Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Burford Capital Fourth Quarter and Full Year 2025 Financial Results February 26, 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 respect to the fair value of the Company’s capital provision assets; (xv) current and future legal, understanding of the business, financial condition and results of operations of Burf
Slide 3: Notice and disclaimer (continued)
Notice and disclaimer (continued) Estimates and Assumptions. This Presentation includes certain unaudited financial and presented using methodologies other than in accordance with US GAAP, to supplement business projections, targets and goals with respect to the Company’s future outlook analysis and
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 4Q25 & FY25 Financial Results
Burford Reports 4Q25 & FY25 Financial Results “We had a terrific 2025 for new business, with new definitive commitments up 39%. Portfolio modeled Dividend realizations increased $700 million to $5.2 billion at year On February 25, 2026, Burford’s board of directors declared a final dividend for the
Slide 6: Financial Results: GAAP Consolidated
Consolidated (GAAP) $ in thousands FY25 FY24 4Q25 4Q24 Financial Results: Revenues Capital provision income/(loss) 476,813 552,066 41,065 82,572 GAAP Consolidated Net realized gains/(losses) 260,592 439,665 81,890 177,392 Fair value adjustment during the period, net of previously recognized unrealiz
Slide 7: Financial Metrics Summary
Financial Metrics Summary $ in millions except per share data and as otherwise noted FY25 FY24 Dec 31, 2025 Dec 31, 2024 Capital provision income 331 388 Shareholders’ equity 2,448 2,419 Net realized gains 158 327 Book value per ordinary Financial share 11.18 11.03 Asset management income 36 45 Bala
Slide 8: Key Messages on 4Q25 & FY25 Results and Our Business
Key Messages on 4Q25 & FY25 Results and Our Business
Slide 9: Key Messages on FY25 Results
Key Messages on FY25 Results 1 Strong new business driving growth $7.5 billion • New definitive commitments of $872 million in FY25, up 39% compared to FY24 Group-wide portfolio • Portfolio base (deployed cost plus undrawn definitive commitments) grew 20% in FY25, well (as of December 31, 2025) ahea
Slide 10: New business generation surged in 2025 providing a strong start for 2030 growth targets
Key Messages New business generation surged in 2025 providing a strong start for 2030 growth targets New definitive commitments Portfolio base Principal Finance Principal Finance – Deployed cost plus undrawn definitive commitments (ex-YPF related assets) as of year end ($ in millions) ($ in millions
Slide 11: Realization activity remains high with the largest contributors driving absolute dollars
Key Messages Realization activity remains high with the largest contributors driving absolute dollars • Realization activity continues a strong pace with 69 assets generating proceeds in FY25 compared to 71 in FY24, with realization dollars lagging the prior year level due to variance in the largest
Slide 12: Portfolio generated plenty of wins in 2025…but duration and unrealized losses weighed on results
Key Messages Portfolio generated plenty of wins in 2025…but duration and unrealized losses weighed on results • Capital provision income in FY25 saw higher asset-level gains as well as higher asset-level losses when compared to FY24 • However, the higher asset losses were largely unrealized in natur
Slide 13: Sysco proteins antitrust cases are proceeding well, but extended duration caused an unrealized loss
Key Messages Sysco proteins antitrust cases are proceeding well, but extended duration caused an unrealized loss Turkey Trial scheduled for October 2026 Pork Past summary judgment and headed for trial Beef Awaiting class certification ruling before expert discovery will proceed Track 1 claims surviv
Slide 14: Food distributor bankruptcy caused an unrealized loss despite positive case outlook
Key Messages Food distributor bankruptcy caused an unrealized loss despite positive case outlook CASE OVERVIEW • Client was the largest independent wholesale food distributorship in the US with $4 billion of annual revenue • Burford provided capital in connection with the client’s significant claims
