Burford Capital Limited · LSE:BUR
Burford Capital — Q3 2026 Earnings Presentation
52 slides from Burford Capital's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Financial Results
Burford Capital Third Quarter 2026 Financial Results November 4, 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 clients with the Company’s; (xiii) poor performance by the commitments the Company makes on understanding of the business, financial condition and results of operations of Burford Capi
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 3Q26 Financial Results
Burford Reports 3Q26 Financial Results “Burford had its strongest quarter this year, with robust Conference Call portfolio activity and good cash generation. Total revenues Burford will hold a conference call for investors and analysts at of $135 million would have been well over $200 million if 9.0
Slide 6: Financial Results: GAAP Consolidated
Consolidated (GAAP) $ in thousands YTD26 YTD25 3Q26 3Q25 Financial Results: Revenues Capital provision income/(loss) (2,249,736) 435,748 147,550 80,068 GAAP Consolidated Net realized gains/(losses) 122,778 178,702 24,953 70,787 Fair value adjustment during the period, net of previously recognized un
Slide 7: Key Messages
Key Messages Burford
Slide 8: Key Messages
Key Messages • Strongest quarter YTD, with 3Q26 total revenues of $135 million, $5.7 billion Group-wide portfolio roughly double that of 3Q25 (as of September 30, 2026) • Adverse non-cash rate movement in 3Q26 generated $94 million of portfolio fair value losses as average discount rate rose ~90 bas
Slide 9: Older vintages can generate strong risk-adjusted returns
Key Messages Older vintages can generate strong risk-adjusted returns LIFETIME OF 2015 VINTAGE MATTER 155539 CHRONOLOGY OF CASE EVENTS Burford-only 2016: Burford deploys initial $1.0 million in 1Q16. Case ($ in millions) held at cost until motion to dismiss denied in part. Pre-realization fair value
Slide 10: Cash realizations unimpacted by rates, only GAAP income
Key Messages Cash realizations unimpacted by rates, only GAAP income • Ultimate cash realizations tied to litigation outcomes, not Changes in portfolio fair value average discount rate (bps) Quarter-on-quarter variance in approximate basis points and average discount rate as of period end changes in
Slide 11: Active management of Burford's capital structure
Key Messages Active management of Burford’s capital structure • Reduced total leverage by $100 million, lowering debt/equity by one-third of a turn • Retired 2028 maturity debt in full • Issued new 2029 maturity debt in around 10x oversubscribed debt offering with 8.000% coupon • New debt ratings as
Slide 12: 3Q26 Results
3026 Results Burford
Slide 13: Financial Metrics Summary
Financial Metrics Summary $ in millions except per share data and as Sep 30, Dec 31, otherwise noted YTD26 YTD25 3Q26 3Q25 2026 2025 Capital provision (1,467) 308 116 62 income/(loss) Shareholders’ equity 848 2,448 Net realized gains 82 93 19 32 Book value per ordinary Financial Asset management sha
Slide 14: Total Segments
Total Segments Burford
Slide 15: Financial Results: Total Segments (Burford-only)
Total Segments (Burford-only) Financial Results: $ in thousands YTD26 YTD25 3Q26 3Q25 Revenues Total Segments Capital provision income/(loss) (1,467,397) 308,420 116,384 62,060 (Burford-only) Net realized gains/(losses) 82,093 93,115 18,790 31,939 Fair value adjustment during the period, net of prev
Slide 16: Segments: Principal Finance
Segments: Principal Finance
Slide 17: Principal Finance Segment Results
Principal Finance Segment Segment Results Principal Finance Segment $ in thousands YTD26 YTD25 3Q26 3Q25 Revenues Capital provision income/(loss) (1,467,397) 308,420 116,384 62,060 Net realized gains/(losses) 82,093 93,115 18,790 31,939 Fair value adjustment during the period, net of previously reco
Slide 18: Portfolio Snapshot
Principal Finance Segment Portfolio Snapshot Principal Finance portfolio value and components Portfolio exposure Capital provision assets as of September 30, 2026 Deployed cost of capital provision assets as of September 30, 2026 ($ in millions) ($ in millions) Asia/Other Total portfolio Fair value
Slide 19: Capital Provision Income and Fair Value Bridge
Principal Finance Segment Capital Provision Income and Fair Value Bridge ($ in thousands) YTD26 YTD25 3Q26 3Q25 Net realized gains/(losses) 82,093 93,115 18,790 31,939 Fair value adjustment during the period, net of previously recognized unrealized 61,856 36,782 108,750 (11,791) gains/(losses) trans
Slide 20: New Business
Principal Finance Segment New definitive commitments by risk band (chart scale adjusted) New Business ($ in millions) 361 639 38 80 235 • Definitive undrawn commitments 203 326 360 218 were $1,126 million as of 159 99 149 September 30, 2026, similar to 121 94 9 119 133 142 $1,108 million as of Decem
Slide 21: Portfolio Realizations and Realized Gains
Principal Finance Segment Realizations Portfolio Realizations ($ in millions) 253 310 and Realized Gains denotes realizations 244 292 266 related to interests in private funds and post- settlement assets 244 • Realizations were $75 million in 168 3Q26 and $266 million in YTD26, 163 148 compared to $
Slide 22: 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 $4.0 billion of realizations since inception in 2009 through September 30, 2026 • Cumulative ROIC and IRR remained broadly steady at 81% and 25%, respectively
Slide 23: Asset ROIC Distribution ― Asymmetric Returns
Principal Finance Segment Concluded (fully and partially) assets arrayed by ROIC Asset ROIC From inception through September 30, 2026 ($ 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 Real
Slide 24: Segments: Asset Management and Other Services
