risk Management and Hedging Equities • Research • Sales & Trading • Corporate Access & Conferences See Section IV Business Overview of this presentation for more in-depth detail on each business 8
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$0 $300 $600 $900 $1,200 $1,500 $1,800 $2,100 FY 2010 FY 2019 FY 2025 In both 4Q25 and FY25, ~45% of Total Net Revenue were from non-M&A businesses 4% 6% 2% 3% We Have Significantly Diversified Our Revenue Base, Providing Ballast Throughout Market Cycles Advisory Fees – M&A Underwriting Fees Commissions & Related Rev Asset Mgmt & Admin. Fees Other Revenue Revenue Diversification Advisory Fees – Non-M&A Advisory non-M&A revenues associated with: • Liability Management & Restructuring • Private Capital Advisory (PCA) • Private Funds Group (PFG) • Private Capital Markets, Debt Advisory, etc. 85% Approximate Non-M&A Revenues1 1. Approximate Non-M&A revenues. Non-M&A revenues include Underwriting Fees, Commissions and Related Revenues, Asset Management and Administration Fees, and Other Revenue, which are publicly reported revenue line items. In addition, this includes components of Advisory Fees that are considered non-traditional M&A activities including restructuring, private capital advisory and fundraising, capital raising for companies and sponsors etc. Revenues associated with Activism and other strategic assignments included in M&A. Non-M&A Revenue: ~45%1 FY 2025 Total Net Revenue: $3.9 billion ($ in millions) 9
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Evercore Has Significantly Broadened And Deepened M&A Sector Coverage, With Continued White Space 1. SMD count is as December 31, 2025, and includes committed new hires, known departures/transitions. Includes sector focused M&A SMDs and other product / specialist Investment Banking SMDs M&A Sector Coverage Evercore in 2010 Evercore Today Energy Financial Institutions Tech, Media, Telecom Healthcare Generalists and Specialty Sectors 46 Investment Banking SMDs as of FY 2010 1711 Investment Banking SMDs as of Q4 2025 Infrastructure, Utilities & Renewables Energy Banking Insurance Investment Management FinTech Tech – Hardware Tech – Software Industrial Technology Media Telecom Medical Services & Technology Pharma Biotech Consumer / Retail General Industrial Aerospace / Defense Paper & Packaging Automotive Chemicals Shipping & Transportation Metals & Mining Financial Sponsors Real Estate Public Sector & Infrastructure Green Tech Other SectorsIndustrialsConsumer / Retail Financial InstitutionsEnergy Tech, Media, Telecom Healthcare 10
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III. Opportunities for Future Growth and Value Creation
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Global Announced M&A as a Percent of Global Market Capitalization Is Beginning to Rise From Record Lows, Presenting Opportunity for Evercore ($ in trillions) $30 $35 $38 $21 $29 $34 $31 $35 $43 $44 $43 $45 $55 $48 $60 $70 $83 $66 $78 $89 $107 7.0% 7.0% 8.2% 9.4% 4.9% 6.1% 6.7% 5.6% 4.6% 5.8% 6.2% 5.7% 4.8% 6.2% 4.3% 3.8% 5.5% 4.1% 2.8% 2.7% 2.9% 8.8% 9.9% 10.5% 13.2% 6.7% 7.0% 8.0% 7.1% 5.3% 7.4% 9.7% 7.7% 6.0% 8.1% 6.3% 5.0% 6.8% 5.2% 3.7% 3.4% 4.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $ - $20 $40 $60 $80 $100 $120 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Global Market Cap Global Announced M&A (Sub $10b) / Global Market Cap Global Announced M&A / Global Market Cap Announced M&A Relative to Market Cap M&A activity as a percentage of total global market cap is starting to climb 1 Source: LSEG and FactSet, data as of December 31, 2025 1. Global Market Cap as of December 31, 2025 LFQ Q4 2025 2015 - 2024 Average 2005 - 2024 Average Global M&A (Sub $10b) as % of Total 2.9% 4.6% 5.6% Global M&A as % of Total 4.2% 6.2% 7.3% 11
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Global Expansion Be the top advisor to the fastest growing segments of the economy including, Biotech, Fintech, Green Tech / Infrastructure, Technology Further white space in other important sectors (e.g., Healthcare, Industrials, Business Services, Real Estate, Consumer Retail) Enhance focus on large, multinational firms and sellside transactions Client coverage also expanded to include mid- size and growth companies Continue build out of Financial Sponsor coverage team, in conjunction with private capital businesses, driven by our deep client relationships Sector White Space & Client Coverage Our Vision for the Future – Clear Path for Growth Underpinned by our premier talent management, development, collaboration and recruitment strategy Leverage dominant leadership position in Private Capital Advisory (PCA) and Private Funds Group (PFG) Growing continuation fund and LP activity; expand into securitization and retail Broaden fundraising client set Leader across other advisory businesses, including liability management and restructuring, activism/defense, debt advisory private capital markets, spins/splits, special committee Expansion of capabilities (sector & product) and leadership in Equity Capital Markets (ECM) Perennial leadership in Equity Research and remain focused on share gains in Sales and Trading businesses In October 2025, closed on the acquisition of Robey Warshaw, in addition to new hires in other areas of Europe Maintain and expand premier position in EMEA with superior capabilities Focus on sector coverage / geographic build-out in core countries Strengthen global collaboration Top advisor to sovereign wealth funds Selectively build out position in parts of APAC over time 1 3 Evercore’s Next Chapter Product Capabilities 2 12
