Adjust estimates modestly on final Dealogic and LAZ AUM disclosure

Research evidence excerpt

Adjust estimates modestly on final Dealogic and LAZ AUM disclosure

Equity Research

13 July 2026 | 7:08PM EDT

AMERICAS INVESTMENT BANKS

We adjust select earnings estimates slightly and price targets for IBanks for: 1) James Yaro

+1(212)902-1913 |

final Dealogic data, with 2Q26 Dealogic completed M&A fees increasing by 3% on james.e.yaro@gs.com

Goldman Sachs & Co. LLC

average, DCM revenue by 1%, and ECM fees unchanged; 2) factoring in M&A revenue

Divyam Harlalkanet pull-forward analysis based on Dealogic, which suggests modest changes to +1(332)245-7818 |

Dealogic revenue for certain peers; and 3) LAZ’s June AUM release and other divyam.harlalka@gs.comGoldman Sachs India SPL

disclosures. Matthew Weng

+1(212)902-8484 |

matthew.weng@gs.com

Adjusting IBanking revenue for updated Dealogic data Lokesh Kumar Sangewar

+1(332)245-7846 |

lokesh.sangewar@gs.com

Goldman Sachs India SPL

We adjust investment banking revenue for updated 2Q26 Dealogic data,

including by factoring in the net pull-forward of revenue. Historically, Dealogic

data for the current quarter are updated up to two weeks after the quarter ends. We

observe 3% higher completed 2Q26 M&A revenue on average, 1% higher DCM, and

unchanged ECM, vs. the data as of 07/02.

We include net pull-forwards of revenue into the quarter. We believe this is

important for quarterly results, given the magnitude of pull-forwards in recent

quarters for some firms. We estimate that EVR/LAZ pulled forward $50mn/$8mn of

revenue from 2Q26 into 1Q26, and EVR/MC pulled forward $29mn/$27mn of

revenue from 3Q26 into 2Q26. We define the net pull-forward as the delta between

what was pulled forward into 1Q26 (which we define as Dealogic completed fees in

the first 7 days of 2Q26), and what was pulled forward into 2Q26 (from the first 7