Fidus Investment Corporation · NASDAQ:FDUS
Fidus Investment — Q2 2026 Earnings Presentation
44 slides from Fidus Investment's earnings presentation, 2026
Slide 1: Fidus Investment Corporation Investor Presentation Second Quarter 2026
I N V E S T O R P R E S E N TAT I O N Fidus Investment Corporation Second Quarter 2026 N A S DAQ : F D U S Capital. Partnership. Expertise. www.fdus.com
Slide 2: Forward-Looking Statements; Important Notices
DISCLOSURE Forward-Looking Statements; Important Notices Fidus Investment Corporation (“Fidus”) cautions that statements in this uncertainties and risks, including: our continued effectiveness in raising, investing presentation that are forward-looking, and provide other than historical and managing
Slide 3: Table of Contents
CONTENTS Table of Contents I The Fidus Platform IV Conclusion II Performance Track Record V Appendices III Portfolio & Financial Review Fidus Investment Corporation · NASDAQ: FDUS 03
Slide 4: The Fidus Platform
I The Fidus Platform A differentiated, lower middle market investment firm built for long- term capital preservation and growth.
Slide 5: Fidus Investment Corporation at a Glance
T H E F I D U S P L AT F O R M Fidus Investment Corporation at a Glance1 $1.4B 1005 12.5%2 +223%3 12.5%4 Investment portfolio at fair value Active portfolio companies Weighted average debt portfolio yield Total economic return since IPO Annual GAAP ROE since IPO WHY INVEST WITH FIDUS HISTORY • Flexi
Slide 6: Differentiated Investment Strategy
T H E F I D U S P L AT F O R M Differentiated Investment Strategy Track record of attractive risk-adjusted total returns; primarily current income from debt investments, with capital appreciation from equity co-investments. Sourcing Targeted Company Profile Investment Profile Investment Approach 1 •
Slide 7: Dedicated Lower Middle Market Focus
T H E F I D U S P L AT F O R M Dedicated Lower Middle Market Focus 19+ years of focus on the Lower Middle Market ("LMM") uniquely positions Fidus in this attractive market segment A D VA N TA G E S F O R F I D U S Few lenders have the depth of experience and relationships needed to ✓ Less competitio
Slide 8: Proprietary Direct Origination Platform
T H E F I D U S P L AT F O R M Proprietary Direct Origination Platform1 Fidus has unique, difficult-to-replicate access to the LMM, built across decades of experience $4B+ Capital deployed in the lower middle market 230+ LMM platform investments Sourced and invested in since inception 41 Repeat PE r
Slide 9: Investment Criteria
T H E F I D U S P L AT F O R M Investment Criteria We target established, profitable companies with the following characteristics. BUSINESS & MARKET QUALITY FINANCIAL PROFILE VALUE CREATION & EXIT Targeted end markets Strong, sustainable free cash flow Identifiable growth opportunities Industries we
Slide 10: Industry Expertise
T H E F I D U S P L AT F O R M Industry Expertise Fidus has differentiated industry expertise that spans a wide range of sectors and verticals • Deep knowledge allows investment team to quickly • Creates greater awareness of sector trends and • In-house expertise is enhanced by a proprietary identif
Slide 11: Disciplined Investment Process
T H E F I D U S P L AT F O R M Disciplined Investment Process Direct origination across channels Weekly meetings to review opportunities, assess deal dynamics, and allocate resources Preliminary due diligence review Initial sponsor & management meetings, historical financial review, and financial mo
Slide 12: Proactive Risk Management
T H E F I D U S P L AT F O R M Proactive Risk Management Portfolio monitoring Culture of capital preservation Independent portfolio reviews • Monthly financial monitoring • Regular and ad-hoc reporting on all • Independent oversight of the quarterly portfolio companies valuation process • Quarterly
Slide 13: A Structurally Advantaged Platform
T H E F I D U S P L AT F O R M A Structurally Advantaged Platform Fidus's BDC / RIC structure and SBIC licenses 1 deliver a cost-of-capital and regulatory edge that compounds returns for shareholders. BDC Business Development Company RIC Regulated Investment Company SBIC Small Business Investment Co
Slide 14: Experienced Team
T H E F I D U S P L AT F O R M Experienced Team PROFESSIONAL TITLE EDUCATION PRIOR EXPERIENCE FIDUS TENURE Edward H. Ross CEO & IC Member SMU; Notre Dame Allied Capital, Wachovia 21 yrs John J. Ross II MD & IC Member SMU; Harvard Wachovia, Bowles Hollowell Conner 22 yrs John H. Grigg MD & IC Member
Slide 15: Performance Track Record
II Performance Track Record A consistent, best-in-class track record of returns across market cycles.
