Lincoln International, Inc. · NYSE:LCLN
Lincoln International — Lincoln European CLO Breakfast October 2026
19 slides from Lincoln International's conference presentation, Oct 8, 2026
Slide 1: Lincoln European CLO Breakfast
Lincoln European CLO Breakfast Valuations & Opinions Group 8 October 2026
Slide 2: Introduction
Introduction Brian Garfield Nick Baldwin Managing Director, Managing Director, Global Head of Portfolio Valuations Valuations & Opinions Group Rob Maxim Aimir Shytaj Managing Director, Director, Valuations & Opinions Group Valuations & Opinions Group © 2026 Lincoln Partners Advisors LLC. All rights
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 Of all U.S. PE-Backed Quarterly Securities Valued Alternative Asset Manager Clients Valuations per Quarter Companies Valued ~30% 2,000+ ~200 25+ Valuations Co
Slide 4: Lincoln International's Expanding Global Insights
Lincoln International’s Expanding Global Insights Broader data coverage and deeper market insights across asset classes and geographies Asset Class Private Equity Venture Equity / Credit Direct Lending U.S. Private Market Webinar European Private Market Webinar August 13, 2026 September 10, 2026 Co-
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+ clients onb
Slide 6: Table of Contents
Table of Contents Section 1 European Portfolio Company Performance Trends 7 Section 2 CLO Management Discussion 14 Section 3 Solvency II Regulatory Capital Changes 17
Slide 7: Portfolio Company Performance Trends
Portfolio Company Performance Trends Section 1
Slide 8: Adapting to Shifts in Private Credit Financing Environments
Adapting to Shifts in Private Credit Financing Environments >€30 million Adjusted EBITDA Businesses Q1 2024 Q2 2025 Q3 2026 525 to 625 bps 475 to 575 bps 475 to 575 bps Pricing Spread Pricing Spread Pricing Spread 5.00x – 6.00x 5.00x – 6.50x 5.00x – 6.25x Leverage Leverage Leverage 300 bps 250 bps 1
Slide 9: Magnitude of LTM Revenue & Adjusted EBITDA Growth
Magnitude of LTM Revenue & Adjusted EBITDA Growth Revenue growth increased to 7.7% in Q2 2026, while EBITDA growth slowed for a third consecutive quarter to 5.3%, indicating continued margin pressure. Revenue growth has now outpaced EBITDA growth for five consecutive quarters. Pre-Covid Covid Inflat
Slide 10: YoY LTM Revenue & EBITDA Growth Magnitude by Industry
YoY LTM Revenue & EBITDA Growth Magnitude by Industry Industrials and technology saw slower revenue and EBITDA growth, reflecting weakness in specialty chemicals and software & digital media, respectively. Within technology, software EBITDA growth slowed from 6.5% to 5.5%. YoY LTM Revenue Growth 11.
Slide 11: European Fair Value Trends across Direct Lending Loans in Software
European Fair Value Trends across Direct Lending Loans in Software Software loan fair values recovered slightly in Q2 2026 following the Q1 market decline, supported by continued underlying software performance. The recovery was strongest for lower-LTV loans, particularly the <25% LTV cohort, while
Slide 12: Covenant Default & Holiday Rate
Covenant Default & Holiday Rate SIZE-WEIGHTED The covenant default rate remained at 1.5% this quarter. Of the 20 Q1 2026 defaults, 10 were amended or restructured which was offset by seven new defaults in Q2, which brought the default rate back to 1.5%. Defaults remain well dispersed, with the large
Slide 13: PIK Interest Usage - Focus on "Bad PIK"
PIK Interest Usage - Focus on “Bad PIK” For companies with bad PIK, average LTV is 25.0 percentage points higher than initial transaction levels. Investments without PIK at Close but Have PIK Now (Bad PIK) 50.0% 51.2% 48.9% 48.3% 42.9% 45.3% 44.8% 38.5% 38.6% 40.9% 37.0% 38.3% 35.5% 30.3% Q1 2023 Q2
Slide 14: CLO Management Discussion
CLO Management Discussion Section 2
Slide 15: European BSL vs Middle-Market Spread and Issuance Price Mechanics
European BSL vs Middle-Market Spread and Issuance Price Mechanics EUR BSL Excess Spread 450 400 350 BSL OID Spread 300 250 99.50% 200 150 100 Jan-25 May-25 Sep-25 Jan-26 May-26 Sep-26 Avg BSL Spread (bps) Avg. WACD (bps) Excess Spread (bps) EUR Middle-Market Excess Spread 450 Spread 350 MIDDLE-MARKE
Slide 16: Opportunity to Pick-Up Spread in Lower Credit Quality Buckets
Opportunity to Pick-Up Spread in Lower Credit Quality Buckets Broadly Syndicated Loans 264 312 350 417 564 B B- BB- B+ BB Higher Credit Quality Lower Credit Quality 375 525 Cash Flow Unitranche Senior Middle-Market Source: Lincoln Lens - Private Market Intelligence; Note: Data represented above cons
Slide 17: Solvency II Regulatory Capital Changes
Solvency II Regulatory Capital Changes Section 3
Slide 18: Solvency II: A New Playing Field for Insurers
Solvency II: A New Playing Field for Insurers European insurers have substantial fixed-income portfolios, but securitisations remain a small allocation EEA Insurers U.S. Insurers Illustrative EEA CLO Potential Asset base Asset base What could U.S.-style insurer penetration imply for Europe? €10.3tn
Slide 19: Valuations & Opinions Group Representative Clients
Valuations & Opinions Group Representative Clients Brian Garfield Managing Director +1 (212) 277-8100 bgarfield@lincolninternational.com Rob Maxim Managing Director, +1 (929) 733-7327 rmaxim@lincolninternational.com Nick Baldwin Managing Director, London +44 7980 738 896 nbaldwin@lincolninternationa
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