Lazard LTD.

remind you that we may make forward-looking statements about our business and performance. There are important factors that could cause our actual results, level of activity, performance, achievements, or other events to differ materially from those expressed or implied by the forward-looking statements, including, but not limited to, those factors discussed in the company's SEC filings, which you can access on our website. Lizard assumes no responsibility for the accuracy or completeness of these forward-looking statements and assumes no duty to update them. Today's discussion also includes certain non-GAAP financial measures that we believe are meaningful when evaluating the company's performance. A reconciliation of these non-GAAP financial measures to the comparable GAAP measures is provided in our earnings release and investor presentation. Hosting our call today are Peter Orszag, Lizard's Chief Executive Officer and Chairman, and Mary Ann Bech, Lizard's Chief Financial Officer. After our prepared remarks, Peter and Mary Ann will be joined by Evan Russo, Chief Executive Officer of Asset Management, as they open the call for questions. Now

I'll turn the call over to Peter. Thank you, Allie, and good morning to everyone joining today's call. We are pleased to report strong performance and results with total firm-wide adjusted net revenue of $1.4 billion for the first half of the year. Financial advisory achieved a record first half of the year with adjusted net revenue of $861 million. Advisory revenue this year has demonstrated the geographic and product diversity of our business. Results represent the overall strength of Lizard's team and brand, which includes record revenue in France and Germany for the first half of the year. Our performance reflects a global business that also extends well beyond our long-standing strength in strategic M&A, with expanded connectivity to private capital and record revenue in our fundraising business year to date. Over the past 12 months, revenue associated with private capital has been over 40 percent of total financial advisory revenue, reflecting our increased emphasis on this business and hiring over time. Asset management continued to deliver solid results with adjusted net revenue of $533 million for the first half of the year. As we have previously stated, we see this year as an inflection point for our asset management business. The second quarter reflects solid progress towards our goal of more balanced flows, with positive net flows in the quarter, record gross inflows for the first half of the year, and AUM increasing 10 percent year to date. This progress is a result of strong investment performance, efforts to better focus our sales and distribution on core products and strategies, and more favorable market conditions for our global strategies. Our success in driving positive net inflows has been achieved while also continuing to win new mandates, and as a result, our current one but not yet funded mandates total is even higher than the elevated level at the beginning of the year. Overall, we continue to see robust client engagement across both of our businesses as corporate and investment leaders move beyond the watchful waiting mindset of the previous quarter and grow more comfortable making decisions in the current environment. I'll share more on our outlook shortly, but first let me turn the call over to Mary Ann to provide further details on the quarter's results.

Thank you, Peter. Today we reported second quarter firm-wide adjusted net revenue of $770 million, up 12 percent from the same time last year. Increase in firm-wide revenue was driven by our financial advisory business. Financial advisory adjusted net revenue was a record $491 million for the second quarter, up 20 percent from one year ago. Our banking teams performed well across the firm, with Lozard participating in a number of Marty transactions during the second quarter. Completed transactions include CD&R's acquisition of a controlling 50 percent stake in Sanofi's consumer health unit and Roquet Ferrer's acquisition of ISF Pharma Solutions. In addition, recently announced transactions include Ferrerro International's agreement to acquire WK Kellogg, Assurer's recommended combination with Primary Health Properties and L'Oreal's agreement to acquire Color Wow. In addition, corporate restructuring assignments include company roles with Solo Brands and Wilbur Ellis and creditor roles involving Franchise Group, Saks Global, and Southern Water. We also engaged in several private equity assignments, including advising XLKKR, Hidden Harbor Partners, and IDG Capital on continuation funds, advising mainsail partners on the closing of its Fund 7, and advising on capital structure and executing debt raises for ZF Friedrichshaufen, Next Wind, and iFit Health and Fitness. Turning to asset management, for the second quarter, adjusted net revenue was $268 million, up one percent compared to the second quarter last year, and up two percent on a sequential basis. Management fees for the second quarter increased one percent compared to the second quarter last year, with lower average AUM more than offset by higher average fees. Average AUM for the second quarter of $239 billion was three percent lower than the second quarter of 2024, and up three percent on a sequential basis. As of June 30th, we reported AUM of $248 billion, two percent higher than June 2024, and nine percent higher than March 2025. During the quarter, we had market appreciation of $11.9 billion, foreign exchange appreciation of $8.4 billion, and net inflows of $700 million. We see ongoing client engagement across our investment platforms, particularly with our global, international, emerging markets, and quantitative strategies. Illustrative examples of new mandates include $1 billion from a U.S. public pension into global equity advantage, $650 million win from a Nordic client for Japanese equities, $600 million from a Korean institution into emerging markets equities, and $500 million into international quality growth from a large U.S. retirement provider. Now turning to expenses, for the second quarter of 2025, our adjusted compensation expense was $504 million, resulting in a ratio of 65.5 percent compared to 66 percent for the second quarter one year ago. Our adjusted non-compensation expense for the second quarter was $157 million, equating to a ratio of 20.4 percent compared to 21.7 percent for the second quarter last year. While remaining focused on expense management, we continue to invest in the business to support our long-term growth, including successful recruiting efforts to expand our team of financial advisory managing directors and the build out of our ETF business and asset management. Shifting to taxes, our adjusted effective tax rate for the second quarter was 36.5 percent compared to 14 percent for the second quarter of 2024. We currently expect our full year 2025 effective tax rate to be in the mid 20 percent range. Turning to capital allocation, in the second quarter of 2025, we've returned $60 million to shareholders, including a quarterly dividend of $47 million. In addition, yesterday we declared a quarterly dividend of 50 cents per share. Now I'll turn the call back to Peter.