Houlihan Lokey: CEO and CFO Takeaways from DB FIG Conference

Research evidence excerpt

Houlihan Lokey: CEO and CFO Takeaways from DB FIG Conference

Deutsche Bank

Research

Rating Company Date

Hold Houlihan Lokey 28 May 2026

North America Reuters Bloomberg Rating Hold

United States HLI.N HLI US Price target (USD) 155.00 Price at 27 May 26 147.19

52-week range 209.19 – 138.89

Financial

Banks Valuation & Risks

CEO and CFO Takeaways from DB FIG

Conference NathanResearchSteinAnalyst

+1-212-250-3462

On Wednesday May 27th, we hosted several meetings with HLI’s CEO (Scott

Adelson) and CFO (Lindsey Alley) as part of our 16th Annual Global Financial

Services Conference. Below we highlight key takeaways for each of HLI’s three

business lines Corporate Finance (67% of FY26 revenues), Financial

Restructuring (20%), and Financial Valuation and Advisory (13%).

Corporate Finance (CF)

Large cap/strategic deals remain robust as these entities have resources to

execute, are less sensitive to geopolitical disruptions, and generally have more

support in the current administration. Elevated public equity markets are also

contributing to large-cap M&A activity/confidence. On the other hand, midcap

M&A has improved but continues to see roadblocks (e.g., war in the Middle East

and concerns surrounding both software and private credit).

• Mgmt acknowledged that, while software disruption hurt HLI in 4Q26

(and could again in 1Q27 as previously messaged), long term it will

eventually lead to both increased consolidation and restructuring

opportunities that benefit HLI.

o Mgmt discussed the disruption to retail during the ecommerce

boom as a proxy and noted the initial challenges to businesses

eventually led to both consolidation and restructuring

opportunities that were positive to investment banks.

• HLI’s M&A advisory business consists of 50% sponsors, 20% public