Lincoln International, Inc. · NYSE:LCLN
Lincoln International — Q3 2026 Earnings Presentation
27 slides from Lincoln International's earnings presentation, November 2026
Slide 1: Investor Presentation
NOVEMBER 2026 Investor Presentation
Slide 2: Disclaimers
Disclaimers Forward - Looking Statements . This Presentation contains “forward- looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 . These statements often include words such as “may,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,”
Slide 3: Initial Public Offering At A Glance
Initial Public Offering At A Glance LISTING / TICKER IPO LISTING DATE MARKET CAP AT IPO PRICING TOTAL SHARES OFFERED May 20 $2.2 $20.00 24.2 2026 billion per share million priced at the top end of the range TOTAL SHARES DEAL COMPOSITION (1) USE OF PROCEEDS DIVIDEND PER SHARE OUTSTANDING POST IPO mil
Slide 4: 3Q 2026 Financial Summary
3Q 2026 Financial Summary Recent Performance $ in millions 3Q ‘26 3Q ’25 (1) YoY 2026 THIRD QUARTER HIGHLIGHTS Revenue $293.7 $186.7 +57% Investment Banking Advisory Revenue $239.9 $141.3 +70% • 3Q26 strong revenue growth reflects increasing M&A activity, Valuations and Opinions $53.8 $45.4 +18% Rev
Slide 5: 3Q YTD 2026 Financial Summary
3Q YTD 2026 Financial Summary Recent Performance $ in millions 2026 2025 (1) YoY 2026 YEAR - TO - DATE HIGHLIGHTS Revenue $677.1 $468.6 +45% Investment Banking Advisory Revenue $527.5 $349.0 +51% • YTD revenue growth reflects increasing M&A activity, demand for private market valuations and the impa
Slide 6: Company Overview
Company Overview
Slide 7: Our Culture
Our Culture OUR PURPOSE To create exceptional opportunities for our clients, colleagues and communities to thrive. OUR VISION To be the best investment banking advisory firm in the global private capital markets. OUR MISSION To attract, inspire and empower talented people to deliver the strategic ad
Slide 8: Lincoln International
OUR CAPABILITIES Lincoln Investment Banking Advisory (“IBA”) Mergers & Acquisitions Capital Advisory Valuations & Opinions (“VOG”) Portfolio Valuations Transaction Opinions International Private Funds Advisory Board Advisory OUR INDUSTRY EXPERTISE Business Financial Consumer Healthcare Industrials T
Slide 9: Full Lifecycle of Services for the Private Capital Markets
Full Lifecycle of Services for the Private Capital Markets Mergers & Acquisitions Private Funds Advisory Buy - side Advisory Fund Raising INVE Capital Advisory ITAL ST Capital Advisory P W CA IT Capital Raise Raising Growth & Minority Equity CT H Valuations & Opinions PU RA Valuations & Opinions Boa
Slide 10: Investment Thesis
Investment Thesis Compelling secular trends in the private capital marke ts combined with sustainable competitive advantages COMPLEMENTARY SUITE OF PROACTIVELY MANAGED TRUSTED ADVISOR TO SERVICES FOR PRIVATE CULTURE & EXCEPTIONAL LARGE, LOYAL AND REPEAT CAPITAL MARKETS HUMAN CAPITAL CLIENT BASE DIVE
Slide 11: Compelling Secular Trends in Private Capital Markets
Private Capital Markets GLOBAL NUMBER OF PE - BACKED COMPANIES Compelling are Growing (1) ~30,000 Secular Trends in ~3,400 2000 2025 Private Capital M&A Fee Pool is GLOBAL M&A REVENUE ($BN) Markets Increasing (2) $28 $12 2000 2025 The private capital markets are larger, more active, and have more Mo
Slide 12: Exceptional Human Capital
Exceptional Human Capital We are committed to culture and invest deeply in our people – we win when we can attract, inspire and empower the best talent to deliver great outcomes for our clients and support the growth of Lincoln to benefit all GLOBALLY CONNECTED TEAM DEEP BENCH OF LEADERS STRONG ENGA
Slide 13: Diversified Business Model
Diversified Business Model BY PRODUCT (1) BY CLIENT TYPE (2) BY INDUSTRY GROUP (2) (3) BY REGION (1) 7% 11% 6% 24% 25% 11% 19% 31% 62% 15% 68% 22% 74% 17% M&A 68 % Private Equity 62 % Financial Services 24% U.S. 74% VOG 19% Private 31% Industrials 22% Europe 25% CAG 6% Public 7% Technology 17% ROW 1
Slide 14: Globally Integrated Organization with Scalability
