Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — H1 FY2026 Earnings Presentation
26 slides from Bailador Technology Investments's earnings presentation, Feb 10, 2026
Slide 1: HY26 Results Presentation
For personal use only HY26 Results Presentation Tuesday, 10 February 2026 Bailador Technology Investments Limited | ASX: BTI
Slide 2: Access to high-growth expansion-stage technology companies
For personal use only Bailador provides investors with access to high-growth expansion-stage technology companies at attractive valuations. 2
Slide 3: Contents
Contents For personal use only Page 4 HY26 Portfolio Performance Page 15 HY26 Summary Financials Page 17 Appendix This presentation was authorised for release to the ASX by Helen Foley, Company Secretary and Chief Financial Officer, on 10 February 2026. 3
Slide 4: Executive Summary
Executive Summary 3.9c per share 8.9% 24.8c per share For personal use only Interim Dividend Declared1 Grossed-Up Dividend yield2 Cash Dividends over last 3 years3 (HY25; 3.7c) (HY25; 8.0%) $1.76 per share 9.5% $32.2m Post-tax NTA4 HY26 Portfolio Gain5 Profit Before Tax (HY25; $1.67) (HY25; 7.2%) (H
Slide 5: Performance highlights for HY26
Performance highlights for HY26 Post-tax NTA per share up 9.5% for the half-year to $1.76 • Return net of all costs including performance fees and taxes For personal use only • Includes post-tax NTA per share growth and dividends paid during period Interim dividend of 3.9 cents per share (fully-fran
Slide 6: Portfolio gain 9.5% in HY26, after all fees and taxes
Portfolio gain1 9.5% in HY26, after all fees and taxes $1.90 Listed Fund For personal use only NTA per share $1.85 portfolio operations before capital movements $1.80 $1.80 Dividends Dec-2025 NTA per share $1.76 $1.75 Private portfolio $1.70 Jun-2025 NTA per share $1.65 $1.64 $1.60 $1.55 $1.50 NTA p
Slide 7: Our business model is designed to generate premium returns
Our business model is designed to generate premium returns For personal use only Investing Growing Realising ・ $1m deployed in HY26 ・ $42m total gain on ・ $28m realised in HY26 investments in HY26 ・ 42% combined revenue growth rate1 Driving shareholder returns 1Based on unaudited revenue over the 12
Slide 8: Growth in Bailador's private investments is strong
Investing Growing Realising Growth in Bailador’s private investments is strong For personal use only $673m 42% ~65% ~85% portfolio company portfolio company gross margin2 recurring revenue2 revenue1 revenue growth2 Note: 1Based on unaudited revenue over the 12 months to 31 December 2025 for the unde
Slide 9: Gains across the Bailador portfolio continue
Investing Growing Realising Gains across the Bailador portfolio continue HY26 Private Portfolio movements For personal use only ↑ $7.6m ↑ 21% Review Jun-26 - Review Jun-26 - Review May-26 - ↑ $5.7m ↑ 46% $1m follow-on - ↑ $2.0m ↑ 18% - - - - HY26 Public Portfolio movements ↑26.5 ↑44% ($0.5m) (13%) 9
Slide 10: Track record of full and partial cash realisations
Bailador has a track record of Investing Growing Realising full and partial cash realisations • Bailador sold $25m of its position in SiteMinder in Sep-25 at 63% above the June-25 share price • Bailador has delivered 14 full and partial cash realisations, all above carrying value For personal use on
Slide 11: Bailador holds its private investments at conservative valuations
Bailador holds its private investments Investing Growing Realising at conservative valuations 14 cash realisations (full and partial) Uplift over cost via internal reviews vs third For personal use only party transactions → All 14 realisations above carrying value $500m 68% → These delivered a combi
Slide 12: Returns are delivered by capital gains and fully franked dividends
Returns are delivered by capital gains Driving shareholder returns and fully franked dividends For personal use only $229k (+129%) Share Price + Dividends + Franking Credits $213k (+113%) Share Price + Dividends 1yr 3yr 5yr $171k (+71%) Share Price Growth Shareholder Return p.a. 6.7% 5.8% 6.0% Share
Slide 13: Returns are delivered by capital gains and fully franked dividends
