Burford Capital Limited · LSE:BUR
Burford Capital — Q2 2026 Earnings Presentation
53 slides from Burford Capital's earnings presentation, Aug 6, 2026
Slide 1: Burford Capital Second Quarter 2026 Financial Results
Burford Capital Second Quarter 2026 Financial Results August 6, 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 2Q26 Financial Results
Burford Reports 2Q26 Financial Results Conference Call Burford will hold a conference call for investors and analysts at “Burford generated more cash this quarter than any since 9.00am EDT / 2.00pm BST on Thursday, August 6, 2026. The dial-in the first quarter of 2025, and July saw strong momentum i
Slide 6: Financial Results: GAAP Consolidated
Consolidated (GAAP) $ in thousands YTD26 YTD25 2Q26 2Q25 Financial Results: Revenues Capital provision income/(loss) (2,397,286) 355,680 101,479 224,164 GAAP Consolidated Net realized gains/(losses) 97,825 107,915 65,655 40,296 Fair value adjustment during the period, net of previously recognized un
Slide 7: Key Messages
Key Messages Burford
Slide 8: Key Messages: 2Q26 results reflect steady cash generation
Key Messages ➢ 2Q26 results reflect steady cash generation alongside modest portfolio $5.7 billion Group-wide portfolio activity (as of June 30, 2026) • Cash receipts of $157 million in 2Q26 were the highest quarterly result since 1Q25, up 75% from 1Q26 and more than 3x the amount received in 2Q25 •
Slide 9: Selected portfolio developments in July 2026
Key Messages Selected portfolio developments in July 2026 ➢ Favorable $600+ million ruling in mining arbitration • Burford’s Principal Finance segment would be entitled to around $200 million if award against Cameroon paid in full • Cameroon sub-case exists in the same cross-collateralized portfolio
Slide 10: Modeled realizations are highly diversified
Key Messages Modeled realizations are highly diversified Modeled realizations (ex-YPF) – Asset-level concentrations • Our last modeled realizations1 disclosure at year-end 2025 Principal Finance as of December 31, 2025 ($ in millions) anticipated $5.2 billion in future realizations from the existing
Slide 11: Historical ROIC impacted by largest deployments
Key Messages Historical ROIC impacted by largest deployments • Historical ROIC of 82% on Concluded (fully and partially) assets – Arrayed by ROIC and deployed cost From inception through June 30, 2026 concluded and partially concluded ($ in millions) assets is significantly influenced by 600 a group
Slide 12: New Business
Key Messages New definitive commitments by risk band (chart scale adjusted) New Business ($ in millions) 361 520 38 47 247 235 • Definitive undrawn commitments 22 203 286 218 282 were $1,155 million as of June 30, 32 159 99 149 2026, similar to $1,108 million as 121 94 119 133 130 of December 31, 20
Slide 13: Older vintages continue to make steady progress
Key Messages Older vintages continue to make steady progress Pre-pandemic vintages (2010-2020) ex-YPF – Active deployed cost progression • Pre-pandemic vintages (2010-2020) remain Principal Finance ($ in millions) active, with ongoing deployments and realizations as litigation activity progresses •
Slide 14: Managing liquidity, operating costs and debt maturities
Key Messages Managing liquidity, operating costs and debt maturities Key statistics Actions $733M Cash and marketable securities on the balance sheet ✓ As discussed in our 1Q26 earnings call, we have made select changes in our senior and middle management teams to capture $5.5 approximately $10 mill
Slide 15: Burford's unparalleled competitive moat
Key Messages Burford’s unparalleled competitive moat 17-year track record of industry innovation and leadership $5.7 billion group-wide portfolio is the largest of its kind Nearly $4 billion of cumulative realizations since inception with a stable loss rate World-class origination platform anchored
