Lincoln International, Inc. · NYSE:LCLN
Lincoln International — Q3 2026 Earnings Presentation
31 slides from Lincoln International's earnings presentation, Sep 22, 2026
Slide 1: Q3 2026 Valuation Preview Deck – North America
September 22, 2026 Q3 2026 Valuation Preview Deck – North America Market Data as of September 14, 2026 Valuations & Opinions Group
Slide 2: Lincoln’s Valuations & Opinions Group
Lincoln’s Valuations & Opinions Group Lincoln’s experienced team of professionals is highly active… 7,450+ $300b+ 250+ ~30% Portfolio Valuations Quarterly Securities Alternative Asset Of all US PE Backed per Quarter Valued Manager Clients Companies Valued ~30% 2,000+ ~200 25+ Valuations completed St
Slide 3: S&P Dow Jones Indices and Lincoln Launch Senior Debt Sub-Indices
S&P Dow Jones Indices and Lincoln Launch Senior Debt Sub-Indices and Expand to Monthly Reporting Monthly calculation of the S&P Lincoln Senior Debt Index Series will aim to provide subscribers with more frequent, rules - based benchmarks tracking the fair value and performance of direct lending mark
Slide 4: Lincoln Lens: Delivering a More Connected Client Experience
Lincoln Lens: 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+ clients onboarded
Slide 5: Table of Contents
Section 1 Enterprise Values 7 Section 2 Private Debt Market: Reunderwriting Analysis 11 Section 3 Broadly Syndicated Market: Synthetic Analysis 15 Section 4 Asset Backed Finance: Market Observations 20 Section 5 Additional Guidance and Market Data 26 Table of Contents 5
Slide 6: Valuation Impact: Q3 2026
Valuation Impact: Q3 2026 Market Dynamics and Change since Q2 2026 ▪ Public equity markets moderated in Q3 following strong gains in Q2 2026 as persistent inflation, higher Treasury yields, and geopolitical uncertainty increased volatility. Valuation movement is expected to be more company-and-secto
Slide 7: Enterprise Values
SECTION 1 Enterprise Values Insert client logo
Slide 8: U.S. Equity Markets
U.S. Equity Markets Public markets moderated after the Q2 surge. 30.0% 20.0% 10.0% 0.0% (10.0%) (20.0%) S&P 500 S&P 500 Equal Weighted Dow Jones Russell 2000 NASDAQ 2025 Q1 Q2 Q3 YTD 26 LTM 2-Year CAGR S&P 500 16.4% (4.6%) 14.9% 1.6% 11.3% 15.7% 16.4% S&P 500 Equal Weighted(1) 9.3% 0.2% 10.9% 0.7% 1
Slide 9: S&P 500 Multiples
S&P 500 Multiples Multiples contracted slightly in Q3 as investor sentiment softened despite resilient earnings. 20.0x 19.0x 18.0x June 2026, 18.6x Current, 17.8x 17.0x 16.0x 15.0x June 2026, 13.5x Current, 13.1x 14.0x 13.0x 12.0x S&P 500 - Market Cap Weighted S&P 500 - Equal Weighted EV multiples f
Slide 10: Lincoln Observed New Third-Party M&A Buyouts
Lincoln Observed New Third-Party M&A Buyouts Flight to quality continues across the LBO market, with new transactions yielding EV multiples above the historical average. EV / EBITDA Transaction Multiples Total EV: Total EV: Total EV: Total EV: Total EV: Total EV: Total EV: Total EV: Total EV: Total
Slide 11: Private Debt Market: Reunderwriting Analysis
SECTION 2 Private Debt Market: Reunderwriting Analysis Insert client logo
Slide 12: Reunderwriting Analysis US OID Update
Reunderwriting Analysis US OID Update Issuance prices remained near Lincoln’s 99.0% assumption through Q3; accordingly, Lincoln maintained its Issue Price Assumption within Lincoln’s Reunderwriting Analysis. Lincoln’s Current 99.50 Issue Price Assumption: 99.00% 99.00 98.50 98.00 97.50 97.00 96.50 L
Slide 13: Reunderwriting Analysis: Lincoln’s Current Private Credit Snapshot
Reunderwriting Analysis: Lincoln’s Current Private Credit Snapshot (September 2026) As published in LevFin. EBITDA <$15mm of EBITDA $15mm to $40mm of EBITDA $40-100mm of EBITDA >$100mm of EBITDA Security Type Pricing EBITDA Multiples Pricing EBITDA Multiples Pricing EBITDA Multiples Pricing EBITDA M
Slide 14: Reunderwriting Analysis: Changes from Prior Quarter
Reunderwriting Analysis: Changes from Prior Quarter (June 2026) Spread widening will only drive unfavorable value movement for larger companies within the Reunderwriting Analysis… EBITDA <$15mm of EBITDA $15mm to $40mm of EBITDA $40mm to $100mm of EBITDA >$100mm of EBITDA Security Jun-26 Current Dif
Slide 15: Broadly Syndicated Market: Synthetic Analysis
SECTION 3 Broadly Syndicated Market: Synthetic Analysis Insert client logo
Slide 16: Syndicated Market Average Bids – Market-Wide Volatility
Syndicated Market Average Bids – Market-Wide Volatility Bids rebounded in Q3 but remain below historic highs amidst broader macroeconomic uncertainty. Average Bid since December 2022 100.00 99.47 99.00 97.94 98.00 97.00 96.00 95.32 95.64 95.00 94.00 Liberation Software Day Tariffs Sell-Off 93.00 92.