Slide 15: Mining arbitration unrealized loss with dual path to recovery
Key Messages Mining arbitration unrealized loss with dual path to recovery CASE OVERVIEW • Australian mining company invested more than A$400 million into developing the Mbalam-Nabeba Iron Ore Project in the Republic of Congo, relying on passage through Cameroon to access shipping • After the mines
Slide 16: YPF-related assets: We remain well-positioned to monetize
Key Messages YPF-related assets: We remain well-positioned to monetize • We believe YPF-related assets will ultimately deliver a ten-figure recovery for Burford, but litigation risk remains • Final judgment a complete win against Argentina of $16 billion, at the high end of the possible range of dam
Slide 17: YPF-related assets: Significant ongoing activity
Key Messages YPF-related assets: Significant ongoing activity AWAITING DECISION FROM COURT OF APPEALS ON MAIN APPEAL • Oral argument held on October 29, 2025; decision likely (but not certain) in 2026 DISTRICT COURT ACTIVELY ENFORCING JUDGMENT • Nine hearings in the last seven months • Three-day evi
Slide 18: Total Segments
Total Segments Burford
Slide 19: Financial Results: Total Segments (Burford-only)
Total Segments Total Segments (Burford-only) Financial Results: $ in thousands Revenues FY25 FY24 4Q25 4Q24 Total Segments Capital provision income/(loss) 330,937 388,124 22,517 45,900 (Burford-only) Net realized gains/(losses) Fair value adjustment during the period, net of previously recognized 15
Slide 20: Segments: Principal Finance
Segments: Principal Finance
Slide 21: Segment Results: Principal Finance Segment
Principal Finance Segment Segment Results Principal Finance Segment $ in thousands FY25 FY24 4Q25 4Q24 Revenues Capital provision income/(loss) 330,937 388,124 22,517 45,900 Net realized gains/(losses) 157,744 327,174 64,629 141,637 Fair value adjustment during the period, net of previously recogniz
Slide 22: Portfolio Snapshot
Principal Finance Segment Portfolio Snapshot Portfolio by fair value and undrawn commitments Portfolio exposure Capital provision assets as of year end Deployed cost of capital provision assets (ex YPF-related assets) as of December 31, 2025 ($ in millions) ($ in millions) Asia/Other 5,696 5,204 Glo
Slide 23: Capital Provision Income and Fair Value Bridge
Principal Finance Segment Capital Provision Income and Fair Value Bridge ($ in millions) FY25 FY24 4Q25 4Q24 Net realized gains/(losses) 157,744 327,174 64,629 141,637 Fair value adjustment during the period, net of previously recognized unrealized (31,751) (8,579) (68,533) (68,663) gains/(losses) t
Slide 24: New Business
Principal Finance Segment New definitive commitments by risk band (chart scale adjusted) New Business ($ in millions) 361 872 38 179 247 627 235 • Definitive undrawn commitments 22 203 161 were $1.1 billion as of December 31, 32 217 361 158 158 99 2025, up 43% from $774 million as of 94 116 30 121 1
Slide 25: Portfolio Realizations and Realized Gains
Principal Finance Segment (chart scale adjusted) Realizations Portfolio Realizations ($ in millions) 641 and Realized Gains 253 denotes realizations 625 237 related to interests 244 in private funds • Realizations were $148 million in 4Q25 222 458 and $458 million in FY25, down from $641 million in
Slide 26: 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 $3.8 billion of realizations since inception in 2009 through December 31, 2025 • Cumulative ROIC and IRR on realizations remained steady at 83% and 26%, respe
Slide 27: Asset ROIC Distribution ― Asymmetric Returns
Principal Finance Segment Concluded (fully and partially) assets arrayed by ROIC Asset ROIC From inception through December 31, 2025 ($ 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 Reali
Slide 28: Historical Track Record by Vintage
Principal Finance Segment Historical Track Record by Vintage Realized since inception2 As of December 31, 2025 ($ in millions) IRR 26% Total Deployments1 Concluded $2,060 ROIC 83% 165 192 Active $1,846 144 WAL3 2.6 WAL of active 154 323 3.3 years 140 Realizations deployed cost 449 426 420 126 Deploy
