27 slides from Litigation Capital Management's earnings presentation, Oct 1, 2025
Slide 1: Full Year Results Presentation, Year Ended 30 June 2025
FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 L ITIGATION CAPITAL MANAGEMENT L IMITED ACN 608 667 509 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 FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 3
Slide 4: Acknowledging Our Challenges: Unprecedented Setbacks in FY25
ACKNOWLEDGING OUR CHALLENGES UNPRECEDENTED SETBACKS IN FY25 • RECORDED 6 WINS VS. 6 LOSSES; 3 FURTHER TRIAL LOSSES UNDER APPEAL • TERMINATED GLADSTONE CLASS ACTION (ORIGINATED IN 2018) POST PERIOD END DUE TO INSUFFICIENT EXPERT EVIDENCE • ADVERSE OUTCOMES IN HIGH-CAPITAL INVESTMENT CASES FELL SHORT
Slide 5: Acknowledging Our Challenges: Lessons Learned
ACKNOWLEDGING OUR CHALLENGES LESSONS LEARNED • ACT SOONER ON CHALLENGED INVESTMENTS TO AVOID ESCALATING COMMITMENTS • IMPORTANCE OF MANAGING CONCENTRATION RISK THROUGH BALANCED INVESTMENT SIZING • ENHANCED SCRUTINY OF EXPERT EVIDENCE (VALUATION OF CASE DAMAGES) FULL YEAR RESULTS PRESENTATION YEAR EN
Slide 6: The Path Forward
THE PATH FORWARD RESTORING ACTIVE STRATEGIC AND FINANCIAL OPERATIONAL EFFICIENCY OUR FOCUS GOING INVESTMENT REPOSITIONING FORWARD MANAGEMENT • REDUCED OPERATING • ENGAGED LUMINIS EXPENSES BY 50%, • DEDICATED TO • CEO REFOCUSING ON PARTNERS TO EXPLORE WITH SCOPE FOR RESTORING HANDS-ON PORTFOLIO STRAT
Slide 7: Long-Term Track Record
LONG-TERM TRACK RECORD ADJUDICATED WINS (9) A$163.6M 5.1X MOIC A$32.0M IS ATTRIBUTABLE TO REALISATIONS ADJUDICATION WINS IN A WEIGHTED A$347M AVERAGE OF 40 MONTHS COMMITMENTS ADJUDICATED LOSSES (11) TOTAL A$0.1M A$82.50M IS ATTRIBUTABLE TO RECOVERED ADJUDICATION LOSSES IN A WEIGHTED AVERAGE OF 43 MO
Slide 8: 02// Financials
02// FINANCIALS FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 8
Slide 9: FY25 // Overall Portfolio Progress
FY25 // OVERALL PORTFOLIO PROGRESS 01 02 03 CONCLUDED INVESTMENTS NEW INVESTMENTS ONGOING INVESTMENTS 531 APPLICATIONS FOR 53 ONGOING 12 INVESTMENTS FUNDING IN THE PERIOD INVESTMENTS AS OF 30 CONCLUDED IN THE (505 FY 24) JUNE 2025 PERIOD (6 WINS, 6 LOSSES) GENERATING TOTAL NEW LCM FUN D I FUN D II A
Slide 10: FY25 // Summary Profit & Loss (A$M)
FY25 // SUMMARY PROFIT & LOSS (A$M)* FY 2025 FY 2024 CONCLUDED INVESTMENTS - PROCEEDS ON LCM CAPITAL 36.5 34.1 CONCLUDED INVESTMENTS - PERFORMANCE FEES ON 3P CAPITAL 13.2 12.7 CONCLUDED INVESTMENTS - LCM CAPITAL INVESTED ("COST") (27.5) (23.8) NET REALISED GAINS FROM CONCLUDED INVESTMENTS 22.2 23.0
Slide 11: FY25 // Summary Balance Sheet (A$M)
FY25 // SUMMARY BALANCE SHEET (A$M) FY 2025 FY 2024 CASH 8.9 53.0 DEBTORS 30.6 15.0 INVESTMENTS AT FAIR VALUE 124.8 202.9 INVESTMENTS AT COST 48.0 42.1 OTHER ASSETS 1.7 1.5 TOTAL ASSETS 214.0 314.4 BORROWINGS (77.7) (61.9) DEFERRED TAX LIABILITY AND TAX PAYABLE (15.3) (44.5) OTHER CREDITORS (6.6) (1
Slide 12: FY25 // Summary Cash Flow (A$M)
FY25 // SUMMARY CASH FLOW (A$M) FY 2025 FY 2024 OPENING CASH 53.0 83.0 CASH GENERATED FROM CONCLUDED INVESTMENTS 33.6 56.7 CASH INVESTED INTO ONGOING CASES (CASE FUNDING) (59.8) (39.7) OPERATING EXPENSES (16.0) (17.0) NET FINANCE COSTS PAID (6.5) (9.0) DIVIDEND AND SHARE BUYBACK (8.0) (10.4) DEBT DR
Slide 13: Concentration Risk at 30 June 2025
CONCENTRATION RISK AT 30 JUNE 2025 currently under appeal lost post period end FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 13
Slide 14: Committed and Invested Capital