Segments: Asset Management and Other Services
Slide 25: 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 3Q26 3Q25 Revenues Asset management income/(loss) 28,840 20,781 13,198 (168) Other income/(loss) 1,051 367 429 120 Total revenues 29,891 21,148 13,627 (48) Operating exp
Slide 26: 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 28.8 20.8 24.6 • In YTD26, asset management 13.2 10.9 16.7 income was $29 million, up 39% 10.7 13.6 5.6 from $21 million in YT
Slide 27: Liquidity and Capital Management
Liquidity and Capital Management
Slide 28: Liquidity Bridge and Cash Receipts
YTD26 cash bridge Burford-only Liquidity Bridge ($ in millions) A. Cash and marketable securities as of December 31, 2025 and Cash Receipts 9 B. C. Cash receipts Proceeds from debt issuance, net of interest expense, 336 issuance costs and redemptions • Cash and marketable securities 124 22 17 D. Ope
Slide 29: Operating Expenses
Operating Expenses Operating expense detail Total Segments (Burford-only) ($ in millions) • YTD26 reversals for long-term incentive compensation and share-based compensation were predominantly driven $ in thousands YTD26 YTD25 3Q26 3Q25 by the YPF judgment reversal in 1Q26 Compensation and benefits
Slide 30: Debt Structure and Ratios
Maturity of debt outstanding Debt Structure and As of period end ($ in millions) 675 Ratios 500 500 360 • Debt payable of $2,300 million as of 300 September 30, 2026, up from $2,128 million as of December 31, 2025, driven by our issuance in September of $300 million of 8.000% Senior 2026 2027 2028 2
Slide 31: 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 $4 billion of cumulative realizations since inception with a stable loss rate World-class origination platform anchored by in-h
Slide 32: Consolidated Financial Statement Reconciliations
Consolidated Financial Statement Reconciliations
Slide 33: Statement of Operations - Three Months Ended September 30, 2026 and 2025
Statement of Operations - Three Months Ended September 30, 2026 and 2025 Three months ended September 30, 2026 Three months ended September 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Reve
Slide 34: Statement of Operations - Nine Months Ended September 30, 2026 and 2025
Statement of Operations - Nine Months Ended September 30, 2026 and 2025 Nine months ended September 30, 2026 Nine months ended September 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenue
Slide 35: Statement of Financial Condition as of September 30, 2026
Statement of Financial Condition as of September 30, 2026 and December 31, 2025 September 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 $ 4
Slide 36: Other Reconciliations
Other Reconciliations Burford
Slide 37: Cash Receipts
Cash Receipts Three months ended ($ in thousands) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Consolidated proceeds from capital provision assets $ 97,457 $ 208,032 $ 86,349 $ 133,426 $ 159,138 $ 76,758 $ 371,054 $ 222,444 $ 395,943 Less: Third-party interests (25,739) (6
Slide 38: 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 September 30, 2026 $ 100,440 $ (1
Slide 39: 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 September 30, 2026 $ 94,324 $ (2
Slide 40: 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 September 30, 2026 $ 18,790 $ — $ 18,790 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
Slide 41: Tangible Book Value per Ordinary Share
Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share ($ in thousands, except share data) September 30, 2026 December 31, 2025 Total Burford Capital Limited equity $ 847,955 $ 2,448,022 Less: Goodwill (134,003) (134,020) Tangible book value attributable to Burford Capital Li
Slide 42: YPF-Related Income
YPF-Related Income Capital provision income, excluding YPF-related assets reconciliation Three months ended September 30, 2026 Three months ended September 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Bu
Slide 43: YPF-Related Fair Value
YPF-Related Fair Value YPF fair value - reconciliation of consolidated to Burford-only September 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,
Slide 44: Asset Management Income
Asset Management Income Three months ended September 30, 2026 Three months ended September 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Management fee income $ 277 $ — $ 277 $ 1,347 $ — $ 1
Slide 45: Undrawn Commitments
Undrawn Commitments September 30, 2026 December 31, 2023 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Definitive $ 1,264,360 $ (138,324) $ 1,126,036 $ 839,973 $ (248,031) $ 591,942 Discretionary 627
Slide 46: Capital Provision Income
Capital Provision Income Three months ended September 30, 2026 Three months ended September 30, 2025 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Net realized gains/(losses) $ 24,953 $ (6,163) $ 18,
Slide 47: Total Revenues, Adjusted for Discount Rate Impact on Fair Value
Total Revenues, Adjusted for Discount Rate Impact on Fair Value Three months ended September 30, 2026 Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Total revenues $ 146,910 $ (11,480) $ 135,430 Fair value losses as a result of discount rate movements 120,474 (26,9
Slide 48: Annualized Return on Tangible Equity in 3Q26
Annualized Return on Tangible Equity in 3Q26 ($ in thousands) September 30, 2026 June 30, 2026 Net income/(loss) attributable to Burford Capital Limited shareholders 23,357 2,204 Plus: Amortization of intangible assets — — Net income/(loss) attributable to Burford Capital Limited shareholders before
Slide 49: 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 50: 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 51: 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 52: Burford
|Burtord