Lincoln International, Inc. · NYSE:LCLN
Lincoln International — Q3 2026 Earnings Presentation
35 slides from Lincoln International's earnings presentation, Aug 13, 2026
Slide 1: Q3 2026 Private Market Webinar: U.S. Edition
y nl O nt ie ip ec Q3 2026 Private Market R ed ifi nt Webinar: U.S. Edition de rI fo ed nd te In l. tia en Valuations & Opinions Group fid on C August 13th, 2026
Slide 2: Today's Webinar Speakers
Today’s Webinar Speakers Ron Kahn Patricia Luscombe y Managing Director, Managing Director, nl O Global Co-head, Global Co-head, nt ie Valuations & Opinions Group Valuations & Opinions Group ip ec R ed ifi nt de rI fo ed nd te In Brian Garfield Rob Maxim l. tia en fid Managing Director, Managing Dir
Slide 3: Lincoln's Valuations & Opinions Group
Lincoln’s Valuations & Opinions Group Lincoln’s experienced team of professionals is highly active… 7,450+ $300b+ 250+ ~30% Operating Company Valuations Quarterly Securities Valued Alternative Asset Of all US PE Backed per Quarter Manager Clients Companies Valued ~30% 2,000+ ~200 25+ y nl O Valuatio
Slide 4: Lincoln International's Expanding Global Insights
Lincoln International’s Expanding Global Insights European Private Market Webinar Asset Class September 10th, 2026 Private Equity Venture Equity / Credit Direct Lending Co-Investments Asset Backed Finance Fund Interests y nl O nt Growth Equity Structured Credit Secondaries ie ip ec R ed Geography if
Slide 5: Lincoln Lens Rollout: Delivering a More Connected Client Experience
Lincoln Lens Rollout: Delivering a More Connected Client Experience Lincoln Lens is our comprehensive client portal designed to help valuation, investor relations and investment professionals move faster, operate smarter, and stay ahead of evolving dynamics within the private markets 130+ y nl O nt
Slide 6: S&P Dow Jones Indices and Lincoln Launch Senior Debt Sub-Indices and Expand to Monthly Reporting
S&P Dow Jones Indices and Lincoln Launch Senior Debt Sub-Indices and Expand to Monthly Reporting y nl O nt ie ip ec R ed ifi nt de rI fo ed nd te In l. tia en fid on C The S&P/Lincoln U.S. Senior Debt Index and the S&P/Lincoln European Senior Debt Index (“Index(es)”) and associated data are a produc
Slide 7: Agenda
Agenda ▪ Private Market Trends and Portfolio Company Performance y ▪ Refreshed View on Software nl O nt ie ▪ Fund Liquidity ip ec R ▪ Current State of Private Credit Markets ed ifi nt de rI fo ed nd te In l. tia en fid on C
Slide 8: Private Markets and Portfolio Company Financial Performance
Private Markets and Portfolio Company Financial Performance y nl O nt ie ip ec Section 1 R ed ifi nt de rI fo ed nd te In l. tia en fid on C
Slide 9: Lincoln Observed New Third-Party M&A Platform Buyouts
Lincoln Observed New Third-Party M&A Platform Buyouts Markets remain selective, but companies and financial sponsors are increasingly looking beyond near-term volatility and focusing on executing their long-term strategic priorities. While some sectors continue to lag, it is likely that the recovery
Slide 10: M&A Platform Buyouts Industry Composition
M&A Platform Buyouts Industry Composition New Third-Party M&A Platform Buyouts Industry Composition(1) 4.4% 5.3% 4.9% 4.2% 5.6% 4.9% 5.8% 5.1% 3.5% 4.3% 4.7% 6.8% 3.9% 11.5% 10.1% 13.4% 10.9% 13.3% 14.8% 14.2% 18.6% 15.1% 17.6% 18.0% 16.5% y 20.9% nl O 13.8% 15.2% 12.8% 9.4% 19.8% 21.3% nt 17.9% 8.8
Slide 11: Portfolio Company Fundamental Performance
Portfolio Company Fundamental Performance Percentage of Companies Reporting YoY LTM Revenue and Adjusted EBITDA Growth 80.4% 80.8% 81.7% 12-Year average: 65.7% 71.4% 67.4% 67.1% 67.6% 67.9% 68.4% 67.3% 69.6% 70.7% 65.3% 62.2% 65.2% 66.3% 63.8% 71.3% 62.6% 64.0% 58.3% 60.1% y 58.3% 58.4% 59.2% 58.3%
Slide 12: Portfolio Company Fundamental Performance
