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INVESTOR PRESENTATION October 2026
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2 Notices & Disclaimers Disclaimers This document is “as is” and is based, in part, on information obtained from other sources. Our use of such information does not imply that we have independently verified or necessarily agree with any of such information, and we have assumed and relied upon the accuracy and completeness of such information for purposes of this docum ent . Neither we nor any of our affiliates or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral inf orm ation provided in connection herewith, or any data it generates and expressly disclaim report, liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information or any err ors or omissions therein. Any views or terms contained herein are preliminary and are based on financial, economic, market and other conditions prevailing as of the date of this document and are subject to change. We und ert ake no obligations or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict future performance. This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the propert y o f the respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM, © or ® symbols, but the Firm wi ll assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. This document does not constitute an offer to sell or the solicitation of an offer to buy any security, nor does it constitut e a n offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any tra ding strategies and does not constitute legal, regulatory, accounting or tax advice to the recipient. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates. This document is not a research report, nor should it be construed as such. Presentation of Information All facts, metrics and other information provided herein are presented as of September 30, 2026, unless otherwise stated. Non - GAAP Financial Measures This Presentation contains certain non - GAAP financial measures. These non - GAAP financial measures should be considered only as s upplemental to, and not as a replacement for, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix for a reconciliation of these non - GAAP financial measures to the nearest U.S. GAAP financial measures. The Firm believes that these non - GAAP financial measures are key financial indicators of our business performance over the long term and provide useful information regarding whether cas h provided by operating activities is sufficient to maintain and grow our business. The Firm believes that the methodology for determining these non - GAAP financial measures can provide useful supplemental information to h elp investors better understand the economics of our platform. Other companies may calculate non - GAAP financial measures differently, and therefore the non - GAAP financial measures included in this Presentation m ay not be directly comparable to similarly titled measures of other companies. Forward Looking Statements The forward - looking statements in this presentation and oral statements made from time to time by representatives of PWP are bas ed on current expectations and beliefs concerning future developments and their potential effects on the Firm and are not guarantees of future performance, conditions or results. There can be no assurance tha t future developments affecting the Firm will be those that the Firm has anticipated. These forward - looking statements involve a number of risks, uncertainties (some of which are beyond the Firm’s control) or other assum ptions that may cause actual results or performance to be materially different from those expressed or implied by these forward - looking statements. These risks and uncertainties include, but are not limited to, those f actors described in the section entitled “Risk Factors” in the Firm’s Annual Report on Form 10 - K for the year ended December 31, 2025, filed with the SEC on February 27, 2026, and the other documents filed by the Firm fr om time to time with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projec ted in these forward - looking statements. The Firm undertakes no obligation to update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as may be required un der applicable securities laws.
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3 PERELLA WEINBERG | Advisory - Focused Investment Bank KEY STATS ADVISORY PRODUCT EXPERTISE INDUSTRY COVERAGE Restructuring & Liability Management Shareholder Engagement, Analytics, & Activism Financing & Capital Markets Advisory Mergers & Acquisitions Consumer & Retail Healthcare Energy & Energy Transition Industrials & Infrastructure Financial Services & FinTech Technology, Telecom & Media Private Funds Advisory $776 LTM Q3 2026 Revenues ~700 Employees 11 Offices Globally 68 Advisory Partners Globally Note: Advisory Partner count as of October 29, 2026, and adjusted for estimated business realignment departures.
