Lazard Q2 GAAP EPS $0.03 vs $0.52 YoY; AUM record $285B, advisory revenue down 9%

Lazard, Inc.

GAAP net income $5M ($0.03 diluted EPS) vs $55M ($0.52) in Q2 2025; adjusted net income $13M ($0.12).
Financial Advisory net revenue $450M, down 9% YoY; Asset Management net revenue $351M, up 20% YoY.
AUM $285B (record), up 15% YoY; first-half net inflows $7.4B, best in nearly 20 years.
Board authorized $200M share repurchase; quarterly dividend $0.50 per share declared.
Adjusted compensation ratio 69.9% vs 65.5% YoY; target 60% or below as part of Lazard 2030.

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