Latest Earnings Release: Q3 2023 Earnings Press Release

E V E R C O R E

EVERCORE REPORTS THIRD QUARTER 2023 RESULTS;

QUARTERLY DIVIDEND OF $0.76 PER SHARE

						Third Quarter Results						Year to Date Results
					U.S. GAAP		Adjusted		U.S. GAAP		Adjusted
				Q3 2023	Q3 2022	Q3 2023	Q3 2022	YTD 2023	YTD 2022	YTD 2023	YTD 2022
Net Revenues ($ mm)		$ 570.2	$	576.9	$	576.1	$	583.2	$	1,641.8	$	1,930.7	$	1,659.0	$	1,948.9
Operating Income ($ mm)	$	76.8	$	130.4	$	82.7	$	136.6	$	241.4	$	485.9	$	261.6	$	504.7
Net Income Attributable to	$	52.1	$	82.4	$	55.5	$	95.2	$	172.7	$	336.1	$	189.1	$	376.3
Evercore Inc. ($ mm)
Diluted Earnings Per Share	$	1.30	$	2.03	$	1.30	$	2.20	$	4.33	$	8.18	$	4.43	$	8.52
Compensation Ratio				68.7 %		61.7 %		68.0 %		61.0 %		66.8 %		60.8 %		66.1 %		60.3 %
Operating Margin				13.5 %		22.6 %		14.4 %		23.4 %		14.7 %		25.2 %		15.8 %		25.9 %
Effective Tax Rate				25.1 %		30.8 %		27.6 %		27.4 %		21.5 %		23.2 %		22.5 %		22.8 %
		g	Third Quarter and Year-to-Date Net Revenues were $570.2 million and $1.6 billion, respectively, on a
			U.S. GAAP basis and $576.1 million and $1.7 billion, respectively, on an Adjusted basis. Year-to-
			Date 2023 Net Revenues decreased 15% on both a U.S. GAAP and an Adjusted basis versus 2022
		g	Most recently, Evercore advised Chevron on its $60 billion acquisition of Hess
Business and	g	In the third quarter, Evercore advised WestRock on its $20 billion merger with Smurfit Kappa and
	Danaher on its spin-off of Veralto
Financial
Highlights	g	Evercore continued to participate in several notable underwriting transactions including active
			bookrunner on the second largest biotech IPO year-to-date, RayzeBio's upsized $358 million offering
		g	Our Private Capital Advisory and Fundraising business was resilient as continuation fund activity
			continues to strengthen
		g	Evercore ISI achieved Institutional Investors All-America Equity Research #1 rank on a weighted
			basis for the second year in a row with the most #1 ranked analysts on Wall Street for the first time
		g	Of the 11 Advisory Senior Managing Directors that committed to Evercore year-to-date, five have
Talent		started since our last earnings announcement
g	Carolyn Crooks joined in our Financial Sponsors Group, Seth Bergstein and Nick Pomponi joined our
			Technology practice, Laurence Hainault joined our European Communications business, and Michael
			Tarulli joined our Industrials practice
		g	Quarterly dividend of $0.76 per share
Capital Return	g	Returned $490.4 million to shareholders during the first nine months of 2023 through dividends and
			repurchases of 3.0 million shares at an average price of $128.97

NEW YORK, October 25, 2023 - Evercore Inc. (NYSE: EVR) today announced its results for the third quarter ended September 30, 2023.

LEADERSHIP COMMENTARY

John S. Weinberg, Chairman and Chief Executive Officer, "We are encouraged by some of the positive leading indicators we see both internally and in the market. And while the normalization of market activity will continue to take time, we remain focused on serving our clients and building for the long term."

Roger C. Altman, Founder and Senior Chairman, "Evercore just completed the largest, external hiring surge, at the SMD level, in the Firm's history. And, this came on top of aggressive hiring in each recent year, which means that our productive capacity is at an all-time high."

2

Evercore's quarterly results may fluctuate significantly due to the timing and amount of transaction fees earned, as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.

Business Segments:

Evercore's business results are categorized into two segments: Investment Banking & Equities and Investment Management. Investment Banking & Equities includes providing advice to clients on mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Investment Management includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as advising third-party investors through affiliates. See pages A-2 to A-7 for further information and reconciliations of these segment results to our U.S. GAAP consolidated results.