Slide 29: Modeled realizations: Portfolio growth scales realization and earnings capacity
Principal Finance Modeled realizations: Modeled realizations bridge – As of December 31, 2025 vs. 2024 Portfolio growth Principal Finance (ex YPF-related assets) ($ in billions) scales realization and 1.4 earnings capacity 5.2 0.5 • Modeled realizations for the current 4.5 0.3 portfolio (ex YPF-rela
Slide 30: Modeled realizations (ex YPF-related assets) continue to support significant cash proceeds over time
Principal Finance Modeled realizations (ex YPF-related assets) continue to support significant cash proceeds over time Active portfolio1 as of December 31, 2025 2 Win Node $12.8 M O D E L E D AT F U L L C O N C L U S I O N Modeled Modeled Implied Realizations5 ROIC6 asset management cash receipts8 (
Slide 31: Segments: Asset Management and Other Services
Segments: Asset Management and Other Services
Slide 32: Segment Results: Asset Management and Other Services Segment
Asset Management and Other Services Segment Segment Results Asset Management and Other Services Segment $ in thousands FY25 FY24 4Q25 4Q24 Revenues Asset management income/(loss) 36,024 44,627 15,243 15,357 Other income/(loss) 617 3,051 250 543 Total revenues 36,641 47,678 15,493 15,900 Operating ex
Slide 33: 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 64 56 45 32 32 • Asset management income was $15 million in 4Q25 and $36 million in 56 36 26 29 FY25, compared to $45 million
Slide 34: Private Funds Summary Table
Asset Management and Other Services Segment Private Funds Summary Table As of December 31, 2025 ($ in millions) Investor Asset Asset Assets Under Fee Structure 2 Performance Fee Investment Period Fund Commitments Commitments Deployments Management 1 (management/perfor Waterfall End Closed to Date to
Slide 35: Liquidity and Capital Management
Liquidity and Capital Management
Slide 36: Liquidity Bridge and Cash Receipts
FY25 cash bridge Burford-only Liquidity Bridge ($ in millions) 244 and Cash Receipts A. Cash and marketable securities as of December 31, 2024 530 172 43 B. Cash receipts 1,080 C. Proceeds from debt issuance net of interest expense, • Cash and marketable securities were issuance costs and redemption
Slide 37: Operating Expenses
Operating expense detail Operating Expenses Total Segments (Burford-only) ($ in millions) $ in thousands FY25 FY24 4Q25 4Q24 Compensation and benefits • Operating expenses were $45 million in 4Q25 and $174 million in FY25, up Salaries and benefits 48,444 42,418 13,085 9,657 from $153 million in FY24
Slide 38: Debt Structure and Ratios
Maturity of debt outstanding Debt Structure and ($ in millions) As of period end 675 Ratios 500 500 400 360 • Debt payable of $2,128 million as of December 31, 2025, up from $1,764 219 million as of December 31, 2024, driven by our issuance of $500 million of 7.50% Senior Notes due 2033, offset by t
Slide 39: Burford’s value proposition for investors
Burford’s value proposition for investors Deliver growth, cash and ROE from the legal finance portfolio Monetize YPF-related assets Introduce new revenue streams within the legal ecosystem 39
Slide 40: Consolidated Financial Statement Reconciliations
Consolidated Financial Statement Reconciliations
Slide 41: Statement of Operations - Three Months Ended December 31, 2025 and 2024
Statement of Operations - Three Months Ended December 31, 2025 and 2024 Three months ended December 31, 2025 Three months ended December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenue
Slide 42: Statement of Operations - Year Ended December 31, 2025 and 2024
Statement of Operations - Year Ended December 31, 2025 and 2024 Year ended December 31, 2025 Year ended December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenues Capital provision inco
Slide 43: Statement of Financial Condition as of December 31, 2025 and 2024
Statement of Financial Condition as of December 31, 2025 and 2024 December 31, 2025 December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Assets Cash and cash equivalents $ 566,437 $ (35,24
Slide 44: Other Reconciliations
