Slide 1: Burford Capital First Quarter 2026 Financial Results
Burford Capital First Quarter 2026 Financial Results May 8, 2026 This presentation is for the use of Burford’s public shareholders and is not an offering of any Burford private fund.
Slide 2: Notice and disclaimer
Notice and disclaimer This presentation (this “Presentation”) provides certain information to facilitate review and about or public perception of the legal finance industry or the Company; (xiv) valuation uncertainty understanding of the business, financial condition and results of operations of Bur
Slide 3: Notice and disclaimer (continued)
Notice and disclaimer (continued) Estimates and Assumptions. This Presentation includes certain unaudited financial and business methodologies other than in accordance with US GAAP, to supplement analysis and discussion projections, targets and goals with respect to the Company’s future outlook (col
Slide 4: Notice and disclaimer (continued)
Notice and disclaimer (continued) The Company makes no representation or warranty, express or implied, as to the fairness, . accuracy, reasonableness or completeness of the information contained in this Presentation, including information obtained from third parties. Unless otherwise specified, info
Slide 5: Burford Reports 1Q26 Financial Results
Burford Reports 1Q26 Financial Results “Burford has a multi-billion-dollar portfolio of litigation assets delivering substantial cash returns and the market- Conference Call leading origination engine. Burford’s business is robust. Burford will hold a conference call for investors and analysts at We
Slide 6: Financial Results: GAAP Consolidated
Consolidated (GAAP) $ in thousands 1Q26 1Q25 Financial Results: Revenues Capital provision income/(loss) (2,498,765) 131,516 GAAP Consolidated Net realized gains/(losses) Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) 32,170 67,619 (94,030) 2,520 tran
Slide 7: Business Update
Business Update NOTE: References throughout this Presentation to portfolio activity such as deployments and realizations refer to our Principal Finance segment, and all such portfolio activity metrics are shown either on a Burford-only or adjusted Burford-only basis, as applicable, unless otherwise
Slide 8: Key messages
Key messages 1 We will continue to pursue a recovery for claimants from the YPF-related assets and we believe these assets retain meaningful option value to Burford, but a substantial write-down following the appeal ruling is the dominant driver of 1Q26 results 2 Burford has a powerful core business
Slide 9: Summary update on YPF-related assets
Business Update Summary update on YPF-related assets Next steps in US Courts • En banc petition to be filed with Second Circuit Court of Appeals later today • If the en banc petition is denied, the plaintiffs will likely seek certiorari (leave to appeal) from the US Supreme Court • While we and many
Slide 10: Summary update on YPF-related assets
Business Update Summary update on YPF-related assets Impact on 1Q26 results Future financial statement impact & reporting • Burford has applied its valuation policy to the • Given the low probability of further review in the US courts, the denial of further review YPF-related assets in two respects:
Slide 11: Current Portfolio and Origination Engine
Business Update Burford has a powerful business model Current Origination Portfolio Engine 11
Slide 12: Burford's portfolio is large, growing and highly diversified
Business Update Burford’s portfolio is large, growing and highly diversified Pre-pandemic commitment vintages (2019 and prior) Breakout of active deployed cost (%) Principal Finance portfolio (ex-YPF related assets) As of March 31, 2026 237 individual active assets ($ in millions) account for 35% of
Slide 13: Strong track record over years of industry leadership
Business Update Strong track record over 17 years of industry leadership Principal Finance performance1 Concluded (fully and partially) assets from inception through March 31, 2026 Burford’s platform has scaled ($ in millions) from a modest initial equity Cumulative Realizations IRR ROIC raise to a
Slide 14: Portfolio cash flow growing despite unpredictable litigation durations
Business Update Portfolio cash flow growing despite unpredictable litigation durations • It is not yet clear if higher pre-trial settlement ROIC & settlement rate1 Cumulative realizations and loss rate2 rates in recent years are a product of the Principal Finance (excluding private fund interests) P
Slide 15: Modeled realizations for the existing portfolio were $5.2 billion
Business Update In February we shared that modeled realizations for the existing portfolio (ex-YPF) were $5.2 billion as of year-end Active portfolio (Principal Finance)1 as of December 31, 2025 2 Win Node $12.8 M O D E L E D AT F U L L C O N C L U S I O N Modeled Modeled Implied Realizations5 ROIC6