COMMITTED AND INVESTED CAPITAL NEW COMMITMENTS A$M COMMITTED CAPITAL A$M INVESTED CAPITAL A$M 725 305 300 279 700 300 281 611 250 600 250 228 484 413 152 128 500 200 176 414 200 181 153 342 147 400 337 124 150 301 150 134 110 300 83 98 104 116 250 227 156 46 100 104 79 100 60 200 106 71 151 130 312
Slide 15: 03// Outlook
03// OUTLOOK FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 15
Slide 16: FY25// Looking Forward
FY25// LOOKING FORWARD 01 Refocused on hands-on active investment management. 02 Strategic options benchmarked against run-off. 03 Positive interactions with lender. 04 Dedicated to restoring shareholder value. FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 16
Slide 17: 04// Q&A
04// Q&A FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 17
Slide 18: 05// Appendices
05// APPENDICES FULL YEAR RESULTS PRESENTATION YEAR ENDED 30 JUNE 2025 18
Slide 19: Dual Sources of Capital, Dual Sources of Revenue
DUAL SOURCES OF CAPITAL, DUAL SOURCES OF REVENUE 2X FUNDS BALANCE SHEET CAPITAL DIRECT INVESTMENTS THIRD PARTY CAPITAL A$148M INVESTED BALANCE SHEET CAPITAL A$269M COMMITTED BALANCE SHEET CAPITAL FUNDS MANAGEMENT A$153M INVESTED THIRD PARTY CAPITAL A$342M COMMITTED THIRD PARTY CAPITAL REVENUE Our in
Slide 20: Return Profile
RETURN PROFILE RETURNS GENERATED (A$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 Profit generated Capital Invested -15.0 1 // Presented in ascending value order, not chronological order based on 14 year track record 2 // Investments where a loss has been made has be
Slide 21: Three Year Running Performance
THREE YEAR RUNNING PERFORMANCE 1 360.00% 47.50 3.31 3.09 300.00% 2.86 42 42.00 2.66 41 2.49 2.44 2.39 240.00% 37 36.50 1.87 180.00% 33 32 31 31 31.00 28 120.00% 82.6% 71.1% 76.2% 65.6% 65.1% 63.8% 59.1% 25.50 60.00% 44.3% 0.00% 20.00 FY16-18 FY17-19 FY18-20 FY19-21 FY20-22 FY21-23 FY 22-24 FY 23-25
Slide 22: Current Portfolio of Direct Investments
CURRENT PORTFOLIO OF DIRECT INVESTMENTS BALANCES AS AT Portfolio by case type Portfolio by industry Portfolio by region 30 JUNE 2025 (estimated A$ capital sector (estimated A$ capital commitment)¹ (number of projects) commitment)¹ (A$ MILLIONS) 7% 1% 1% 8 2% $71 MILLION 2% 14 DIRECT 100% 10% 37% 2 1
Slide 23: Highlights: LCM Global Alternatives Return Fund I
HIGHTLIGHTS LCM GLOBAL ALTERNATIVES RETURN FUND I BALANCES AS AT Portfolio by Case Type (estimated US$ capital Portfolio by Case Type Portfolio by geography (number of investments) 30 JUNE 2025 commitment) 2 (estimated US$ capital commitment) 2 (US$ MILLIONS) $150 MILLION 4 8% 3% E X T E RN A L A UM
Slide 24: Highlights: LCM Global Alternatives Return Fund II
HIGHTLIGHTS LCM GLOBAL ALTERNATIVES RETURN FUND II Portfolio by case type Portfolio by case type BALANCES AS AT (estimated US$ capital (number of investments) Portfolio by geography (estimated US$ capital 30 JUNE 2025 commitment) 2 commitment) 2 (US$ MILLIONS) 11% 6%1% 5 7% 4% 23% 9 $189 MILLION 3 1
Slide 25: Highlights: Portfolio Maturity
HIGHTLIGHTS PORTFOLIO MATURITY A$M AS AT 30 JUNE 2025 PORTFOLIO BY CAPITAL COMMITTE D & MATURITY 1 PORTFOLIO BY CAPITAL DEPLOYE D & MATURITY 1 (A$M) (A$M) AUM A$611M A$312M DEPLOYE D 2 / A$299M TO DEPLOY 5780 98M 47M 76M 51M 3730 22M 67M 32M 58M 3M 29M 63M 94M 13M 26M 97M 42M 69M 61M 26M 6M 5M 24M 3
Slide 26: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIME R 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 27: Contact Information
CONTACT INFORMATION SYDN E Y LE VE L 12, THE CHIFLE Y TOWE R 2 CHIFLE Y SQUARE , SYDN E Y N SW 2000 T +61 2 8098 1390 LON DON BRIDGE HOUSE 181 QUE E N VICTORIA STRE E T LON DON E C4V 4E G T +44 203 955 5260 SIN GAPORE 1 MARIN A BOULE VARD LE VE L 20-43 SIN GAPORE 018989 T +65 9858 7493 CAVENDISH | 0