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Financial Sponsors are a Core and Growing Part of the Market and We are Well- Positioned to Provide 360-Degree Coverage Investors (e.g., SWF, Pension, E+F, Asset Manager, HNW, etc.) Raising Capital Investing Fund Realizing Investments 1 2 3 Cash Cash How Evercore Provides 360-Degree Coverage to Financial Sponsors Evercore’s market leading financial sponsor-related businesses service sponsors comprehensively throughout the entire lifecycle. These businesses include: • Private Capital Advisory (“PCA”) and Private Funds Group (“PFG”) • Strategic Advisory (M&A) – Buy-Side and Sell-Side • Private Capital Markets & Debt Advisory • Equity Capital Markets • Real Estate Strategic Advisory Private Markets Expected to Increase # of Private Companies on the Rise Private Markets Set For Continued Growth Cumulative AUM ($ trillion) $9T $15T $19T $21T $24T $0T $5T $10T $15T $20T $25T $30T 2018 2021 2024 2027 2029 Forecast 0 2,000 4,000 6,000 8,000 10,000 12,000 Number of US PE backed companies Number of US domestically listed companies Count Source: Hedge Fund Research, Preqin, iCapital Source: World Federation of Exchanges, World Bank, PitchBook, Haver Analytics, Apollo Chief Economist; as cited in "Outlook for private markets 2025", TorstenSlok, Apollo Global Management, January 2025 ~2x ~1.5x 13
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98 112 107 114 130 136 144 171 40 60 80 100 120 140 160 180 200 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Sector Focused M&A Other Advisory $21.5 $17.9 $18.4 $28.3 $22.1 $16.2 $18.7 $23.9 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EVR Productivity Peer Average Hiring and Promoting A+ Talent Leads To Additional Growth Opportunities from Ramping2 SMDs and Significant Productive Capacity in the Long-Term # of Investment Banking SMDs1 Investment Banking SMD Productivity3 ($ in millions) 1. For Evercore figures, FY 2019 onward reflects Pro Forma SMD count whereas FY 2018 reflects standard end of period SMD count 2. “Ramping” defined as SMDs with two years on the platform 3. Advisory revenue productivity figures are calculated using rolling 12 month revenues divided by SMD and professional headcount on a twelve month lag (e.g. the FY 2025 figures are based on SMD and total professional headcount as of Q4 2024). New SMD hires and SMD promotions are included in the denominator after the 1 year anniversary of hire/promotion. SMD departures and conversions to Senior Advisor are excluded from the denominator 6 months post departure/conversion date 4. Peer average includes HLI, LAZ, MC, and PJT. Reflects Visible Alpha consensus figures for those that have not yet reported for the current quarter 5-year EVR median productivity: $22.1 40+ SMDs in ramp2 mode % Internally Promoted 40% 4 27% 29% 35% 32% 40% 39% 40% 14
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Commitment to Capital Return and A Strong Balance Sheet 1. Subject to our future earnings and our need to maintain a strong liquidity position 2. Includes cash and investment securities held to satisfy near-term compensation obligations We remain committed to our capital return objectives which include1: Growing the per share dividend as earnings increase over time, reflective in our most recent dividend increase in Q1 2025 to $0.84 per share ● 18 th consecutive year of dividend increase Offsetting dilution associated with annual bonus equity through share repurchases often front loaded earlier in the calendar year Returning excess cash not needed for current operations and investment in the business through share repurchases Returned $812mm of capital in FY25 through dividends and share repurchases ~$3.0 Billion Cash, Cash Equivalents and Investment Securities as of December 31, 20252 2.4 Million Shares Repurchased in FY25 Strong and liquid balance sheet We hold cash and investments necessary to fund prior deferred cash bonus obligations that are to be paid in cash in the future, operate the business, and make strategic investments Continue to deliver low leverage and strong interest coverage, maintaining its ratios well in excess of amounts required Strong Balance SheetCapital Return 15
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80 120 160 200 240 280 320 360 400 EVR S&P 500 Index S&P Financial Index Peer Average Strong Shareholder Return and Outperformance Against Benchmarks 1. The Stock Performance graph and related table compares the performance of an investment in our Class A common stock from January 1, 2023, through December 31, 2025, with the S&P 500 Index, the S&P Financial Index, and the peer average index. The graph assumes $100 was invested at the opening of business on January 1, 2023, in each of our Class A common stock, the S&P 500 Index, the S&P Financial Index, and the peer average index. It also assumes that dividends were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance 2. Equal weighted index methodology. Peer average includes HLI, LAZ, MC, PJT, and PWP Total Shareholder Return (through 12/31/2025)1 2 Evercore: +228% Peer Average2: +100% S&P 500: +86% S&P Financials: +68% Three-Year Return (12/31/22 – 12/31/25) Evercore: +241% Peer Average2: +118% S&P 500: +96% S&P Financials:+103% Five-Year Return (12/31/20 – 12/31/25) Evercore: +682% Peer Average2: +442% S&P 500: +298% S&P Financials:+245% Ten-Year Return (12/31/15 – 12/31/25) 16