Slide 16: 2Q26 Results
2026 Results Burford
Slide 17: Financial Metrics Summary
Financial Metrics Summary $ in millions except per share data and as Jun 30, Dec 31, otherwise noted YTD26 YTD25 2Q26 2Q25 2026 2025 Capital provision (1,584) 246 85 155 income/(loss) Shareholders’ equity 819 2,448 Net realized gains 63 61 35 27 Book value per ordinary Financial Asset management sha
Slide 18: Total Segments
Total Segments Burford
Slide 19: Financial Results: Total Segments (Burford-only)
Total Segments (Burford-only) Financial Results: $ in thousands YTD26 YTD25 2Q26 2Q25 Revenues Total Segments Capital provision income/(loss) (1,583,781) 246,360 85,302 155,410 (Burford-only) Net realized gains/(losses) 63,303 61,176 34,909 26,592 Fair value adjustment during the period, net of prev
Slide 20: Segments: Principal Finance
Segments: Principal Finance
Slide 21: Principal Finance Segment Results
Principal Finance Segment Segment Results Principal Finance Segment $ in thousands YTD26 YTD25 2Q26 2Q25 Revenues Capital provision income/(loss) (1,583,781) 246,360 85,302 155,410 Net realized gains/(losses) 63,303 61,176 34,909 26,592 Fair value adjustment during the period, net of previously reco
Slide 22: Portfolio Snapshot
Principal Finance Segment Portfolio Snapshot Principal Finance portfolio value and components Portfolio exposure Capital provision assets as of June 30, 2026 Deployed cost of capital provision assets as of June 30, 2026 ($ in millions) ($ in millions) Asia/Other 2% Total portfolio Fair value Global
Slide 23: Capital Provision Income and Fair Value Bridge
Principal Finance Segment Capital Provision Income and Fair Value Bridge ($ in millions) YTD26 YTD25 2Q26 2Q25 Net realized gains/(losses) 63,303 61,176 34,909 26,592 Fair value adjustment during the period, net of previously recognized unrealized (46,894) 48,573 50,585 34,359 gains/(losses) transfe
Slide 24: Portfolio Realizations and Realized Gains
Principal Finance Segment Realizations Portfolio Realizations ($ in millions) 253 and Realized Gains 244 225 denotes realizations related to interests in private funds and post-settlement assets 207 191 • Realizations were $94 million in 168 2Q26 and $191 million in YTD26, 157 163 170 148 compared t
Slide 25: 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 $3.9 billion of realizations since inception in 2009 through June 30, 2026 • Cumulative ROIC and IRR on realizations remained steady at 82% and 25%, respectiv
Slide 26: Asset ROIC Distribution ― Asymmetric Returns
Principal Finance Segment Concluded (fully and partially) assets arrayed by ROIC Asset ROIC From inception through June 30, 2026 ($ 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 27: Historical Track Record by Vintage
Principal Finance Segment Historical Track Record by Vintage Realized since inception2 As of June 30, 2026 ($ in millions) IRR 25% Total Deployments1 ROIC 82% Concluded $2,166 166 196 Active $1,916 144 WAL3 2.7 175 310 WAL of active 3.5 years 128 Realizations deployed cost 458 128 428 422 Deployment
Slide 28: Segments: Asset Management and Other Services
Segments: Asset Management and Other Services
Slide 29: Asset Management and Other Services Segment Results
Asset Management and Other Services Segment Segment Results Asset Management and Other Services Segment $ in thousands YTD26 YTD25 2Q26 2Q25 Revenues Asset management income/(loss) 15,642 20,949 10,360 7,112 Other income/(loss) 622 247 822 433 Total revenues 16,264 21,196 11,182 7,545 Operating expe
Slide 30: 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 20.9 15.6 • Asset management income was $10 13.7 10.4 million in 2Q26, up 46% from $7 8.6 7.1 13.9 million in 2Q25 10.1 4.4 5.
