Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — FY2026 Earnings Presentation
27 slides from Bailador Technology Investments's earnings presentation, Aug 13, 2026
Slide 1: FY26 Results Presentation
For personal use only FY26 Results Presentation Thursday, 13 August 2026 Bailador Technology Investments Pty Ltd | ASX: BTI
Slide 2: Access to high-growth expansion-stage technology companies
For personal use only Bailador provides investors with access to high-growth expansion-stage technology companies at attractive valuations. 2
Slide 3: Contents
Contents For personal use only Page 4 FY26 Performance Page 17 FY26 Summary Financials Page 19 Appendix This presentation was authorised for release to the ASX by Helen Foley, Company Secretary and Chief Financial Officer, on 13 August 2026. 3
Slide 4: Executive Summary
Executive Summary 3.5c per share 9.5% 24.8c per share For personal use only Final Dividend Declared1 Grossed-Up Dividend yield2 Cash Dividends over last 3 years3 (FY25; 3.6c) (FY25; 8.1%) $1.61 per share 2.8% 6.9% Post-tax NTA4 Portfolio Return5 Private Portfolio Gross IRR (FY25; $1.64) (FY25; 7.8%)
Slide 5: Performance highlights for FY26
Performance highlights for FY26 Delivered a 2.8% post-tax portfolio return in FY26 • Return net of all costs including fees and taxes For personal use only • Includes post-tax NTA per share growth and dividends paid during period Final dividend of 3.5 cents per share (fully-franked) declared1, part
Slide 6: Portfolio Return of 2.8% in FY26, after all fees and taxes
Bailador delivered a Portfolio Return1 of 2.8% in FY26, after all fees and taxes $1.90 NTA per share Listed Fund before capital $1.80 Private June 2025 movements For personal use only portfolio operations portfolio $1.70 Dividends June 2026 NTA per share $1.70 NTA per share $1.64 $1.61 $1.60 $1.50 $
Slide 7: Underlying portfolio performance is strong with AI uncertainty constraining returns
The underlying performance of the Bailador portfolio is strong with market uncertainty around AI constraining FY26 returns For personal use only Investing Growing Realising ・ $7.6m in follow-on ・ $18m gain on investments ・ $25m partial realisation of investments SiteMinder ・ Updoc paying dividends D
Slide 8: Investing in on-going growth
Investing Growing Realising Investing in on-going growth For personal use only DASH → $5m follow-on investment at a value 21% above original entry price Bailador invested $7.6m in existing portfolio Rosterfy → $2.5m follow-on investment companies to fuel → Investment to fuel further growth growth Pr
Slide 9: Growth in Bailador's private investments is strong
Investing Growing Realising Growth in Bailador’s private investments is strong For personal use only $735m 32% ~63% ~82% portfolio company portfolio company gross margin2 recurring revenue2 revenue1 revenue growth2 Note: 1Based on unaudited revenue over the 12 months to 30 June 2026 for the underlyi
Slide 10: Private portfolio delivered 6.9% gross return in FY26
Bailador’s private portfolio delivered Investing Growing Realising 6.9% gross return in FY26 FY26 Private Portfolio movements For personal use only ↑ $8.3m1 ↑ 22% ↑ $8.7m ↑ 69% ↑ $2.0m ↑ 17% ↑ $5.0m ↑ 50% - - - - - - ($9.0m)2 (20%) ($1.6m) (100%) FY26 Public Portfolio movements ↑ $6.1m3 10% ($1.5m)
Slide 11: Operating performance across the portfolio is strong
Operating performance across the portfolio is strong Investing Growing Realising with recent technology valuations constraining valuation multiples EBITDA EBITDA Positive FY26 Margin Inc FY26 For personal use only Excludes Straker & Nosto as de minimis. 11
Slide 12: Markets are gradually getting better at understanding AI winners
Markets are gradually getting better Investing Growing Realising at understanding AI winners - The Bailador portfolio is very well positioned For personal use only Defensibility Characteristics Description • High operational risk, deep integrations and high Deep embeddedness in mission-critical degr
Slide 13: Track record of cash realisations well above carrying value
Bailador has a track record of cash realisations Investing Growing Realising well above carrying value • Bailador sold $25m of its position in SiteMinder in Sep-25 at 63% above the June-25 share price • Bailador has delivered 14 full and partial cash realisations, all above carrying value For person
Slide 14: Private investments held at conservative valuations
