Financial Analysis

COMMITMENTS AND CONTINGENCIES Leases The Company signed a lease agreement for additional office facilities, with lease commencement anticipated in 2027. The lease term is approximately 10 years and has undiscounted future lease payments of approximately $100,000. Other Commitments See Notes 5 and 14 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. The fulfillment of the commitments described herein should not have a material adverse effect on the Companys condensed consolidated financial position or results of operations. Legal The Company is involved from time to time in judicial, governmental, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including contractual and employment matters. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company may experience significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Companys earnings in any particular quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

SENIOR DEBT Lazard Group Senior Notes are comprised of the following as of June 30, 2026 and December 31, 2025: Outstanding as of June 30, 2026 December 31, 2025 Initial Principal Amount Maturity Date Annual Interest Rate Effective Interest Rate Principal Unamortized Debt Costs Carrying Value Principal Unamortized Debt Costs Carrying Value 2028 Notes 500,000 9/19/28 4.50 % 4.70 % $ 500,000 $ 2,253 $ 497,747 $ 500,000 $ 2,763 $ 497,237 2029 Notes 500,000 3/11/29 4.375 % 4.56 % 500,000 2,494 497,506 500,000 2,954 497,046 2031 Notes 400,000 3/15/31 6.00 % 6.16 % 400,000 3,090 396,910 400,000 3,419 396,581 2035 Notes 300,000 8/01/35 5.625 % 5.72 % 300,000 2,633 297,367 300,000 2,778 297,222 Total $ 1,700,000 $ 10,470 $ 1,689,530 $ 1,700,000 $ 11,914 $ 1,688,086 Lazard, Inc. has provided an unconditional and irrevocable guarantee for the repayment of all the senior notes in the table above. The guarantee covers both the principal and interest payments on the senior debt and will remain in effect until all the Lazard Group senior notes are repaid. As of June 30, 2026, the maximum future payments that Lazard, Inc. could be required to make under this guarantee is the same as the principal value in the table above plus accrued interest. The Companys senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs. At June 30, 2026 and December 31, 2025, the fair value of such senior debt was approximately $1,709,000 and $1,737,000, respective …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Company disaggregates revenue from contracts with customers based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Revenue: Financial Advisory (a) $ 448,923 $ 497,306 $ 807,092 $ 864,665 Asset Management: Management fees (b) $ 329,633 $ 270,327 $ 645,108 $ 525,027 Incentive fees (c) 5,264 5,281 17,088 15,189 Other (d) 7,286 16,870 18,259 40,362 Total Asset Management $ 342,183 $ 292,478 $ 680,455 $ 580,578 ___________________________________ (a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, strategic capital solutions, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Companys clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically …

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INCENTIVE PLANS Share-Based Incentive Plan Awards Total shares available for issuance under incentive compensation plans are from the 2018 Plan, which was amended on May 21, 2026 to increase the aggregate number of shares authorized for issuance by 25,000,000 shares. The aggregate number of shares authorized for issuance under the 2018 Plan is 95,000,000 shares. Such shares may be issued pursuant to the grant or exercise of stock options; stock appreciation rights; restricted stock units, restricted stock awards, and deferred stock units (collectively RSUs); profits interest participation rights (PIPRs); and other share-based awards. Expense The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within compensation and benefits expense in the Companys accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Share-based incentive awards: RSUs $ 109,424 $ 82,752 $ 203,290 $ 151,584 PIPRs 19,953 24,205 29,988 32,585 Performance-based restricted stock units (44) Total $ 129,377 $ 106,957 $ 233,278 $ 184,125 Compensation and benefits expense relating to share-based awards with service and/or performance conditions is reversed if the awards are forfeited due to these conditions not being met. Compensation and benefits expense relating to share-based awards with market-based conditio …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets at June 30, 2026 and December 31, 2025 are presented below. June 30, 2026 December 31, 2025 Goodwill $ 434,932 $ 395,262 Other intangible assets (net of accumulated amortization) (a) 12,624 $ 447,556 $ 395,262 Changes in the carrying amount of goodwill for the six month periods ended June 30, 2026 and 2025 are as follows: Six Months Ended June 30, 2026 2025 Financial Advisory Asset Management Total Financial Advisory Asset Management Total Balance, January 1 $ 313,992 $ 81,270 $ 395,262 $ 312,305 $ 81,270 $ 393,575 Purchase and consolidation of business (a) 40,470 40,470 Sale and deconsolidation of business (b) (359) (359) Foreign currency translation adjustments (441) (441) 1,650 1,650 Balance, June 30 $ 313,551 $ 121,381 $ 434,932 $ 313,955 $ 81,270 $ 395,225 ______________________ (a) The Company exercised its option to purchase an additional ownership stake in Elaia, in which the Company had previously held an equity method investment. As a result, the Company obtained a controlling financial interest in Elaia on June 30, 2026, which has been consolidated within its condensed consolidated financial statements as of the acquisition date. This transaction resulted in the Company recognizing goodwill of $40,470 and other intangible assets of $12,624 (primarily management agreements) at closing. These intangible assets will be amortized over their estimated useful lives between 1 and 1 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Lazard, Inc. is subject to U.S. federal income taxes on all its income and, through its subsidiaries, is also subject to state and local taxes on its income apportioned to various state and local jurisdictions. Lazard Group LLC operates principally through subsidiary corporations including those domiciled outside the U.S. that are subject to local income taxes in foreign jurisdictions. In addition, Lazard Group LLC is subject to Unincorporated Business Tax (UBT) attributable to its operations apportioned to New York City. The Company recorded income tax provisions of $23,871 and $12,882 for the three month and six month periods ended June 30, 2026, respectively, and $31,764 and $24,410 for the three month and six month periods ended June 30, 2025, respectively, representing effective tax rates of 63.5%, 10.1%, 34.1%, and 16.5% respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share-based incentive compensation that vested in the first quarter and other discrete items, (ii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iii) change in the U.S. federal valuation allowance affecting the provision for income taxes and (iv) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