Non-GAAP Measures:

Throughout this release certain information is presented on an adjusted basis, which is a non-GAAP measure. Adjusted results begin with information prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), and then those results are adjusted to exclude certain items and reflect the conversion of certain Evercore LP Units into Class A shares. Evercore believes that the disclosed adjusted measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures, are useful to investors to compare Evercore's results across several periods and facilitate an understanding of Evercore's operating results. Evercore uses these measures to evaluate its operating performance, as well as the performance of individual employees. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

Special Charges, Including Business Realignment Costs, have been excluded from Adjusted Net Income Attributable to Evercore Inc. These charges in 2023 relate to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico.

Evercore's Adjusted Diluted Shares Outstanding for the three and nine months ended September 30, 2023 were higher than U.S. GAAP as a result of the inclusion of certain Evercore LP Units and Unvested Restricted Stock Units.

Further details of these adjustments, as well as an explanation of similar amounts for the three and nine months ended September 30, 2022 are included in pages A-2 to A-7.

3

Selected Financial Data - U.S. GAAP Results

The following is a discussion of Evercore's consolidated results on a U.S. GAAP basis. See pages A-4 to A-6 for our business segment results.

Net Revenues

							U.S. GAAP
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2023			2022		Change			2023			2022		Change
							(dollars in		thousands)
Investment Banking & Equities:
Advisory Fees	$	467,401	$	488,224		(4%)	$	1,304,519	$	1,689,033	(23%)
Underwriting Fees		30,814			28,697		7%			91,897			78,519	17%
Commissions and Related Revenue		48,697			49,200		(1%)			146,810			152,583	(4%)
Investment Management:
Asset Management and Administration Fees		17,304			15,641		11%			49,837			48,724	2%
Other Revenue, net		6,004			(4,825)		NM			48,719			(38,151)		NM
Net Revenues	$	570,220		$	576,937		(1%)		$	1,641,782		$	1,930,708	(15%)
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2023			2022		Change			2023			2022		Change
Total Number of Fees from Advisory and		225			229		(2%)			484			494	(2%)
Underwriting Client Transactions(1)
Total Number of Fees of at Least $1 million
from Advisory and Underwriting Client		86			99		(13%)			241			285	(15%)
Transactions(1)
Total Number of Underwriting Transactions(1)		11			11		-%			40			34	18%
Total Number of Underwriting Transactions as		10			11		(9%)			36			29	24%
a Bookrunner(1)

1. Includes Equity and Debt Underwriting Transactions.

			As of September 30,
	2023				2022	%
					Change
Assets Under Management ($ mm)(1)	$	11,273	$	9,986	13%

1. Assets Under Management reflect end of period amounts from our consolidated Wealth Management business.

Advisory Fees - Third quarter Advisory Fees decreased $20.8 million, or 4%, year-over-year, and year-to- date Advisory Fees decreased $384.5 million, or 23%, year-over-year, reflecting a decrease in the number of advisory fees earned and a decline in revenue earned from large transactions during 2023.

Underwriting Fees - Third quarter Underwriting Fees increased $2.1 million, or 7%, year-over-year.Year-to-date Underwriting Fees increased $13.4 million, or 17%, year-over-year, reflecting an increase in the number of transactions we participated in due to the increase in equity issuance activity.

Commissions and Related Revenue - Third quarter Commissions and Related Revenue decreased $0.5 million, or 1%, year-over-year, and year-to-date Commissions and Related Revenue decreased $5.8 million, or 4%, year-over-year, primarily reflecting lower trading revenues.

Asset Management and Administration Fees - Third quarter Asset Management and Administration Fees increased $1.7 million, or 11%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 13%, primarily from market appreciation. Year-to-date Asset

4

Management and Administration Fees increased $1.1 million, or 2%, year-over-year, driven by an increase in fees from Wealth Management clients, as associated AUM increased 13%, primarily from market appreciation.

Other Revenue - Third quarter Other Revenue, net, increased $10.8 million year-over-year, primarily reflecting higher returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. Year-to-date Other Revenue, net, increased $86.9 million year-over-year, primarily reflecting a shift from losses of $39.0 million in 2022 to gains of $17.4 million in 2023 on our investment funds portfolio due to overall market appreciation, as well as higher returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Expenses

							U.S. GAAP
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2023			2022		Change			2023			2022		Change
							(dollars in		thousands)
Employee Compensation and Benefits	$	391,730	$	355,794		10%	$	1,096,976	$	1,174,500	(7%)
Compensation Ratio		68.7 %			61.7 %					66.8 %			60.8 %
Non-Compensation Costs	$	101,664	$	90,744		12%	$	300,439	$	269,731	11%
Non-Compensation Ratio		17.8 %			15.7 %					18.3 %			14.0 %
Special Charges, Including Business	$	-	$	-	NM	$	2,921	$	532	449%
Realignment Costs

