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Investor Presentation NOVEMBER 2026 Investor Presentation
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2 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,” “intends,” “targets,” “commits,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions . Forward - looking statements include statements that are not historical facts, including but not limited to, statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, expected growth, future capital expenditures and debt service obligations . These statements are based on management's current expectations, beliefs and assumptions and are not guarantees of future performance . They are subject to known and unknown risks, uncertainties and other factors, many of which are beyond our control, that may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward - looking statements . Important factors that could cause actual results to differ materially from those in the forward - looking statements include, among others, risks related to retaining and recruiting talent, acquisitions and integration (including MarshBerry), changing market, economic and geopolitical conditions, revenue volatility, competition, cybersecurity and operational risks, extensive regulation, and our organizational structure . A further description of these and other risks can be found under “Risk Factors” in our final prospectus dated May 19 , 2026 as filed with the U . S . Securities and Exchange Commission (“SEC”) on May 21 , 2026 , and as updated in our subsequent filings with the SEC . These factors should not be construed as exhaustive . Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also materially and adversely affect our business or results of operations . You should not place undue reliance on any forward - looking statements, which speak only as of the date made . Except as required by law, we undertake no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future developments or otherwise . Market Data . We use market data throughout this Presentation that has been obtained from external, independent, and publicly available information and industry publications and has not been independently verified by the Company . The Company makes no representation or warranty as to the accuracy or completeness of such data and undertakes no obligation to update it after the date of this Presentation . Third - Party Trademarks . Any third - party trademarks, including names, logos, and brands, referenced in this Presentation are the property of their respective owners . Such references are for identification purposes only and do not imply any affiliation with, or endorsement or sponsorship of the Company by, such owners . Non - GAAP Financial Measures . In addition to our financial results prepared in accordance with U . S . Generally Accepted Accounting Principles (“GAAP”), we consider certain adjusted (non - GAAP) measures in assessing the performance of our business . We recognize that these non - GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company . In order to compensate for these and the other limitations, we do not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP . These non - GAAP measures should be used in addition to and in conjunction with the results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP measures . The non - GAAP measures we use are adjusted compensation and benefits and adjusted compensation ratio, adjusted non - compensation and adjusted non - compensation ratio, adjusted operating income and adjusted operating income margin, adjusted other income, adjusted provision for income taxes and adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, and net cash . Management believes that presenting these non - GAAP financial measures together with comparable GAAP measures provides useful information to investors to enhance their ability to analyze our performance from period to period, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making . Internally, management uses these non - GAAP financial measures, along with GAAP financial measures, in evaluating our operating results and in making resource allocation and compensation decisions . We adjust for certain non - cash and other items that management believes are not indicative of our ongoing operating performance . These adjustments include IPO - related items, such as equity award and partner conversion expenses, and transition - related amortization costs associated with debt repaid in connection with the IPO . These adjustments also include acquisition - related items, such as deferred retention and earnout expenses, and amortization of intangible assets recognized through purchase accounting . Adjusted net income and adjusted diluted earnings per share are calculated assuming all outstanding common units of Lincoln International, LP and minority interests have been exchanged for Class A common stock, resulting in all of the Company's