Other Reconciliations Burford
Slide 45: Cash Receipts
Cash Receipts Three months ended ($ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Consolidated proceeds from capital provision assets $ 133,426 $ 159,138 $ 76,758 $ 371,054 $ 222,444 $ 395,943 $ 125,344 $ 247,561 $ 119,208 Less: Third-party interests (49,330)
Slide 46: Principal Finance Deployments
Principal Finance Deployments Three months ended Adjusted Third-party Total segments Adjusted (Burford-only) ($ in thousands) Consolidated interests (Burford-only) Adjustments (Burford-only) Less: private funds less: private funds December 31, 2025 $ 148,962 $ (15,925) $ 133,037 $ (3,300) $ 129,737
Slide 47: Principal Finance Realizations
Principal Finance Realizations Three months ended Adjusted Third-party Total segments Adjusted (Burford-only) ($ in thousands) Consolidated interests (Burford-only) Adjustments (Burford-only) Less: private funds less: private funds December 31, 2025 $ 192,210 (49,330) $ 142,880 5,036 $ 147,916 (4,15
Slide 48: Net Realized Gains/(Losses)
Net Realized Gains/(Losses) For the three months ended Principal Excluding ($ in thousands) Finance Less: private funds private funds December 31, 2025 $ 64,629 $ (1,601) $ 63,028 September 30, 2025 31,939 (136) 31,803 June 30, 2025 26,592 (1,553) 25,039 March 31, 2025 34,584 (3,407) 31,177 December
Slide 49: 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) December 31, 2025 December 31, 2024 Total Burford Capital Limited equity $ 2,448,022 $ 2,419,432 Less: Goodwill (134,020) (133,948) Tangible book value attributable to Burford Capital L
Slide 50: Covenant Calculations as of December 31, 2025 and 2024
Covenant Calculations as of December 31, 2025 and 2024 Consolidated net debt to consolidated tangible assets ratio calculation Consolidated indebtedness to net tangible equity ratio calculation ($ in thousands) December 31, 2025 December 31, 2024 ($ in thousands) December 31, 2025 December 31, 2024
Slide 51: YPF-Related Income
YPF-Related Income Capital provision income, excluding YPF-related assets reconciliation Three months ended December 31, 2025 Three months ended December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burf
Slide 52: YPF-Related Fair Value
YPF-Related Fair Value YPF fair value - reconciliation of consolidated to Burford-only December 31, 2025 December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Capital provision assets $ 5,6
Slide 53: Asset Management Income
Asset Management Income Three months ended December 31, 2025 Three months ended December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Management fee income $ 878 $ — $ 878 $ 1,686 $ — $ 1,6
Slide 54: Undrawn Commitments
Undrawn Commitments December 31, 2025 December 31, 2022 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) ($ in thousands) Consolidated interests (Burford-only) Definitive $ 1,269,708 $ (161,649) $ 1,108,059 Definitive $ 817,186 $ (225,446)
Slide 55: Capital Provision Income
Capital Provision Income Three months ended December 31, 2025 Three months ended December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Net realized gains/(losses) $ 81,890 $ (17,261) $ 64,6
Slide 56: Rolling Return on Tangible Common Equity
Rolling Return on Tangible Common Equity ($ in thousands) December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Net income/(loss) attributable to Burford Capital Limited shareholders 62,572 146,484 610,522 30,506 (28,751) Plus: Amortization of intangible assets 0
Slide 57: Operating Expenses as % of Total Revenue and Group-Wide Portfolio
Operating Expenses as % of Total Revenue and Group-Wide Portfolio (Burford-only, except where noted as group-wide) Year ended December 31, ($ in thousands) 2025 2024 2023 2022 2021 Compensation and benefits Salaries and benefits $ 48,444 $ 42,418 $ 39,788 $ 34,207 $ 33,084 Annual incentive compensat
Slide 58: 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 funded directly by our balance sheet. Investors in the Advantage Fund inclu
Slide 59: 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 60: 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 61: |Burtord
|Burtord