Slide 17: Synthetic Credit Rating Method – Discounted Spreads
Synthetic Credit Rating Method – Discounted Spreads Spreads continued to tighten through Q3, with weaker credits rebounding more. Spread Estimates for U.S. Loans Jun 2026 Sep 2026 Change BBB- 196 193 (3) BB+ 217 204 (13) BB 236 234 (2) BB- 278 279 1 B+ 334 315 (19) B 406 379 (27) B- 573 526 (47) CCC
Slide 18: Change in CCC+/CCC Methodology, the Creation of CCC~
Change in CCC+/CCC Methodology, the Creation of CCC~ CCC+ and CCC 2L Constituents Lincoln’s New Approach to CCC+/CCC Spreads 70 Historically, Lincoln’s CCC+/CCC spread assumptions were based on 60 a custom subset of CCC+ and CCC securities provided by LCD 60 55 comprised solely of second liens with
Slide 19: Lincoln’s Approach – Software and Non-Software Adjustments
Lincoln’s Approach – Software and Non-Software Adjustments Non-Software Adjustment Software Adjustment Date B B- CCC~ Date B B- CCC~ 6/26/2026 -20 bps -85 bps NA 6/26/2026 0 bps 135 bps NA 8/7/2026 -10 bps -80 bps NA 8/7/2026 0 bps 135 bps NA 8/14/2026 -10 bps -80 bps NA 8/14/2026 0 bps 125 bps NA 8
Slide 20: Asset Backed Finance: Market Observations
SECTION 4 Asset Backed Finance: Market Observations Insert client logo
Slide 21: Middle Market CLO Spreads
Reunderwriting Analysis Middle Market CLO Spreads Middle Market CLO A-BBB tranche spreads tightened 5-25 bps since August 20th while BB spread widened 45bps. 825 • Middle Market CLO spreads BB Spread - 760 bps have generally tightened across 725 the top of the stack since our August publication, wit
Slide 22: Collateralized Fund Obligation
Reunderwriting Analysis Collateralized Fund Obligation Collateralized Fund Obligation Representative CFO Spread Market Notes and Commentary Financing Rates and Leverage Ranges 5.42% 5.02% 2.65% - 3.05% • CFO issuance activity rebounded in late August and September, with Lincoln observing multiple pr
Slide 23: Rated Feeder Fund
Reunderwriting Analysis Rated Feeder Fund Rated Feeder Fund Representative Rated Feeder Note Market Notes and Commentary Financing Rates and Leverage Spread Ranges 3.95% 3.89% 2.65% - 3.05% • Lincoln observed continued rated feeder 3.58% 3.64% activity through late Q3 2026, including both primary is
Slide 24: Significant Risk Transfer
Reunderwriting Analysis Significant Risk Transfer Since 2021, the SRT market has become more competitive, leading to yield compression Significant Risk Transfer New Issuance Spreads (1) 10.6% 10.3% 10.4% 9.0% 7.2% 7.3% 2021 2022 2023 2024 2025 YTD 2026 Significant Risk Transfer New Issuance Spreads
Slide 25: Lincoln International's Snapshot View on Aircraft Cost of Capital
Lincoln International's Snapshot View on Aircraft Cost of Capital (September 2026) Private market single-aircraft loan and lease financing and advance rates. The lessee tiering represented lender-specific underwriting assumptions at the time of origination and reflected the perceived creditworthines
Slide 26: Additional Guidance and Market Data
SECTION 5 Additional Guidance and Market Data Insert client logo
Slide 27: 20-Year Treasury Yields
20-Year Treasury Yields Treasury yields continue to rise driven by worries of higher inflation and the expectation that such inflation will persist, with the market pricing in at least one additional Fed rate hike this year. 5.4% 5.2% 5.0% 4.8% 4.6% 4.4% Historical 20 Year Treasury Higher treasury y
Slide 28: Post-Pandemic Debt-Like Preferred & HoldCo PIK Note Pricing
Post-Pandemic Debt-Like Preferred & HoldCo PIK Note Pricing 20.00% 17.50% 15.00% 12.50% 10.00% 7.50% Jan-2020 Jan-2021 Jan-2022 Jan-2023 Jan-2024 Jan-2025 Jan-2026 HoldCo PIK Redeemable Preferred Source: Lincoln Lens – Private Market Intelligence © 2026 Lincoln Partners Advisors LLC. All rights rese
Slide 29: Post-Pandemic Debt-Like Preferred & HoldCo PIK Note Pricing
Post-Pandemic Debt-Like Preferred & HoldCo PIK Note Pricing Average % Avg. Yield Gap IRR Swap Attach. Pt. Detach. Pt Warrants Floating 1L 2L 2020 13.65% 0.78% 41.35% 55.68% 10.5% 21.1% 7.81% 3.43% 2021 12.49% 1.09% 41.00% 51.57% 9.5% 20.6% 5.13% 3.07% 2022 13.93% 2.47% 41.19% 55.35% 6.1% 22.4% 5.65%
Slide 30: Continuation Vehicle Data: Lincoln-Advised Transactions (Global)
Continuation Vehicle Data Lincoln-Advised Transactions (Global) Lincoln CV Fairness Opinions CV Fairness Opinions: Type CV Fairness Opinions: Industry 2023 to 33% 1H 2026 INDUSTRIALS 2025 (incl.) TECHNOLOGY 18% Transaction EV(1) $132.1bn $16.7bn 38% CONSUMER 18% Aggregate EqV(1) $93.0bn $17.4bn Sing
Slide 31: Valuations & Opinions Group – Key Contacts
Valuations & Opinions Group – Key Contacts Brian Garfield, CFA, ASA Chris Croft Ronald Kahn Patricia Luscombe, CFA Managing Director, Managing Director, Managing Director and Co-Head Managing Director and Co-Head Head of Portfolio Valuations Co-Head of Transaction Opinions +1 (312) 506-6208 +1 (312)
Lincoln International — Q3 2026 Earnings Presentation on 6ix