Slide 1: Third Quarter 2025 Financial Results
Burford Capital Third Quarter 2025 Financial Results November 5, 2025 This presentation is for the use of Burford’s public shareholders and is not an offering of any Burford private fund.
Slide 2: Notice & disclaimer
Notice & disclaimer This presentation (this “Presentation”) provides certain information to facilitate review and (xv) current and future legal, political and economic factors, including uncertainty surrounding understanding of the business, financial condition and results of operations of Burford C
Slide 3: Notice & disclaimer
Notice & disclaimer Basis of presentation; non-GAAP financial measures; key performance indicators; definitions. The Company makes no representation or warranty, express or implied, as to the fairness, The Company reports its financial results in accordance with the generally accepted accounting acc
Slide 4: Burford Reports 3Q25 Financial Results
Burford Reports 3Q25 Financial Results “Burford is growing strongly, and above the level needed to double the size of the platform by 2030 as outlined at our Conference Call recent Investor Day. Burford will hold a conference call for investors and analysts at 9.00am EST / 2.00pm GMT on Wednesday, N
Slide 5: Financial Results GAAP Consolidated
Consolidated (GAAP) $ in thousands YTD25 YTD24 3Q25 3Q24 Financial Results Revenues Capital provision income/(loss) 435,748 469,494 80,068 270,988 GAAP Consolidated Net realized gains/(losses) 178,702 262,273 70,787 86,940 Unrealized gains/(losses) ex YPF-related assets (4,543) 63,406 (52,461) 75,68
Slide 6: Key Messages on 3Q25 Results and Our Business
Key Messages on 3Q25 Results and Our Business
Slide 7: Key Messages on 3Q25 and YTD25 Results
Key Messages on 3Q25 and YTD25 Results 1 New business momentum continues $7.5 billion • New definitive commitments of $637 million in YTD25 up 52% compared to YTD24 Group-wide portfolio • Deployments of $329 million in YTD25 up 20% compared to YTD24 (as of September 30, 2025) 2 Robust realization ac
Slide 8: We remain well-positioned to monetize YPF-related assets
Key Messages We remain well-positioned to monetize YPF-related assets • 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 $16 billion, at the high end of the possible range of dama
Slide 9: New business generation continues on a strong pace
Key Messages New business generation continues on a strong pace with quarterly results driven by timing of large commitments New definitive commitments with large asset breakout Principal Finance (chart scale adjusted) ($ in millions) $637 $80 $361 $48 $47 $80 $420 $45 $38 $247 $75 $46 $31 $27 $29 $
Slide 10: Realization activity accelerates with the largest contributors driving absolute dollars
Key Messages Realization activity accelerates with the largest contributors driving absolute dollars • Realization activity continues to pace higher with 61 assets generating proceeds in YTD25 compared to 50 in YTD24, with realization dollars behind the prior year pace due to variance in the largest
Slide 11: We believe there is significant embedded value in the portfolio
Key Messages We believe there is Portfolio fair value and implied ROIC (ex-YPF related assets) Principal Finance significant embedded ($ in millions) Historical ROIC value in the portfolio 83% • Aside from YPF-related assets, Unrealized ROIC implied at fair value Future potential revenue recognition
Slide 12: Compounding returns outweigh levered share buybacks
Key Messages Illustrative example of compounding returns on portfolio deployment Compounding returns ($ in millions) Second cycle outweigh levered realization share buybacks ~3x-4x return available to service debt • Considering a share buyback is not 800 only about whether it is accretive or not • W
Slide 13: London listing update
