Lincoln International (LCLN) investor relations material

Company overview and business model

• Global independent investment banking advisory firm focused on private capital markets, serving private equity, private credit investors, business owners, and executives across M&A, capital advisory, private funds advisory, and valuations.

• Operates through two main segments: Investment Banking Advisory (M&A, Capital Advisory, Private Funds Advisory, Other Services) and Valuations and Opinions (portfolio valuations, transaction opinions, disputes advisory).

• Significant international presence with 1,400 professionals, 161 managing directors, and over 30 offices in 14 countries as of December 31, 2025.

• Recent strategic acquisition of MarshBerry, expanding into financial services and insurance brokerage advisory.

Financial performance and metrics

• Pro forma client revenue grew from $191.9 million in 2015 to $843 million in 2025, a 16% CAGR.

• For the year ended December 31, 2025, pro forma earnings before income taxes were $219.9 million, with adjusted EBIT of $266.3 million and an adjusted operating income margin of 33.5%.

• Compensation ratio was 50.2% and non-compensation ratio was 23.3% for 2025.

• Completed 321 investment banking advisory transactions and 25,000+ portfolio company valuations in 2025.

• Cash and cash equivalents at year-end 2025 were $324.8 million.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to purchase newly issued common units from LILP, with LILP using proceeds to redeem units from certain partners, pay offering expenses, repay borrowings under credit facilities, and for general corporate purposes.

• No proceeds from shares sold by selling stockholders will go to the company.

• Prior to the IPO, a special cash dividend will be paid to LILP unit holders, funded by cash and borrowings.