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McKinsey & Company for M&A and capital markets advice.

Goldman Sachs' M&A advisory group, but as an independent firm.

Boston Consulting Group (BCG) for investment banking deals.

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• Mergers & Acquisitions (M&A) Advisory: Advising corporations and financial sponsors on strategic transactions including mergers, acquisitions, divestitures, and joint ventures.
• Restructuring Advisory: Providing strategic advice to companies, creditors, and other stakeholders in financially distressed situations.
• Capital Markets Advisory: Assisting clients with raising capital through equity, debt, and other securities offerings, as well as private capital placements.
• Shareholder Activism & Defense: Advising companies on proactive strategies and defense against activist investors.
• Wealth & Investment Management: Offering comprehensive investment management and financial planning services to high-net-worth individuals and institutional clients.

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• Corporations: Public and private companies across various industries seeking strategic financial advice related to mergers, acquisitions, divestitures, capital raising (equity and debt), shareholder activism, and restructuring.
• Private Equity Firms and Other Financial Sponsors: Investment firms that frequently engage in buyouts, growth equity investments, and other principal investments, requiring advice on acquisitions, dispositions, and portfolio company financings.
• Governments, Government-Related Entities, and Sovereign Wealth Funds: Public sector clients requiring financial advisory services for strategic initiatives, privatization, infrastructure projects, or investments.

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• Bloomberg L.P.
• London Stock Exchange Group plc (LSEG)
• S&P Global Inc. (SPGI)

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John S. Weinberg, Chairman and Chief Executive Officer

John S. Weinberg has been Chairman and Chief Executive Officer of Evercore since February 2022, and previously served as Co-Chairman and Executive Chairman. Prior to joining Evercore in November 2016, Mr. Weinberg spent 33 years at Goldman Sachs, where he was Vice Chairman from 2006 to 2015 and Co-Head of Global Investment Banking from 2002 to 2015. He began his career at Goldman Sachs in 1983 as an associate and was promoted to partner in 1992. During his time at Goldman Sachs, he advised on the IPOs of companies such as Visa and Under Armour. Mr. Weinberg is also a board member of Ford Motor Company, New York-Presbyterian Hospital, Middlebury College, and the Cystic Fibrosis Foundation.

Tim LaLonde, Chief Financial Officer and Senior Managing Director

Tim LaLonde was appointed Chief Financial Officer of Evercore, effective March 6, 2023. He joined Evercore in 2001 and previously held positions as COO of Global Investment Banking and Co-Head of the U.S. Advisory business. Mr. LaLonde has over 33 years of experience in the investment banking industry, having served clients as an investment banker for the first 20 years of his career. Before joining Evercore, he was an Executive Director at UBS Investment Bank from 1998 to 2001 and a Vice President at Dillon, Read & Co. Inc. from 1992 to 1998.

Roger Altman, Founder and Senior Chairman

Roger Altman founded Evercore in 1995 and currently serves as Founder and Senior Chairman. His investment banking career began at Lehman Brothers, where he became a general partner. He served as Assistant Secretary of the U.S. Treasury under President Carter. Mr. Altman later returned to Lehman Brothers, becoming co-head of overall investment banking. In 1987, he joined The Blackstone Group as Vice Chairman, head of advisory business, and a member of the investment committee. He was then nominated by President Clinton and confirmed as Deputy Secretary of the U.S. Treasury, serving for two years.

Eduardo Mestre, Chairman, Global Advisory

Eduardo Mestre is the Chairman of Global Advisory at Evercore. Prior to joining Evercore, he served as Chairman of Citigroup's investment banking division, Head of Investment Banking at Citigroup and its predecessor firms, and Co-Head of Salomon Brothers' M&A department.

Jason Klurfeld, Senior Managing Director and General Counsel

Jason Klurfeld is Evercore's General Counsel and Corporate Secretary, a Senior Managing Director, and a member of the firm's Management Committee. He joined Evercore in 2011 and is responsible for all legal and compliance matters. Previously, Mr. Klurfeld was an M&A attorney at Sullivan & Cromwell in New York and Skadden Arps in Washington, D.C., and also served as an aide to New York Senator Daniel Patrick Moynihan.

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Key Risks to Evercore (EVR)

1. Vulnerability to Economic Downturns: Evercore's core business, particularly its investment banking services such as mergers and acquisitions (M&A) and capital markets activity, is highly sensitive to overall economic conditions and market stability. A slowdown in the economy or market instability can significantly reduce deal flow, directly impacting Evercore's revenue. For instance, the firm's investment banking revenue declined by 22% during the 2023 market slowdown, illustrating its sensitivity to economic fluctuations. This cyclicality is considered the "single most important risk for any independent advisory firm."
2. Concentrated Revenue Streams: A substantial portion of Evercore's total revenue, approximately 78% in 2023, is derived from financial advisory services. This high concentration creates a significant risk, as a downturn specifically within the advisory market could have a magnified impact on the company's overall financial performance. While Evercore has diversified into other areas like Private Capital Advisory, fundraising, and restructuring, the reliance on financial advisory remains dominant.
3. Intense Competition: Evercore operates within a highly competitive financial advisory sector. It faces significant competitive pressure from both larger global investment banking firms, such as Goldman Sachs, Morgan Stanley, and JPMorgan Chase, and other well-established independent advisory firms like Lazard, Moelis & Company, and Centerview Partners. This intense competition can affect Evercore's market share, pricing power, and ability to attract and retain clients and talent.