income becoming subject to corporate - level tax . The adjusted provision for income taxes reflects this assumption and applies the applicable statutory tax rates in the relevant jurisdictions to each non - GAAP adjustment . For an explanation of the adjustments and a reconciliation of these non - GAAP measures with the most directly comparable GAAP measures, see the Appendix at the end of this presentation . Basis of Presentation On October 31 , 2025 , Lincoln acquired MarshBerry . Unless otherwise indicated, 2024 financial information reflects Lincoln International on a standalone basis and 2025 financial information represents pro forma 2025 results reflecting a full twelve - month contribution from MarshBerry, as if the acquisition had occurred on January 1 , 2025 . Prior to June 1 , 2026 , certain US partner compensation was recorded as equity in accordance with our partnership structure . Following June 1 , 2026 , and in connection with our initial public offering, this compensation is now recorded as expense . To facilitate comparison across periods presented, the non - GAAP financial measures presented herein have been adjusted to reflect our post - IPO compensation accounting . All non - financial statistics and information on Lincoln International are as of December 31 , 2025 , unless otherwise noted . Disclaimers
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3 Initial Public Offering At A Glance LISTING / TICKER IPO LISTING DATE PRICING TOTAL SHARES OFFERED MARKET CAP AT IPO USE OF PROCEEDS DIVIDEND PER SHARE DEAL COMPOSITION TOTAL SHARES OUTSTANDING POST IPO (1) May 20 2026 $2.2 billion $20.00 per share 24.2 million 110.2 million diluted shares $196 $0.07 4 Q26 priced at the top end of the range including synthetic secondary 43% primary secondary 57 % Remaining proceeds for offering related fees and general corporate purposes $254 million debt repayment m illion net partner redemption (1) S hare count as of September 30, 2026
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4 4 $ in millions 3Q ‘26 3Q ’25 (1) YoY Revenue $293.7 $186.7 +57% Investment Banking Advisory Revenue $239.9 $141.3 +70% Valuations and Opinions Revenue $53.8 $45.4 +18% Adj. Compensation Ratio (2) 61.0% 68.5% (750bps) Adj. Non - Compensation Ratio (2) 14.6% 18.0% (340bps) Adj. Operating Income (2) $71.9 $25.2 +186% Adj. Operating Margin (2) 24.5% 13.5% +1,100bps Adj. Net Income (2) $50.2 $20.0 +150% Adjusted Diluted EPS (2) (3) $0.46 _ • 3Q26 strong revenue growth reflects increasing M&A activity, demand for private market valuations, and the impact of our acquisition of MarshBerry in October 2025 • Investment Banking Advisory revenue growth of 70% over 3Q25, primarily due to higher number of transactions completed, higher average fees, and our acquisition of MarshBerry • Valuations and Opinions revenue growth of 18% over 3Q25 driven by increasing demand for portfolio valuations and transaction opinions Recent Performance 2026 THIRD QUARTER HIGHLIGHTS 3Q 2026 Financial Summary (1) 2025 period is not pro forma for MarshBerry acquisition or changes related to the IPO, impacting comparability. (2) This financial measure is presented on a non - GAAP adjusted basis. See Appendix for definitions of non - GAAP measures, and reconciliations to the most comparable GAAP measures. (3) Prior to the IPO, there were no authorized or outstanding class A common shares.
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5 5 $ in millions 2026 2025 (1) YoY Revenue $677.1 $468.6 +45% Investment Banking Advisory Revenue $527.5 $349.0 +51% Valuations and Opinions Revenue $149.7 $119.6 +25% Adj. Compensation Ratio (2) 61.1% 64.2% (310bps) Adj. Non - Compensation Ratio (2) 17.6% 21.2% (360bps) Adj. Operating Income (2) $144.6 $68.2 +112% Adj. Operating Margin (2) 21.4% 14.6% +680bps Adj. Net Income (2) $95.8 $54.6 +76% Adjusted Diluted EPS (2) (3) $0.87 _ Recent Performance 2026 YEAR - TO - DATE HIGHLIGHTS • YTD revenue growth reflects increasing M&A activity, demand for private market valuations and the impact of MarshBerry • Investment Banking Advisory revenue growth of 51% over same period in 2025 driven by increasing M&A activity and additional revenues from our MarshBerry acquisition in October of 2025 • Valuations and Opinions revenue growth of 25% over same period in 2025 driven by increased frequency and number of portfolio companies valued and more transaction opinions delivered Disciplined Operating Approach • Ability to flex compensation expense based on performance • Continued focus on non - compensation expense management 3Q YTD 2026 Financial Summary (1) 2025 period is not pro forma for MarshBerry acquisition or changes related to the IPO, impacting comparability. (2) This financial measure is presented on a non - GAAP adjusted basis. See Appendix for definitions of non - GAAP measures, and reconciliations to the most comparable GAAP measures. (3) Prior to the IPO, there were no authorized or outstanding class A common shares.
