What changed in this filing

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Item 1. Financial Statements

2026-07-28 compared with 2026-05-04 · 428 added, 221 removed, 834 unchanged (44% of the section changed)

Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Condition as of March 31, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month periods ended March 31, 2026 and 2025

Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the three month and six month periods ended June 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income for the three month and six month periods ended June 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the three month and six month periods ended June 30, 2026 and 2025

Notes to Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2026 AND DECEMBER 31, 2025

JUNE 30, 2026 AND DECEMBER 31, 2025

(dollars in thousands, except for per share data)

3 unchanged sentences

Restricted cash 5,779 34,021

Receivables (net of allowance for credit losses of $ 22,239 and $ 22,884 at March 31, 2026 and December 31, 2025, respectively):

Receivables (net of allowance for credit losses of $ 23,589 and $ 22,884 at June 30, 2026 and December 31, 2025, respectively):

Fees 578,833 706,220

1 unchanged sentence

765,228 897,786

Investments (including $ 33,089 and $ 48,966 pledged at March 31, 2026 and December 31, 2025, respectively)

Investments (including $ 33,770 and $ 48,966 pledged at June 30, 2026 and December 31, 2025, respectively)

540,634 625,846

Property (net of accumulated amortization and depreciation of $ 290,686 and $ 286,235 at March 31, 2026 and December 31, 2025, respectively)

Property (net of accumulated amortization and depreciation of $ 291,341 and $ 286,235 at June 30, 2026 and December 31, 2025, respectively)

152,658 168,005

Operating lease right-of-use assets 393,617 412,584

Goodwill and other intangible assets (net of accumulated amortization of $ 67,711 at both March 31, 2026 and December 31, 2025)

Goodwill and other intangible assets (net of accumulated amortization of $ 67,711 at December 31, 2025)

447,556 395,262

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2026 AND DECEMBER 31, 2025

JUNE 30, 2026 AND DECEMBER 31, 2025

(dollars in thousands, except for per share data)

13 unchanged sentences

15,000,000 shares authorized;

shares issued and outstanding at March 31, 2026 and December 31, 2025

shares issued and outstanding at June 30, 2026 and December 31, 2025

Common stock:

Par value $ 0.01 per share ( 500,000,000 shares authorized;

111,687,255 and 111,728,757 shares issued at March 31, 2026 and December 31, 2025, respectively, including shares held in treasury)

110,548,172 and 111,728,757 shares issued at June 30, 2026 and December 31, 2025, respectively, including shares held in treasury)

Additional paid-in-capital 195,119 306,425

2 unchanged sentences

1,423,307 1,553,604

Common stock held in treasury, at cost ( 13,249,570 and 17,822,122 shares at March 31, 2026 and December 31, 2025, respectively)

Common stock held in treasury, at cost ( 13,097,600 and 17,822,122 shares at

June 30, 2026 and December 31, 2025, respectively)

( 509,002 ) ( 684,411 )

5 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025

(dollars in thousands, except for per share data)

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Investment banking and other advisory fees $ 448,177 $ 493,226 $ 805,598 $ 853,593

15 unchanged sentences

OPERATING INCOME 37,603 93,081 127,177 147,716

Benefit for income taxes ( 10,989 ) ( 7,354 )

Provision for income taxes 23,871 31,764 12,882 24,410

NET INCOME 13,732 61,317 114,295 123,306

LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ( 353 ) 1,614

LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 8,924 5,971 8,571 7,585

NET INCOME ATTRIBUTABLE TO LAZARD $ 4,808 $ 55,346 $ 105,724 $ 115,721

8 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025

(dollars in thousands)

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

NET INCOME $ 13,732 $ 61,317 $ 114,295 $ 123,306

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Currency translation adjustments (net of tax benefit of $ 6 for the three months ended March 31, 2026)

Currency translation adjustments (net of tax benefit of $ 597 and $ 603 for the three months and six months ended June 30, 2026, respectively)

( 3,982 ) 45,868 ( 15,014 ) 70,081

Employee benefit plans:

Actuarial gain (loss) (net of tax expense (benefit) of $ 1,262 and $( 1,602 ) for the three months ended March 31, 2026 and 2025, respectively)

Actuarial gain (loss) (net of tax expense (benefit) of $ 105 and $( 2,736 ) for the three months ended June 30, 2026 and 2025, respectively, and $ 1,367 and $( 4,338 ) for the six months ended June 30, 2026 and 2025, respectively)

296 ( 10,028 ) 4,517 ( 15,817 )

Adjustment for items reclassified to earnings (net of tax expense of $ 524 and $ 530 for the three months ended March 31, 2026 and 2025, respectively)

Adjustment for items reclassified to earnings (net of tax expense of $ 523 and $ 562 for the three months ended June 30, 2026 and 2025, respectively, and $ 1,047 and $ 1,092 for the six months ended June 30, 2026 and 2025, respectively)

1,617 2,065 3,253 3,641

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX ( 2,069 ) 37,905 ( 7,244 ) 57,905

COMPREHENSIVE INCOME 11,663 99,222 107,051 181,211

LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS ( 359 ) 1,638

LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 8,930 6,013 8,571 7,651

COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD $ 2,733 $ 93,209 $ 98,480 $ 173,560

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2026 AND 2025

(dollars in thousands)

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

15 unchanged sentences

Additions to property ( 6,110 ) ( 25,510 )

Purchase and consolidation of business, net of cash acquired 179 –

Sale and deconsolidation of business, net of cash proceeds ( 46,226 ) –

Proceeds from sale of property 3,558 –

Proceeds from (payments for) customer loans, net ( 2,698 ) ( 25,170 )

17 unchanged sentences

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1 1,670,571 1,609,368

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—March 31 $ 1,234,463 $ 1,207,782

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—June 30 $ 1,302,756 $ 1,248,308

See notes to condensed consolidated financial statements.