Slide 31: Liquidity and Capital Management
Liquidity and Capital Management
Slide 32: Liquidity Bridge and Cash Receipts
YTD26 cash bridge Burford-only Liquidity Bridge ($ in millions) A. Cash and marketable securities as of December 31, 2025 and Cash Receipts 196 B. C. Cash receipts Proceeds from debt issuance, net of interest expense, 247 issuance costs and redemptions 98 21 17 928 • Cash and marketable securities D
Slide 33: Operating Expenses
Operating Expenses Operating expense detail Total Segments (Burford-only) ($ in millions) • We have made select changes in our senior and middle management teams to capture approximately $10 million of YTD26 YTD25 2Q26 2Q25 annualized compensation expense $ in thousands savings across salaries, cash
Slide 34: 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 $2,403 million as of June 30, 2026, up from $2,128 million as of December 31, 2025, driven by our issuance of $500 million of 8.50% Senior Notes due 2026 2027 2028 2029 2030
Slide 35: Consolidated Financial Statement Reconciliations
Consolidated Financial Statement Reconciliations
Slide 36: Statement of Operations - Three Months Ended June 30, 2026 and 2025
Statement of Operations - Three Months Ended June 30, 2026 and 2025 Three months ended June 30, 2026 Three months ended June 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenues Capital pr
Slide 37: Statement of Operations - Six Months Ended June 30, 2026 and 2025
Statement of Operations - Six Months Ended June 30, 2026 and 2025 Six months ended June 30, 2026 Six months ended June 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenues Capital provisio
Slide 38: Statement of Financial Condition as of June 30, 2026 and December 31, 2025
Statement of Financial Condition as of June 30, 2026 and December 31, 2025 June 30, 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 $ 696,899 $ (
Slide 39: Other Reconciliations
Other Reconciliations Burford
Slide 40: Cash Receipts
Cash Receipts Three months ended ($ in thousands) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Consolidated proceeds from capital provision assets $ 208,032 $ 86,349 $ 133,426 $ 159,138 $ 76,758 $ 371,054 $ 222,444 $ 395,943 $ 125,344 Less: Third-party interests (62,091) (
Slide 41: 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 June 30, 2026 $ 110,076 $ (21,115
Slide 42: 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 June 30, 2026 $ 148,970 (62,091)
Slide 43: Net Realized Gains/(Losses)
Net Realized Gains/(Losses) For the three months ended Principal Less: private funds Excluding ($ in thousands) Finance & post-settlement private funds June 30, 2026 $ 34,909 $ — $ 34,909 March 31, 2026 28,394 (1,124) 27,270 December 31, 2025 64,629 (1,601) 63,028 September 30, 2025 31,939 (136) 31,
Slide 44: Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share
Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share ($ in thousands, except share data) June 30, 2026 December 31, 2025 Total Burford Capital Limited equity $ 819,059 $ 2,448,022 Less: Goodwill (134,002) (134,020) Tangible book value attributable to Burford Capital Limited
Slide 45: YPF-Related Income
YPF-Related Income Capital provision income, excluding YPF-related assets reconciliation Three months ended June 30, 2026 Three months ended June 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only
Slide 46: YPF-Related Fair Value
YPF-Related Fair Value YPF fair value - reconciliation of consolidated to Burford-only June 30, 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 $ 3,184,6
Slide 47: Asset Management Income
Asset Management Income Three months ended June 30, 2026 Three months ended June 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Management fee income $ 289 $ — $ 289 $ 1,349 $ — $ 1,349 Perfo
Slide 48: Undrawn Commitments
Undrawn Commitments June 30, 2026 December 31, 2023 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Definitive $ 1,295,753 $ (140,700) $ 1,155,053 $ 839,973 $ (248,031) $ 591,942 Discretionary 725,669
Slide 49: Capital Provision Income
Capital Provision Income Three months ended June 30, 2026 Three months ended June 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Net realized gains/(losses) $ 65,655 $ (30,746) $ 34,909 $ 40,
Slide 50: 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 51: 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 52: 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 53: Burford
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