Employee Compensation and Benefits - Third quarter Employee Compensation and Benefits increased $35.9 million, or 10%, year-over-year, reflecting a compensation ratio of 68.7% for the third quarter of 2023 versus 61.7% for the prior year period. The Compensation Ratio was impacted by lower net revenues, as described above, during the current year period compared to the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, as well as higher amortization of prior period deferred compensation awards and higher base salaries. Year-to-date Employee Compensation and Benefits decreased $77.5 million, or 7%, year-over-year, reflecting a year-to-date compensation ratio of 66.8% versus 60.8% for the prior year period. The Compensation Ratio was impacted by lower net revenues, as described above, during the current year period compared to the prior year period. The decrease in Employee Compensation and Benefits compared to the prior year period principally reflects a lower accrual for incentive compensation, partially offset by higher amortization of prior period deferred compensation awards and higher base salaries. See "Deferred Compensation" for more information.

Non-CompensationCosts - Third quarter Non-Compensation Costs increased $10.9 million, or 12%, year-over-year, primarily related to the reversal of expense in the third quarter of 2022 associated with the decline in fair value of contingent consideration owed to former equity interest holders in our RECA business. The increase was also attributed to an increase in communications and information services, primarily reflecting higher research expenses and license fees in the third quarter of 2023. The third quarter Non-Compensation ratio of 17.8% increased from 15.7% for the prior year period. Year-to-dateNon-Compensation Costs increased $30.7 million, or 11%, year-over-year, primarily related to increases in travel and related expenses, as well as communications and information services, primarily reflecting higher license fees and research expenses in 2023. The increase was also attributed to the reversal of expense in 2022 associated with the decline in fair value of contingent consideration owed to former equity interest holders in our RECA business. The year-to-dateNon-Compensation ratio of 18.3%

5

increased from 14.0% for the prior year period. The Non-Compensation Ratio was also impacted by lower net revenues, as described above, during the current year period compared to the prior year period.

Special Charges, Including Business Realignment Costs - Year-to-date2023 Special Charges, Including Business Realignment Costs, relate to the write-offof non-recoverableassets in connection with the wind- down of the Company's operations in Mexico.

Year-to-date 2022 Special Charges, Including Business Realignment Costs, relate to charges associated with the prepayment of the Company's $67 million aggregate principal amount of its 5.23% Series B senior notes, originally due March 30, 2023 (the "Series B Notes"), during the second quarter, as well as certain professional fees related to the wind-down of the Company's operations in Mexico.

Effective Tax Rate

The third quarter effective tax rate was 25.1% versus 30.8% for the prior year period. The year-to-date effective tax rate was 21.5% versus 23.2% for the prior year period. The effective tax rate is principally impacted by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The year-to-date provision for income taxes for 2023 reflects an additional tax benefit of $14.1 million versus $19.7 million for the prior year period, due to the net impact associated with the appreciation in our share price upon vesting of employee share- based awards above the original grant price.

6

Selected Financial Data - Adjusted Results

The following is a discussion of Evercore's consolidated results on an Adjusted basis. See pages 3 and A-2 to A-7 for further information and reconciliations of these metrics to our U.S. GAAP results. See pages A-4 to A-6 for our business segment results.

Adjusted Net Revenues

							Adjusted
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2023			2022		Change			2023			2022		Change
							(dollars in		thousands)
Investment Banking & Equities:
Advisory Fees(1)	$	467,581	$	488,675		(4%)	$	1,304,913	$	1,690,022		(23%)
Underwriting Fees		30,814			28,697		7%			91,897			78,519		17%
Commissions and Related Revenue		48,697			49,200		(1%)			146,810			152,583		(4%)
Investment Management:
Asset Management and Administration Fees(2)		18,788			17,217		9%			54,117			54,548		(1%)
Other Revenue, net		10,188			(637)		NM			61,255			(26,749)		NM
Net Revenues	$	576,068		$	583,152		(1%)		$	1,658,992		$	1,948,923		(15%)

1. Advisory Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investments in Luminis and Seneca Evercore of $0.2 million and $0.4 million for the three and nine months ended September 30, 2023, respectively, and $0.5 million and $1.0 million for the three and nine months ended September 30, 2022, respectively.
2. Asset Management and Administration Fees on an Adjusted basis reflect the reclassification of earnings related to our equity method investments in Atalanta Sosnoff and ABS of $1.5 million and $4.3 million for the three and nine months ended September 30, 2023, respectively, and $1.6 million and $5.8 million for the three and nine months ended September 30, 2022, respectively.