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IV. Business Overviews
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Mergers & Acquisitions (M&A) Our M&A team evaluates potential acquirers and targets, analyzes values and proposes financial and strategic alternatives Boards, management teams, and financial sponsors rely on our independent judgment and deep expertise in navigating their most important transactions and strategic decisions Advise clients across all industries on the structuring of public and private transactions, including split-offs, spin- offs, joint ventures, divestitures, and other tax-efficient combinations The M&A group includes our industry-leading strategic, defense & shareholder advisory team, sell-side execution group, special committee practice, and real estate strategic advisory practice Advised on 3 of the 10 largest global transactions in 2025 Ranked 3rd in the U.S. for sellside transactions in 2025, based on dollar value1 Broadest platform of any independent advisory firm Highly involved, dedicated senior leadership team Relentless focus on excellence and integrity Client interests always placed ahead of our own Values-driven with a long-term relationship focus Prominent Recent M&A TransactionsKey Highlights Business Overview 1. Source: LSEG as of 12/31/2025 $9.8 billion sale to Exclusive Financial Advisor 2025 $11.0 billion Jafurah midstream transaction led by funds managed by Financial Advisor 2025 $12.3 billion sale to Exclusive Financial Advisor 2025 (Pending) $34.5 billion merger with Financial Advisor 2025 (Pending) $29.1 billion sale to Lead Financial Advisor 2025 $2.5 billion sale to Sole Financial Advisor 2025 $3.1 billion acquisition of Financial Advisor 2025 $10.5 billion sale of its Connectivity and Cable Solutions Business to Exclusive Financial Advisor 2025 on its business separation and ~$82.7 billion sale of Warner Bros. to Financial Advisor 2025 (Pending) on its ~$9.2 billion sale to Financial Advisor 2025 $10.3 billion acquisition by Exclusive Financial Advisor 2025 (Pending) ~$25 billion merger with Joint Lead Financial Advisor 2025 (Pending) #11 2025 Announced M&A League table rank globally among Independents #61 2025 Announced M&A League table rank globally among all firms 17
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Strategic, Defense and Shareholder Advisory (SDSA) Business Overview $2.0+ Trillion1 Market Value of Clients #1 activism defense team on Wall Street1 Advises public company clients on situations involving shareholders – activism campaigns, hostile M&A, contested / complex M&A, special committee transactions, etc. Leadership across the most complex situations with an unmatched track record of success What Situations Do We Work On? Activism & Hostile Defense Live Activism Campaigns / Hostile Raids Special Committee Transactions (e.g. Take-Privates, Dual-Class Recapitalizations) Complex Public Company M&A 500+1 Companies Advised Advised High-Profile Clients Through Complex Situations Advised on Some of the Most Significant Defenses SDSA team advises clients on matters related to complex M&A, board advisory, corporate governance, activism, and hostile and unsolicited activity 1. Includes closed defenses other than exempt solicitations for each advisor by Shark Repellent / WSJ from 1/1/17 to 12/31/25. E vercore team’s experience includes defenses led by team at previous employers 18
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Provide independent financial advice to companies, sponsors, creditors, shareholders, and other stakeholders, both in-and out-of-court Specialize in critical and unbiased advice to clients on complex balance sheet issues and transformational situations Collaboration with strategic advisory bankers to deliver holistic advice across full spectrum of alternatives Liability Management & Restructuring Liability Management Capital Structure Advisory Debt Financing Equity Financing Extensions, Amendments and Waivers Exchange Offers Divestitures and Distressed M&A Bankruptcy & Other Insolvency Regimes Liability Mgmt. & Restructuring Liability Management & Restructuring specializes in advising companies and creditors on addressing situations involving complex balance sheet structures Business Overview 19