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2026

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2026

(dollars in thousands)

13 unchanged sentences

Shares $ Shares $

Balance - April 1, 2026 111,687,255 $ 1,117 $ 106,494 $ 1,559,269 $ ( 276,678 ) 13,249,570 $ ( 508,906 ) $ 881,296 $ ( 8,841 ) $ 872,455 $ 81,426

Comprehensive income (loss):

Net income 4,808 4,808 256 5,064 8,668

Other comprehensive income (loss) - net of tax ( 2,075 ) ( 2,075 ) 6 ( 2,069 ) ( 3 )

Amortization of share-based incentive compensation 127,264 127,264 2,113 129,377

Dividend equivalents 8,872 ( 8,987 ) ( 115 ) ( 2,742 ) ( 2,857 )

Common stock dividends ($ 0.50 per share)

( 49,254 ) ( 49,254 ) ( 49,254 )

Purchase and cancellation of common

stock ( 1,139,083 ) ( 12 ) ( 43,955 ) – ( 6,033 ) ( 50,000 ) ( 50,000 )

Delivery of common stock in connection with share-based incentive compensation and related tax benefit of $ 8,350

( 1,568 ) ( 151,970 ) 5,937 4,369 – 4,369

Distributions to noncontrolling

interests, net ( 51 ) ( 51 ) ( 1,807 )

LFI Consolidated Funds ( 12,772 )

Purchase and consolidation of business (a) ( 1,988 ) ( 1,988 ) ( 514 ) ( 2,502 ) 35,774

Balance - June 30, 2026 110,548,172 $ 1,105 $ 195,119 $ 1,505,836 $ ( 278,753 ) 13,097,600 $ ( 509,002 ) $ 914,305 $ ( 9,773 ) $ 904,532 $ 111,286

____________________

(a) See Notes 9 and 12.

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2026

(dollars in thousands)

Common Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss),

Net of Tax Common Stock

Held In Treasury Total

Stockholders’

Equity Noncontrolling

Interests Total

Stockholders’

Equity Redeemable

Noncontrolling

Shares $ Shares $

Balance - January 1, 2026 111,728,757 $ 1,117 $ 306,425 $ 1,517,571 $ ( 271,509 ) 17,822,122 $ ( 684,411 ) $ 869,193 $ 37,096 $ 906,289 $ 78,379

Comprehensive income (loss):

Net income (loss) 100,916 100,916 ( 254 ) 100,662 ( 99 )

Net income 105,724 105,724 2 105,726 8,569

Other comprehensive loss - net of tax ( 7,244 ) ( 7,244 ) – ( 7,244 ) ( 3 )

9 unchanged sentences

Common stock issuable 1,235 1,235 1,235 –

Contributions from (distributions to)

noncontrolling interests, net 85 85 ( 1,807 )

LFI Consolidated Funds ( 9,626 )

Sale and deconsolidation of business (a) ( 47,002 ) ( 47,002 )

Purchase and consolidation of business (b) ( 1,988 ) ( 1,988 ) ( 514 ) ( 2,502 ) 35,774

Balance - June 30, 2026 110,548,172 $ 1,105 $ 195,119 $ 1,505,836 $ ( 278,753 ) 13,097,600 $ ( 509,002 ) $ 914,305 $ ( 9,773 ) $ 904,532 $ 111,286

____________________

(a) See Note 1.

(b) See Notes 9 and 12.

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2025

(dollars in thousands)

Common Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss),

Net of Tax Common Stock

Held In Treasury Total

Stockholders’

Equity Noncontrolling

Interests Total

Stockholders’

Equity Redeemable

Noncontrolling

Shares $ Shares $

Balance - April 1, 2025 112,766,091 $ 1,128 $ 97,771 $ 1,507,126 $ ( 306,766 ) 18,618,701 $ ( 700,693 ) $ 598,566 $ 45,525 $ 644,091 $ 83,811

Comprehensive income (loss):

Net income (loss) 55,346 55,346 ( 414 ) 54,932 6,385

Other comprehensive income - net of tax 37,863 37,863 42 37,905

Amortization of share-based incentive compensation 105,665 105,665 1,292 106,957

Dividend equivalents 8,181 ( 8,316 ) ( 135 ) ( 2,717 ) ( 2,852 )

Common stock dividends ($ 0.50 per share)

( 47,074 ) ( 47,074 ) ( 47,074 )

Purchase of common stock 85,894 ( 3,763 ) ( 3,763 ) ( 3,763 )

Delivery of common stock in connection with share-based incentive compensation and related tax expense of $ 92

( 20,484 ) ( 295,946 ) 11,158 ( 9,326 ) ( 9,326 )

Contributions from noncontrolling

1 unchanged sentence

LFI Consolidated Funds ( 6,618 )

Sale and deconsolidation of business ( 47,002 ) ( 47,002 )

Balance - March 31, 2026 111,687,255 $ 1,117 $ 106,494 $ 1,559,269 $ ( 276,678 ) 13,249,570 $ ( 508,906 ) $ 881,296 $ ( 8,841 ) $ 872,455 $ 81,426

Other ( 1 ) ( 1 ) ( 1 )

Balance - June 30, 2025 112,766,091 $ 1,128 $ 191,132 $ 1,507,082 $ ( 268,903 ) 18,408,649 $ ( 693,298 ) $ 737,141 $ 44,881 $ 782,022 $ 83,578

See notes to condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2025

FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

(dollars in thousands)

14 unchanged sentences

Balance - January 1, 2025 112,766,091 $ 1,128 $ 293,884 $ 1,501,577 $ ( 326,742 ) 22,467,315 $ ( 838,069 ) $ 631,778 $ 48,914 $ 680,692 $ 79,629

Comprehensive income (loss):

Net income (loss) 60,375 60,375 2,806 63,181 ( 1,192 )

Comprehensive income:

Net income 115,721 115,721 2,392 118,113 5,193

Other comprehensive income - net of tax 57,839 57,839 66 57,905

8 unchanged sentences

Common stock issuable 1,235 1,235 1,235

Contributions from noncontrolling

interests, net 96 96

Contribution from noncontrolling interests, net 1,249 1,249

LFI Consolidated Funds ( 1,244 )

Other ( 3,339 ) 41,969 ( 1,927 ) ( 5,266 ) ( 5,266 )

Balance - March 31, 2025 112,766,091 $ 1,128 $ 97,771 $ 1,507,126 $ ( 306,766 ) 18,618,701 $ ( 700,693 ) $ 598,566 $ 45,525 $ 644,091 $ 83,811

Balance - June 30, 2025 112,766,091 $ 1,128 $ 191,132 $ 1,507,082 $ ( 268,903 ) 18,408,649 $ ( 693,298 ) $ 737,141 $ 44,881 $ 782,022 $ 83,578

See notes to condensed consolidated financial statements.

4 unchanged sentences

Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals.

indirectly held 100 % of all outstanding common membership interests of Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), as of March 31, 2026 and December 31, 2025.

Lazard, Inc., through its control of the managing members of Lazard Group LLC, controls Lazard Group, which is governed by a Third Amended and Restated Operating Agreement (the “Operating Agreement”).

13 unchanged sentences

Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates.

The condensed consolidated results of operations for the three month period ended March 31, 2026 are not indicative of the results to be expected for any future interim or annual period.

