Lazard LTD.

Good morning and welcome to Lazard's third quarter and first nine months 2025 earnings call is being recorded. Currently, all participants are in a listen-only mode. Following the remarks, we will conduct a question and answer session. Instructions will be provided at that time. If anyone should require assistance during the call, please press the star key followed by zero on your telephone keypad. At this time, I will turn the call over to Alexandra Degnan, Lazard's head of investor relations and treasury. Please go ahead.

Good morning and welcome to Lazard's earnings call for the third quarter and first nine months of 2025. I'm Alexandra Degnan, head of investor relations and treasury. In addition to today's audio comments, we have posted our earnings release on our website. A reply to this call will also be available on our website later today. Before we begin, let me 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. Please note that unless we state otherwise, all financial measures we discussed today are non-GAAP adjusted financial measures. We believe that these non-GAAP financial measures are meaningful when evaluating the company's performance. 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, Lazard's Chief Executive Officer and Chairman, and Marianne Betts, Lazard's Chief Financial Officer. I'll now turn the call over to Peter.

Thank you, Ali, and thank you to everyone for joining today's call. We are pleased to report another quarter of strong results reflecting an ongoing focus on our clients and continued momentum behind our long-term growth strategy. For the first nine months of the year, total firm-wide revenue was $2.1 billion, including record financial advisory revenue of $1.3 billion. Financial advisory was active during the third quarter with strength in M&A across healthcare, industrials, and consumer and retail, in restructuring and liability management, and in primary and secondary fundraising. Our recruiting efforts have resulted in 20 new MDs joining Lazard so far this year with world-class talent attracted to our premier brand and our vision for the future. Overall financial advisory performance has demonstrated how our commercial and collegial approach is producing results by capturing new business opportunities. Looking ahead, we see an increasingly constructive environment for advisory activity, which I will discuss later. In asset management, it is now clear that 2025 is an inflection point for the business. For the first nine months of the year, revenue totaled $827 million, and in the third quarter, revenue was up 8% year over year. Improved investment performance, our increased focus on key products and strategies, and more favorable market conditions have resulted in record growth inflows for the third quarter and for the first nine months of the year. Year-to-date, we have achieved net positive flows of $1.6 billion, with total AUM up 17%. We look forward to welcoming Chris Hoggan as our CEO of Lazard Asset Management in December, helping to further accelerate our progress and evolve this business for future growth. Let me now turn the call over to Mary Ann to provide further details on the quarter's results, and then I'll share more on our outlook and the successful execution of our long-term growth strategy, Lizard 2030.