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Company Overview
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7 To create exceptional opportunities for our clients, colleagues and communities to thrive. Our Culture OUR PURPOSE To be the best investment banking advisory firm in the global private capital markets. To attract, inspire and empower talented people to deliver the strategic advice that enables our clients to achieve their most important objectives. OUR VISION OUR MISSION OUR VALUES Excellence Judgement Passion Impact Entrepreneurship Curiosity Ingenuity Courage Collaboration Selflessness Respectful Open - Minded Integrity Honesty Self - Awareness Accountability Integration Communicative Sharing Involved
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8 Lincoln International BY THE NUMBERS (1) Source: Mergermarket ; Represents sell - side PE exits announced globally from 2023 - 2025; excludes bulge bracket banks and accounting firms (2) Source: Lincoln's proprietary valuation database and Pitchbook for US headquartered, completed PE - buyout companies (3) As of September 30, 2026 (4) Source: Top Workplaces, includes national, regional and industry awards Investment Banking Advisory (“IBA”) Mergers & Acquisitions Capital Advisory Private Funds Advisory Business Services Consumer Financial Services Healthcare Industrials Technology U.S. and Europe S&P Lincoln Senior Debt Indices ® Partnered with S&P to combine Lincoln International’s private credit indices with S&P DJI’s expertise in index design, administration, and governance Lincoln Private Market Index (“LPMI”) ® First - of - its - kind index measuring changes in the EVs of private companies over time – and a barometer of the performance of private companies generally Lincoln Lens Proprietary cloud - based client portal and analytics platform designed to provide valuation transparency and real - time private capital market intelligence across industries, geographies, and capital structures OUR CAPABILITIES OUR INDUSTRY EXPERTISE OUR PRIVATE MARKET INSIGHTS #2 ~30% 16% ~1,500 10+ sell - side advisor to PE globally over the last 3 years (1) of US PE portfolio companies valued (2) revenue CAGR from 2015 - 2025 global professionals across 30+ locations (3) years named a Top Workplace (4) Valuations & Opinions (“VOG”) Portfolio Valuations Transaction Opinions Board Advisory
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9 Mergers & Acquisitions Buy - side Advisory Capital Advisory Capital Raise Valuations & Opinions Board Advisory | Fairness & Solvency Opinions Mergers & Acquisitions Sell - side Advisory Capital Advisory Refinancings | Recapitalizations Private Funds Advisory Structured / Continuation Vehicles Valuations & Opinions Fairness & Solvency Opinions Mergers & Acquisitions Platform Investments | Add - on Acquisitions Capital Advisory Restructuring Valuations & Opinions Portfolio Valuations | Board Advisory | Fairness & Solvency Opinions Private Funds Advisory Fund Raising Capital Advisory Raising Growth & Minority Equity Valuations & Opinions Fund / Portfolio Valuations Lincoln International’s global team of investment banking advisors provide comprehensive expertise to support all stages of the Private Equity / Debt Lifecycle ATTRACTCAPITAL INVESTWITHPURPOSE REALIZERETURN CREATEVALUE Full Lifecycle of Services for the Private Capital Markets
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10 COMPLEMENTARY SUITE OF SERVICES FOR PRIVATE CAPITAL MARKETS PROACTIVELY MANAGED CULTURE & EXCEPTIONAL HUMAN CAPITAL TRUSTED ADVISOR TO LARGE, LOYAL AND REPEAT CLIENT BASE DIVERSIFIED BUSINESS MODEL WITH RECURRING REVENUE GLOBALLY INTEGRATED ORGANIZATION WITH SCALABILITY DISTINCTIVE TECHNOLOGY AND DATA - DRIVEN APPROACH Investment Thesis DRIVING GROWTH AND ACHIEVEMENT OF OUR VISION, TO BE THE BEST INVESTMENT BANKING ADVISORY FIRM IN THE GLOBAL PRIVATE CAPITAL MARKETS Compelling secular trends in the private capital marke ts combined with sustainable competitive advantages
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11 The private capital markets are larger, more active, and have more stability than large - cap M&A Private Capital Markets are Growing (1) M&A Fee Pool is Increasing (2) More Volume and More Stable Activity than Large - Cap (2) GLOBAL NUMBER OF PE - BACKED COMPANIES ~ 3,400 ~ 30,000 2000 2025 $12 $28 2000 2025 GLOBAL M&A REVENUE ($BN) 7.7k 7.9k 11.7k 9.6k 7.1k 7.8k 8.2k 0.3k 0.3k 0.6k 0.3k 0.3k 0.3k 0.5k 2019 2020 2021 2022 2023 2024 2025 GLOBAL M&A DEAL COUNT <$2 billion EV $2+ billion EV Compelling Secular Trends in Private Capital Markets (1) Source: PitchBook (2) Source: Dealogic
