20 slides from Live Oak Acquisition Corp. V's earnings presentation, Aug 14, 2026
Slide 1: 2Q 2026 Earnings
1 2Q 2026 Earnings A permanent home for great businesses when owners retire NASDAQ:TMS
Slide 2: Forward Looking Statements
2 Forward Looking Statements This Presentation contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act that are based on beliefs and assumptions and on information current
Slide 3: Teamshares is a tech-enabled acquiror of SMEs, and a permanent home for great businesses
3 Teamshares is a tech-enabled acquiror of SMEs, and a permanent home for great businesses Part holdco. Part fintech. We programmatically acquire companies with $0.5 to 5 million of EBITDA from retiring owners, integrate them with the Teamshares platform, and help employees earn company stock
Slide 4: The Teamshares platform is built and it's working
4 1) Non-GAAP measure. Please see Appendix for reconciliation to closest GAAP metric. 2) EBITDA Multiple represents purchase consideration as of the acquisition date divided by pre-acquisition EBITDA 3) Calculated as capital expenditures divided by revenue for the YTD period ending June 30, 2026. Th
Slide 5: Our vision: a permanent home for thousands of great businesses
5 Sources: 1) U.S. Census. 2).Teamshares transaction software. 75K Businesses for sale sourced by our software in 2025 15K Size qualified opportunities sourced in 2025 1 2 2 Our vision: a permanent home for thousands of great businesses 93 Teamshares companies 4.5M U.S. businesses with <100 employee
Slide 6: Teamshares industrialized the process of acquiring traditional SMEs in a repeatable, tech-enabled way
6 Teamshares industrialized the process of acquiring traditional SMEs in a repeatable, tech-enabled way 1 ACQUIRE SMEs from 75,000 sourced per yr 2 TRANSITION retirees with new leaders 3 ALIGN + retain the team with opco equity 4 ANALYZE GAAP + ops data to operate well and grow FCF 5 REINVEST FCF to
Slide 7: How Teamshares differs from typical acquirors
7 How Teamshares differs typical acquirors 1. DIVERSIFIED INDUSTRIES Diversified industry strategy focused on retirement situations w/ $0.5-5M target EBITDA range 2. LEADERSHIP SUCCESSION Institutionalized leadership model addresses the retirement market while de-risking the transition 3. BIGGER TAM
Slide 8: Second Quarter 2026 Performance Summary
8 Second Quarter 2026 Performance Summary 1) Non-GAAP measure. Please see Appendix for reconciliation to closest GAAP metric.The Company used 2024 as the comparable prior period for LTM Pro Forma Adjusted EBITDA since interim periods required to calculate this measure as of Q2’25 were not previously
Slide 9: Simple Financial Drivers
9 Simple Financial Drivers 1 Acquire durable, cash-generative businesses 2 Maintain post-acquisition performance 3 4 Lower our cost of capital Public listing provided additional capital and flexibility to accelerate execution of these drivers Four primary factors drive our financial results: Alex Cr
Slide 10: Acquire durable, cash-generative businesses: Acquisition pipeline
10[1] Acquire durable, cash-generative businesses Acquisition pipeline 1) Non-GAAP measure. Please see Appendix for reconciliation to closest GAAP metric. 2) Letters of intent (LOI) are mutually non-binding to Teamshares and SME sellers. Teamshares’ ability to close SME acquisitions may be impacted
Slide 11: Organic Revenue and SME Segment EBITDA growth
11 Organic Revenue and SME Segment EBITDA growth 1) Organic change metrics calculated as period-over-period revenue growth from operating subsidiaries owned for the full duration of both comparable periods, excluding the impact of acquisitions closed and dispositions during either period. The Teamsh
Slide 12: Operating leverage as Teamshares scales
12 Operating leverage as Teamshares scales SME Segment EBITDA increased $6.4M / 47% in 2Q 2026, compared to a $(0.5)M decline in corporate costs 1) These figures are goals / targets and are forward-looking, subject to significant, business, economic, regulatory and competitive uncertainties and cont
Slide 13: Building a broader capital base to support durable growth
13 Building a broader capital base to support durable growth + Business Combination and PIPE added permanent equity capital and increased balance sheet flexibility + Capital raised supports Teamshares' acquisition strategy + Near-term capital priorities are establishing scalable financing capacity a
Slide 14: Financial forecast and FY26 guidance
14 [ 1 ] [ 2 ] [ 3 ] Financial forecast and FY26 guidance Teamshares is reaffirming its 2026 guidance of $60M in Pro Forma Adjusted EBITDA1 Note: Amounts in millions of dollars. These figures are goals / targets and are forward-looking, subject to significant, business, economic, regulatory and comp
Slide 15: Management outlook and priorities
15 Management outlook and priorities + + Continue operating leverage through software and systems + Grow organic earnings via repeatable operating levers and data advantages + Close high-quality acquisitions at attractive terms + Continue disciplined capital allocation, focus on long-term value Comp
Slide 16: Appendix
16 Appendix
Slide 17: Reconciliation of Non-GAAP Measures
17 Reconciliation of Non-GAAP Measures 1) Includes $0.6 million and $0.9 million of depreciation expense recognized in cost of revenue during the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.2 million during the three and six months ended June 30, 2025, respectivel
Slide 18: Reconciliation of Non-GAAP Measures
18 Reconciliation of Non-GAAP Measures 1) The operating subsidiaries acquired during 2025 and the six months ended June 30, 2026 had pre-acquisition EBITDA of $9.2 million for the twelve months ended June 30, 2026, which was calculated in a manner consistent with the adjustments reflected in Pro For
Slide 19: Segment Performance Financial Measures
19 Segment Performance Financial Measures Segment EBITDA is our chief operating decision maker’s (CODM) 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 comp
Slide 20: It's still Day One at Teamshares
20 It’s still Day One at