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4 Clients Rely on our Advice and Expertise Financial advisor to Holcim in connection with its planned separation of its North American business via a spin - off and US listing Lead financial advisor to BlackRock in connection with its acquisitions of Global Infrastructure Partners and HPS Investment Partners Financial advisor to Royal Caribbean Group in connection with its acquisition of a 50% interest in Sandals Resorts Financial advisor to Continental AG on the divestiture of ContiTech to Lone Star Funds Investment banker to FTX and the Debtors - in - Possession in connection with their Chapter 11 Cases and FTX’s sale of its stake in Anthropic Financial advisor to Ligado on its restructuring transaction and commercial agreement with AST SpaceMobile Exclusive financial advisor to Penumbra on their sale to Boston Scientific Financial advisor to LCI Industries on its all - stock merger with Patrick Industries Exclusive financial advisor to International Paper on its acquisition of North Pacific Paper Company from One Rock Capital Partners Financial adviser and Rule 3 adviser to Bodycote in connection with the recommended cash acquisition by Veritas Exclusive financial advisor to Schroders on the sale of Benchmark Capital to Söderberg & Partners Financial advisor to Free Groupe iliad on the acquisition of SFR Business from Altice Group alongside Bouygues Telecom and Orange Exclusive financial advisor to Shockwave Medical in connection with its sale to Johnson & Johnson Lead financial advisor to Thorne in connection with its sale to Procter & Gamble from L Catterton Financial advisor to Repligen in connection with its acquisition of BioLife Solutions
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5 Experienced & Committed Organic & Inorganic Growth Our Business is Positioned for Long - Term Revenue Growth More than a third of Partners < 3 Years in Role ~40% of Partners are Internal Promotes 27 Average Years of Experience 18 Average Years of Tenure at Perella Weinberg Plus Prior Firm Broad Team With Long Runway 68 Advisory Partners Globally 52 Average age of Partner Note: Advisory Partner metrics as of October 29, 2026, and adjusted for estimated business realignment departures.
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6 Multiple Drivers of Revenue Growth People Sub - Sectors Advisory Services Grow The Core ▪ Strengthen teams ▪ Expand coverage ▪ Cultivate junior talent Expand Into Grey Space ▪ Add in adjacent sectors within core industries ▪ Extend advisory capabilities ▪ Leverage established Firm infrastructure Enter Open Spaces ▪ Pursue new sectors and coverage ▪ Expand range of advisory services
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7 Our Culture Attracts High Quality Clients and Talent COLLABORATIVE ENTREPRENEURIAL SPIRIT OWNERSHIP MENTALITY PARTNERSHIP CULTURE HIGH INTENSITY + INTEGRITY WE VS. ME MENTALITY INCLUSIVE AMBITIOUS + CONSCIENTIOUS
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8 Drivers of Value Creation Drivers of Shareholder Value REVENUE GROWTH EXPENSE MANAGEMENT Grow Partnership & Client Coverage Footprint Invest Responsibly & Strategically in Growth Expand Existing Partner Productivity Demonstrate Balanced Comp Discipline Expand Advisory Services Drive Operating Leverage via Non - Comp
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9 Recent financial results Financial Overview ADJUSTED NON - GAAP Q3 2026 YTD 2026 LTM Q3 2026 Revenue $251M $557M $776M YoY Delta 53% 5% 2% Pre - Tax Income $56M $80M $108M EPS $0.39 $0.63 $0.80 ▪ $150M Cash ▪ No Debt September 30, 2026 Balance Sheet
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10 Prudent Capital Priorities and Strong Shareholder Alignment CAPITAL PRIORITIES SHAREHOLDER ALIGNMENT Invest in our Business 1 Maintain Strong, Asset Light Balance Sheet ▪ Repurchases ▪ Dividends Return Excess Cash to Shareholders Partners and Employees Own > 30% of the Firm Stock is a Significant Component of Compensation Senior Leadership Stock Awards Tied to Shareholder Value Creation 2 3 1 2 3