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12 (1) Calculated as: ((End of Year Headcount) – (New Hires During the Year )) / (Beginning of Year Headcount) ~32% ~80% ~80% ~43% ~20 Years average tenure of Senior Leadership Team Managing Directors started with Lincoln as Analyst or Associate U.S. Junior Banker Direct Promote Acceptance Rate since 2015 Average Annual Employee Retention since 2020 ( 1 ) Managing Directors Internally Promoted 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 ~1,500 global employees supported with training, apprenticeship and advancement opportunities to grow lasting careers Long - tenured leaders committed to our values and culture, and focused on developing, empowering and retaining our people Consistently high engagement, Best Places to Work recognition and retention to support a strong foundation of culture Exceptional Human Capital Key Highlights GLOBALLY CONNECTED TEAM DEEP BENCH OF LEADERS STRONG ENGAGEMENT KEY HIGHLIGHTS
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13 M&A 68 % VOG 19 % CAG 6 % PFA 3 % Other 3 % 68% 19% 6% 62% 31% 7% 24% 22% 17% 15% 11% 11% BY PRODUCT (1) BY CLIENT TYPE (2) BY INDUSTRY GROUP (2) (3) BY REGION (1) Private Equity 62 % Private 31 % Public 7 % Financial Services 24% Industrials 22% Technology 17% Business Services 15% Consumer 11% Healthcare 11% U.S. 74% Europe 25% ROW 1 % 74% 25% (1) Based on 2025 revenue (2) Based on 2025 transaction count (3) Excluding VOG Diversified Business Model
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14 Globally Integrated Organization with Scalability Lincoln Location Miles Advisory Partnership (1) Headcount figures as of September 30, 2026, excluding Miles Advisory (2) MD count as of September 30, 2026 (3) Source: MergerMarket , represents all global transactions completed between January 1, 2025 and December 31, 2025 where the target is headquartere d i n a country in which Lincoln operates Atlanta Chicago Dallas Dana Point Grand Rapids Los Angeles Miami New York Plano Richmond San Francisco Sao Paulo Washington DC Woodmere AMERICAS Amsterdam Berlin Brussels Frankfurt London Madrid Milan Munich Paris Stockholm Zurich EUROPE Bangalore Beijing Dubai Melbourne Mumbai Sydney Tokyo APAC BY THE NUMBERS 163 Managing Directors across the globe (2) 36% of M&A transactions had cross - border outcomes 77% o f 2025 M&A transactions occurred in markets where Lincoln operates ( 3) ~950 employees (1) ~400 employees (1) ~145 employees (1)
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15 • Track record of revenue growth over 30 - year history through market cycles • Strong secular trends for private capital advisory and valuation • Variable expense structure with demonstrated discipline in varying market environments • Operating leverage opportunity from seasoning of recently promoted/onboarded Managing Directors • Intellectual capital business with core investment in talent and technology • Strong cash flow generation • Quarterly dividend to return excess capital • Limited leverage with attractive cost of capital and flexible terms Strong cross - selling initiatives to build on client relationships and drive revenue productivity Deepening expertise in industries and products through internal development and external hires Accelerate growth and enhance scope and quality of services offered Opportunistic group hires and acquisitions that align with our culture, strategy and vision Long - Term Value Creation ROBUST REVENUE GROWTH MARGIN EXPANSION CAPITAL LIGHT BUSINESS Attractive Foundation Avenues for Growth & Margin Expansion EXPAND MARKET SHARE INCREASE PRODUCTIVITY STRATEGICALLY INVEST FOR GROWTH SELECTIVELY PURSUE ACQUISITIONS