The condensed consolidated results of operations for the three month and six month periods ended June 30, 2026 are not indicative of the results to be expected for any future interim or annual period.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

33 unchanged sentences

Total Stockholders' Equity 910,751 906,289 ( 4,462 )

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

As Reported As Adjusted Effect of Change

Additional Paid-In-Capital:

Balance - April 1, 2025

$ 131,697 $ 97,771 $ ( 33,926 )

Balance - June 30, 2025

225,058 191,132 ( 33,926 )

Retained Earnings:

Balance - April 1, 2025

$ 1,477,662 $ 1,507,126 $ 29,464

Balance - June 30, 2025

1,477,618 1,507,082 29,464

Six Months Ended June 30, 2025

As Reported As Adjusted Effect of Change

Additional Paid-In-Capital:

Balance - January 1, 2025 $ 327,810 $ 293,884 $ ( 33,926 )

Balance - March 31, 2025 131,697 97,771 ( 33,926 )

Balance - June 30, 2025

225,058 191,132 ( 33,926 )

Retained Earnings:

Balance - January 1, 2025 $ 1,472,113 $ 1,501,577 $ 29,464

Balance - March 31, 2025 1,477,662 1,507,126 29,464

Balance - June 30, 2025

1,477,618 1,507,082 29,464

___________________________________

(a) Included in other assets is the prepaid compensation asset relating to Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements.

3 unchanged sentences

Prepaid Compensation Asset - LFI $ 28,407 $ 33,501 $ 5,094

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Sale and Deconsolidation of The Edgewater Management Vehicles (“Edgewater”)

On February 13, 2026, the Company completed the sale of a controlling stake in the Edgewater management vehicles, resulting in the deconsolidation of the related entities.

The Company measured its retained investment in Edgewater, primarily composed of certain carried interests, at fair value of $ 8,164 at the time of transaction.

The Company measured its retained investment in Edgewater, primarily composed of certain carried interests, at fair value of $ 6,314 .

This measurement, which required significant management estimates and assumptions, was determined using an income approach, which is based on discounted estimated future cash flows from net income.

As a result of the transaction, the Company recorded a pre-tax gain of $ 77,990 , which was reported as “other revenue” on the condensed consolidated statement of operations for the three month period ended March 31, 2026.

Cash flows from investing activities “sale and deconsolidation of business, net of cash proceeds” in the condensed consolidated statements of cash flows for the three month period ended March 31, 2026 primarily relate to decrease in cash and cash equivalents and restricted cash from the deconsolidation of Edgewater.

The Company will use the equity method to account for its retained investment.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

As a result of the transaction, the Company recorded a pre-tax gain of $ 75,508 , which was reported as “other revenue” on the condensed consolidated statement of operations for the six month period ended June 30, 2026.

Cash flows from investing activities “sale and deconsolidation of business, net of cash proceeds” in the condensed consolidated statements of cash flows for the six month period ended June 30, 2026 primarily relate to decrease in cash and cash equivalents and restricted cash from the deconsolidation of Edgewater.

The Company uses the equity method to account for its retained investment.

Pending Acquisition of Campbell Lutyens Holdings Limited (“Campbell Lutyens”)

On April 30, 2026, the Company entered into a Sale and Purchase Agreement (the “Purchase Agreement”) pursuant to which the Company agreed to acquire all of the issued share capital of Campbell Lutyens, a global private markets advisor focused on fund placement, secondary advisory, and GP capital advisory services.

The aggregate consideration for the transaction consists of (i) initial closing consideration of $ 460,000 based on the Company’s stock price at announcement, and subject to adjustments for cash, debt and working capital as of closing;

(ii) deferred consideration of $ 115,000 payable on the second anniversary of closing;

and (iii) earn-out consideration of up to $ 85,000 based on the achievement of defined performance criteria over a multi-year period and subject to continuing employment by certain selling shareholders.

Both initial and deferred consideration include portions that are subject to additional lock-up arrangements.

The aggregate consideration is payable in a combination of the Company’s common stock, cash, and loan notes, subject to the terms of the Purchase Agreement, including limitations on share issuance.

The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.

Under certain circumstances, if the Purchase Agreement is terminated, the Company may be required to pay Campbell Lutyens a termination fee of $ 50,000 .

RECENT ACCOUNTING DEVELOPMENTS

1 unchanged sentence

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 either prospective or retrospective application.

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.

10 unchanged sentences

The Company is currently evaluating the new guidance.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

REVENUE RECOGNITION

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Financial Advisory (a) $ 448,923 $ 497,306 $ 807,092 $ 864,665

9 unchanged sentences

However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events.

Therefore, in any given period, advisory fees recognized for certain transactions may relate to

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

services performed in prior periods.

Therefore, in any given period, advisory fees recognized for certain transactions may relate to services performed in prior periods.

The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.

15 unchanged sentences

Prior period information has been recast to reflect the updated presentation.

At March 31, 2026, the Company had deferred revenue of $ 5,829 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month period ended March 31, 2026, the Company recognized $ 8,663 in revenue that was included in the deferred revenue balance as of December 31, 2025 of $ 139,022 .

The majority of the remaining decrease in the deferred revenue balance in the three month period ended March 31, 2026 relates to the sale and corresponding deconsolidation of Edgewater.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

At June 30, 2026, the Company had deferred revenue of $ 5,401 included in “other liabilities” on the condensed consolidated statements of financial condition.

During the three month and six month periods ended June 30, 2026, the Company recognized $ 1,093 and $ 9,756 in revenue, respectively, that was included in the deferred revenue balance as of December 31, 2025 of $ 139,022 .

The majority of the remaining decrease in the deferred revenue balance in the six month period ended June 30, 2026 relates to the sale and corresponding deconsolidation of Edgewater.

See Note 1 for further information.

2 unchanged sentences

Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the current expected credit losses (“CECL”) model.

Of the Company’s fee receivables at March 31, 2026 and December 31, 2025, $ 120,945 and $ 152,227 , respectively, represented financing receivables for our Private Capital Advisory fees.

At March 31, 2026 and December 31, 2025, customers and other receivables included $ 139,048 and $ 142,454 , respectively, of customer loans provided by LFB to high net worth individuals and families , which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both March 31, 2026 and December 31, 2025.

The aggregate carrying amount of other fees and customers and other receivables was $ 513,792 and $ 603,105 at March 31, 2026 and December 31, 2025, respectively.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Activity in the allowance for credit losses for the three month periods ended March 31, 2026 and 2025 was as follows:

Of the Company’s fee receivables at June 30, 2026 and December 31, 2025, $ 114,725 and $ 152,227 , respectively, represented financing receivables for our Private Capital Advisory fees.

At June 30, 2026 and December 31, 2025, customers and other receivables included $ 141,634 and $ 142,454 , respectively, of customer loans provided by LFB to high net worth individuals and families , which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both June 30, 2026 and December 31, 2025.

The aggregate carrying amount of other fees and customers and other receivables was $ 508,869 and $ 603,105 at June 30, 2026 and December 31, 2025, respectively.