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11 Over $782 Million Returned to Equity Holders Shares & Share Equivalents Retired 1.7 M 10.6 M 4.0 M 14.5 M 6.5 M 3.1 M Avg. Price $12.84 $7.40 $9.77 $16.51 $21.61 $ 19.69
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12 We Actively Manage Our Share Count (SHARES / UNITS IN MILLIONS) Partnership Units Class A Shares Partnership Exchanges Notes: Figures may not sum due to rounding. (1) 5.6M shares include units to Class A (exchanges for stock); (2) 0.9M shares incl udes shares issued in warrant or offering, net SBC issuance, Class A share repurchases, and issuance of Class A shares for partnership units; (3) 3.0M shares include units to Class A (exchanges for stock); (4) 2.9M shares include s n et SBC issuance, Class A share repurchases, and issuance of Class A shares for partnership units; (5) 14.1M includes unit repurchases (exchanges cash settled), units to Class A (exchanges for stock), unit elimination (reorg); ( 6) 14.5M shares includes shares issued in offering, net SBC issuance, Class A share repurchases, and issuance of Class A shares for partnership units; (7) 5.3M shares includes unit repurchases (exchanges cash settled) and unit s t o Class A (exchanges for stock); (8) 7.6M shares includes net SBC issuance, Class A share repurchases, issuance of Class A shares for partnership units and issuance of Class A shares related to Devon Park acquisitio n; (9) 4.1M shares include units to Class A (exchanges for stock); (10) 12.7M shares includes net SBC issuance, issuance of Class A shares for partnership units, and issuance of Class A shares related to Devon Park and Gleacher Sh acklock acquisitions. 50.2 44.6 41.6 27.5 22.1 18.0 42.6 41.7 44.6 59.2 66.7 79.5 92.8 (5.6) (0.9) 86.3 (3.0) 2.9 86.2 (14.1) 14.5 86.6 7.6 88.9 12.7 97.5 12/31/2021 Net Partnership Exchanges Net Class A Issuance 12/31/2022 Net Partnership Exchanges Net Class A Issuance 12/31/2023 Net Partnership Exchanges Net Class A Issuance 12/31/2024 Net Partnership Exchanges Net Class A Issuance 12/31/2025 Net Partnership Exchanges Net Class A Issuance 9/30/2026 (5.3) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (4.1)
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13 Compelling and Simple Investment Thesis Growing Revenue ▪ Large addressable market ▪ Strength of brand and client relationships position us well for market share gains ▪ Investment in people to support next leg of growth has been meaningful ▪ Significant industry open space remains 1 Cash Generation Model ▪ Business produces cash flow to support strategic growth and capital return to shareholders ▪ Excess cash used for dividends, repurchases, and net share settlements / unit exchanges ▪ Strong balance sheet with cash and no debt 3 Substantial Earnings Power ▪ As platform drives toward initial milestone of $1B+ in annual revenue, will begin to see benefits of scale ▪ Non - comp cost base further drives expansion in earnings ▪ Significant employee ownership alignment with shareholders drives incentive to deliver profitable growth 2
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14 Recent financial results Consolidated Income Statement (GAAP) Note: Figures may not sum due to rounding. ($ IN MILLIONS) Three Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, 202 6 202 5 202 6 202 5 2025 2024 Revenues $ 251.4 $ 164.6 $ 556.8 $ 531.7 $ 750.9 $ 878.0 Expenses Compensation and benefits 146.0 88.7 316.9 292.0 425.6 525.9 Equity - based compensation 29.0 27.6 96.1 81.9 109.8 258.3 Total compensation and benefits 175.0 116.3 413.0 373.9 535.4 784.2 Non - compensation expense 41.4 39.4 116.7 128.4 167.5 172.3 Total expenses 216.4 155.8 529.7 502.3 702.9 956.6 Operating income (loss) 34.9 8.9 27.1 29.5 48.0 (78.5) Other income (expense) 0.2 2.7 3.5 0.3 3.5 10.3 Total non - operating income (expenses) 0.2 2.7 3.5 0.3 3.5 10.3 Income (loss) before income taxes 35.2 11.6 30.6 29.7 51.5 (68.3) Income tax expense (benefit) 11.9 3.0 1.7 (4.5) 3.5 21.1 Net income (loss) 23.3 8.6 28.9 34.2 48.0 (89.3) Less: Net income (loss) attributable to non - controlling interests 5.7 2.6 4.5 8.1 12.5 (24.6) Net income (loss) attributable to Perella Weinberg Partners $ 17.6 $ 6.0 $ 24.4 $ 26.1 $ 35.5 $ (64.7) Net income (loss) per share attributable to Class A common shareholders Basic $ 0.22 $ 0.09 $ 0.33 $ 0.41 $ 0.55 $ (1.22) Diluted $ 0.21 $ 0.08 $ 0.29 $ 0.37 $ 0.47 $ (1.22) Weighted - average shares of Class A common stock outstanding Basic 78,841,501 64,071,958 74,499,165 63,100,339 64,208,733 53,187,995 Diluted 103,291,251 100,233,456 102,379,024 74,959,485 100,848,937 53,187,995