Returns are delivered by capital gains Driving shareholder returns and fully franked dividends Capital returns enhanced by fully franked dividends For personal use only Dividend policy → 8.9% Grossed up Yield1 • Ongoing commitment • Paid half-yearly • Fully franked • Dividend reinvestment plan in op
Slide 14: Portfolio metrics compare well to the Bessemer Index
The Bailador portfolio metrics compare well to the Driving shareholder returns respected Bessemer Index – available at a much more conservative valuation Bailador portfolio Rule of X (Rev 2x) Bailador portfolio valuation is inexpensive For personal use only compares well to the Bessemer Index compar
Slide 15: Summary profit and loss
Driving shareholder returns Summary profit and loss HY26 HY25 $000 $000 For personal use only Change in value of portfolio assets Strong performance across public and private portfolio 42,365 32,819 Interest income 316 1,004 Total investment growth 42,681 33,823 Management fee (2,587) (2,402) 1.75%
Slide 16: Summary Financial Position
Driving shareholder returns Summary Financial Position HY26 FY25 Movement $000 $000 For personal use only $28m realisations, ($4m) FY25 final dividend, ($7.4m) FY25 Cash 27,653 14,922 12,731 income tax and performance fee Marketable securities 65,398 64,327 1,071 $25m partial realisation of SiteMind
Slide 17: Appendix
Appendix For personal use only Page 19 Bailador Co-Founder profiles Page 20 Portfolio company profiles Page 24 Recent Results Page 25 Disclaimer 17
Slide 18: Actively managed by an experienced team
For personal use only Bailador is actively managed by an experienced team with a strong track record and demonstrated sector experience. 18
Slide 19: Bailador Co-Founder profiles
Bailador Co-Founder profiles For personal use only David Kirk Paul Wilson Co-Founder & Managing Partner Co-Founder & Managing Partner • Former CEO of Fairfax Media (led the acquisition of Trade • Former Director of CHAMP Private Equity, and previously Me and Stayz.com) MetLife (London and New York)
Slide 20: Portfolio company profiles
Portfolio company profiles SiteMinder Updoc DASH For personal use only Travel & Accommodation Digital Healthcare Wealth Management Sector ✓ Large addressable market ~1m hotels worldwide ✓ Large and growing market with attractive ✓ Operates in the massive investment platform thematic structural tailw
Slide 21: Portfolio company profiles
Portfolio company profiles Access Telehealth Expedition Software PropHero For personal use only Digital Healthcare Travel & Experiences Property Investment Sector ✓ COVID-19 has moved telehealth into the ✓ International travel operating above pre- ✓ Large addressable market with millions of annual t
Slide 22: Portfolio company profiles
Portfolio company profiles Rosterfy Hapana MOSH For personal use only Volunteer Management Fitness Studio Management Digital Healthcare Sector ✓ Large market with over 2m charitable ✓ Large addressable market with over 200,000 ✓ Emerging market with huge potential thematic organisations and 95m volu
Slide 23: Portfolio company profiles
Portfolio company profiles Straker Nosto For personal use only Language Translation E-commerce Sector ✓ Increasing demand from enterprises for platform ✓ Large and growing e-commerce sector thematic capable of facilitating full suite of translation ✓ Increasing demand for personalised, authentic nee
Slide 24: Recent results
Recent results For personal use only Annual Report 2025 FY25 Results Release Released 14 August 2025 Released 14 August 2025 December 2025 Shareholder Update Valuation uplifts December 2025 Released 9 January 2025 Released 18 December 2025 Subscribe for Bailador updates www.bailador.com.au/investor-
Slide 25: Disclaimer
Disclaimer This presentation is confidential and may not be reproduced in whole or in part, or distributed except by Bailador Technology Investments Ltd For personal use only (“Bailador”) or by authorised representatives of Bailador (“Affiliates”). This presentation does not contain a complete descr
Slide 26: For personal use only
For personal use only www.bailador.com.au investorservices@bailador.com.au +61 2 9223 2344 Bailador Technology Investments Limited | ASX: BTI
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