Activity in the allowance for credit losses for the three month and six month periods ended June 30, 2026 and 2025 was as follows:

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Beginning Balance $ 22,239 $ 26,340 $ 22,884 $ 32,033

5 unchanged sentences

The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.

The Company’s investments consist of the following at March 31, 2026 and December 31, 2025:

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The Company’s investments consist of the following at June 30, 2026 and December 31, 2025:

2026 December 31,

7 unchanged sentences

Investments, at fair value 534,327 607,094

Equity method investments (b) 26,475 18,752

Equity method investments 6,307 18,752

Total investments $ 540,634 $ 625,846

2 unchanged sentences

LFI represent grants by the Company to eligible employees of interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

2026 December 31,

7 unchanged sentences

Private equity funds $ 35,297 $ 34,389

Equity method investments 819 –

Debt securities primarily consist of investments in government securities held within separately managed accounts in order to seed strategies in our Asset Management business.

3 unchanged sentences

Debt funds primarily consist of investments in debt securities in order to seed strategies in our Asset Management business and amounts related to LFI discussed above.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Equity funds primarily consist of investments in equity securities in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.

3 unchanged sentences

In 2025, private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in Edgewater.

Equity method investments include (i) retained investment in Edgewater, and (ii) an interest in a venture capital asset management entity accounted for under the equity method of accounting.

The carrying value includes amounts related to intangible assets, which are amortized, and goodwill.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

During the three month periods ended March 31, 2026 and 2025, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:

Equity method investments include (i) a retained investment in Edgewater, and (ii) until the second quarter of 2026, an interest in Elaia Partners, a venture capital asset management entity (“Elaia”).

The carrying value included amounts related to intangible assets, which are amortized, and goodwill.

See Note 9 for further information on the acquisition of an additional ownership stake in Elaia which resulted in a controlling financial interest.

During the three month and six month periods ended June 30, 2026 and 2025, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to equity securities and trading debt securities still held as of the reporting date as follows:

Three Months Ended

Net unrealized investment gains (losses) $ ( 23,849 ) $ ( 8,984 )

As of March 31, 2026 and December 31, 2025, the Company has pledged investments with a carrying value of $ 33,089 and $ 48,966 , respectively, primarily as collateral for its derivative contracts (see Note 7).

June 30, Six Months Ended

2026 2025 2026 2025

Net unrealized investment gains $ 51,340 $ 48,225 $ 27,491 $ 39,241

As of June 30, 2026 and December 31, 2025, the Company has pledged investments with a carrying value of $ 33,770 and $ 48,966 , respectively, primarily as collateral for its derivative contracts (see Note 7).

Such pledged assets can be sold or repledged by the secured party.

9 unchanged sentences

The fair value of debt securities is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The fair value of equity securities is classified as Level 1 or Level 3 as follows:

5 unchanged sentences

The fair value of the contingent consideration liability is classified as Level 3.

The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

consolidated statements of financial condition.

The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition.

The fair value of the contingent consideration liability is remeasured at each reporting period.

10 unchanged sentences

The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.

The following tables present, as of March 31, 2026 and December 31, 2025, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:

March 31, 2026

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The following tables present, as of June 30, 2026 and December 31, 2025, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:

June 30, 2026

Level 1 Level 2 Level 3 NAV Total

35 unchanged sentences

Treasury securities.

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and six month periods ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026

Balance Net Unrealized

6 unchanged sentences

Total Level 3 assets $ 934 $ 40 $ – $ ( 20 ) $ ( 14 ) $ 940

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Six Months Ended June 30, 2026

Balance Net Unrealized

Earnings Purchases/

Issuances Sales/

Settlements Foreign

Adjustments Ending

Equity $ 675 $ 37 $ – $ – $ ( 33 ) $ 679

Private equity funds 290 – – ( 20 ) ( 9 ) 261

Total Level 3 assets $ 965 $ 37 $ – $ ( 20 ) $ ( 42 ) $ 940

Contingent consideration

1 unchanged sentence

Total Level 3 liabilities $ 2,300 $ – $ – $ ( 2,300 ) $ – $ –

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Balance Net Unrealized

7 unchanged sentences

Contingent consideration

liability $ 2,221 $ 27 $ – $ – $ – $ 2,248

Total Level 3 liabilities $ 2,221 $ 27 $ – $ – $ – $ 2,248

Six Months Ended June 30, 2025

Balance Net Unrealized

Earnings Purchases/

Issuances Sales/

Settlements Foreign

Adjustments Ending

Equities $ 589 $ 47 $ – $ – $ 61 $ 697

Private equity funds 256 – – – 33 289

Total Level 3 assets $ 845 $ 47 $ – $ – $ 94 $ 986

Contingent consideration

liability (a) $ 4,495 $ 53 $ – $ ( 2,300 ) $ – $ 2,248

$ 4,495 $ 26 $ – $ ( 2,300 ) $ – $ 2,221

Total Level 3 liabilities $ 4,495 $ 53 $ – $ ( 2,300 ) $ – $ 2,248

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

_________________________________

(a) Settlements for the three month periods ended March 31, 2026 and 2025 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

The following tables present, at March 31, 2026 and December 31, 2025, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

March 31, 2026

(a) Settlements for the six month periods ended June 30, 2026 and 2025 represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

The following tables present, at June 30, 2026 and December 31, 2025, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

June 30, 2026

Investments Redeemable

15 unchanged sentences

(e) Distributions from each fund will be received as the underlying investments of the funds are liquidated.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

December 31, 2025

17 unchanged sentences

(e) Distributions from each fund will be received as the underlying investments of the funds are liquidated.

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2026 and December 31, 2025.

Notional amounts provide an indication of the volume of the Company's derivative activity.

Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Notional amounts provide an indication of the volume of the Company's derivative activity.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral.

These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.

March 31, 2026

June 30, 2026

Derivative Assets Derivative Liabilities

25 unchanged sentences

$ 453 $ 189,357

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

__________________________________

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Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2026 and 2025 were as follows:

Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2026 and 2025 were as follows:

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Forward foreign currency exchange rate contracts $ 1,444 $ ( 9,610 ) $ 3,973 $ ( 15,009 )

3 unchanged sentences

PROPERTY, NET

At March 31, 2026 and December 31, 2025, property consisted of the following:

Life in Years March 31,

At June 30, 2026 and December 31, 2025, property consisted of the following:

Life in Years June 30,

2026 December 31,

Buildings 33 $ 12,563 $ 12,956

Leasehold improvements (a) 3 - 20

Leasehold improvements 3 - 20

230,754 236,294

Furniture and equipment (a) 3 - 10

Furniture and equipment 3 - 10

139,748 142,738

5 unchanged sentences

Property, net $ 152,658 $ 168,005

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangible assets at June 30, 2026 and December 31, 2025 are presented below.