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16 Our Capital Management Strategy Our capital allocation priorities reflect our commitment to investing for growth, strengthening our balance sheet, and delivering long - term shareholder value RETURN EXCESS CAPITAL TO SHAREHOLDERS 3 • Maintain a quarterly dividend supported by strong cash flow and capital light model • Grow dividend consistent with adjusted net income • Evaluate share repurchase to offset dilution in the medium term • Maintain financial flexibility with committed credit facilities • Total debt reduced significantly with IPO proceeds • Cash of $363M, debt of $102M, and net cash of $261M as of September 30, 2026 2 STRENGTHEN BALANCE SHEET 1 • Develop internal talent to deepen existing expertise • Hire strategically to expand capabilities and coverage • Invest in technology to enhance delivery and productivity • Pursue acquisitions that complement our culture and long - term strategy INVEST FOR GROWTH
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17 Three acquisitions since 2022 have expanded our capabilities, geographic reach and client base while strengthening our long - term growth profile APRIL 2022 OCTOBER 2024 OCTOBER 2025 SECTOR FOCUS Technology GEOGRAPHY United States STRATEGIC RATIONALE Strengthened breadth of technology sector expertise across vertical and horizontal software in the U.S. STRATEGIC RATIONALE Established significant leadership and specialization within software & IT services and expanded private equity relationships in Europe STRATEGIC RATIONALE Provided immediate entry at scale into the financial services sector and diversified our end markets, client base and business model GEOGRAPHY Europe GEOGRAPHY United States & Europe SECTOR FOCUS Technology SECTOR FOCUS Financial Services Densify and elevate existing product lines, markets and sectors Enter new product lines, sectors and geographies at scale Further enhance predictability and recurring nature of revenue Strong financial performance with accretive margin profile Demonstrated Track Record of Growth through Acquisition OUR ACQUISITION STRATEGY
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Business Segments
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19 Investment Banking Advisory MERGERS & ACQUISITIONS Robust Industry Expertise 2025 M&A Advisory Transactions by Transaction Count 86% 14% TRANSACTION TYPE Sell-Side Buy-Side 49% 46% 5% CLIENT DISTRIBUTION Private Equity Private Public 61% 35% 4% GEOGRAPHIC DISTRIBUTION Americas Europe Asia #2 ranked s ell - side advisor to private equity globally over the last three years (1) 321 global Investment Banking Advisory transactions in 2025 (1) Source: Mergermarket ; represents sell - side PE exits announced globally from 2023 - 2025; excludes bulge bracket banks and accounting firms $688M 2025 Investment Banking Advisory revenue Business Services Consumer Financial Services Healthcare Industrials Technology
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20 Notable Transactions Differentiated Financial Sponsor Coverage Efforts GLOBAL SELL - SIDE ADVISOR FOR PE (1) (1) Source: Mergermarket ; represents sell - side PE exits announced globally from 2023 - 2025; excludes bulge bracket banks and accounting firms (2) Source: Pitchbook 3,300 ~1,400 Rank Independent Advisor # of Deals #1 Houlihan Lokey 285 #2 Lincoln International 233 #3 Rothschild & Co 217 #4 Jefferies 189 #5 William Blair & Company 162 #6 Baird 132 #7 Evercore 117 #8 Lazard 106 #9 Harris Williams 106 #10 Raymond James 105 Investment Banking Advisory ADVISOR OF CHOICE Lincoln’s Financial Sponsors Group ensures the firm is in constant dialogue with ~1,000 PE firms worldwide and actively tracks the portfolios of its covered sponsors ~30,000 PE portfolio companies globally (2) Lincoln target companies from PE portfolio companies globally PE professionals participated in 1x1 meetings with targets at Lincoln’s 2025 PE conferences
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21 Competitive Advantages Capital Advisory Solutions Minority & Growth Equity Acquisition Financing Dividend Recap Financing Refinancing Structured Capital Liability Management Restructuring & Chapter 11 Advisory Distressed M&A Creditor Advisory Spectrum of Capital Advisory Offerings BROAD LENDER NETWORK EXECUTION READINESS CAPABILITIES UP AND DOWN THE CAPITAL STRUCTURE UNIQUE MARKET INTELLIGENCE CREATIVE ADVOCACY CAPITAL MARKETS AND INDUSTRY SECTOR EXPERTISE Investment Banking Advisory CAPITAL ADVISORY 50+ transactions closed in 2025 4 00+ investor relationships