See page 4 for additional business metrics.

Advisory Fees - Third quarter adjusted Advisory Fees decreased $21.1 million, or 4%, year-over-year, and year-to-date adjusted Advisory Fees decreased $385.1 million, or 23%, year-over-year, reflecting a decrease in the number of advisory fees earned and a decline in revenue earned from large transactions during 2023.

Underwriting Fees - Third quarter Underwriting Fees increased $2.1 million, or 7%, year-over-year.Year-to-date Underwriting Fees increased $13.4 million, or 17%, year-over-year, reflecting an increase in the number of transactions we participated in due to the increase in equity issuance activity.

Commissions and Related Revenue - Third quarter Commissions and Related Revenue decreased $0.5 million, or 1%, year-over-year, and year-to-date Commissions and Related Revenue decreased $5.8 million, or 4%, year-over-year, primarily reflecting lower trading revenues.

Asset Management and Administration Fees - Third quarter adjusted Asset Management and Administration Fees increased $1.6 million, or 9%, year-over-year, primarily driven by an increase in fees from Wealth Management clients, as associated AUM increased 13%, primarily from market appreciation. Year-to-date adjusted Asset Management and Administration Fees decreased $0.4 million, or 1%, year- over-year, driven by a 27% decrease in equity in earnings of affiliates, primarily driven by lower income earned by Atalanta Sosnoff in 2023. The decrease was partially offset by an increase in fees from Wealth Management clients, as associated AUM increased 13%, primarily from market appreciation.

Other Revenue - Third quarter adjusted Other Revenue, net, increased $10.8 million year-over-year, primarily reflecting higher returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. Year-to-date adjusted Other Revenue, net, increased $88.0 million year-over-year, primarily reflecting a shift from losses of $39.0 million in 2022 to gains of $17.4 million in 2023 on our

7

investment funds portfolio due to overall market appreciation, as well as higher returns on our fixed income investment portfolios, which primarily consist of U.S. treasury bills. The investment funds portfolio is used as an economic hedge against our deferred cash compensation program.

Adjusted Expenses

							Adjusted
		Three Months Ended				Nine Months Ended
	September 30,		September 30,	%		September 30,		September 30,	%
		2023			2022		Change			2023			2022		Change
							(dollars in		thousands)
Employee Compensation and Benefits	$	391,730	$	355,794		10%	$	1,096,976	$	1,174,500	(7%)
Compensation Ratio		68.0 %			61.0 %					66.1 %			60.3 %
Non-Compensation Costs	$	101,664	$	90,744		12%	$	300,439	$	269,731	11%
Non-Compensation Ratio		17.6 %			15.6 %					18.1 %			13.8 %

Employee Compensation and Benefits - Third quarter adjusted Employee Compensation and Benefits increased $35.9 million, or 10%, year-over-year, reflecting an adjusted compensation ratio of 68.0% for the third quarter of 2023 versus 61.0% for the prior year period. The adjusted Compensation Ratio was impacted by lower net revenues, as described above, during the current year period compared to the prior year period. The increase in Employee Compensation and Benefits compared to the prior year period principally reflects a higher accrual for incentive compensation, as well as higher amortization of prior period deferred compensation awards and higher base salaries. Year-to-date adjusted Employee Compensation and Benefits decreased $77.5 million, or 7%, year-over-year, reflecting a year-to-date adjusted compensation ratio of 66.1% versus 60.3% for the prior year period. The adjusted Compensation Ratio was impacted by lower net revenues, as described above, during the current year period compared to the prior year period. The decrease in Employee Compensation and Benefits compared to the prior year period principally reflects a lower accrual for incentive compensation, partially offset by higher amortization of prior period deferred compensation awards and higher base salaries. See "Deferred Compensation" for more information.

Non-CompensationCosts - Third quarter adjusted Non-Compensation Costs increased $10.9 million, or 12%, year-over-year, primarily related to the reversal of expense in the third quarter of 2022 associated with the decline in fair value of contingent consideration owed to former equity interest holders in our RECA business. The increase was also attributed to an increase in communications and information services, primarily reflecting higher research expenses and license fees in the third quarter of 2023. The third quarter adjusted Non-Compensation ratio of 17.6% increased from 15.6% for the prior year period. Year-to-date adjusted Non-Compensation Costs increased $30.7 million, or 11%, year-over-year, primarily related to increases in travel and related expenses, as well as communications and information services, primarily reflecting higher license fees and research expenses in 2023. The increase was also attributed to the reversal of expense in 2022 associated with the decline in fair value of contingent consideration owed to former equity interest holders in our RECA business. The year-to-date adjusted Non-Compensation ratio of 18.1% increased from 13.8% for the prior year period. The Non- Compensation Ratio was also impacted by lower net revenues, as described above, during the current year period compared to the prior year period.