2026 December 31, 2025

Goodwill $ 434,932 $ 395,262

Other intangible assets (net of accumulated amortization) (a) 12,624 –

$ 447,556 $ 395,262

(a) The Company classified assets as held for sale as of March 31, 2026 and December 31, 2025, the carrying amount of which was $ 3,684 (net of accumulated depreciation).

The assets are expected to be sold in 2026.

Effective January 1, 2026, depreciation expense is no longer recorded on these assets.

Changes in the carrying amount of goodwill for the three month periods ended March 31, 2026 and 2025 are as follows:

Three Months Ended March 31,

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,

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

Sale and deconsolidation of business – ( 359 ) ( 359 ) – – –

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, March 31 $ 313,680 $ 80,911 $ 394,591 $ 312,833 $ 81,270 $ 394,103

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Senior debt is comprised of the following as of March 31, 2026 and December 31, 2025:

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 10 years.

(b) See Note 1.

Lazard Group Senior Notes are comprised of the following as of June 30, 2026 and December 31, 2025:

Outstanding as of

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Amount Maturity

8 unchanged sentences

Total $ 1,700,000 $ 10,470 $ 1,689,530 $ 1,700,000 $ 11,914 $ 1,688,086

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

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 March 31, 2026, the maximum future payments that Lazard, Inc.

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 Company’s senior debt is unsecured and is carried at its principal amount outstanding, net of unamortized debt costs.

At March 31, 2026 and December 31, 2025, the fair value of such senior debt was approximately $ 1,708,000 and $ 1,737,000 , respectively.

At June 30, 2026 and December 31, 2025, the fair value of such senior debt was approximately $ 1,709,000 and $ 1,737,000 , respectively.

The fair value of the Company’s senior debt is based on market quotations.

5 unchanged sentences

provided an unconditional and irrevocable guarantee for the obligations of Lazard Group LLC under the Second Amended and Restated Credit Agreement.

As of March 31, 2026, the Company had approximately $ 204,000 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.

As of June 30, 2026, the Company had approximately $ 210,000 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

COMMITMENTS AND CONTINGENCIES

The Company signed two lease agreements for additional office facilities, with lease commencement anticipated in future periods.

The lease terms are approximately 8 to 10 years and the total of undiscounted future lease payments is approximately $ 108,000 .

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

6 unchanged sentences

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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

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 March 31, 2026:

common stock (“common stock”) as set forth in the table below as of June 30, 2026:

Date Repurchase

5 unchanged sentences

Purchases with respect to such program are set forth in the table below:

Three Months Ended March 31:

Six Months Ended June 30:

Purchased Average

4 unchanged sentences

There was no impact on total stockholders' equity as a result of the share cancellation.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

During the three month periods ended March 31, 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.

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 a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax.

The aggregate value of all such purchases during the three month periods ended March 31, 2026 and 2025 was approximately $ 1,694 and $ 8,001 , respectively.

In addition, during the six month period ended June 30, 2025, the Company purchased shares of common stock from certain of our executive officers.

The aggregate value of all such purchases during the six month periods ended June 30, 2026 and 2025 was approximately $ 1,700 and $ 11,800 , respectively.

Such shares of common stock are reported at cost, and are either included in “common stock held in treasury” on the accompanying condensed consolidated statements of financial condition or were immediately canceled by the Company.

As of March 31, 2026, a total of $ 107,295 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026 .

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax — The tables below reflect the balances of each component of AOCI at March 31, 2026 and 2025 and activity during the three month periods then ended:

Three Months Ended March 31, 2026

As of June 30, 2026, a total of $ 57,295 of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026 .

On July 22, 2026, the Board of Directors authorized additional share repurchases of $ 200,000 , which expire as of December 31, 2028, bringing the total outstanding share repurchase authorization to approximately $ 257,000 .

During the six month period ended June 30, 2026, Lazard, Inc.

had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax — The tables below reflect the balances of each component of AOCI at June 30, 2026 and 2025 and activity during the three month and six month periods then ended:

Three Months Ended June 30, 2026

Adjustments Employee

2 unchanged sentences

Interests Total

Balance - January 1, 2026 $ ( 101,481 ) $ ( 170,024 ) $ ( 271,505 ) $ 4 $ ( 271,509 )

Balance - April 1, 2026 $ ( 112,513 ) $ ( 164,167 ) $ ( 276,680 ) $ ( 2 ) $ ( 276,678 )

Other comprehensive income (loss) before reclassifications, net of tax ( 3,982 ) 296 ( 3,686 ) 6 ( 3,692 )

1 unchanged sentence

Net other comprehensive income (loss) ( 3,982 ) 1,913 ( 2,069 ) 6 ( 2,075 )

Balance, March 31, 2026 $ ( 112,513 ) $ ( 164,167 ) $ ( 276,680 ) $ ( 2 ) $ ( 276,678 )

Three Months Ended March 31, 2025

Balance, June 30, 2026 $ ( 116,495 ) $ ( 162,254 ) $ ( 278,749 ) $ 4 $ ( 278,753 )

Six Months Ended June 30, 2026

Adjustments Employee

3 unchanged sentences

Balance - January 1, 2026 $ ( 101,481 ) $ ( 170,024 ) $ ( 271,505 ) $ 4 $ ( 271,509 )

Other comprehensive income (loss) before reclassifications 24,213 ( 5,789 ) 18,424 24 18,400

Other comprehensive income (loss) before reclassifications, net of tax ( 15,014 ) 4,517 ( 10,497 ) – ( 10,497 )

Adjustments for items reclassified to earnings, net of tax – 3,253 3,253 – 3,253

Net other comprehensive income (loss) ( 15,014 ) 7,770 ( 7,244 ) – ( 7,244 )

Balance, March 31, 2025 $ ( 136,701 ) $ ( 170,101 ) $ ( 306,802 ) $ ( 36 ) $ ( 306,766 )

Balance, June 30, 2026 $ ( 116,495 ) $ ( 162,254 ) $ ( 278,749 ) $ 4 $ ( 278,753 )

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2026 and 2025:

Three Months Ended June 30, 2025

Adjustments Employee

Attributable to

Noncontrolling

Interests Total

Balance - April 1, 2025 $ ( 136,701 ) $ ( 170,101 ) $ ( 306,802 ) $ ( 36 ) $ ( 306,766 )

Other comprehensive income (loss) before reclassifications 45,868 ( 10,028 ) 35,840 42 35,798

