Lazard (LAZ) Q4 2025 Earnings Call Transcript

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Thursday, Jan. 29, 2026 astatine 8 a.m. ET

• Chief Executive Officer and Chairman — Peter Orszag

• Chief Financial Officer — Mary Ann Betsch

• Incoming Chief Financial Officer — Tracy Farr

• Chief Executive Officer of Asset Management — Chris Hogben

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Hosting our telephone contiguous are Peter Orszag, our Chief Executive Officer and Chairman, and Mary Ann Betsch, Lazard's Chief Financial Officer. After our prepared remarks, Chris Hogben, Chief Executive Officer of Asset Management, and Tracy Farr, our incoming CFO, volition articulation arsenic we unfastened the telephone for questions. I'll present crook the telephone implicit to Peter.

Peter Orszag: Thank you, Ali, and convey you to everyone for joining america this morning. Our 4th fourth and afloat twelvemonth results show our ongoing absorption connected executing our Lazard 2030 semipermanent maturation strategy. For 2025, we reported firm-wide gross of $3 cardinal with grounds gross successful fiscal advisory and assets nether absorption up 12% successful Asset Management. Before we crook to our outlook and fiscal results, I would similar to instrumentality a infinitesimal to convey Mary Ann and invited Tracy arsenic our caller CFO. Mary Ann has played a important relation successful elevating our concern squad and gathering a instauration to enactment our semipermanent goals.

I'd similar to stock my appreciation for her contributions and for her ongoing enactment arsenic a elder advisor to Tracy done this transition. Tracy brings strategical insight, fiscal rigor, and heavy familiarity with our business. He has worked intimately with maine and others connected our firm strategy for the firm's future. As CFO, helium volition pb efforts to amended operational efficiency, helping thrust profitable maturation and advancement towards Lazard 2030 portion playing a cardinal relation successful engaging with the concern community. You tin work much astir Tracy successful the property merchandise we issued this greeting alongside our net release. Now turning to our outlook and fiscal results. As we look ahead, we spot important maturation successful some of our businesses.

In Financial Advisory, the M&A rhythm continues to deepen portion lawsuit request remains beardown for our different advisory solutions specified arsenic backstage superior advisory, and restructuring and liability management. In plus management, the repositioning of our concern is good underway and is being reinforced by investors looking to diversify their holdings crossed regions and strategies. Our existent level of won but not yet funded mandates is $13 billion, adjacent higher than a twelvemonth ago, which is 1 of the factors starring america to expect affirmative nett flows for the year. In some businesses, we expect our investments successful exceptional endowment to wage disconnected progressively arsenic we execute against our semipermanent plans.