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Private Capital Markets & Debt Advisory (PCM) PCM focuses exclusively on complex financing transactions for corporate and financial sponsor clients, advising across the capital structure on both credit and structured equity solutions Business Overview Full-service product suite across credit, equity and hybrid capital for both buyside and sellside situations Advisor on many marquee financings for premier sponsor and corporate clients Industry generalists that work seamlessly with M&A and other product specialists Large team dedicated to complex private market financings across the balance sheet Award-winning team (recipient of Investment Bank of the Year for Private Placements from TheBanker) Structured Equity Special Situations Acquisition Financing Private Capital Markets & Debt Advisory Project Finance Growth Equity Corporate Finance Advisory PIPEs Private Credit Transaction & Product Suite 2024 $500mm PIPE investment from $2.1bn recapitalization from 2023 2024 $600mm junior capital raise from 2024 $16bn bridge financing for acquisition of Select Recent Transactions 20
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Private Capital Advisory (PCA) Business Overview PCA is a leading advisor to financial sponsors and investors in the secondary market, with 800+ transactions closed and $380bn+ in historical transaction volume LP Advisory Structured Capital Solutions (“SCS”)GP Advisory Secondary Solutions for LPs Diversified portfolio sales Rebalancing core managers Sector-specific sales Tail-end cleanups Secondary Solutions for GPs Multi-asset continuation funds Single-asset continuation funds Equity recapitalizations Tender offerings Debt Market Solutions for GPs & LPs Collateralized fund obligations (“CFOs”) NAV loans Rated feeders Preferred equity ~530 Transactions $170bn+ Volume ~260 Transactions $200bn+ Volume ~20 Transactions $10bn+ Volume Secondaries Advisor of the Year in Europe Europe 5 Years in a Row AWARDS Deal of the Year 7x Winner Deal of the Year AWARDS Secondaries Advisor of the Year in Asia 2x Winner Asia AWARDS SecondaryLinkAmericas Secondaries Advisor of the Year in the Americas 9 Years in a Row AWARDS Top GP-led and LP-led Advisor 2024 Winner Recent Awards 21
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Private Funds Group (PFG) Global industry leader in providing fundraising and strategic advisory services to private asset managers Key Stats and Industry AwardsBusiness Overview The PFG team has an exemplary record of representing top-tier funds on all aspects of the fundraising process – from competitive positioning and market assessment to marketing materials and investor development We advise clients throughout the fundraising process, which includes: Developing and maintaining a diverse platform of best-in- class private funds to provide investors with access to compelling investment opportunities across the alternatives spectrum Advise on terms, conditions, structure, and marketing materials, as well as process timing with benefit of ongoing investor feedback 50% New capital secured into First Closes $87.7bn New capital raised from LPs globally $334bn+ Total capital raised across 168 mandates Key Statistics 1. Includes buyout funds launched and closed between Jan 2016 and Dec 2025 where EVR was mandated on the full fundraise. 9.5 months Average length of buyout fundraises launched since 20161 Repeat Business Our GPs work with us across multiple funds 30 Placement Agent of the Year Awards since 2018 Ranked Fundraising Platform in 2024 #1 Top Placement Agent in 2024 22
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Equity Capital Markets (ECM) ECM structures and executes equity-linked capital markets and advisory services for the firm’s corporate and financial sponsor clients Select Marquee Deals Advise clients on Initial Public Offering (IPOs), follow-on offerings, convertible securities, private placements, at-the- market programs, special situations capital raising, convertible liability management and share repurchases Focus on execution expertise, independent advice, experienced judgement, and key insights on all aspects of capital formation and capital markets transactions Bookrunner on 5 of the largest 10 IPOs since 2022 Since 2020, Evercore has executed: >70% of deals as an Active Bookrunner >$210 billion in total proceeds raised for clients Breadth and depth of expertise in all major sector verticals and ECM Products Business Overview Recent Bookrun Transactions The Evercore Difference in ECM: Independent Advice that Prioritizes Clients Balanced – Independent evaluation across the full spectrum of capital markets — IPOs, follow-ons, converts, private placements, and alternatives such as debt or structured solutions. Bespoke – Tailored deal structures and creative execution, not cookie-cutter precedent work. Independent – No lending or trading conflicts — advice driven solely by the issuer’s best interest. Active Bookrunner May 2020 $14.4 Billion Follow-on Offering sale of ~22.4% stake in Active Bookrunner Oct ’22 / June ‘23 $1.1bn IPO $1.6bn Follow-on Active Bookrunner Jan. ’24 / Sep. ‘24 $863mm Follow-on $1.5bn Follow-on Lead Left September 2024 $2.6 Billion Follow-on Offering Lead Left Bookrunner June ‘23 / Feb. ‘24 $2.2bn Follow-on $1.3bn Follow-on Active Bookrunner January 2021 $1.1 Billion Follow-on Offering Active Bookrunner May 2020 $1.8 Billion Follow-on Offering Active Bookrunner Feb ’25 / Jul ‘25 $582mm IPO $1.2bn Follow-on $219 Million Follow-on Offering Active Bookrunner November 2025 $180 Million Convertible Offering Active Bookrunner December 2025 $350 Million Follow-on Offering Active Bookrunner January 2026 $261 Million Follow-on Offering Active Bookrunner December 2025 $184 Million Follow-on Offering Active Bookrunner December 2025 $7.2 Billion Initial Public Offering Joint Bookrunner December 2025 $250 Million Follow-on Offering Active Bookrunner November 2025 $179 Million Follow-on Offering Joint Bookrunner December 2025 23