RECENT ACCOUNTING DEVELOPMENTS Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the FASB issued an accounting standard update that provides a practical expedient related to the estimation of expected credit losses on accounts receivable, which permits entities to assume that the current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments are effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods, with prospective application. The Company elected to apply the practical expedient on a prospective basis beginning January 1, 2026. The adoption of this guidance did not have a material impact on the Companys financial statements. Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued an accounting standard update to require additional information about the types of expenses in commonly presented expense captions. The amendments are effective for annual periods beginning after December 15, 2026, and the subsequent interim periods, with early adoption permitted. The amendments shall be applied either prospectively or retrospectively. The Company is currently evaluating the new guidance. IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improv …

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EMPLOYEE BENEFIT PLANS The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the pension plans). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Companys employee benefit plans are included in compensation and benefits expense for the service cost component, and operating expenses-other for the other components of benefit costs on the condensed consolidated statements of operations. Employer Contributions to Pension Plans The Companys funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The following table summarizes the components of net periodic benefit cost related to the Companys pension plans for the three month and six month periods ended June 30, 2026 and 2025: Pension Plans Three Months Ended June 30, 2026 2025 Components of Net Periodic Benefit Cost: Service cost $ 166 $ 191 Interest cost 5,481 5,724 Expected return on plan assets (6,045) (6,377) Amortization of: Prior service cost 326 318 Net actuarial loss 1,814 2,309 Net periodic benefit cost $ 1,742 $ 2,165 Pension Plans Six Months Ended June 30, 2026 2025 Components of Net Periodic Benefit Cost: Service co …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RELATED PARTIES Sponsored Funds The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance-based incentive fees for providing such services. Asset management fees relating to such services were $190,949 and $379,232 for the three month and six month periods ended June 30, 2026, respectively, and $147,367 and $285,425 for the three month and six month periods June 30, 2025, respectively, and are included in asset management fees on the condensed consolidated statements of operations. Of such amounts, $36,241 and $86,262 remained as receivables at June 30, 2026 and December 31, 2025, respectively, and are included in fees receivable on the condensed consolidated statements of financial condition. Tax Receivable Agreement The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the TRA), between Lazard and LTBP Trust, a Delaware statutory trust (the Trust), provides for the payment by our subsidiaries to the Trust of (i) approximately 45% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of the increases in the tax basis of certain assets and of certain other tax benefits related to the TRA, and (ii) an amount that we currently expect will equal 85% of the cash tax savings that may arise from tax basis increases attributable to paymen …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE RECOGNITION The Company disaggregates revenue from contracts with customers based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Revenue: Financial Advisory (a) $ 448,923 $ 497,306 $ 807,092 $ 864,665 Asset Management: Management fees (b) $ 329,633 $ 270,327 $ 645,108 $ 525,027 Incentive fees (c) 5,264 5,281 17,088 15,189 Other (d) 7,286 16,870 18,259 40,362 Total Asset Management $ 342,183 $ 292,478 $ 680,455 $ 580,578 ___________________________________ (a) Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, strategic capital solutions, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Companys clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, an …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION The Companys reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments transactions. Each segment is reviewed by the Chief Operating Decision Maker (the CODM) to determine the allocation of resources and to assess its performance. The Companys reportable segments are Financial Advisory, Asset Management, and Corporate, which are described in Note 1. The Companys CODM is the Companys Chief Executive Officer. The CODM assesses the segments performance by each segments adjusted operating income (loss). Adjusted operating income (loss) is also used by the CODM to allocate compensation and non-compensation related resources to each segment. The table below provides selected financial information about the Companys segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segment items, and adjusted operating income (loss). Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments. Adjusted non-compensation expense includes expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS Share Repurchase Program The Board of Directors of Lazard authorized the repurchase of Lazard, Inc. common stock (common stock) as set forth in the table below as of June 30, 2026: Date Repurchase Authorization Expiration July 2024 $ 200,000 December 31, 2026 The Companys purchases under the share repurchase program over time are used to offset dilution from the shares that have been or will be issued under Lazards 2018 Incentive Compensation Plan, as amended (the 2018 Plan). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions, including those with employees. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: Six Months Ended June 30: Number of Shares Purchased Average Price Per Share 2025 859,849 $ 46.44 2026 (a) 1,180,585 $ 43.79 ______________________ (a) Shares were immediately cancelled by the Company. There was no impact on total stockholders' equity as a result of the share cancellation. During the six month periods ended June 30, 2026 and 2025, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing