Live Oak Acquisition Corp. V · NASDAQ:LOKV
Live Oak Acquisition Corp. V — Teamshares — Investor Presentation (June 2026)
31 slides from Live Oak Acquisition Corp. V's investor presentation, Jun 24, 2026
Slide 1: Investor Introduction
1 Exhibit 99.2 Investor Introduction NASDAQ: TMS A permanent home for great businesses when owners retire
Slide 2: Part holdco. Part fintech. Tech-enabled acquiror of SMEs
2 Teamshares is a Part holdco. Part fintech. tech-enabled We programmatically acquire companies with $0.5 to 5 million of acquiror of SMEs, EBITDA from retiring owners, and a permanent integrate them with the Teamshares platform, and help home for great employees earn company stock businesses
Slide 3: A founder-led team built for scale
3 A founder-led team built for scale with executive experience aligned to the model Michael Brown Alex Eu Kevin Shiiba Brian Gaebe Madhuri Kommareddi Founder + CEO Founder + President Founder + CTO CFO COO Acquired + operated Acquired + operated Product manager + Former public company Executive expe
Slide 4: Our vision: a permanent home for thousands of great businesses
4 Our vision: a permanent home for thousands of great businesses 1 2 2 4.5M 75K 15K 90+ U.S. businesses Businesses for sale Size qualified Teamshares with <100 sourced by our opportunities companies employees software in 2025 sourced in 2025 owned by Baby Boomers + GenX Sources: 1) U.S. Census. 2).T
Slide 5: Our acquisition-based business model drives predictable, repeatable growth
5 Our acquisition-based business model drives predictable, repeatable growth 1 Pro Forma Adj. EBITDA and scales through financial technology $100M $60M $19M $(16)M 2024A 2025A 2026E 2027E 2025A to 2027E 5.3x Growth 129% CAGR 1) Pro Forma Adjusted EBITDA is a non-GAAP measure, see Appendix for additi
Slide 6: Industrialized process of acquiring traditional SMEs
6 Teamshares industrialized the process of acquiring traditional SMEs in a repeatable, tech-enabled way 1 2 3 4 5 ACQUIRE SMEs TRANSITION ALIGN + retain ANALYZE GAAP + REINVEST FCF to from 75,000 retirees with the team with ops data to new companies sourced per yr new leaders opco equity operate wel
Slide 7: A growth strategy to outpace organic growth
7 A growth strategy to outpace organic growth Programmatic acquiror business model 90+ companies six years in
Slide 8: A significant and actionable market
8 A significant and actionable market Millions of SMEs need to sell next decade-plus 4.5M SMEs owned by Boomers/GenX in US alone Source: US Census.
Slide 9: We're unique and we win
9 We’re unique and we win Strong differentiation with retiring owners 50% lifetime win rate on LOIs
Slide 10: Centralized fintech and decentralized leadership
10 Centralized fintech and decentralized leadership Our repeatable, scalable platform enables growth 15,000 size-qualified listings annually 50+ applications per president opening
Slide 11: Acquisition financing is our raw material
11 Acquisition financing is our raw material Better capital access as a public company Public credit is cheaper, deeper, faster Public equity is an advantage for Teamshares
Slide 12: Disciplined capital allocation
12 Disciplined capital allocation Compounding cash flow at attractive rates 27-37% of purchase price recovered in upstreamed cash at T+24 months Note: See explanation of this measure on Slide 50.
Slide 13: How Teamshares differs vs. public comps
13 How Teamshares differs vs. public comps: 1. THESIS DRIVEN 2. LEADERSHIP SUCCESSION Diversified industry strategy Institutionalized leadership model focused on retirement situations addresses the retirement market w/ $0.5-5M target EBITDA range while de-risking the transition 3. BIGGER TAM 4. TECH
Slide 14: We focus on traditional SMEs with very specific criteria
14 We focus on traditional SMEs with very specific criteria $0.5-5.0M 75-85% Target EBITDA Target EBITDA to FCF conversion Retirement 20+ Reason for sale Years in business Clean Low Tax returns + bank ledgers Transition, customer and tech risk
Slide 15: Significant industry diversification
15 Distribution 8% Significant Food & Beverage 23% industry Technical Services 10% diversification $472M 2025 Reported EXAMPLES OF TEAMSHARES COMPANIES: Revenue Building Products Niche distributors Independent QSR 17% Flowers Burger chain Paper products Pizza chain Packing supplies Sand & gravel Aut
Slide 16: We build software to access, industrialize + scale our model
16 We build software to access, industrialize + scale our model in the SME market TECHNOLOGY GOALS Lower Cost: reduce the marginal cost of acquisitions and operations + Increase Throughput: increase acquisition pace while maintaining quality + Reduce Risk and Errors: enforce consistency of financial
Slide 17: Technology and data is how our model scales and compounds
17 Technology and data is how our model scales and compounds, with AI as a tailwind TEAMSHARES BUYOUT More data New Co. More companies Financial + Operational Source, analyze, and acquire Data accumulates Reinvest in more Better underwriting Companies + AI aimed at driving scale and Improved selecti
Slide 18: Our compounding cycle
18 Our compounding cycle Acquire EBITDA at 4-6x Lower interest rate Retain EBITDA year 1, through ↑ scale and FCF then grow >3% annually Drop-through EBITDA by scaling against G&A Teamshares is listing at the point where acquired EBITDA is mostly incremental margin These figures are goals / targets
Slide 19: Inspecting our compounding cycle
19 Inspecting our compounding cycle Acquire EBITDA Retain EBITDA Drop-Through Lower Interest EBITDA Rate 7.2% +$25M S+3.1% 5.3x 2025 Organic 2025 SME Segment Blended cost above 2025 Acquisitions EBITDA Growth EBITDA Increase SOFR on 2025 Purchase Price / bank term loans PF Adj. EBITDA vs. $(2)M 2025
Slide 20: Acquire durable, cash-generative businesses
[1] Acquire durable, cash-generative businesses 20 20 Attractive Unit Economics on Acquisition Equity 1 Target Returns Results to Date EBITDA Purchase Multiple Acquiring EBITDA EBITDA->LFCF Conversion 2 Historical Average 4.9x EBITDA EBITDA $1 $1 2025 Results Target EBITDA EBITDA to Unlevered x 5x x
Slide 21: Maintain post-acquisition performance
[2] Maintain post-acquisition performance 21 21 Consistent Performance Through Active Ownership Organic Growth organic EBITDA organic EBITDA growth CAGR 1 growth YoY ~3% 2 ~7.2% from ‘19 - ‘25 Profitability Drivers Outperforming Comps outperformance YoY EBITDA vs. R2000 YoY margin +9% 4 3 ~1% growth
Slide 22: Scale corporate overhead
[3] Scale corporate overhead 22 22 Productivity Scale Through Tech-Enabled Leverage EBITDA and Corporate Cost Trends Pro Forma Adj. EBITDA : Corporate Costs 2025 Results Affirm Scalability Corporate overhead Platform employee SME Segment EBITDA 1 2 3 +$25M -$2M -15% increase decrease reduction Note:
Slide 23: Lower cost of capital
[4] Lower cost of capital 23 23 Cost of Capital Declines as Credit Improves Then (Facility since 2021) Now (2025) Financial Impact Potential Actual Spread Spread Compression Compression 1 2 Every 1% decline in Initial Credit Facility Single Company Financing interest rate improves ● SOFR + 11% ● SOF
Slide 24: EBITDA Forecast Bridge
24 1 EBITDA Forecast Bridge Assumptions 2025A PF Adj. EBITDA $19 Acquisitions Acquisitions 40 Acquire EBITDA of $40mm in ‘26 and $45mm in ‘27 Clear and Organic Growth 3 Organic Growth Achievable Corporate Overhead (2) 3% organic growth + financial products Path for EBITDA 2026E PF Adj. EBITDA $60 Co
Slide 25: Teamshares investment highlights
25 Teamshares investment highlights Tech-enabled acquiror of SMEs Highly innovative market leader + + Compounds and re-allocates capital >90 companies today, millions in TAM + + EBITDA positive, scaled above G&A At key FCF inflection point + + Simple investor metrics Positioned to benefit from publi
Slide 26: ee Day One at fl
4 ee Day One at fl A he es” y ay 7 >
Slide 27: Segment Performance Financial Measures
27 Segment Performance Financial Measures Segment EBITDA is our chief operating decision maker’s primary measure of segment performance. This only includes post-acquisition results and excludes certain non-cash expenses such as depreciation, amortization, goodwill impairment, share-based compensatio
Slide 28: Historical Financial Results and Reconciliation of Non-GAAP Measures
28 Historical Financial Results and Reconciliation of Non-GAAP Measures
Slide 29: Non-GAAP Measures
29 Non-GAAP Measures Adjusted EBITDA Pro Forma Adjusted EBITDA + This presentation includes certain non-GAAP financial measures. + Represents Adjusted EBITDA plus the pre-acquisition results for + Adjusted EBITDA represents our consolidated results for the companies acquired during the respective pe
Slide 30: Disclaimer
30 Disclaimer About this Presentation This investor presentation (this “Presentation”) is provided by Teamshares Inc. (the “Company”) for informational purposes only and for no other purpose. The information contained herein does not purport to be all-inclusive and none of the Company or any of its
Slide 31: Disclaimer: Financial Information; Non-GAAP Financial Measures
31 Disclaimer Financial Information; Non-GAAP Financial Measures Some of the financial information and data contained in this Presentation, such as Adjusted EBITDA, Pro Forma Adj. EBITDA, Free Cash Flow, have not been prepared in accordance with United States generally accepted accounting principles