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22 Tailored capital solutions aligned with sponsors' strategic growth objectives Expert guidance and execution across every stage of the process Enhanced effectiveness driven by differentiated market positioning, strong brand recognition, and deep LP relationships Investment Banking Advisory PRIVATE FUNDS ADVISORY $ 9 B+ GP - led transaction value (1) 25+ GP - led transactions closed (1) $7B+ Closed fund commitments (1) Offering and Differentiators DIRECT AND CO - INVESTMENT VEHICLES COMMITTED FUND VEHICLES SECONDARY AND CONTINUATION VEHICLES (1) As of September 30, 2026
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23 (1) Source: Lincoln proprietary valuation data Senior attention, institutional focus and experienced execution team Investment banking service & delivery model with superior execution Transaction experience and real time knowledge of capital markets Technical expertise valuing private, illiquid and complex investments and structures Differentiated service model and private market insights driven by best - in - class technology LPs Regulators Auditors General Partners • Supports clients with independent range of values, positive assurance and point estimate conclusions • Compliance - driven need for valuations with increasing demand from institutional and retail investors who often require the use of independent, third - party valuation services • Higher frequency of independent valuations, ranging from daily to annually • Leading voice on valuation governance, policy, and methodology advisory and data - driven benchmarking and portfolio analytics • Differentiated and transparent view into financials, buyout deal multiples, capital market pricing dynamics and transaction - level insights Global expertise in North America, APAC, and EMEA Valuations & Opinions PORTFOLIO VALUATIONS ~25K portfolio company valuations delivered in 2025 (1) ~30% valuations delivered more often than quarterly in 2025 (1) $ 166M 2025 Valuations & Opinions Revenue Recurring Revenue from Portfolio Valuations Differentiators Asset Class Expertise VENTURE CAPITAL VENTURE CREDIT GROWTH EQUITY PRIVATE EQUITY ASSET BACKED FINANCE STRUCTURED CREDIT SOLUTIONS DIRECT LENDING FUND INTERESTS CO - INVESTMENTS
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24 SOLVENCY OPINIONS FAIRNESS OPINIONS • Continuation fund / GP - led secondary transactions • Cross - fund and other related - party transactions • Take - private transactions • Sell - side / buy - side M&A • SPAC business c ombination transactions • Recapitalization, financing and restructuring transactions (1) Source: LSEG; for the nine - month period ending September 30, 2026 Valuations & Opinions TRANSACTION OPINIONS & BOARD ADVISORY Broad Expertise Across Services and Transaction Types • Dividend recapitalizations • Stock buybacks / redemption transactions • Corporate spin - offs and split - offs • Corporate restructuring, recapitalization and liability transfer transactions • Independent valuation opinions • Special situation/liability management transactions • Strategic option assessments • Buy/Sell agreement valuations • Shareholder rights BOARD & SPECIAL COMMITTEE ADVISORY 250+ fairness, solvency, and financial opinions over the last three years Best - in - class fairness opinions, solvency opinions and financial advice to boards of directors, special committees, GPs, investors and other fiduciaries Top 5 Global fairness opinion provider (1) 113 Transaction opinions delivered in 2025
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Appendix
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26 Non - GAAP Reconciliations (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 3Q26. (c) Reflects acquisition - related costs and amortization of intangible assets from our acquisitions of $16.8 million in 3Q26 and $5.5 million in 3Q25. (d) Reflects IPO legal, consulting and other expenses of $2.9 million in 3Q26. (e) Reflects illustrative result as if 100% of the Company's income is being taxed at non - GAAP full - year estimated tax rate. (f) Assumes all outstanding common units of Lincoln International, LP have been exchanged for Class A common stock and that all outstanding shares of Class B and Class C common stock have been canceled as a result of such exchange. (g) Reflects IPO - related partner compensation expense conversion of $31.7 million in 3Q25. Prior to the IPO, certain partners received recurring and performance - based distributions that were not recognized as compensation expense under the former partnership structure. Following the IPO, those individuals became employees, and the related payments are