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Equities Evercore ISI’s leading research department is known for insightful and value-added content. Our dedicated sales and trading professionals serves more than 1,200 institutional investors globally, representing many of the largest asset managers and funds in the world Equity Research Fundamental Coverage Ranked #1 for fourth consecutive year in Extel’s (formerly Institutional Investor) All-America Research Survey, on analyst and commission-weighted basis.1 10th consecutive year as the top ranked independent firm Premier macro research with analysts covering Economics, Policy, Surveys, Portfolio Strategy, Technical Analysis, China >50 publishing analysts provide fundamental research, covering ~800 companies across 11 sectors Premier equity salespeople, traders, corporate access teams globally Dedicated global sales and trading professionals based in the U.S. and London covering over 1,200 clients in the U.S. and internationally Specialists in Healthcare, TMT, Energy, Consumer, Power/Utilities, Real Estate, Industrial, Financials, Special Situations Primarily agency-only platform that is client-focused and free of potential conflicts of interest created by proprietary trading Sales & Trading 1. Source: Extel (previously Institutional Investor) survey released in October 2025 24
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Evercore Wealth Management (EWM) and Evercore Trust Company, N.A. EWM is a leading independent U.S. wealth management firm, providing ultra high net worth clients with strategic wealth planning advice, investment management, and family office services. The firm provides comprehensive trust and fiduciary services through Evercore Trust Company. Clients Strategic Wealth Planning Investment Management Family Office Services Trust and Fiduciary Services Business Overview Family Wealth Transfer Investment Management Lifestyle & Wealth Preservation Corporate Trustee Services Family Governance and Education Liquidity Event Planning Executive Compensation Analysis Concentrated Position Management Key Capabilities Barron’s Top 100 RIA, 2025 Financial Advisor Magazine, America’s Top RIA, 2025 Recent Awards Forbes’ Top RIA, 2025 Note: Each award is determined by proprietary criteria available on the sponsoring organization’s website. Evercore Wealth Management did not provide any payment or compensation in connection with these distinctions . Disclosure: Investment and Wealth Management services are provided by Evercore Wealth Management, LLC an investment advisor r egistered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940. Registration with the SEC does not imply a certain level of skill or training. Trust and custody services are provided by Evercore Trust Company, N.A. a national trust bank regulated by the Office of the Comptroller of the Currency. 25
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) V. Appendix
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Information in the following financial reconciliations presents the historical results of the Company and is presented on an Adjusted basis, which is a non-generally accepted accounting principles (“non-GAAP”) measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units and Unvested Restricted Stock Units into Class A shares. Evercore believes that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore’s results across several periods and facilitate an understanding of Evercore’s operating results. The Company uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. These Adjusted amounts are allocated to the Company’s two business segments: Investment Banking & Equities and Investment Management. The differences between Adjusted and U.S. GAAP results are as follows: Assumed Exchange of Evercore LP Units into Class A Shares. The Adjusted results assume substantially all Evercore LP Units have been exchanged for Class A shares. Accordingly, the noncontrolling interest related to these units is converted to a controlling interest. The Company’s Management believes that it is useful to provide the per-share effect associated with the assumed conversion of substantially all of these previously granted equity interests and IPO related restricted stock units, and thus the Adjusted results reflect their exchange into Class A shares. Adjustments Associated with Business Combinations and Divestitures. The following charges resulting from business combinations and divestitures have been excluded from the Adjusted results because the Company’s Management believes that operating performance is more comparable across periods excluding the effects of these acquisition- related charges: Amortization of Intangible Assets and Other Purchase Accounting-related Amortization. Amortization