Portfolio Company Fundamental Performance Macroeconomic factors such as AI disruption and higher energy prices may take time to show up in sector financial performance. Despite industrials having the lowest growth, the industry has become popular in the buyout market given its low exposure to AI and
Slide 13: Refreshed View on Software
C on fid en tia l. In te nd ed fo rI de nt ifi Section 2 ed R ec ip ie nt O nl y Refreshed View on Software
Slide 14: Private Software Business Landscape
Private Software Business Landscape Outstanding Principal Balance as of Q2 2026 – Software vs Non-Software Outstanding Principal Balance as of Q2 2026 – Vertically vs Horizontally Integrated Software Businesses 18% y nl 42% O nt ie 58% ip 82% ec R ed ifi nt Software Non-Software Vertical Horizontal
Slide 15: Portfolio Company Fundamental Performance - Software
Portfolio Company Fundamental Performance - Software Percentage of Businesses Reporting YoY LTM Revenue and Adjusted EBITDA Growth - Software 84.2% 7-Year average: 75.6% 70.0% 74.4% 78.7% 71.9% 75.0% 76.3% 75.2% 77.3% 70.5% 79.1% 73.5% 74.4% 66.7% 67.2% 69.4% 71.2% 75.6% 74.5% 68.0% 66.7% 65.6% 68.4
Slide 16: Lincoln Multiples and Fair Value Trends across Direct Lending Loans within Software
Lincoln Multiples and Fair Value Trends across Direct Lending Loans within Software Software Valuation Multiples Over Time – Lincoln Estimates 15.4x 15.4x 15.3x 15.3x 15.1x 15.1x 14.9x 14.8x y 14.3x 14.3x nl O nt ie ip ec R Q1' 24 Q2' 24 Q3' 24 Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Q1' 26 Q2' 26 ed ifi
Slide 17: Private Credit Fund Liquidity
C on fid en tia l. In te nd ed fo rI de nt ifi Section 3 ed R ec ip ie nt O nl y Private Credit Fund Liquidity
Slide 18: Direct Lending's New Price Discovery
Direct Lending's New Price Discovery What Rising Secondary Trading Activity Means for Valuations, Liquidity and Market Transparency What is changing Why it matters • More direct loans are changing hands before maturity as investors • Secondary trades create observable market data points and a new se
Slide 19: BSL and MM CLO Software Exposure
BSL and MM CLO Software Exposure Through June 2026, CLO issuance remains consistent with issuance levels seen over the past couple years as CLOs continue to be an important source of liquidity. Year-to-date, BSL CLO issuance has reached $70.1 billion and is on pace to approach the record issuance vo
Slide 20: CFO, Rated Note Feeder (RNF), and NAV Lending Funding Trends: Slowdown Observed
CFO, Rated Note Feeder (RNF), and NAV Lending Funding Trends: Slowdown Observed CFO & RNF funding and deployment fell in 2026. Similar observations were noted within NAV Loans evidenced by repayment extensions. CFO & RNF Funding Velocity Aggregated CFO & RNF Deployment Schedule 84.3% Funding Velocit
Slide 21: Continuation Vehicle Data
Continuation Vehicle Data Lincoln Issued Fairness Opinions (Global Private Equity and Credit) Lincoln CV Fairness Opinions CV Fairness Opinions: Type CV Fairness Opinions: Industry 2023 to INDUSTRIALS 33% 1H 2026 2025 (incl.) TECHNOLOGY 18% Transaction EV(1) $132.1bn $16.7bn CONSUMER 18% y 38% nl Si
Slide 22: Current State of the Private Credit Markets
Current State of the Private Credit Markets y nl O nt ie ip ec Section 4 R ed ifi nt de rI fo ed nd te In l. tia en fid on C
Slide 23: Adapting to Shifts in Private Credit Financing Environments
Adapting to Shifts in Private Credit Financing Environments ($40 million - $100 million Adjusted EBITDA Businesses) Q1 2024 Q4 2025 June 2026 550 to 625 bps 450 to 550 bps 475 to 550 bps Pricing Spread Pricing Spread Pricing Spread y nl O nt ie 10.80% - 11.55% 8.20% - 9.20% 8.43% - 9.18% ip ec All-i
Slide 24: Convergence of Private Market Pricing for Middle Market and Larger Issuers