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15 Recent financial results GAAP To Adjusted (Non - GAAP) Reconciliation Notes: Figures may not sum due to rounding. See Slide 16 for notes to GAAP reconciliation of adjusted (non - GAAP) results. ($ IN MILLIONS) Three Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, 2026 2025 2026 2025 2025 2024 Revenues $ 251.4 $ 164.6 $ 556.8 $ 531.7 $ 750.9 $ 878.0 Compensation and benefits Total compensation and benefits - GAAP $ 175.0 $ 116.3 $ 413.0 $ 373.9 $ 535.4 $ 784.2 Adjustments: Equity - based compensation not dilutive to investors in PWP or PWP OpCo (1) — — — — — (143.7) Public company transaction related incentives (2) (3.2) (6.0) (10.3) (17.6) (20.8) (47.6) Acquisition related incentives (3) (4.2) — (5.5) — (2.7) — Business realignment costs (4) (10.5) — (24.1) — — (3.2) Adjusted total compensation and benefits $ 157.2 $ 110.3 $ 373.1 $ 356.3 $ 511.9 $ 589.7 Non - compensation expense Non - compensation expenses - GAAP $ 41.4 $ 39.4 $ 116.7 $ 128.4 $ 167.5 $ 172.3 Adjustments: Business realignment costs (4) (0.1) — (0.2) — — — Amortization of acquired intangible assets (5) (3.1) (1.6) (7.6) (4.9) (7.2) (6.6) Business combination transaction expenses (6) (1.2) (1.0) (3.2) (1.0) (1.1) (3.3) Adjusted non - compensation expense $ 37.0 $ 36.8 $ 105.7 $ 122.4 $ 159.3 $ 162.4 Adjusted operating income $ 57.2 $ 17.5 $ 78.0 $ 53.0 $ 79.8 $ 126.0 Non - operating income (expense) - GAAP 0.2 2.7 3.5 0.3 3.5 10.3 Adjustments to non - operating income (expense) (7) (1.0) — (1.9) — (1.3) 0.3 Adjusted non - operating income (expense) $ (0.7) $ 2.7 $ 1.7 $ 0.3 $ 2.3 $ 10.5 Adjusted income before income taxes $ 56.5 $ 20.3 $ 79.7 $ 53.3 $ 82.0 $ 136.5 Adjusted income tax expense (8) 14.7 5.8 13.8 2.9 10.1 32.5 Adjusted net income $ 41.8 $ 14.5 $ 65.9 $ 50.4 $ 71.9 $ 104.0 If - converted adjustments Less: Adjusted income tax expense (14.7) (5.8) (13.8) (2.9) (10.1) (32.5) Add: If - converted income tax expense (benefit) (9) 16.6 6.9 14.7 1.9 13.5 41.3 Adjusted if - converted net income $ 39.8 $ 13.4 $ 65.0 $ 51.4 $ 68.6 $ 95.2 Weighted - average adjusted diluted shares of Class A common stock outstanding (10) 103,291,251 100,233,456 102,379,024 100,651,231 100,848,937 99,053,639 Adjusted net income per Class A share - diluted, if - converted $ 0.39 $ 0.13 $ 0.63 $ 0.51 $ 0.68 $ 0.96
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16 16 Recent financial results Notes to GAAP Reconciliation of Adjusted (Non - GAAP) Results 1) Equity - based compensation not dilutive to investors in PWP or PWP Holdings LP (“PWP OpCo ”) includes the amortization of awards granted by PWP Professional Partners LP (the “Professional Partners Awards”), which were subject to the one - time accelerated vesting in the second quarter of 2024 (the “Vesting Acceleration”) . The vesting of these awards did not economically dilute PWP shareholders’ interests relative to the interests of other investors in PWP OpCo . 2) Public company transaction related incentives includes equity - based compensation for transaction - related restricted stock units (“RSUs”) and performance restricted stock units (“PSUs”), which are directly related to milestone events that were part of a business combination that closed on June 24 , 2021 (the “ 2021 Business Combination”), as well as employment taxes for these RSUs, PSUs, and certain Professional Partners Awards . These expenses were outside of PWP’s normal and recurring bonus and compensation processes and will be fully expensed by the end of 2026 . 