of intangible assets and other purchase accounting-related amortization from the acquisition of Robey Warshaw, ISI, SFS and certain other acquisitions. Acquisition-related Compensation Charges. Expenses associated with awards granted in conjunction with the Company’s acquisition of Robey Warshaw. Acquisition and Transition Costs. Primarily professional fees incurred and costs related to transitioning acquisitions or divestitures and transfer taxes and professional fees incurred resulting from the Company’s reorganization of businesses within the Europe, Middle East and Africa legal entity structure. Gain on Transfer of Ownership of Mexican Private Equity Business. The gain resulting from the transfer of ownership of the Mexican Private Equity business in the third quarter of 2016. Gain on Sale of Institutional Trust and Independent Fiduciary business of ETC. The gain resulting from the sale of the Institutional Trust and Independent Fiduciary business of ETC in the fourth quarter of 2017. Foreign Exchange Gains / (Losses). Release of cumulative foreign exchange losses resulting from the restructuring of our former equity method investment in G5 in the fourth quarter of 2017, the sale and wind-down of our businesses in Mexico in the fourth quarter of 2020 and the redemption of the Company’s interest in Luminis in the third quarter of 2024. Net Loss on Sale of ECB businesses. The net loss resulting from the gain on the sale of the ECB Trust business and the loss on the sale of the remaining ECB business incurred in the third and fourth quarters of 2020, respectively. Gain on Redemption of G5 Debt Security. The gain on the redemption of the G5 debt security in the second quarter of 2021 is excluded from the Adjusted presentation. Gain on Sale of Interests in ABS. The gain on the sale of the Company’s interests in ABS in the first quarter of 2022 and the third quarter of 2024 is excluded from the Adjusted Presentation. 26
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Special Charges, Including Business Realignment Costs. Expenses associated with impairments of Goodwill and Intangible Assets and other costs related to business changes, including those associated with acquisitions and divestitures, are excluded from the Adjusted results. Income Taxes. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C- Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly. Excluded from the Company’s Adjusted results are adjustments related to the impact of the enactment of the Tax Cuts and Jobs Act that was signed into law on December 22, 2017, which resulted in a reduction in income tax rates in the U.S. in 2018 and in future years. The enactment of this tax reform resulted in a charge to the Provision for Income Taxes for the fourth quarter of 2017 of $143.3 million primarily resulting from the estimated re-measurement of net deferred tax assets, which relates principally to temporary differences from the step-up in basis associated with the exchange of partnership units, deferred compensation, accumulated other comprehensive income and depreciation of fixed assets and leasehold improvements. The tax reform also resulted in an estimated adjustment to Other Revenue for the fourth quarter of 2017 of $77.5 million related to the re-measurement of amounts due pursuant to our tax receivable agreement, which was reduced due to the lower enacted income tax rates in the U.S. in 2018 and in future years. Presentation of Interest Expense. The Adjusted results present Adjusted Operating Income before interest expense on debt, lines of credit and other financing arrangements, which is included in interest expense on a U.S. GAAP basis. In addition, in prior periods, interest expense on short-term repurchase agreements was presented in Other Revenue, net, as the Company's Management believes it is useful to present the spread on net interest resulting from the matched financial assets and liabilities. The Adjusted results also reflect the reduction of interest expense accrued for deferred acquisition consideration issued in the acquisition of Robey Warshaw. Presentation of Income (Loss) from Equity Method Investments. The Adjusted results present Income (Loss) from Equity Method Investments within Revenue as the Company’s Management believes it is a useful presentation. During 2018, the Company’s Adjusted presentation for current and prior periods was revised to eliminate the netting of client related expenses, expenses associated with revenue sharing engagements with third parties and provisions for uncollected receivables with their related revenue. The revised presentation reflects the expense and related revenue gross. The Company revised its presentation for these expenses in order to align with the treatment under U.S. GAAP. There was no impact on Adjusted Operating Income, Net Income or Earnings Per Share. 27