Convergence of Private Market Pricing for Middle Market and Larger Issuers June 2026 June 2026 $40 million - $100 million Adjusted EBITDA Businesses >$100 million Adjusted EBITDA Businesses 475 to 550 bps 475 to 550 bps Pricing Spread Pricing Spread y nl O 8.43% - 9.18% 8.43% - 9.18% nt ie All-in Pr
Slide 25: Size Weighted Fair Value Distribution – First Lien / Unitranche Loans
Size Weighted Fair Value Distribution – First Lien / Unitranche Loans Over the past two quarters, the amount of debt in company capital structures valued less than 90% of par rose from 6.8% to 10.5% of all debt in Lincoln Lens. 7.8% 7.9% 7.2% 8.0% 9.4% 6.8% 7.4% 6.8% 8.2% 10.5% y nl O nt ie ip ec R
Slide 26: Update on Maturity Wall
Update on Maturity Wall Proportion of Debt Greater & Less than 90.0% of Par by Maturity Year as of Q4 2025 Total Net Debt: Total Net Debt: Total Net Debt: Total Net Debt: Total Net Debt: $41.3 Bn $92.5 Bn $204.1 Bn $228.1 Bn $164.0 Bn 76.7% 84.7% 88.5% 91.0% 97.0% y nl O nt 23.3% 3.0% ie 15.3% 11.5%
Slide 27: From Performance to Pressure: Covenant Default Rate
From Performance to Pressure: Covenant Default Rate Size-weighted Covenant Defaults 9.4% 9.0% y nl O nt ie ip ec 5.6% R 6-Year Average: 3.8% ed 5.0% ifi 4.5% nt 4.1% 4.2% 4.2% de 3.9% 3.7% rI fo 3.1% 3.2% 3.4% 3.4% 3.2% 3.2% 3.1% 3.0% 2.9% ed 2.7% 2.6% 2.7% 2.5% 2.4% nd 2.2% 2.2% te In l. tia en fid
Slide 28: Evaluating Payment in Kind (PIK) Interest Income
Evaluating Payment in Kind (“PIK”) Interest Income PIK Interest as a % of Total Interest Income 11.9% 11.9% 11.4% 11.4% 11.3% 10.7% 10.6% 9.8% 9.5% y nl 8.8% 8.8% O 8.4% 8.1% nt 8.1% 8.0% 7.9% 7.8% ie 7.6% 7.3% ip 7.1% 6.8% ec 6.6% 6.4% R 5.8% ed 5.7% 5.4% ifi nt de rI fo ed nd te In l. tia en fid Q
Slide 29: Exploring PIK Interest Trends by Investment
Exploring PIK Interest Trends by Investment % of Investments with PIK Investments without PIK at Close but Have PIK Now (Bad PIK) 62.5% 11.5% 57.5% 55.4% 11.1% 54.3% 10.4% 10.7% 48.3% 35.5% y 7.1% 7.1% nl O nt Q4 '21 Q4 '22 Q4 '23 Q4 '24 Q4 '25 Q2 '26 ie ip ec Debt Debt Debt Debt Debt Debt R Amount:
Slide 30: The Culmination of Credit Risk: Understanding Lender Foreclosures
The Culmination of Credit Risk: Understanding Lender Foreclosures Lincoln examined companies in which lenders had either taken control or were imminently expecting to take control from the sponsor. Of this population… Total Debt Foreclosed ($ millions) Percent of Debt Foreclosed in 2025 and 2026 by
Slide 31: The Impact to Credit Funds IRR – Default Rate vs. Recovery Rate
The Impact to Credit Funds IRR – Default Rate vs. Recovery Rate What Combination of Recovery and Default Rates Achieve a Zero IRR (Levered Return) DCF 35% Assumptions 30% y nl 5 Year Loan with defaults beginning after t O Negative IRR Scenarios en Year 2 25% i ip nd Default Rate ec R 20% ed ifi nt 1
Slide 32: Q3 2026 Webinar Key Takeaways
Q3 2026 Webinar Key Takeaways Buyout activity in the private markets remain selective as few Software deals are being brought to market while activity in the Industrials sector has picked up. y Portfolio company fundamentals remain in-line with long-term historical averages as average LTM revenue an
Slide 33: Thank You!
C on fid en tia l. In te nd ed fo rI de nt ifi ed R ec ip ie nt O nl y Thank You!
Slide 34: Disclosure
Disclosure The S&P Lincoln U.S. Senior Debt Index and the S&P Lincoln European Senior Debt Index (each, an “Index” and, together, the “Indices”) and associated data are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and Lincoln Partners Advisors LLC and certain of their affiliates. The Lincoln P
Slide 35: Speaker Contacts
y nl O nt ie ip ec R ed ifi nt de rI fo ed nd te In l. tia en fid on C Ron Kahn Patricia Luscombe Brian Garfield Rob Maxim Managing Director & Managing Director & Managing Director & Managing Director, VOG Global Co-head VOG Global Co-head Global Head of Portfolio Valuations Asset-Back Finance rkahn
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