Lincoln International, Inc. · NYSE:LCLN
Lincoln International — Q3 2026 Earnings Presentation
25 slides from Lincoln International's earnings presentation, Sep 22, 2026
Slide 1: Q3 2026 Valuation Preview Deck – Europe
September 22, 2026 Q3 2026 Valuation Preview Deck – Europe 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 Str
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 market
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: Lincoln Lens Brings Valuation Results, Market Intelligence, and Collaboration Together
Lincoln Lens Brings Valuation Results, Market Intelligence, and Collaboration Into One Connected Client Experience A comprehensive client portal designed to help valuation, investor relations and investment professionals move faster, operate smarter, and stay ahead of the evolving dynamics within th
Slide 6: Table of Contents
Section 1 Enterprise Values 8 Section 2 Private Debt Market: Reunderwriting Analysis 11 Section 3 Broadly Syndicated Market: Synthetic Analysis 14 Section 4 Additional Guidance and Market Data 22 Table of Contents
Slide 7: Valuation Impact: Q3 2026
Valuation Impact: Q3 2026 Market Dynamics and Change since Q2 2026 ▪ European equity markets delivered mixed performance in Q3. The FTSE 100 and DAX recorded modest gains, with the UK market supported by strength in energy, mining and financial stocks, while Germany benefited from resilient corporat
Slide 8: Enterprise Values
SECTION 1 Enterprise Values Insert client logo
Slide 9: European Equity Markets
Enterprise Values European Equity Markets Public equity markets more than gained back the losses generated in Q1 to produce positive year-to-date results. 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% (5.0%) (10.0%) Sep 25 Oct 25 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 FTSE
Slide 10: New European Buyouts
New European Buyouts Deal activity improved in the second half of last year but moderated in the first half of 2026. Median EV / EBITDA decreased to 10.5x, primarily reflecting sector mix, with a higher proportion of industrials and limited technology activity. Software buyout activity was particula
Slide 11: Private Debt Market: Reunderwriting Analysis
SECTION 2 Private Debt Market: Reunderwriting Analysis Insert client logo
Slide 12: European Private Credit Snapshot
Reunderwriting Analysis European Private Credit Snapshot EBITDA < €10 million of EBITDA €10 million to 30 million of EBITDA > €30 million of EBITDA EUR Security Type Pricing EBITDA Multiples Pricing EBITDA Multiples Pricing EBITDA Multiples Cash Flow Senior 400 – 475 bps 2.50x - 4.00x 350 - 450 bps
Slide 13: Reunderwriting Analysis: Changes from Prior Quarter
Private Debt Market: Reunderwriting Analysis Reunderwriting Analysis: Changes from Prior Quarter Fundamental performance will be the largest value changes driver in the Reunderwriting Analysis. EUR EBITDA <€10 million of EBITDA €10 million to €30 million of EBITDA > €30 million of EBITDA Security Ty
Slide 14: Broadly Syndicated Market: Synthetic Analysis
SECTION 3 Broadly Syndicated Market: Synthetic Analysis Insert client logo
Slide 15: Syndicated Market Average Bids (EUR)
Broadly Syndicated Market: Synthetic Analysis Syndicated Market Average Bids (EUR) European syndicated market sentiment remained broadly constructive through Q3, supported by healthy liquidity and continued demand for floating-rate credit. Market conditions were relatively stable despite ongoing mac
Slide 16: Syndicated Market Average Bids (GBP)
Broadly Syndicated Market: Synthetic Analysis Syndicated Market Average Bids (GBP) UK syndicated market sentiment remained more subdued through Q3, with investors continuing to take a selective approach amid broader macroeconomic uncertainty. While liquidity remained available, demand was more diffe
Slide 17: Synthetic Credit Rating Method – Discounted Spreads (EUR)
Broadly Syndicated Market: Synthetic Analysis Synthetic Credit Rating Method – Discounted Spreads (EUR) Spread Estimates for EUR Loans Jun 2026 Sep 2026 Change BB+ 238 228 (10) BB 259 263 3 BB- 297 309 11 B+ 349 347 (2) B 451 413 (2) B- 589 575 (14) CCC~ 833 789 (44) Adjustment Factors Jun 2026 Sept
Slide 18: Synthetic Credit Rating Method – Discounted Spreads (GBP)
Broadly Syndicated Market: Synthetic Analysis Synthetic Credit Rating Method – Discounted Spreads (GBP) Spread Estimates for GBP Loans Jun 2026 Sep 2026 Change BB+ 312 279 (33) BB 334 314 (20) BB- 372 360 (12) B+ 423 398 (25) B 489 464 (25) B- 664 626 (38) CCC~ 907 840 (67) Adjustment Factors Mar 20
Slide 19: Change in CCC+/CCC Methodology
Change in CCC+/CCC Methodology 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 these ratings, rather
Slide 20: 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 21: Additional Guidance and Market Data
SECTION 4 Additional Guidance and Market Data Insert client logo
Slide 22: EURIBOR & SONIA Forward Curve
Additional Guidance and Market Data EURIBOR & SONIA Forward Curve EURIBOR & SONIA Current Quarter and Prior Quarter Comparison 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 3M EURIBOR (30/9/2026) 3M EURIBOR(30/06/2026) 3M SONIA (30/9/2026) 3M SONIA (30/06/2026) Source
Slide 23: 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 24: 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 25: 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)
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