Bailador holds its private investments Investing Growing Realising at conservative valuations 14 cash realisations (full and partial) Uplift over cost via internal reviews For personal use only vs third party transactions → All 14 realisations above carrying value $600m → These delivered a combined
Slide 15: Returns delivered by capital gains and fully franked dividends
Returns are delivered by capital gains Driving shareholder returns and fully franked dividends Capital returns enhanced by fully franked dividends For personal use only Dividend policy → 9.5% Grossed up Yield1 • Ongoing commitment • Paid half-yearly • Fully franked • Dividend reinvestment plan in op
Slide 16: Capital returns enhanced by fully franked dividends
Driving shareholder returns Capital returns enhanced by fully franked dividends Target 4%pa of pre-tax NTA Strong, stable, fully-franked For personal use only returned to shareholders dividend stream $0.10 • Ongoing commitment 10.0% $0.09 $0.08 • Paid half-yearly $0.07 8.0% $0.06 • Fully-franked wit
Slide 17: Summary profit and loss
Driving shareholder returns Summary profit and loss FY26 FY25 $000 $000 For personal use only Change in value of portfolio assets 17,909 38,175 Strong performance across private investment portfolio Interest income 664 1,478 Total investment growth 18,573 39,653 Management fee (4,945) (4,692) 1.75%
Slide 18: Summary Financial Position
Driving shareholder returns Summary Financial Position FY26 FY25 Movement $000 $000 $29m realised, ($7.6m) invested, ($8.3m) dividends, For personal use only Cash 14,057 14,922 (865) ($13.6m) income tax and perf fee + FY26 operating expenses Marketable securities 43,872 64,327 (20,455) $25m partial
Slide 19: Appendix
Appendix For personal use only Page 20 Bailador Co-Founder profiles Page 21 Portfolio company profiles Page 25 Recent Results Page 26 Disclaimer 19
Slide 20: Bailador Co-Founder profiles
Bailador Co-Founder profiles For personal use only David Kirk Paul Wilson Co-Founder & Managing Partner Co-Founder & Managing Partner • Former CEO of Fairfax Media (led the acquisition • Former Director of CHAMP Private Equity, and of Trade Me and Stayz.com) previously MetLife (London and New York)
Slide 21: Portfolio company profiles: Updoc, SiteMinder, DASH
Portfolio company profiles Updoc SiteMinder DASH For personal use only Digital Healthcare Travel & Accommodation Wealth Management Sector ✓ Large and growing market with attractive ✓ Large addressable market ~1m hotels worldwide ✓ Operates in the massive investment platform thematic structural tailw
Slide 22: Portfolio company profiles: Access Telehealth, Expedition Software, PropHero
Portfolio company profiles Access Telehealth Expedition Software PropHero For personal use only Digital Healthcare Travel & Experiences Property Investment Sector ✓ COVID-19 has moved telehealth into the ✓ International travel operating above pre- ✓ Large addressable market with millions of annual t
Slide 23: Portfolio company profiles: Rosterfy, MOSH, Hapana
Portfolio company profiles Rosterfy MOSH Hapana For personal use only Volunteer Management Digital Healthcare Fitness Studio Management Sector ✓ Large market with over 2m charitable ✓ Emerging market with huge potential ✓ Large addressable market with over 200,000 thematic organisations and 95m volu
Slide 24: Portfolio company profiles: Straker
Portfolio company profiles Straker For personal use only AI Verification Sector ✓ Increasing demand from enterprises for platform thematic capable of facilitating full suite of verification and translation needs ✓ Wider AI adoption driving demand for machine translation ✓ Driven by increased AI dema
Slide 25: Recent results
Recent results For personal use only Cursor with solid fill Cursor with solid fill Annual Report 2026 FY26 Results Release Released 13 August 2026 Released 13 August 2026 Cursor with solid fill Cursor with solid fill July 2026 Shareholder Update Valuation uplifts June 2026 Released 11 August 2026 Re
Slide 26: Disclaimer
Disclaimer This presentation is confidential and may not be reproduced in whole or in part, or distributed except by Bailador Technology Investments Ltd For personal use only (“Bailador”) or by authorised representatives of Bailador (“Affiliates”). This presentation does not contain a complete descr
Slide 27: For personal use only
For personal use only www.bailador.com.au investorservices@bailador.com.au +61 2 9223 2344 Bailador Technology Investments Pty Ltd | ASX: BTI
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