Adjustments for items reclassified to earnings, net of tax – 2,065 2,065 – 2,065

Net other comprehensive income (loss) 45,868 ( 7,963 ) 37,905 42 37,863

Balance, June 30, 2025 $ ( 90,833 ) $ ( 178,064 ) $ ( 268,897 ) $ 6 $ ( 268,903 )

Six Months Ended June 30, 2025

Adjustments Employee

Attributable to

Noncontrolling

Interests Total

Balance - January 1, 2025 $ ( 160,914 ) $ ( 165,888 ) $ ( 326,802 ) $ ( 60 ) $ ( 326,742 )

Other comprehensive income (loss) before reclassifications 70,081 ( 15,817 ) 54,264 66 54,198

Adjustments for items reclassified to earnings, net of tax – 3,641 3,641 – 3,641

Net other comprehensive income (loss) 70,081 ( 12,176 ) 57,905 66 57,839

Balance, June 30, 2025 $ ( 90,833 ) $ ( 178,064 ) $ ( 268,897 ) $ 6 $ ( 268,903 )

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and six month periods ended June 30, 2026 and 2025:

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Employee benefit plans:

5 unchanged sentences

Such amounts are included in “operating expenses–other” on the condensed consolidated statements of operations.

Noncontrolling Interests —Noncontrolling interests principally represent (i) profits interest participation rights (see Note 13), and (ii) up to February 13, 2026, interests held in Edgewater’s management vehicles that the Company was deemed to control, but does not own (see Note 1).

Noncontrolling Interests —Noncontrolling interests principally represent (i) profits interest participation rights (see Note 13) and (ii) up to February 13, 2026, interests held in Edgewater’s management vehicles that the Company was deemed to control, but did not own (see Note 1).

Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position at redemption value and classified as temporary equity.

Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period (see Note 20).

Dividends Declared, April 30, 2026 —On April 30, 2026 , the Board of Directors of Lazard declared a quarterly dividend of $ 0.50 per share on our common stock.

The dividend is payable on May 22, 2026 , to stockholders of record on May 11, 2026 .

Changes in redemption value are recognized immediately as they occur and will adjust the carrying value

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period (see Note 20).

Beginning on June 30, 2026, redeemable noncontrolling interests also includes the portion of Elaia that the Company does not own (see Note 9).

Dividends Declared, July 22, 2026 —On July 22, 2026 , the Board of Directors of Lazard declared a quarterly dividend of $ 0.50 per share on our common stock.

The dividend is payable on August 14, 2026 , to stockholders of record on August 3, 2026 .

INCENTIVE PLANS

Share-Based Incentive Plan Awards

Total shares available for issuance under incentive compensation plans are primarily from the 2018 Plan, which as amended, authorized the issuance of an aggregate of 70,000,000 shares.

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;

3 unchanged sentences

and other share-based awards.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2026 and 2025:

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Share-based incentive awards:

11 unchanged sentences

RSUs granted in 2026 vest ratably over three years , which we expect will be the vesting period for all year-end compensation grants going forward.

RSUs granted prior to 2026 vest generally, one-third after two years and the remaining two-thirds after the third year.

The grant date fair value of the RSUs, net of an estimated forfeiture rate, is expensed over the requisite service periods under the straight-line attribution method and is adjusted for actual forfeitures over such period.

RSUs generally include a dividend participation right during the applicable vesting period, which is payable in additional units.

During the three month period ended March 31, 2026, dividend participation rights required the issuance of an aggregate 240,526 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 12,148 .

In connection with RSUs that settled during the three month period ended March 31, 2026, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,440,728 shares of common stock during such three month period.

Accordingly, 3,359,537 shares of common stock held by the Company were delivered during the three month period ended March 31, 2026.

RSUs granted prior

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The following is a summary of activity relating to RSUs during the three month period ended March 31, 2026:

to 2026 vest generally, one-third after two years and the remaining two-thirds after the third year.

RSUs generally include a dividend participation right during the applicable vesting period, which is payable in additional units.

During the six month period ended June 30, 2026, dividend participation rights required the issuance of an aggregate 442,243 units of RSUs and the associated aggregate charge to “retained earnings” (with a corresponding credit to “additional paid-in-capital”) was $ 21,020 .

In connection with RSUs that settled during the six month period ended June 30, 2026, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,524,123 shares of common stock during such six month period.

Accordingly, 3,511,507 shares of common stock held by the Company were delivered during the six month period ended June 30, 2026.

The following is a summary of activity relating to RSUs during the six month period ended June 30, 2026:

Units Weighted

4 unchanged sentences

Settled ( 6,035,630 ) $ 38.59

Balance, March 31, 2026 20,257,339 $ 49.71

The weighted-average grant date fair value of RSUs granted in the three month period ended March 31, 2025 was $ 53.87 .

As of March 31, 2026, the total estimated unrecognized compensation expense related to RSUs was $ 641,783 .

The Company expects to expense such amounts over a weighted-average period of approximately 2.2 years subsequent to March 31, 2026.

Balance, June 30, 2026 19,875,198 $ 49.74

The weighted-average grant date fair value of RSUs granted in the six month period ended June 30, 2025 was $ 53.28 .

As of June 30, 2026, the total estimated unrecognized compensation expense related to RSUs was $ 515,575 .

The Company expects to expense such amounts over a weighted-average period of approximately 2.1 years subsequent to June 30, 2026.

PIPRs are equity incentive awards that, subject to certain vesting and other conditions described below, may be exchanged for shares of common stock pursuant to the 2018 Plan.

6 unchanged sentences

If forfeited based solely on failing to meet the Minimum Value Condition, or, if applicable, common stock price milestones as described below, the associated compensation expense would not be reversed.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

All PIPR awards are subject to service-based vesting conditions.

3 unchanged sentences

• SP-PIPRs, which are subject to service-based vesting conditions and common stock price milestones and are eligible to vest in three tranches.

SP-PIPRs are eligible to vest in three tranches (each, a “Tranche”) based on the achievement of service conditions and Tranche-specific common stock price milestones measured as of a specified anniversary of the date of grant, as

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

described below.

Their aggregate fair value at the original grant date, which, based on the estimated probability of achieving the common stock price milestones was approximately $ 33,900 , is expensed over the requisite service periods.

5 unchanged sentences

If the service conditions and common stock price milestones, as described above, are not achieved as of the Expiration Date, all SP-PIPRs in such Tranche will be forfeited.

The following is a summary of activity relating to all PIPRs during the three month period ended March 31, 2026:

The following is a summary of activity relating to all PIPRs during the six month period ended June 30, 2026:

Ordinary PIPRs TSR-PIPRs/ SP-PIPRs

5 unchanged sentences

Settled ( 1,213,015 ) $ 35.94 – $ –

Balance, March 31, 2026 4,110,785 $ 40.66 2,345,380 $ 17.08

Balance, June 30, 2026 4,110,785 $ 40.66 2,108,384 $ 16.74

Fair values shown above represent the weighted average as of grant date.