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Advisory Revenue & Net Revenues (dollars in thousands) 2025 2024 2023 2022 2021 Advisory Revenue - U.S. GAAP 3,267,087$ 2,440,605$ 1,963,857$ 2,392,990$ 2,751,992$ Income from Equity Method Investments (1) 6 1,073 620 1,217 1,337 Advisory Revenue - Adjusted 3,267,093$ 2,441,678$ 1,964,477$ 2,394,207$ 2,753,329$ Twelve Months Ended December 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Net Revenues - U.S. GAAP 3,855,820$ 2,979,593$ 2,425,949$ 2,762,048$ 3,289,499$ 2,263,905$ 2,008,698$ 2,064,705$ 1,704,349$ 1,440,052$ 1,223,273$ Income from Equity Method Investments (1) 3,872 6,231 6,655 7,999 14,161 14,398 10,996 9,294 8,838 6,641 6,050 Interest Expense (2) 24,264 16,768 16,717 16,850 17,586 18,197 12,917 9,201 9,960 10,248 9,617 Release of Foreign Exchange Losses from Luminis Redemption (3) - 658 - - - - - - - - - Gain on Sale of Interests in ABS (4) - (615) - (1,294) - - - - - - - Gain on Redemption of G5 Debt Security (5) - - - - (4,374) - - - - - - Mexico Transition - Net Loss on Sale of ECB Businesses (6) - - - - - 3,441 - - - - - Mexico Transition - Release of Foreign Exchange Losses (7) - - - - - 27,365 - - - - - Gain on Sale of Institutional Trust and Independent Fiduciary Business of ETC (8) - - - - - - - - (7,808) - - Foreign Exchange Losses from G5 Transaction (9) - - - - - - - - 16,266 - - Gain on Transfer of Ownership of Mexican Private Equity Business (10) - - - - - - - - - (406) - Other Purchase Accounting-related Amortization (11) - - - - - - - - - - 106 Adjustment to Tax Receivable Agreement Liability (12) - - - - - - - - (77,535) - - Net Revenues - Adjusted 3,883,956$ 3,002,635$ 2,449,321$ 2,785,603$ 3,316,872$ 2,327,306$ 2,032,611$ 2,083,200$ 1,654,070$ 1,456,535$ 1,239,046$ Twelve Months Ended December 31, 28
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Operating Income & Net Income (dollars in thousands) 2025 2024 2023 2022 2021 Operating Income - U.S. GAAP 789,942$ 526,914$ 359,135$ 696,042$ 1,102,438$ Income from Equity Method Investments (1) 3,872 6,231 6,655 7,999 14,161 Interest Expense (2) 24,264 16,768 16,717 16,850 17,586 Release of Foreign Exchange Losses from Luminis Redemption (3) - 658 - - - Gain on Sale of Interests in ABS (4) - (615) - (1,294) - Gain on Redemption of G5 Debt Security (5) - - - - (4,374) Intangible Asset Amortization (11) 3,660 - - - - Acquisition-related Compensation Charges (13) 7,040 - - - - Special Charges, Including Business Realignment Costs (14) - 7,305 2,921 3,126 8,554 Acquisition and Transition Costs (15) 9,858 - - - 7 Operating Income - Adjusted 838,636$ 557,261$ 385,428$ 722,723$ 1,138,372$ Net Income Attributable to Evercore Inc. - U.S. GAAP 591,922$ 378,279$ 255,479$ 476,520$ 740,116$ Interest Expense (2) 1,400 - - - - Release of Foreign Exchange Losses from Luminis Redemption (3) - 658 - - - Gain on Sale of Interests in ABS (4) - (615) - (1,294) - Gain on Redemption of G5 Debt Security (5) - - - - (4,374) Intangible Asset Amortization (11) 3,660 - - - - Income Taxes (12) (8,590) (2,312) (5,739) (108) (18,602) Acquisition-related Compensation Charges (13) 7,040 - - - - Special Charges, Including Business Realignment Costs (14) - 7,305 2,921 3,126 8,554 Acquisition and Transition Costs (15) 9,858 - - - 7 Noncontrolling Interest (16) 41,044 32,446 24,263 50,502 117,484 Net Income Attributable to Evercore Inc. - Adjusted 646,334$ 415,761$ 276,924$ 528,746$ 843,185$ Twelve Months Ended December 31, 29
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) Diluted shares outstanding & key metrics (share amounts in thousands) 2025 2024 2023 2022 2021 Diluted Shares Outstanding - U.S. GAAP 42,131 41,646 40,099 41,037 43,321 LP Units (17) 2,238 2,499 2,769 2,970 4,854 Unvested Restricted Stock Units - Event Based (17) 12 12 12 12 12 Diluted Shares Outstanding - Adjusted 44,381 44,157 42,880 44,019 48,187 Key Metrics: (a) Diluted Earnings Per Share - U.S. GAAP 14.05$ 9.08$ 6.37$ 11.61$ 17.08$ Diluted Earnings Per Share - Adjusted 14.56$ 9.42$ 6.46$ 12.01$ 17.50$ Operating Margin - U.S. GAAP 20.5% 17.7% 14.8% 25.2% 33.5% Operating Margin - Adjusted 21.6% 18.6% 15.7% 25.9% 34.3% (a) Reconciliations of the key metrics from U.S. GAAP to Adjusted results are a derivative of the reconciliations of their components on the prior pages. Twelve Months Ended December 31, 30
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) 1. Income (Loss) from Equity Method Investments has been reclassified to Revenue in the Adjusted presentation. 2. Interest Expense on Debt, Lines of Credit and Other Financing Arrangements is excluded from Net Revenues and presented below Operating Income in the Adjusted results and is included in Interest Expense on a U.S. GAAP Basis. The Adjusted results also reflect the reduction of interest expense accrued for deferred acquisition consideration issued in the acquisition of Robey Warshaw. 3. The release of cumulative foreign exchange losses in the third quarter of 2024 resulting from the redemption of the Company’s interest in Luminis is excluded from the Adjusted presentation. 4. The gain on the sale of the Company’s interests in ABS in the first quarter of 2022 and the third quarter of 2024 is excluded from the Adjusted presentation. 5. The gain resulting from the redemption of the G5 debt security in the second quarter of 2021 is excluded from the Adjusted presentation. 6. The net loss resulting from the gain on the sale of the ECB Trust business and the loss on the sale of the remaining ECB business in the third and fourth quarters of 2020, respectively, is excluded from the Adjusted presentation. 