Slide 16: New business growth scales future earnings capacity
Business Update New business growth scales future earnings capacity Portfolio base Principal Finance – Deployed cost plus undrawn definitive commitments (ex-YPF related assets) as of year end ($ in millions) Each vintage of new business represents substantial future cash generation 17% Future cash 2
Slide 17: Current fair value marks imply significant upside
Business Update Current fair value marks imply significant upside relative to historical performance and modeled realizations Principal Finance portfolio (ex-YPF-related assets) • Current fair value reflects a 22% As of March 31, 2026 ($ in millions) mark-up on deployed cost, and that portfolio-leve
Slide 18: Leading origination platform anchored by in-house expertise
Business Update Burford has built a leading origination platform anchored by in-house expertise and new business is accelerating New definitive commitments In-house underwriting team Principal Finance ($ in millions) • 50+ lawyers1 • Quant/data science professionals Proprietary data 39% 872 • 16+ ye
Slide 19: Accelerating legal costs enhance market need for Burford's capital
Business Update Accelerating legal costs are only enhancing the market need for Burford’s capital • The annual AmLaw rankings show a relentless trend of rising revenue and profits among the largest global law firms, reinforcing the upward trajectory of legal fees well above the level of inflation •
Slide 20: Operations funded by diversified cash flows, no dependence on YPF
Business Update Our business operations are funded by highly diversified cash flows with no dependence on the YPF-related assets Cumulative Realizations Annual cash receipts vs cash operating costs1 • Strong liquidity position with $740 Principal Finance - Concluded (fully and partially) assets from
Slide 21: Current leverage is manageable and we intend to de-lever
Business Update Current leverage is manageable and we intend to de-lever over time while continuing to pursue growth • Our prior leverage threshold of 1.25x reflected the fact that 40+% of our assets were concentrated in one single, high-risk matter, the YPF-related assets • With a more diversified
Slide 22: What are the capital allocation priorities looking forward?
Business Update What are the capital allocation priorities looking forward? • Continue to scale the portfolio through funding of existing commitments and underwriting attractive new business – We can reduce leverage ratios through both numerator (debt paydown) and denominator (equity growth) – Growt
Slide 23: 2025 Investor Day targets excluded YPF-related assets
Business Update Our 2025 Investor Day targets notably excluded the YPF-related assets…and our growth ambitions remain the same Portfolio base • Our goal to double the portfolio Principal Finance – Deployed cost plus undrawn definitive commitments (ex-YPF related assets) as of year end ($ in millions
Slide 24: 1Q26 Results
1026 Results Burford
Slide 25: Key Messages on 1Q26 Results
Key Messages on 1Q26 Results 1 1Q26 financial results overwhelmingly impacted by the YPF Judgment Reversal 2 New definitive commitments of $133 million are ~25% greater than the average of the last two first quarters 3 Deployments of $108 million consistent with our quarterly average over the last t
Slide 26: Financial Metrics Summary
Financial Metrics Summary $ in millions except per share data and as otherwise noted 1Q26 1Q25 Mar 31, 2026 Dec 31, 2025 Capital provision income/(loss) (1,669) 91 Shareholders’ equity 828 2,448 Net realized gains 28 35 Book value per ordinary share 3.78 11.18 Financial Balance Asset management inco
Slide 27: Total Segments
Total Segments Burford
Slide 28: Financial Results: Total Segments (Burford-only)
Total Segments (Burford-only) Financial Results: $ in thousands 1Q26 1Q25 Revenues Total Segments Capital provision income/(loss) (1,669,083) 90,950 (Burford-only) Net realized gains/(losses) 28,394 34,584 Fair value adjustment during the period, net of previously recognized unrealized (1,698,073) 5
Slide 29: Segments: Principal Finance
Segments: Principal Finance
Slide 30: Principal Finance Segment Results
Principal Finance Segment Segment Results Principal Finance Segment $ in thousands 1Q26 1Q25 Revenues Capital provision income/(loss) (1,669,083) 90,950 Net realized gains/(losses) 28,394 34,584 Fair value adjustment during the period, net of previously recognized unrealized (1,698,073) 50,765 gains
Slide 31: Portfolio Snapshot
Principal Finance Segment Portfolio Snapshot Portfolio by fair value and undrawn commitments Portfolio exposure Capital provision assets as of period end Deployed cost of capital provision assets (ex YPF-related assets) as of March 31, 2026 ($ in millions) ($ in millions) Asia/Other 5,696 5,204 Glob
Slide 32: Capital Provision Income and Fair Value Bridge