The weighted-average grant date fair value of ordinary PIPRs granted in the three month period ended March 31, 2025 was $ 44.93 .

The weighted-average grant date fair value of ordinary PIPRs granted in the six month period ended June 30, 2025 was $ 44.93 .

Compensation expense recognized for PIPRs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value.

As of March 31, 2026, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 79,623 and the Company expects to expense such amount over a weighted-average period of approximately 1.8 years subsequent to March 31, 2026.

As of June 30, 2026, the total estimated unrecognized compensation expense of all profits interest participation rights was $ 59,670 and the Company expects to expense such amount over a weighted-average period of approximately 1.9 years subsequent to June 30, 2026.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

LFI and Other Similar Deferred Compensation Arrangements

3 unchanged sentences

The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2026:

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the six month period ended June 30, 2026:

Asset Compensation

5 unchanged sentences

Other ( 23 ) ( 176 )

Balance, March 31, 2026 $ 67,373 $ 114,234

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.8 years subsequent to March 31, 2026.

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2026 and 2025:

Balance, June 30, 2026 $ 48,234 $ 120,636

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.8 years subsequent to June 30, 2026.

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Amortization and the impact of forfeitures $ 16,432 $ 16,916 $ 31,825 $ 35,397

5 unchanged sentences

The prepaid compensation asset is amortized over the requisite service period beginning on the grant date and is charged to “compensation and benefits” expense in the condensed consolidated statements of operations.

Amortization expense for the three month periods ended March 31, 2026 and 2025 was $ 4,001 and $ 3,693 , respectively.

The remaining prepaid compensation asset was $ 13,976 as of March 31, 2026.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Amortization expense for the three month and six month periods ended June 30, 2026 was $ 3,153 and $ 7,154 , respectively and $ 4,079 and $ 7,772 for the three month and six month periods ended June 30, 2025, respectively.

The remaining prepaid compensation asset was $ 10,061 as of June 30, 2026.

EMPLOYEE BENEFIT PLANS

3 unchanged sentences

Expenses related to the Company’s 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.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Employer Contributions to Pension Plans —The Company’s funding policy for its U.S.

1 unchanged sentence

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 Company’s pension plans for the three month periods ended March 31, 2026 and 2025:

The following table summarizes the components of net periodic benefit cost related to the Company’s pension plans for the three month and six month periods ended June 30, 2026 and 2025:

Pension Plans

Three Months Ended March 31,

Three Months Ended June 30,

Components of Net Periodic Benefit Cost:

6 unchanged sentences

Net periodic benefit cost $ 1,742 $ 2,165

Pension Plans

Six Months Ended June 30,

Components of Net Periodic Benefit Cost:

Service cost $ 336 $ 367

Interest cost 11,007 11,133

Expected return on plan assets ( 12,122 ) ( 12,349 )

Amortization of:

Prior service cost 654 616

Net actuarial loss 3,646 4,117

Net periodic benefit cost $ 3,521 $ 3,884

is subject to U.S.

1 unchanged sentence

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.

that are subject to local income

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

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 benefits of $ 10,989 and $ 7,354 for the three month periods ended March 31, 2026 and 2025, respectively, representing effective tax rates of ( 12.3 )% and ( 13.5 )%, respectively.

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.

4 unchanged sentences

federal statutory tax rate.

Cash paid for income taxes, net of refunds for the three month period ended March 31, 2026 was $ 13,944 .

NET INCOME PER SHARE OF COMMON STOCK

The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs which are treated as participating securities.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month periods ended March 31, 2026 and 2025 are presented below:

The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month and six month periods ended June 30, 2026 and 2025 are presented below:

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Net income attributable to Lazard $ 4,808 $ 55,346 $ 105,724 $ 115,721

12 unchanged sentences

__________________________________

(a) The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month periods ended March 31, 2026 and 2025 of 2,500,405 and 2,814,720 , respectively, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.

(a) The aggregate weighted average number of incremental shares of common stock issuable from PIPRs for the three month and six month periods ended June 30, 2026 of 1,665,133 and 2,082,769 , respectively, and for the three month and six month periods ended June 30, 2025 of 1,570,105 and 2,192,413 , respectively, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net income per share as the effect would be antidilutive in the respective periods.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

RELATED PARTIES

1 unchanged sentence

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 $ 188,283 and $ 138,058 for the three month periods ended March 31, 2026 and 2025, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations.

Of such amounts, $ 39,882 and $ 86,262 remained as receivables at March 31, 2026 and December 31, 2025, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

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

3 unchanged sentences

Any amount paid by our subsidiaries to the Trust will generally be distributed pro rata to the owners of the Trust, who include one of our executive officers.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

For purposes of the TRA, cash savings in income and franchise tax will be computed by comparing our subsidiaries’ actual income and franchise tax liability to the amount of such taxes that our subsidiaries would have been required to pay had there been no increase in the tax basis of certain assets of Lazard Group and had our subsidiaries not entered into the TRA.

4 unchanged sentences

Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”.

The cumulative liability relating to our obligations under the TRA as of March 31, 2026 and December 31, 2025 was $ 46,832 and $ 57,051 , respectively, and is recorded in “other liabilities” on the condensed consolidated statements of financial condition.

The cumulative liability relating to our obligations under the TRA as of June 30, 2026 and December 31, 2025 was $ 46,814 and $ 57,051 , respectively, and is recorded in “other liabilities” on the condensed consolidated statements of financial condition.

See Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.

4 unchanged sentences

In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1.

At March 31, 2026, LFNY’s regulatory net capital was $ 98,341 , which exceeded the minimum requirement by $ 94,081 .

LFNY’s aggregate indebtedness to net capital ratio was 0.65 :1 as of March 31, 2026.

At June 30, 2026, LFNY’s regulatory net capital was $ 115,522 , which exceeded the minimum requirement by $ 111,986 .

LFNY’s aggregate indebtedness to net capital ratio was 0.46 :1 as of June 30, 2026.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K.

Subsidiaries”) are regulated by the Financial Conduct Authority.

At March 31, 2026, the aggregate regulatory net capital of the U.K.

At June 30, 2026, the aggregate regulatory net capital of the U.K.

Subsidiaries was $ 111,932 , which exceeded the minimum requirement by $ 35,985 .

2 unchanged sentences

The investment services activities exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers.

At December 31, 2025, the consolidated regulatory net capital of CFLF was $ 164,221 , which exceeded the minimum requirement set for regulatory capital levels by $ 57,437 .

