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Americas 50% Europe/Mid-East/Africa 45% Asia-Pacific 5%
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18% Average
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$51 $60 106 110
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$1,403 $1,778 $1,652 $1,357 $1,731 $427 $594 $529 $149 $397 2020 2021 2022 2023 2024 Net Revenue Operating Income 2023 2025E 2030E ($M) $6.7 billion Combination creates a global scaled, diversified pharmaceuticals leader €24.9 billion Altice France’s landmark agreement with creditors €16.0 billion CD&R acquired a controlling 50% stake in Sanofi’s consumer health unit, Opella $26.6 billion Proposed acquisition to create America’s largest clean power generation provider $23.0 billion Proposed acquisition and separation to create a leading beverage player and a global coffee champion
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23% 26% 21% 7% 14% $- $200 $400 $600 2020 2021 2022 2023 2024 Asset Management Financial Advisory Firm-wide Operating Margin 37% 38% 31% 28% 24% 2020 2021 2022 2023 2024 30% 33% 32% 11% 23% 2020 2021 2022 2023 2024 ($M)
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$M 3,106 3,179 3,402 3,291 3,263 2020 2021 2022 2023 2024 Professionals Managing Directors $2,524 $3,139 $2,769 $2,440 $2,890 59.5% 58.5% 59.8% 69.8% 65.9% 17.1% 15.0% 18.7% 23.4% 19.9% 2020 2021 2022 2023 2024 Net Revenue Compensation Ratio Non-Compensation Ratio
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$500 $500 $400 $300 $1,172 $200 2025 2028 2029 2031 2035 Senior notes Cash & cash equivalents Undrawn revolver • • • • •
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113.9 114.2 103.2 97.5 104.4 110.4 2.9 9.1 19.7 2.8 1.4 2020 2021 2022 2023 2024 3Q25 Diluted Weighted Avg Shares Shares Repurchased $1.88 $1.88 $1.97 $2.00 $2.00 $1.50 2020 2021 2022 2023 2024 9M'25 (Shares in millions)
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2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Adjusted Net Revenue $1,403 $1,778 $1,652 $1,357 $1,731 $1,111 $1,329 $1,099 $1,068 $1,100 $2,524 $3,139 $2,769 $2,440 $2,890 % Growth 3% 27% (7%) (18%) 28% (4%) 20% (17%) (3%) 3% (1%) 24% (12%) (12%) 18% Adjusted Compensation and Benefits Expense 832 1,024 939 1,014 1,132 524 628 558 545 603 146 184 160 143 168 Adjusted Compensation Ratio (n) 59% 58% 57% 75% 65% 47% 47% 51% 51% 55% 6% 6% 6% 6% 6% Adjusted Non-Compensation Expenses 144 160 184 194 202 175 195 205 219 230 113 117 129 159 143 Adjusted Non-Compensation Ratio (p) 10% 9% 11% 14% 12% 16% 15% 19% 21% 21% 4% 4% 5% 7% 5% Adjusted Operating Income $427 $594 $529 $149 $397 $413 $505 $336 $303 $267 $590 $831 $594 $166 $411 Adjusted Operating Margin (q) 30% 33% 32% 11% 23% 37% 38% 31% 28% 24% 23% 26% 21% 7% 14% Asset Management 1 Corporate 2Financial Advisory 1
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2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Net Revenue - U.S. GAAP Basis $1,421 $1,765 $1,666 $1,385 $1,756 $1,167 $1,425 $1,205 $1,151 $1,187 ($22) $4 ($98) ($21) $109 $2,566 $3,193 $2,774 $2,515 $3,052 Adjustments 1 Revenue related to noncontrolling interests and similar arrangements (c) - - - - - (8) (22) (44) (16) (22) (3) (10) (5) (14) (7) (11) (32) (49) (30) (30) (Gains) losses related to Lazard Fund Interests ("LFI") and other similar arrangements (d) - - - - - - - - - - (41) (35) 44 (41) (16) (41) (35) 44 (41) (16) Distribution fees, reimbursable deal costs, provision for credit losses and other (e) (17) (10) (14) (31) (26) (48) (75) (62) (68) (65) - - (0) (8) - (65) (85) (76) (106) (91) Interest expense (f) - - 0 0 0 - - 0 0 0 74 74 76 77 88 74 74 77 77 88 Gain on sale of property (h) - - - - - - - - - - - - - - (114) - - - - (114) Other (r) - 24 - 2 1 - - - - - - - - 22 - - 24 - 24 1 Adjusted Net Revenue $1,403 $1,778 $1,652 $1,357 $1,731 $1,111 $1,329 $1,099 $1,068 $1,100 $9 $33 $18 $15 $59 $2,524 $3,139 $2,769 $2,440 $2,890 Operating Income (Loss) - U.S. GAAP Basis $290 $408 $361 ($105) $193 $306 $392 $241 $140 $149 ($94) ($76) ($86) ($115) $45 $502 $724 $517 ($80) $386 Adjustments: Sum of Adjustments - Net Revenue - U.S. GAAP vs. Adjusted GAAP (from above) (17) 13 (14) (29) (25) (56) (96) (106) (84) (87) 31 29 115 37 (50) (42) (54) (5) (76) (162) Operating expenses related to noncontrolling interests and similar arrangements (c) - - - - - 10 11 13 11 22 0 6 1 1 1 10 17 14 12 23 Charges (credits) pertaining to LFI and other similar arrangements (j) - - - - - - - - - - 41 35 (44) 41 16 41 35 (44) 41 16 Distribution fees, reimbursable deal costs, provision for credit losses and other (e) 17 10 14 31 26 48 75 62 68 65 - - - 8 - 65 85 76 106 91 Amortization and other acquisition-related costs 0 - - - - 2 - 0 0 0 - - - - - 2 - 0 0 0 Provision (benefit) pursuant to the tax receivable agreement ("TRA") (b) - - - - - - - - - - 0 2 (1) (44) (8) 0 2 (1) (44) (8) Corporate support group allocations to business segments (s) 137 146 154 151 170 105 123 114 109 106 (241) (269) (268) (260) (277) - - - - - Expenses associated with cost-saving initiatives - - - 101 33 - - - 58 12 - - - 37 4 - - - 195 48 Other (r) - 16 13 - - - - 12 2 - 13 5 12 9 17 13 21 37 11 17 Total Adjustments $137 $186 $167 $253 $204 $107 $113 $94 $163 $118 ($156) ($192) ($185) ($171) ($298) $88 $107 $77 $245 $24 Adjusted Operating Income (Loss) $427 $594 $529 $149 $397 $413 $505 $336 $303 $267 ($250) ($268) ($270) ($287) ($253) $590 $831 $594 $166 $411 Adjusted Operating Margin (q) 30% 33% 32% 11% 23% 37% 38% 31% 28% 24% nm nm nm nm nm 23% 26% 21% 7% 14% Financial Advisory Asset Management Corporate Total Firm