Principal Finance Segment Capital Provision Income and Fair Value Bridge ($ in millions) 1Q26 1Q25 Net realized gains/(losses) 28,394 34,584 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) (97,479) 14,214 transferred to realized gains/(losses), ex YPF-
Slide 33: New Business
Principal Finance Segment New definitive commitments by risk band New Business ($ in millions) 361 38 247 235 22 • Definitive undrawn commitments 32 203 217 were $1.1 billion as of March 31, 94 158 99 133 2026, relatively flat as compared 121 68 119 36 38 188 33 to December 31, 2025, with $133 55 43
Slide 34: Portfolio Realizations and Realized Gains
Principal Finance Segment Realizations Portfolio Realizations ($ in millions) and Realized Gains 253 denotes realizations related to interests in private funds and post-settlement assets 244 • Realizations were $97 million in 1Q26, compared to $163 million in 168 1Q25, due largely to the 157 163 165
Slide 35: Historical Track Record: Fully and Partially Concluded Assets
Principal Finance Segment Historical Track Record ― Fully and Partially Concluded Assets • Burford has generated consistently high returns on more than $3.8 billion of realizations since inception in 2009 through March 31, 2026 • Cumulative ROIC and IRR on realizations are 82% and 25%, respectively,
Slide 36: Asset ROIC Distribution: Asymmetric Returns
Principal Finance Segment Concluded (fully and partially) assets arrayed by ROIC Asset ROIC From inception through March 31, 2026 ($ in millions) Distribution ― 0% or less ROIC 0 to 99% ROIC 100 to 199% ROIC Greater than 200% ROIC Total Asymmetric Returns Realized Realized Realized Realized Realized
Slide 37: Segments: Asset Management and Other Services
Segments: Asset Management and Other Services
Slide 38: Asset Management and Other Services Segment Results
Asset Management and Other Services Segment Segment Results Asset Management and Other Services Segment $ in thousands 1Q26 1Q25 Revenues Asset management income/(loss) 5,282 13,837 Other income/(loss) (200) (186) Total revenues 5,082 13,651 Operating expenses Compensation and benefits 6,677 5,252 G
Slide 39: Asset Management Income and Portfolio
Asset Management and Other Services Segment Asset Management Asset management income ($ in millions) Cash receipts from asset management ($ in millions) Income and Portfolio 13.8 7.1 • Asset management income of $5 7.9 million in 1Q26, compared to $14 million in 1Q25, with the decrease due 5.3 to lo
Slide 40: Liquidity and Capital Management
Liquidity and Capital Management
Slide 41: Liquidity Bridge and Cash Receipts
1Q26 cash bridge Burford-only Liquidity Bridge ($ in millions) and Cash Receipts 221 A. Cash and marketable securities as of December 31, 2025 80 4 B. Cash receipts 90 848 108 C. Proceeds from debt issuance net of interest expense, • Cash and marketable securities were 740 issuance costs and redempt
Slide 42: Operating Expenses
Operating Expenses Operating expense detail Total Segments (Burford-only) ($ in millions) • Operating expenses of $(88) million in $ in thousands 1Q26 1Q25 1Q26 compared to $40 million in 1Q25 • Long-term incentive compensation Compensation and benefits accruals were $(130) million in 1Q26, compared
Slide 43: Debt Structure and Ratios
Maturity of debt outstanding Debt Structure and ($ in millions) As of period end 675 Ratios 500 500 400 360 • Debt payable of $2,402 million as of March 31, 2026, up from $2,128 million as of December 31, 2025, driven by our issuance of $500 million of 8.50% Senior Notes due 2034, offset by the earl
Slide 44: Consolidated Financial Statement Reconciliations
Consolidated Financial Statement Reconciliations
Slide 45: Statement of Operations - Three Months Ended March 31, 2026 and 2025
Statement of Operations - Three Months Ended March 31, 2026 and 2025 Three months ended March 31, 2026 Three months ended March 31, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenues Capital
Slide 46: Statement of Financial Condition as of March 31, 2026 and December 31, 2025
Statement of Financial Condition as of March 31, 2026 and December 31, 2025 March 31, 2026 December 31, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Assets Cash and cash equivalents $ 702,576 $
Slide 47: Appendix
Appendix Burford
Slide 48: YPF-related assets: Next steps in US courts
YPF-related assets: Next steps in US courts • En banc petition to be filed by Friday, May 8 – En banc is a request that all 13 of the active judges on the Second Circuit hear the case instead of just having it decided by a three-judge panel – En banc consideration is “not favored” under the rules an
Slide 49: YPF-related assets: International arbitration
YPF-related assets: International arbitration • The plaintiffs have provided notice to Argentina of their intention to bring claims under the Spain/Argentina bilateral investment treaty (as to Petersen) and under the US/Argentina bilateral investment treaty (as to Eton Park) • While there is the pot