At March 31, 2026, the consolidated regulatory net capital of CFLF was $ 160,712 , which exceeded the minimum requirement set for regulatory capital levels by $ 56,906 .

In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S.

1 unchanged sentence

LFB and certain other non-Financial Advisory subsidiaries of the Company in the European Union (referred to herein, on a combined basis, as the “combined European regulated group”) is subject to consolidated supervision based on an agreement with the ACPR and under such rules is required to comply with minimum requirements for regulatory net capital.

At December 31, 2025, the regulatory net capital of the combined European regulated group was $ 187,192 , which exceeded the minimum requirement set for regulatory capital levels by $ 49,245 .

At March 31, 2026, the regulatory net capital of the combined European regulated group was $ 183,205 , which exceeded the minimum requirement set for regulatory capital levels by $ 50,604 .

Additionally, the combined European regulated group, together with our Financial Advisory entities in the European Union, is required to perform an annual risk assessment and provide certain other information on a periodic basis.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Certain other U.S.

subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate.

At March 31, 2026, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 110,569 , which exceeded the minimum required capital by $ 77,645 .

At March 31, 2026, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

At June 30, 2026, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $ 105,916 , which exceeded the minimum required capital by $ 72,086 .

At June 30, 2026, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

SEGMENT INFORMATION

7 unchanged sentences

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.

Other segment items include certain adjustments to calculate adjusted operating income (loss), including:

• Noncontrolling interests;

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

• Certain distribution, introducer and management fees paid to third parties and reimbursable deal costs;

6 unchanged sentences

Segment revenue includes revenue from contracts with customers and other revenue.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Financial Advisory Asset Management Corporate Total

Net Revenue (Loss) - U.S.

Net Revenue - U.S.

GAAP Basis $ 450,167 $ 351,031 $ 6,471 $ 807,669

7 unchanged sentences

$ 1,796 $ 1,376 $ 4,194 $ 7,366

Three Months Ended March 31, 2025

Six Months Ended June 30, 2026

Financial Advisory Asset Management Corporate Total

11 unchanged sentences

(dollars in thousands, except for per share data, unless otherwise noted)

Three Months Ended June 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue - U.S.

GAAP Basis $ 497,306 $ 292,478 $ 6,213 $ 795,997

Adjusted Compensation and Benefits Expense 317,036 139,655 47,572 504,263

Adjusted Non-compensation Expense 52,426 63,597 41,348 157,371

Other Segment Items ( 5,947 ) ( 23,987 ) 3,803 ( 26,131 )

Adjusted Operating Income (Loss) $ 121,897 $ 65,239 $ ( 78,904 ) $ 108,232

Other Segment Disclosures:

Interest income (included in net revenue) $ 1,903 $ 2,136 $ 5,168 $ 9,207

Depreciation and amortization of property (included in adjusted non-compensation

$ 2,165 $ 1,407 $ 5,041 $ 8,613

Six Months Ended June 30, 2025

Financial Advisory Asset Management Corporate Total

Net Revenue (Loss) - U.S.

GAAP Basis $ 864,665 $ 580,578 $ ( 1,195 ) $ 1,444,048

Adjusted Compensation and Benefits Expense 557,004 282,482 86,063 925,549

Adjusted Non-compensation Expense 104,987 122,808 77,458 305,253

Other Segment Items ( 3,763 ) ( 47,593 ) 20,359 ( 30,997 )

Adjusted Operating Income (Loss) $ 198,911 $ 127,695 $ ( 144,357 ) $ 182,249

Other Segment Disclosures:

Interest income (included in net revenue) $ 3,100 $ 4,583 $ 13,186 $ 20,869

Depreciation and amortization of property (included in adjusted non-compensation

$ 4,175 $ 2,788 $ 10,081 $ 17,044

The table below provides a reconciliation of the Company's consolidated adjusted operating income to the Company’s consolidated U.S.

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Adjusted Operating Income $ 65,175 $ 108,232 $ 118,899 $ 182,249

Operating income (loss) related to noncontrolling interests

and similar arrangements (a) ( 354 ) 1,613

Operating income related to noncontrolling

interests and similar arrangements (a) 8,923 5,970 8,569 7,583

Interest expense (b) ( 22,430 ) ( 21,095 ) ( 45,158 ) ( 42,064 )

Amortization and other acquisition-related costs – ( 26 )

Other – ( 26 ) – ( 52 )

Gain on sale and deconsolidation of Edgewater (c) ( 2,482 ) – 75,508 –

Expenses associated with senior management transition (d)

Expenses related to the proposed acquisition of Campbell

Lutyens Holdings Limited ("Campbell Lutyens") (e) ( 2,400 ) –

( 2,775 ) – ( 19,433 ) –

Expenses related to the pending acquisition of Campbell

Lutyens (e) ( 8,808 ) – ( 11,208 ) –

Operating Income - U.S.

1 unchanged sentence

__________________________________

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

(a) Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts.

(b) Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.

(d) Represents expenses associated with the departure of certain executive officers.

(e) Represents expenses related to the proposed acquisition of Campbell Lutyens (see Note 21).

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(dollars in thousands, except for per share data, unless otherwise noted)

(e) Represents expenses related to the pending acquisition of Campbell Lutyens (see Note 1).

CONSOLIDATED VIEs

LFI Consolidated Funds

The Company’s consolidated VIEs as of March 31, 2026 and December 31, 2025 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement.

The Company’s consolidated VIEs as of June 30, 2026 and December 31, 2025 include certain funds (“LFI Consolidated Funds”) that were established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement.

Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds.

The assets of LFI Consolidated Funds, except as it relates to $ 10,319 and $ 36,527 of LFI owned by Lazard Group as of March 31, 2026 and December 31, 2025, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the condensed consolidated statements of financial condition consist of the following at March 31, 2026 and December 31, 2025.

March 31, 2026 December 31, 2025

The assets of LFI Consolidated Funds, except as it relates to $ 11,321 and $ 36,527 of LFI owned by Lazard Group as of June 30, 2026 and December 31, 2025, respectively, can only be used to settle the obligations of LFI Consolidated Funds.

June 30, 2026 December 31, 2025

Cash and cash equivalents $ 2,157 $ 1,028

6 unchanged sentences

Total liabilities $ 713 $ 746

SUBSEQUENT EVENT

(ii) deferred consideration of $ 115,000 payable on the second anniversary of closing;

Both initial and deferred consideration include portions that are subject to additional lock-up arrangements.

The aggregate consideration is payable in a combination of the Company’s common stock, cash, and loan notes, subject to the terms of the Purchase Agreement, including limitations on share issuance.

The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.

Under certain circumstances, if the Purchase Agreement is terminated, the Company may be required to pay Campbell Lutyens a termination fee of $ 50,000 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements