Litigation Capital Management Ltd · LSE:LIT
Litigation Capital Management — H1 FY2026 Earnings Presentation
24 slides from Litigation Capital Management's earnings presentation, Mar 31, 2026
Slide 1: Half Year Results Presentation, Period Ended 31 December 2025
HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 LITIGATION CAPITAL MANAGEMENT LIMITED ACN 6 08 6 6 7 509 1
Slide 2: Presenters
PRESENTERS Patrick Moloney CHIEF EXECUTIVE OFFICER Patrick is a veteran of the disputes funding industry with over 20 years’ experience in the space. Patrick has been a Director of LCM since 2003 and the Chief Executive Officer of the group since December 2013 based out of LCM’s London Office. Patri
Slide 3: 01 // Overview
01// OVERVIEW HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 3
Slide 4: HY26 – Significant Challenges and Proactive Response
HY26 – SIGNIFICANT CHALLENGES AND PROACTIVE RESPONSE PERFORMANCE DRIVERS • Two large trial losses and an adverse costs order drove realised and fair value losses in the period • Recent outcomes diverge from LCM’s strong long-term track record (historically high win rates and MOIC) • Industry-wide ch
Slide 5: Strategic Review – Progress Update
STRATEGIC REVIEW – PROGRESS UPDATE PROGRESS TO DATE • Extensive Strategic Review process underway since September 2025, with active engagement involving industry players, potential strategic partners and investment firms • Process is taking time due to the need to balance a range of stakeholder inte
Slide 6: 02 // Financials
02// FINANCIALS HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 6
Slide 7: HY26 // Overall Portfolio Progress
HY26 // OVERALL PORTFOLIO PROGRESS 01 02 CONCLUDED INVESTMENTS ONGOING INVESTMENTS 46 ONGOING 4 INVESTMENTS INVESTMENTS AS OF 31 CONCLUDED IN THE PERIOD DECEMBER 2025 (1 WIN, 3 LOSSES) LCM FUN D I FUN D II 1 ADVERSE COST ORDER C O M M I T T E D A $ 2 4 6 M 1 A $ 1 0 3 M A $ 2 2 8 M EXCEEDING ATE C A
Slide 8: HY26 // Summary Profit & Loss (A$M)
HY26 // SUMMARY PROFIT & LOSS (A$M)* HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 * PERFORMANCE ATTRIBUTABLE TO LCM EXCLUSIVE OF THIRD PARTY INTERESTS 8
Slide 9: HY26 // Summary Balance Sheet (A$M)
HY26 // SUMMARY BALANCE SHEET (A$M)* * PERFORMANCE ATTRIBUTABLE TO LCM EXCLUSIVE OF THIRD PARTY INTERESTS HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 9
Slide 10: HY26 // Summary Cash Flow (A$M)
HY26 // SUMMARY CASH FLOW (A$M) HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 10
Slide 11: Concentration Risk at 31 December 2025
CONCENTRATION RISK AT 31 DECEMBER 2025 1 Successful post period end Currently under appeal following loss at trial 1 INCLUDES PAYMENT OF UNDERINSURED ADVERSE COST ORDER HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 11
Slide 12: 03 // Outlook
03// OUTLOOK HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 12
Slide 13: HY26 // Summary
HY26// SUMMARY • Proactive response to the significant challenges of the last 12 months • Secured support to date from lender • Strategic review approaching a conclusion. We will communicate outcomes to shareholders as soon as possible HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 13
Slide 14: 04 // Q&A
04// Q&A HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 14
Slide 15: 05 // Appendices
05// APPENDICES HALF YEAR RESULTS PRESENTATION PERIOD ENDED 31 DECEMBER 2025 15
Slide 16: Long-Term Track Record
LONG-TERM TRACK RECORD ADJUDICATED WINS (9) A$163.6M A$32.0M IS ATTRIBUTABLE TO REALISATIONS 5.1X MOIC ADJUDICATION WINS IN A A$416M WEIGHTED AVERAGE OF 40 MONTHS COMMITMENTS ADJUDICATED LOSSES TOTAL (12) A$0.1M RECOVERED A$101.9M IS ATTRIBUTABLE TO ADJUDICATION LOSSES IN A WEIGHTED AVERAGE OF 42 MO
Slide 17: Return Profile
RETURN PROFILE RETURNS GENERATED (A$M) 1 60.0 55.0 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 -20.0 -25.0 Profit generated Capital Invested -30.0 1 Presented in ascending value order, not chronological order based on 14.5 year track record 2 Investments where a loss has be
Slide 18: Current Portfolio of Direct Investments
CURRENT PORTFOLIO OF DIRECT INVESTMENTS BALANCES AS AT Portfolio by case type Portfolio by industry Portfolio by region 31 DECEMBER 2025 (estimated A$ capital sector (estimated A$ capital commitment)¹ (number of projects) commitment)¹ (A$ MILLIONS) 1%6% 1% 1% 2% 6 12 $39 MILLION 11% 34% 1 1 DIRECT 1
Slide 19: Highlights: LCM Global Alternatives Return Fund I
HIGHTLIGHTS LCM GLOBAL ALTERNATIVES RETURN FUND I BALANCES AS AT Portfolio by Case Type (estimated US$ capital Portfolio by Case Type Portfolio by geography (number of investments) 31 DECEMBER 2025 commitment) 2 (estimated US$ capital commitment) 2 (US$ MILLIONS) $150 MILLION 4 8% 3% E X T ERN AL AU
Slide 20: Highlights: LCM Global Alternatives Return Fund II
HIGHTLIGHTS LCM GLOBAL ALTERNATIVES RETURN FUND II Portfolio by case type Portfolio by case type BALANCES AS AT (estimated US$ capital (number of investments) Portfolio by geography (estimated US$ capital 31 DECEMBER 2025 commitment) 2 commitment) 2 (US$ MILLIONS) 14% 6%1% 22% 7 8 6% $189 MILLION 1
Slide 21: Committed and Invested Capital
COMMITTED AND INVESTED CAPITAL COMMITTED CAPITAL A$M INVESTED CAPITAL A$M 725 305 293 700 300 281 611 600 575 250 228 152 484 413 156 500 153 200 181 414 342 400 337 124 337 150 134 301 83 300 250 227 156 46 100 200 106 71 153 130 312 11 128 137 269 50 104 238 98 100 181 187 183 27 88 130 144 60 27
Slide 22: Highlights: Portfolio Maturity
HIGHTLIGHTS PORTFOLIO MATURITY A$M AS AT 31 DECEMBER 2025 PORTFOL I O BY CAPITA L COMMIT TE D & PORTFOL I O BY CAPITA L DEPLOYED & MATURIT Y 1 (A$M) MATURIT Y1 (A$M) AUM A$576M A$293M DEPLOYE D 2 / A$285M TO DEPLOY 15 84M 2M 9 107M 5 56M 58M 12M 23M 45M 32M 3M 6 7 4 29M 7M 8M 42M 65M 44M 73M 47M 30M
Slide 23: Important Notices and Disclaimer
IMPORTAN T NOTICES AND DISCLAIMER NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND DEPENDENCIES, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBL
Slide 24: Contact Information
CONTACT INFORMATION SY DNEY LE VE L 1 2, THE CHIFLE Y TOWE R 2 CHIFLE Y SQUARE , SYDNE Y NSW 20 0 0 T +61 2 80 98 1 3 90 LONDON BRIDG E HOUSE 1 81 QUE E N VICTORIA STRE E T LONDON E C4V 4E G T +44 20 3 955 5260 SI NGA PORE 1 MARINA BOULE VARD LE VE L 20 -43 SING APORE 0 1 8989 T +65 9858 7493 CAVEND
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