Slide 16: Long-Term Outperformance
PERFORMANCE Long-Term Outperformance Fidus consistently outperforms peer BDCs 1 across key return metrics, while carrying materially less leverage than the median peer BDC. LTM TO JUNE 30, 2026 SINCE IPO METRIC PEER MEDIAN PEER TOP QUARTILE FIDUS PEER MEDIAN PEER TOP QUARTILE FIDUS Economic return o
Slide 17: Capital Preservation and Appreciation
PERFORMANCE Capital Preservation and Appreciation Low loss rates and capital appreciation from equity co-investments have produced a differentiated return profile. GAIN / (LOSS) ON CUMULATIVE INVESTED CAPITAL · SINCE IPO 1 Peer BDCs anonymized; ranked best to worst FDUS 5.2% BDC 1 1.0% BDC 2 (0.1%)
Slide 18: Net Asset Value Preserved and Grown
PERFORMANCE Net Asset Value Preserved and Grown FDUS NAV GROWTH AND CUMULATIVE DIVIDENDS 1 +223% total economic return since IPO2 $19.46 $50 $45.69 $46.74 NAV per share (Jun 30, 2026) $43.32 $40.94 +223% $40 $31.90 $36.65 $38.12 Total economic return since IPO $30.61 $30 $28.63 60 $26.61 $24.72 $22.
Slide 19: Consistent Distributions
PERFORMANCE Consistent Distributions Strategy has produced strong, consistent distributions with potential for growth over the long run. SHAREHOLDER DISTRIBUTIONS PER SHARE & CUMULATIVE REGULAR-DIVIDEND COVERAGE 1 11.6% $3.30 $3.00 109% 105% 106% 106% 105% 107% 112% 114% 115% 116% 120% 110% LTM tota
Slide 20: Return on Equity
PERFORMANCE Return on Equity Combination of attractive yields and strong capital preservation track record have produced excellent ROE levels. GAAP ROE VS. BDC PEERS · 2012 – LTM 06/26 (%) 1 12.5% 25% Annual GAAP ROE since IPO 1 20% Top 2 15% 10% 10.8% Among 30 peer BDCs 1 4.0% 14+ Years 5% 0% Conse
Slide 21: Portfolio & Financial Review
III Portfolio & Financial Review A diversified, secured portfolio with a conservatively structured balance sheet.
Slide 22: Measured Portfolio Growth
PORTFOLIO Measured Portfolio Growth PORTFOLIO FAIR VALUE AT PERIOD END ($ IN MILLIONS) $1,325 $1,433 $1.4B $958 $1,091 Investment portfolio at fair value 1 $860 $767 $743 100 $719 $643 97 100 $596 87 $524 81 70 76 Active portfolio companies 1 66 60 60 61 53 +174% Growth in portfolio fair value since
Slide 23: Diversified Portfolio
PORTFOLIO Diversified Portfolio FAIR VALUE BY SECURITY TYPE 1 FAIR VALUE BY INDUSTRY 1 FAIR VALUE BY ISSUER 1 84.0% secured debt 3.4% largest issuer Software 18.1% Business Services 11.5% 79.1% First Lien Debt 2 Specialty Distribution 8.1% Component Manufacturing 6.4% Issuer 1 3.4% Issuer 2 2.9% 4.9
Slide 24: Solid Credit Metrics
PORTFOLIO Solid Credit Metrics1 Fidus typically leads structuring Focus on attractive risk-adjusted returns and structural 12.5% 4.1x Weighted average debt yield 3 Weighted average net leverage through Fidus downside protections, with an emphasis on first-lien 2, senior- debt 4 secured structures. T
Slide 25: Upside Potential from Equity Investments
PORTFOLIO Upside Potential from Equity Investments CUMULATIVE NET REALIZED CAPITAL GAINS FROM EQUITY INVESTMENTS SINCE IPO ($M) +50% $328M $400M $318 $328 $295 Appreciation of equity portfolio Cumulative realized net capital $300M $278 $244 (Fair value over cost as of gains from equity since IPO Jun
Slide 26: Financial Highlights
PORTFOLIO Financial Highlights $ in 000s, except per-share data Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 INCOME STATEMENT HIGHLIGHTS, PER SHARE Adjusted net investment income 1 $0.57 $0.50 $0.52 $0.62 $0.50 Net investment income $0.53 $0.49 $0.53 $0.65 $0.49 Net increase in net assets $0.72 $0.54 $0.50 $0.52 $
Slide 27: Diversified Liability Profile
PORTFOLIO Diversified Liability Profile FDUS maintains an attractive and diversified liability funding structure, anchored by a $225M SPV floating-rate syndicated credit facility (ING agent), unsecured fixed-rate notes, and 10-year fixed-rate SBIC debentures. DECEMBER 31, 2025 JUNE 30, 2026 SECURITY
Slide 28: Debt Maturity & Leverage Profile
PORTFOLIO Debt Maturity & Leverage Profile FDUS DEBT MATURITY SCHEDULE 1 DEBT OUTSTANDING & REGULATORY LEVERAGE 1,2 $ in millions $ in millions $318.7 $728.7 $646.4 $460.0 $470.0 $403.0 $357.0 $127.5 $117.0 0.6x 0.6x 0.5x 0.5x 0.4x 0.4x $60.5 $39.5 $32.0 $22.0 $11.5 $– $– $– '26 '27 '28 '29 '30 '31
Slide 29: Conclusion
IV Conclusion
Slide 30: Why Invest in FDUS?
CONCLUSION Why Invest in FDUS? Experience Track Record 1 Differentiation • 19-year track record of directly originated lending to • $1.4 billion 2 of private capital under management. • Customized, flexible debt financing with related the lower middle market. equity co-investments. • $4.0+ billion o
Slide 31: Appendices
V Appendices Investment portfolio, balance sheet, income statement, and reconciliation of adjusted net investment income.
Slide 32: Investment Portfolio — 1 of 4
APPENDIX Investment Portfolio — 1 of 4 As of June 30, 2026 · $ in 000s PORTFOLIO COMPANY COST FAIR VALUE 1 PORTFOLIO COMPANY COST FAIR VALUE 2KDirect, Inc. (dba iPromote) $9,238 $7,761 Axis Medical Technologies LLC (dba MoveMedical) $14,700 $14,907 IT Services (Tech Enabled Services) | FL-Debt, Equi
Slide 33: Investment Portfolio — 2 of 4
APPENDIX Investment Portfolio — 2 of 4 As of June 30, 2026 · $ in 000s PORTFOLIO COMPANY COST FAIR VALUE PORTFOLIO COMPANY COST FAIR VALUE CTM Group, Inc. (dba Venuplus, Inc.) $11,860 $11,343 Global Plasma Solutions, Inc. $350 $388 Business Services | Equity Component Manufacturing | FL-Debt, Equity
Slide 34: Investment Portfolio — 3 of 4
APPENDIX Investment Portfolio — 3 of 4 As of June 30, 2026 · $ in 000s PORTFOLIO COMPANY COST FAIR VALUE PORTFOLIO COMPANY COST FAIR VALUE KG Lawn Care, Inc. (dba King Green) $10,566 $10,564 Onsight Industries, LLC $9,270 $9,172 Consumer Services | FL-Debt, Equity Component Manufacturing | FL-Debt L
Slide 35: Investment Portfolio — 4 of 4
APPENDIX Investment Portfolio — 4 of 4 As of June 30, 2026 · $ in 000s PORTFOLIO COMPANY COST FAIR VALUE PORTFOLIO COMPANY COST FAIR VALUE R.F. Fager Company LLC $19,184 $19,541 UBEO, LLC $610 $2,089 Specialty Distribution | FL-Debt, Equity Business Services | Equity R1 Holdings, LLC (dba RoadOne In
Slide 36: Statements of Assets & Liabilities
APPENDIX Statements of Assets & Liabilities $ in 000s, except per-share data ($ in 000s, except per share data) Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Investments, at fair value Control Investments $ - $ - $ - $ - $ - Affiliate Investments 94,492 97,305 119,015 122,905 125,329 Non-control / Non-affiliate Inv
Slide 37: Statements of Operations
APPENDIX Statements of Operations $ in 000s, except per-share data Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Total Investment Income $39,970 $37,253 $42,153 $47,524 $43,502 Expenses: Interest Expense $7,769 $7,649 $9,423 $9,775 $10,957 Base Management Fee 5,106 5,253 5,651 5,913 6,230 Incentive Fee – Income 4,8
Slide 38: Reconciliation of Adjusted NII
APPENDIX Reconciliation of Adjusted NII The following are reconciliations of net investment income (NII) and NII per share computed in accordance with GAAP to Adjusted NII, a non-GAAP measure, and Adjusted NII per share, which exclude capital-gains incentive fee expense or (reversal) based on realiz
Slide 39: Corporate Data
APPENDIX Corporate Data Executive Officers Investment Committee Corporate Headquarters Research Coverage Edward H. Ross John H. Grigg 1603 Orrington Avenue B. Riley Securities Chairman & CEO Managing Director Suite 1005 Sean-Paul Adams Thomas C. Lauer Thomas C. Lauer Evanston, IL 60201 Clear Street
Slide 40: Notes & Sources
APPENDIX Notes & Sources PAGE 05 PAGE 07 1 Metrics as of June 30, 2026 unless otherwise noted. 1 Fidus's observations of typical lower- vs. traditional-middle-market transactions; subject to change. 2 The weighted average yield of our debt investments is not the same as a return on investment for ou
Slide 41: Notes & Sources (cont.)
APPENDIX Notes & Sources (cont.) PAGE 16 PAGE 18 1 Active externally managed, exchange-listed BDCs with an IPO in or before 2021. Includes: ARCC, BBDC, BCIC, 1 Year-end NAV per share. Total economic return: (ending NAV per share − beginning NAV per share + distributions BCSF, BXSL, CCAP, CGBD, CION,
Slide 42: Notes & Sources (cont. 2)
APPENDIX Notes & Sources (cont. 2) PAGE 24 PAGE 25 1 Metrics as of June 30, 2026. 1 Average equity ownership of 2.1% per company; long-term target of ~10% of invested capital allocated to equity. 2 First lien debt includes stand-alone first lien loans, “last out” first lien loans, or “unitranche” lo
Slide 43: Notes & Sources (cont. 3)
APPENDIX Notes & Sources (cont. 3) PAGE 27 PAGE 34 1 Fixed-rate share and blended rate calculated on total outstanding borrowings as of June 30, 2026. 1 Debt classified as First Lien (FL), Second Lien (SL), or Subordinated (SUB) per the Company's SEC filings. 2 Excludes secured borrowings. PAGE 35 P
Slide 44: Capital. Partnership. Expertise.
Capital. Partnership. Expertise. NASDAQ: FDUS | www.fdus.com | investorrelations@fdus.com Fidus Investment Corporation · Second Quarter 2026