- Lazard, Inc. (LAZ, Financial) reported net revenue of $648 million for Q1 2025, reflecting a 15% decrease from the previous year.
- The company reported a net income of $60 million or $0.56 per share, diluted, marking a 9% decrease from Q1 2024.
- Asset Management net revenue dropped by 4% year-over-year to $264 million, with Assets Under Management (AUM) ending at $227 billion, a 9% decrease from March 31, 2024.
Lazard, Inc. (LAZ) has announced its financial results for the first quarter of 2025, achieving net revenue of $648 million. This marked a decline of 15% compared to the same period in 2024. On an adjusted basis, net revenue stood at $643 million, also reflecting a 14% decrease from the previous year. The company's CEO, Peter R. Orszag, indicated that the performance was solid amidst a challenging business environment as the company continues to focus on its 2030 growth strategy.
In the Financial Advisory segment, net revenue was reported at $367 million, down by 19% from the first quarter of 2024. Key transactions included CD&R's €16 billion acquisition of a 50% stake in Sanofi's Opella and Pactiv Evergreen's $6.7 billion acquisition by Novolex, among others. Lazard continues to be a premier advisor in significant M&A transactions, leveraging its global expertise.
The Asset Management division reported net revenue of $264 million, a 4% decrease compared to the first quarter of the previous year. Managing fees and other revenue on an adjusted basis were $256 million, down 5% from the prior year. The average AUM for the quarter was $231 billion, a 7% reduction from the same period in 2024, with a closing AUM of $227 billion as of March 31, 2025.
Operating expenses saw a reduction, especially in compensation and benefits expenses, which were $430 million on a U.S. GAAP basis, a 22% decrease from the previous year. However, non-compensation expenses increased by 10% on an adjusted basis, totaling $148 million.
During this period, Lazard returned $175 million to shareholders, including $45 million in dividends and $36 million through repurchases of common stock. The company has maintained a strong financial position with $909 million in cash and cash equivalents as of March 31, 2025.
Lazard continues to push forward with strategic initiatives, having launched three active ETFs in the U.S. to meet changing investor demand and forming a strategic alliance with Arini Capital Management to expand connectivity to private capital across Europe.