recognized as compensation expense. The adjustment reflects the estimated impact of applying the current corporate structure to the comparable prior - year period to improve period - over - period comparability. (h) Relates to a noncontrolling interest in a foreign subsidiary that was purchased in 4Q25 and is now wholly - owned. (USD in thousands, except per share) U.S. GAAP Adjustments Adjusted (Non-GAAP) U.S. GAAP Adjustments Adjusted (Non-GAAP) Total Revenues $ 293,652 — $ 293,652 $ 186,714 — $ 186,714 Compensation and benefits expense 186,938 (7,940) a, b 178,998 96,297 31,652 g 127,949 Non-compensation expense 62,434 (19,692) c, d 42,742 39,133 (5,531) c 33,602 Operating Income 44,280 27,632 71,912 51,284 (26,122) 25,162 Other income, net 775 — 775 1,924 — 1,924 Income before income taxes 45,055 27,632 72,687 53,208 (26,122) 27,086 Provision for income taxes 7,205 15,332 e 22,537 2,853 4,189 e 7,042 Net income 37,850 12,300 50,150 50,355 (30,311) 20,044 Net income attributable to noncontrolling interests 27,915 (27,915) f — (285) 285 h — Net income attributable to Lincoln International Inc. 9,935 40,215 50,150 50,640 (30,596) 20,044 Diluted Earnings Per Share 0.25 — 0.46 — — — Total Diluted Shares Outstanding 39,678 — f 110,215 — — — Three Months Ended September 30 2026 2025
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27 Non - GAAP Reconciliations (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 YTD 3Q26 and $4.2 million in YTD 3Q25. (c) Reflects YTD 3Q26 expense of $28.7 million related to Liquidity Event Shares, which were issued following the IPO. (d) Reflects acquisition - related costs and amortization of intangible assets recognized in purchase accounting from our acquisitions of $50.9 million in YTD 3Q26 and $22.6 million in YTD 3Q25. (e) Reflects IPO - related legal, consulting and other expenses of $15.5 million in YTD 3Q26 and $2.9 million in YTD 3Q25. (f) Reflects partial extinguishment of debt issuance costs at IPO of $3.0 million in YTD 3Q26. (g) Reflects illustrative result as if 100% of the Company's income is being taxed at non - GAAP full - year estimated tax rate. (h) Assumes all outstanding common units of Lincoln International, LP have been exchanged for Class A common stock and that all outstanding shares of Class B and Class C common stock have been canceled as a result of such exchange. (i) Reflects IPO - related partner compensation expense conversion of $5.2 million in YTD 3Q26 and $67.9 million in YTD 3Q25. Prior to the IPO, certain partners received recurring and performance - based distributions that were not recognized as compensation expense under the former partnership structure. Following the IPO, those individuals became employees, and the related payments are recognized as compensation expense. The adjustment reflects the estimated impact of applying the current corporate structure to the comparable prior - year period to improve period - over - period comparability. (j) Relates to a noncontrolling interest in a foreign subsidiary that was purchased in 4Q25 and is now wholly - owned. (k) Reflects IPO - related adjustment to stock compensation expense of $2.9 million in YTD 3Q26. The adjustment reflects the estimated impact of changes to equity compensation and related deferrals resulting from the conversion to a corporate structure upon the IPO, improving comparability with post - IPO periods. (USD in thousands, except per share) U.S. GAAP Adjustments Adjusted (Non-GAAP) U.S. GAAP Adjustments Adjusted (Non-GAAP) Total Revenues $ 677,145 — $ 677,145 $ 468,580 — $ 468,580 Compensation and benefits expense 428,817 (15,182) a, b, i, k 413,635 237,424 63,607 b, i 301,031 Non-compensation expense 213,981 (95,082) c, d, e 118,899 124,818 (25,484) d, e 99,334 Operating Income 34,347 110,264 144,611 106,338 (38,123) 68,215 Other income, net (8,733) 2,961 f (5,772) 5,533 — 5,533 Income before income taxes 25,614 113,225 138,839 111,871 (38,123) 73,748 Provision for income taxes 8,790 34,250 g 43,040 4,024 15,151 g 19,175 Net income 16,824 78,975 95,799 107,847 (53,273) 54,574 Net income attributable to noncontrolling interests 6,434 (6,434) h — (1,220) 1,220 j — Net income attributable to Lincoln International Inc. 10,390 85,409 95,799 109,067 (54,493) 54,574 Diluted Earnings Per Share 0.26 — 0.87 — — — Total Diluted Shares Outstanding 39,570 — h 110,215 — — — Nine Months Ended September 30 2026 2025