Adjusted Effective Tax Rate

The third quarter adjusted effective tax rate was 27.6% versus 27.4% for the prior year period. The year- to-date adjusted effective tax rate was 22.5% versus 22.8% for the prior year period. The adjusted effective tax rate is principally impacted by the deduction associated with the appreciation in the Firm's share price upon vesting of employee share-based awards above the original grant price. The year-to-date

8

adjusted provision for income taxes for 2023 reflects an additional tax benefit of $15.0 million versus $20.2 million for the prior year period, due to the net impact associated with the appreciation in our share price upon vesting of employee share-based awards above the original grant price.

Liquidity

The Company continues to maintain a strong balance sheet. As of September 30, 2023, cash and cash equivalents were $492.6 million, investment securities and certificates of deposit were $1.1 billion and current assets exceeded current liabilities by $1.6 billion. Amounts due related to the Notes Payable were $372.4 million at September 30, 2023.

Headcount

As of September 30, 2023 and 2022, the Company employed approximately 2,230 and 2,160 people, respectively, worldwide.

As of September 30, 2023 and 2022, the Company employed 175(1) and 169(2) total Senior Managing Directors, respectively, in its Investment Banking & Equities segment, of which 137(1) and 130(2), respectively, were Advisory Senior Managing Directors.

1. Senior Managing Director headcount as of September 30, 2023, adjusted to include two additional Advisory Senior Managing Directors committed to join and to exclude for known departures of three Advisory Senior Managing Directors.
2. Senior Managing Director headcount as of September 30, 2022, adjusted to include one additional Advisory Senior Managing Director that joined in the fourth quarter of 2022.

Deferred Compensation

Year-to-date, the Company granted to certain employees 2.5 million unvested restricted stock units ("RSUs") (which were primarily granted in conjunction with the 2022 bonus awards) with a grant date fair value of $332.5 million.

In addition, year-to-date, the Company granted $163 million of deferred cash awards to certain employees, related to our deferred cash compensation program, principally pursuant to 2022 bonus awards.

The Company recognized compensation expense related to RSUs and our deferred cash compensation program of $104.8 million and $335.5 million for the three and nine months ended September 30, 2023, respectively, and $94.1 million and $281.6 million for the three and nine months ended September 30, 2022, respectively.

As of September 30, 2023, the Company had 5.8 million unvested RSUs with an aggregate grant date fair value of $725.2 million. RSUs are expensed over the service period of the award, subject to retirement eligibility, and generally vest over four years.

As of September 30, 2023, the Company expects to pay an aggregate of $350.2 million related to our deferred cash compensation program at various dates through 2027, subject to certain vesting events. Amounts due pursuant to this program are expensed over the service period of the award, subject to retirement eligibility, and are reflected in Accrued Compensation and Benefits, a component of current liabilities.

9

Capital Return Transactions

On October 24, 2023, the Board of Directors of Evercore declared a quarterly dividend of $0.76 per share to be paid on December 8, 2023 to common stockholders of record on November 24, 2023.

During the third quarter, the Company repurchased 17 thousand shares from employees for the net settlement of stock-based compensation awards at an average price per share of $135.28, and 0.3 million shares at an average price per share of $137.79 in open market transactions pursuant to the Company's share repurchase program. The aggregate 0.3 million shares were acquired at an average price per share of $137.65. Year-to-date, the Company repurchased 1.0 million shares from employees for the net settlement of stock-based compensation awards at an average price per share of $131.34, and 2.0 million shares at an average price per share of $127.85 in open market transactions pursuant to the Company's share repurchase program. The aggregate 3.0 million shares were acquired at an average price per share of $128.97.

Conference Call

Evercore will host a related conference call beginning at 8:00 a.m. Eastern Time, Wednesday, October 25, 2023, accessible via telephone and webcast. Investors and analysts may participate in the live conference call by dialing [phone](toll-free domestic) or [phone] (international); passcode: EVRQ323. Please register at least 10 minutes before the conference call begins.

A live audio webcast of the conference call will be available on the For Investors section of Evercore's website at www.evercore.com. The webcast will be archived on Evercore's website for 30 days.

About Evercore

Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure. Evercore also assists clients in raising public and private capital and delivers equity research and equity sales and agency trading execution, in addition to providing wealth and investment management services to high net worth and institutional investors. Founded in 1995, the Firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit www.evercore.com.

10