7. Release of cumulative foreign exchange losses in the fourth quarter of 2020 resulting from the sale and wind-down of our businesses in Mexico are excluded from the Adjusted presentation. 8. The gain resulting from the sale of the Institutional Trust and Independent Fiduciary business of ETC in the fourth quarter of 2017 is excluded from the Adjusted presentation. 9. Release of cumulative foreign exchange losses resulting from the restructuring of our former equity method investment in G5 in the fourth quarter of 2017 are excluded from the Adjusted presentation. 10. The gain resulting from the transfer of ownership of the Mexican Private Equity business in the third quarter of 2016 is excluded from the Adjusted presentation. 11. The exclusion from the Adjusted presentation of expenses associated with amortization of intangible assets and other purchase accounting-related amortization from the acquisitions of Robey Warshaw, ISI, SFS and certain other acquisitions. 12. Evercore is organized as a series of Limited Liability Companies, Partnerships, C-Corporations and a Public Corporation in the U.S. as the ultimate parent. Certain of the subsidiaries, particularly Evercore LP, have noncontrolling interests held by management or former members of management. As a result, not all of the Company’s income is subject to corporate level taxes and certain other state and local taxes are levied. The assumption in the Adjusted earnings presentation is that substantially all of the noncontrolling interest is eliminated through the exchange of Evercore LP units into Class A common stock of the ultimate parent. As a result, the Adjusted earnings presentation assumes that the allocation of earnings to Evercore LP’s noncontrolling interest holders is substantially eliminated and is therefore subject to statutory tax rates of a C-Corporation under a conventional tax structure in the U.S. and that certain state and local taxes are reduced accordingly. Excluded from the Company’s Adjusted results are adjustments, described below, related to the impact of the enactment of the Tax Cuts and Jobs Act that was signed into law on December 22, 2017, which resulted in a reduction in income tax rates in the U.S. in 2018 and in future years. The enactment of this tax reform resulted in a charge to the Provision for Income Taxes for the fourth quarter of 2017 of $143.3 million primarily resulting from the estimated re-measurement of net deferred tax assets, which relates principally to temporary differences from the step-up in basis associated with the exchange of partnership units, deferred compensation, accumulated other comprehensive income and depreciation of fixed assets and leasehold improvements. The tax reform also resulted in an estimated adjustment to Other Revenue for the fourth quarter of 2017 of $77.5 million related to the re-measurement of amounts due pursuant to our tax receivable agreement, which was reduced due to the lower enacted income tax rates in the U.S. in 2018 and in future years. Footnotes 31
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U.S. GAAP Reconciliation to Adjusted Results (Unaudited) 13. Expenses associated with awards granted in conjunction with the Company’s acquisition of Robey Warshaw are excluded from the Adjusted presentation. 14. Expenses during 2024 that are excluded from the Adjusted presentation relate to the write-off of the remaining carrying value of the Company’s investment in Luminis in connection with the redemption of the Company’s interest. Expenses during 2023 that are excluded from the Adjusted presentation relate to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico. Expenses during 2022 that are excluded from the Adjusted presentation relate to charges associated with the prepayment of the Company's Series B Notes during the second quarter, as well as certain professional fees, separation benefits and other charges related to the wind-down of the Company's operations in Mexico. Expenses during 2021 that are excluded from the Adjusted presentation relate to the write-down of certain assets associated with a legacy private equity investment relationship which, consistent with the Company’s investment strategy, the Company decided to wind down during the third quarter. 15. The exclusion from the Adjusted presentation of professional fees and certain costs incurred related to the acquisition of Robey Warshaw and transitioning acquisitions or divestitures, as well as transfer taxes and professional fees incurred resulting from the Company’s reorganization of businesses within the Europe, Middle East and Africa legal entity structure. 16. Reflects an adjustment to eliminate noncontrolling interest related to substantially all Evercore LP partnership units which are assumed to be converted to Class A common stock in the Adjusted presentation. 17. Assumes the vesting, and exchange into Class A shares, of substantially all Evercore LP Units and IPO related restricted stock unit awards in the Adjusted presentation. In the computation of outstanding common stock equivalents for U.S. GAAP net income per share, the Evercore LP Units are anti- dilutive. Footnotes 32