Slide 50: YPF-related assets: International arbitration (continued)
YPF-related assets: International arbitration (continued) • The cost of these investor-state arbitration proceedings is difficult to estimate at the outset given the number of variables involved (for example, whether the tribunals will re-use disclosure and expert material from the US case or requir
Slide 51: Other Reconciliations
Other Reconciliations Burford
Slide 52: Cash Receipts
Cash Receipts Three months ended ($ in thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Consolidated proceeds from capital provision assets $ 86,349 $ 133,426 $ 159,138 $ 76,758 $ 371,054 $ 222,444 $ 395,943 $ 125,344 $ 247,561 Less: Third-party interests (5,530) (4
Slide 53: Cash Operating Costs
Cash Operating Costs Years ended December 31, 2025 Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated total operating expenses $ 181,249 $ (7,690) $ 173,559 Less: non-cash operating expenses: Share-based and deferred compensation (13,841) — (13,841) Case-r
Slide 54: Principal Finance Deployments
Principal Finance Deployments Three months ended Adjusted (Burford-only) Third-party Total segments Adjusted Less: private funds less: private funds ($ in thousands) Consolidated interests (Burford-only) Adjustments (Burford-only) & post-settlement & post-settlement March 31, 2026 $ 139,947 $ (26,79
Slide 55: Principal Finance Realizations
Principal Finance Realizations Three months ended Adjusted (Burford-only) Third-party Total segments Adjusted Less: private funds less: private funds ($ in thousands) Consolidated interests (Burford-only) Adjustments (Burford-only) & post-settlement & post-settlement March 31, 2026 $ 101,309 (5,530)
Slide 56: Principal Finance Realizations (cumulative)
Principal Finance Realizations (cumulative) Reconciliation of cumulative realizations from concluded or partially concluded assets since inception - consolidated to Burford-only Third-party Total segments Total segments ($ in thousands) Consolidated interests (Burford-only) Less: YPF-related assets
Slide 57: Net Realized Gains/(Losses)
Net Realized Gains/(Losses) For the three months ended Principal Excluding ($ in thousands) Finance Less: private funds private funds March 31, 2026 $ 28,394 $ — $ 28,394 December 31, 2025 64,629 (1,601) 63,028 September 30, 2025 31,939 (136) 31,803 June 30, 2025 26,592 (1,553) 25,039 March 31, 2025
Slide 58: Tangible Book Value per Ordinary Share
Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share ($ in thousands, except share data) March 31, 2026 December 31, 2025 Total Burford Capital Limited equity $ 827,926 $ 2,448,022 Less: Goodwill (134,000) (134,020) Tangible book value attributable to Burford Capital Limite
Slide 59: YPF-Related Income
YPF-Related Income Capital provision income, excluding YPF-related assets reconciliation Three months ended March 31, 2026 Three months ended March 31, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-on
Slide 60: YPF-Related Fair Value
YPF-Related Fair Value YPF fair value - reconciliation of consolidated to Burford-only March 31, 2026 December 31, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Capital provision assets $ 3,120,
Slide 61: Asset Management Income
Asset Management Income Three months ended March 31, 2026 Three months ended March 31, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Management fee income $ 284 $ — $ 284 $ 1,538 $ — $ 1,538 Per
Slide 62: Undrawn Commitments
Undrawn Commitments March 31, 2026 December 31, 2022 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) ($ in thousands) Consolidated Interests (Burford-only) Definitive $ 1,264,107 $ (154,625) $ 1,109,482 Definitive $ 817,186 $ (225,446) $ 5
Slide 63: Capital Provision Income
Capital Provision Income Three months ended March 31, 2026 Three months ended March 31, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Net realized gains/(losses) $ 32,170 $ (3,776) $ 28,394 $ 67
Slide 64: Glossary
Glossary Advantage Fund Burford Advantage Master Fund LP, a private fund focused on pre-settlement litigation strategies where litigation risk remains, but where the overall risk return profile is generally lower than assets financed directly by our balance sheet. Investors in the Advantage Fund inc
Slide 65: Glossary (continued)
Glossary (continued) Deployed cost Deployed cost is the amount of financing we have provided for an asset at the applicable point in time. For purposes of calculating returns, we must consider how to allocate the costs associated with an asset in the event of a partial conclusion. Our approach to co
Slide 66: Glossary (continued)
Glossary (continued) Total segments Refers to the sum of our two reportable segments, (i) Principal Finance and (ii) Asset Management and Other Services, and is presented on a Burford-only basis. Unrealized gain or loss Represents the fair value of our legal finance assets over or under their deploy
Slide 67: Burford
|Burtord