AMERICAS EUROPE APAC ~950 employees (1) (1) Globally Atlanta Chicago Los Angeles Miami San Francisco Sao Paulo ~400 employees Amsterdam Berlin Milan Munich ~145 employees (1) Bangalore Beijing Mumbai Sydney Integrated Dallas New York Washington DC Brussels Paris Dubai Tokyo Dana Point Plano Woodmere
Slide 15: Long-Term Value Creation
Long - Term Value Creation Attractive Foundation ROBUST REVENUE GROWTH MARGIN EXPANSION CAPITAL LIGHT BUSINESS • Track record of revenue growth over 30 - year history • Variable expense structure with demonstrated discipline • Intellectual capital business with core investment in talent through mark
Slide 16: Our Capital Management Strategy
Our Capital 1 INVEST FOR GROWTH Management • • Develop internal talent to deepen existing expertise Hire strategically to expand capabilities and coverage • Strategy Invest in technology to enhance delivery and productivity • Pursue acquisitions that complement our culture and long - term strategy 2
Slide 17: Demonstrated Track Record of Growth through Acquisition
Demonstrated APRIL 2022 OCTOBER 2024 OCTOBER 2025 Track Record of Growth through SECTOR FOCUS Technology SECTOR FOCUS Technology SECTOR FOCUS Financial Services GEOGRAPHY GEOGRAPHY GEOGRAPHY Acquisition United States STRATEGIC RATIONALE Europe STRATEGIC RATIONALE United States & Europe STRATEGIC RAT
Slide 18: Business Segments
Business Segments
Slide 19: Investment Banking Advisory: Robust Industry Expertise
Robust Industry Expertise Investment Business Financial Banking Advisory Services Consumer Services Healthcare Industrials Technology MERGERS & ACQUISITIONS 2025 M&A Advisory Transactions by Transaction Count TRANSACTION TYPE CLIENT DISTRIBUTION GEOGRAPHIC DISTRIBUTION 5% 321 global Investment Banki
Slide 20: Investment Banking Advisory: Notable Transactions
Notable Transactions Investment Banking Advisory ADVISOR OF CHOICE (1) Differentiated Financial Sponsor Coverage Efforts GLOBAL SELL - SIDE ADVISOR FOR PE Lincoln’s Financial Sponsors Group ensures the firm is in constant dialogue with Rank Independent Advisor # of Deals ~1,000 PE firms worldwide an
Slide 21: Capital Advisory Solutions
Capital Advisory Solutions Investment Structured Banking Advisory Dividend Refinancing Capital Liability Management Restructuring Recap & Chapter 11 Financing Advisory CAPITAL ADVISORY Acquisition Distressed Financing M&A Spectrum of Capital Advisory Minority & Offerings Creditor 50+ transactions cl
Slide 22: Private Funds Advisory Offering and Differentiators
Offering and Differentiators Investment SECONDARY AND CONTINUATION VEHICLES Banking Advisory PRIVATE FUNDS DIRECT AND CO - INVESTMENT VEHICLES ADVISORY COMMITTED FUND VEHICLES $9B+ GP - led transaction value (1) 25+ GP - led transactions closed (1) $7B+ Closed fund commitments (1) Tailored capital s
Slide 23: Recurring Revenue from Portfolio Valuations
Recurring Revenue from Portfolio Valuations Valuations & • • Supports clients with independent range of values, positive assurance and point estimate conclusions Compliance - driven need for valuations with increasing demand from institutional and Auditors LPs Opinions • • retail investors who often
Slide 24: Broad Expertise Across Services and Transaction Types
Broad Expertise Across Services and Transaction Types Valuations & Best - in- class fairness opinions, solvency opinions and financial advice to boards of directors, special committees, GPs, investors and other fiduciaries Opinions BOARD & SPECIAL FAIRNESS OPINIONS SOLVENCY OPINIONS TRANSACTION COMM
Slide 25: Appendix
Appendix
Slide 26: Non-GAAP Reconciliations
Non- GAAP Reconciliations Three Months Ended September 30 (a) Reflects IPO Equity Awards expense of $4.8 million in 3Q26. (b) Reflects acquisition - related deferred retention and earnout expenses of $3.2 million in 2026 2025 3Q26. Adjusted Adjusted (c) Reflects acquisition - related costs and amort
Slide 27: Non-GAAP Reconciliations
Non- GAAP Reconciliations Nine Months Ended September 30 (a) Reflects IPO Equity Awards expense of $6.5 million in YTD 3Q26. (b) Reflects acquisition - related deferred retention and earnout expenses of $11.1 million in 2026 2025 YTD 3Q26 and $4.2 million in YTD 3Q25. Adjusted Adjusted (c) Reflects
Lincoln International — Q3 2026 Earnings Presentation on 6ix