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Evercore Inc. (EVR) operates primarily through two business segments: Investment Banking & Equities and Investment Management. The addressable markets for their main products and services are outlined below:

Investment Banking & Equities

• Overall Investment Banking Market: The global investment banking market is projected to reach approximately $150.49 billion in 2025. Another estimate indicates the global investment banking market size was valued at $110.12 billion in 2025.
• Mergers and Acquisitions (M&A) Advisory: The global M&A advisory market size is expected to reach $28.57 billion by the end of 2025. The United States accounted for 38% of the global market share in 2023.
• Corporate Restructuring Advisory: The global corporate restructuring advisory market was estimated at $24.1 billion in 2023 and is projected to grow to $44.5 billion by the end of 2033. The U.S. corporate restructuring advisory market was valued at $8.4 billion in 2023.
• Equity Capital Markets (ECM) Advisory: The global Equity Capital Market size is projected to be $226.1 billion in 2025.
• Debt Capital Markets (DCM) Advisory: The global Debt Capital Market size is projected to be $618.2 billion in 2025. The worldwide debt market, including government, financial, and non-financial corporate debt, reached $150 trillion in Q1 2025 (global).
• Equity Research, Sales, and Agency Trading Execution: null

Investment Management

• Investment Management (including Wealth Management and Institutional Asset Management): The global Investment Management market is projected to reach $1,343 billion ($1.343 trillion) by the end of 2025. Another estimate places the global asset management market size at $927.61 billion in 2025. The global asset management industry reached $128 trillion in assets under management (AuM) in 2024.

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Evercore (EVR) is expected to drive future revenue growth over the next two to three years through a combination of a rebounding M&A market, strategic geographic expansion, and the continued growth and diversification of its non-M&A advisory services.

• Rebound in Global M&A and Transaction Activity: Evercore anticipates a gradual market recovery in 2025, with increasing CEO confidence levels, healthy sponsor dialogue, and continued financing availability contributing to a stronger deal environment. The company's advisory fees have seen significant increases, and analysts foresee strong engagement across various sectors, leading to a build-up of large and mid-sized deals and robust backlogs. Evercore is strategically positioned to benefit from a "mega-merger resurgence" and sector consolidation, particularly in the energy, healthcare, and telecommunications industries.
• Geographic Expansion and Enhanced Cross-Border Capabilities: Strategic acquisitions are a key element of Evercore's growth strategy. The 2025 acquisition of Robey Warshaw, a prominent independent advisory firm in the UK, is expected to significantly expand Evercore's global footprint and cross-border M&A capabilities, especially within European markets. Furthermore, Evercore is actively establishing new offices, such as one in Milan, Italy, to capitalize on growing M&A activity in sectors like green energy and industrials, and is also expanding into other markets including France, Spain, and Dubai.
• Growth and Diversification of Non-M&A Advisory Services: Evercore has been emphasizing the development of diversified revenue streams beyond traditional mergers and acquisitions. The Private Capital Advisory (PCA) business, encompassing GP-led continuation funds, LP secondaries, and securitizations, has been a particularly strong performer, achieving record results and acting as a primary revenue driver. The firm's Private Funds Group is also experiencing growth, and its Real Estate Strategic Advisory (RESA) business, which offers comprehensive solutions across public M&A, private capital raising, and capital advisory, continues to gain recognition. This expansion into non-M&A services, which now accounts for approximately 50% of total revenues, is expected to mitigate exposure to cyclical M&A activity and enhance margin durability.

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Share Repurchases

• In February 2022, Evercore's board authorized a share repurchase program for up to $1.4 billion or 10 million shares, with no expiration date, aiming to offset dilution and return excess cash to shareholders.
• The company repurchased shares totaling $147 million in 2020 and $721 million in 2021.
• Year-to-date, as of October 22, 2025, Evercore repurchased 1,912,169 shares for $506.197 million.

Share Issuance

• Evercore regularly issues shares as part of its equity compensation plans, involving the conversion of limited partnership units for employees.
• In the first quarter of 2025, the company granted 1.7 million unvested restricted stock units (RSUs) to employees, with a grant date fair value of $431.5 million.

Outbound Investments

• Evercore completed the acquisition of UK-based Robey Warshaw on October 1, 2025, with consideration including Class A shares and contingent payments over several years, strengthening its global advisory platform.
• The firm is strategically investing in talent and expanding its regional presence through new offices, such as a larger Chicago office and a new office in Richmond, Virginia.

Capital Expenditures

• For the nine months ended September 30, 2025, Evercore utilized $88.230 million for investing activities, which includes capital expenditures.
• Evercore's capital expenditure on technology is increasing, with a primary focus on cybersecurity, AI, Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP) systems.