3) Acquisition related incentives includes compensation arrangements negotiated with certain employees in conjunction with the acquisitions of Devon Park Advisors (“Devon Park”) and Gleacher Shacklock LLP (“Gleacher Shacklock”), including guaranteed compensation arrangements and amounts contingent upon certain client engagements generating revenue following the Gleacher Shacklock acquisition . These arrangements were negotiated as part of the respective acquisitions and such expenses are outside of PWP’s normal and recurring bonus and compensation processes . 4) During the second quarter of 2026 , we began a review of the business, which resulted in headcount reductions in order to focus resources on higher - performing areas of the business . Costs include separation and transition benefits, the accelerated amortization of equity - based awards, and certain professional fees . Currently, we are estimating approximately $ 28 million of total business realignment costs through the end of 2026 . Separately, during the second quarter of 2023 , we began a review of the business, which resulted in headcount reductions in order to improve compensation alignment and to provide greater flexibility to advance strategic opportunities . Costs were incurred through the first quarter of 2024 and included separation and transition benefits and the accelerated amortization (net of forfeitures) of certain equity - based awards, including certain Professional Partners Awards and transaction - related RSUs and PSUs, which would have been adjusted through adjustments ( 1 ) and ( 2 ) above notwithstanding the business realignment . 5) The adjustment reflects the amortization of intangible assets associated with the Tudor, Pickering, Holt & Co . , LLC (“TPH”), Devon Park, and Gleacher Shacklock business combinations . This adjustment was previously referred to as “TPH business combination related expenses” in prior releases . 6) Business combination transaction costs that were expensed associated with ( i ) the 2021 Business Combination, including equity - based vesting for transaction - related RSUs issued to non - employees and costs incurred related to the partnership restructuring that was contemplated during the implementation of the up - C structure at the time of the 2021 Business Combination, (ii) the Devon Park and Gleacher Shacklock acquisitions, (iii) as well as legal and advisory costs related to the evaluation and negotiation of a potential business combination that did not proceed . 7) Includes ( i ) the amortization of debt discounts and issuance costs for all periods presented, (ii) the fair value adjustments to the liability - classified contingent consideration recognized in the Devon Park acquisition for the three and nine months ended September 30 , 2026 and the year ended December 31 , 2025 , (iii) a reclassification of the earnings impact of adjustments to the tax receivable agreement (TRA) liability from non - operating income (expenses) to adjusted income tax expense for the year ended December 31 , 2025 , (iv) and minimal charges related to the Vesting Acceleration for the year ended December 31 , 2024 . 8) The adjusted income tax expense represents the Company’s calculated tax expense on adjusted non - GAAP results . It excludes the impact on income taxes of certain transaction - related items and other items not reflected in our adjusted non - GAAP results . It periodically includes the tax impact related to the reclassification of TRA liability adjustments . It does not represent the cash that the Company expects to pay for taxes in the current periods . 9) The if - converted income tax expense represents the Company's calculated tax expense on adjusted non - GAAP results assuming the exchange of all PWP OpCo units for PWP Class A common stock, resulting in all of the Company’s results for the period being subject to corporate - level tax . 10) Adjusted to include the incrementally dilutive impact ( i ) under the treasury stock method of unvested RSUs and PSUs and (ii) assuming the vesting and conversion of all PWP OpCo units to shares of Class A common stock .