Net Income (Loss) Per Share Attributable to Class A Common Stock

6 Months Ended

Jun. 30, 2026

Net Income (Loss) Per Share Attributable to Class A Common Stock

The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the period from May 20, 2026 to June 30, 2026 are presented below (in thousands, except number of shares and per share amounts):


Numerator: ($ in thousands)	Period from May 20, 2026 to June 30, 2026
Net income (loss) attributable to Lincoln International, Inc.	$	455
Net income impact due to:
IPO Equity Awards (a)	—
Options (b)	—
Exchange of LILP common units to Class A common stock (c)	—
Net income (loss) attributable to Lincoln International, Inc. - Diluted	$	455

Denominator:
Weighted average Class A shares issued and outstanding	34,846,972
IPO Liquidity shares (d)	1,433,927
Weighted average shares of Class A common stock - Basic	36,280,899
Dilutive effects of:
IPO Equity Awards (RSUs) (a)	620,312
Options (b)	3,115,966
Exchangeable LILP common units (c)	—
Weighted average shares of Class A common stock - Diluted	40,017,177

Earnings per share of Class A common stock - Basic	$	0.01
Earnings per share of Class A common stock - Diluted	$	0.01

(a)In connection with the IPO, the Company granted RSUs that vest over three to four years subject to continued employment. As awards with a service condition, they are excluded from basic EPS and included in diluted EPS under the treasury stock method, to the extent dilutive.

(b)The options are excluded from basic EPS and included in diluted EPS by applying the treasury stock method to determine incremental shares of Class A common stock under the if-converted method, to the extent dilutive.

(c)Holders of common units in LILP may exchange their units for shares of Class A common stock on a one-for-one basis. Because the common units are not mandatorily redeemable, they are excluded from basic EPS. For diluted EPS, the common units are evaluated under the if-converted method; the assumed exchange would eliminate the related noncontrolling interest and adjust the numerator for the resulting change in net income attributable to Lincoln International, Inc., net of the incremental corporate income tax. The exchange of LILP common units were not included in the calculation in this period as they are anti-dilutive.

(d)In connection with the IPO, the Company became obligated to issue shares of Class A common stock, the number and value of which became fixed upon effectiveness of the IPO. The awards are subject to forfeiture through issuance if the recipient is employed by a competitor. As these shares are only subject to a time-based service period, treated as contingently issuable and are included in both basic and diluted EPS.