Key Messages London listing update • BofA Securities appointed joint broker alongside existing joint brokers to support global equity distribution BUR Share Registration – NYSE vs LSE1 • As liquidity and investor concentration has migrated to the US, we have considered three options for Burford’s LS
Slide 14: Total Segments
Total Segments Burford
Slide 15: Financial Metrics Summary
Total Segments Financial Metrics Summary $ in millions except per share data and as otherwise noted YTD25 YTD24 3Q25 3Q24 Sep 30, 2025 Dec 31, 2024 Capital provision income 308 342 62 205 Shareholders’ equity 2,497 2,419 Book value per Net realized gains 93 186 32 56 ordinary share 11.41 11.03 Balan
Slide 16: Financial Results Total Segments (Burford-only)
Total Segments Total Segments (Burford-only) Financial Results $ in thousands Revenues YTD25 YTD24 3Q25 3Q24 Total Segments Capital provision income/(loss) 308,420 342,224 62,060 204,961 (Burford-only) Net realized gains/(losses) Unrealized gains/(losses) 93,115 191,347 185,537 154,494 31,939 23,943
Slide 17: Segments: Principal Finance
Segments: Principal Finance
Slide 18: Segment Results
Principal Finance Segment Segment Results Principal Finance Segment $ in thousands YTD25 YTD24 3Q25 3Q24 Revenues Capital provision income/(loss) 308,420 342,224 62,060 204,961 Net realized gains/(losses) 93,115 185,537 31,939 56,490 Unrealized gains/(losses) 191,347 154,494 23,943 144,719 Other cap
Slide 19: Portfolio Snapshot
Principal Finance Segment Portfolio Snapshot Portfolio by fair value and undrawn commitments Portfolio exposure by geography Capital provision assets Deployed cost of capital provision assets (ex YPF-related assets) as of September 30, 2025 ($ in millions) ($ in millions) 2% 0% 5,604 5,204 4,840 18%
Slide 20: Capital Provision Income and Fair Value Bridge
Principal Finance Segment Capital Provision Income and Fair Value Bridge ($ in millions) YTD25 YTD24 3Q25 3Q24 Net realized gains/(losses) 93,115 185,537 31,939 56,490 Unrealized gains/(losses), ex YPF-related assets 36,782 60,084 (11,791) 75,130 Total realized and unrealized gains/(losses), ex YPF-
Slide 21: New Business
Principal Finance Segment New definitive commitments by risk band (chart scale adjusted) New Business ($ in millions) 361 637 38 80 247 420 • Definitive undrawn commitments 22 203 326 217 66 were $1.0 billion as of September 155 32 158 68 30, 2025, up 33% from $774 30 117 94 119 million as of Decemb
Slide 22: Portfolio Realizations and Realized Gains
(chart scale adjusted) Principal Finance Segment Realizations Portfolio Realizations ($ in millions) 253 388 and Realized Gains 237 244 380 denotes realizations 310 related to interests 222 in private funds • Realizations were $85 million in 292 3Q25 and $310 million in YTD25, 168 163 157 down from
Slide 23: 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 $3.6 billion of realizations since inception in 2009 through September 30, 2025 • Cumulative ROIC and IRR on realizations remained steady at 83% and 26%, resp
Slide 24: Asset ROIC Distribution ― Asymmetric Returns
Principal Finance Segment Concluded (fully and partially) assets arrayed by ROIC Asset ROIC From inception through September 30, 2025 ($ 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 Real
Slide 25: Segments: Asset Management and Other Services
Segments: Asset Management and Other Services
Slide 26: Segment Results
Asset Management and Other Services Segment Segment Results Asset Management and Other Services Segment $ in thousands YTD25 YTD24 3Q25 3Q24 Revenues Asset management income/(loss) 20,781 29,270 (168) 11,110 Other income/(loss) 367 2,508 120 1,974 Total revenues 21,148 31,778 (48) 13,084 Operating e
Slide 27: 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 29.3 20.8 • Asset management income was $21 22.6 million in YTD25, down from $29 11.1 10.9 million in YTD24, driven by lower 1
Slide 28: Liquidity and Capital Management
Liquidity and Capital Management
Slide 29: Liquidity Bridge and Cash Receipts
YTD25 cash bridge Burford-only Liquidity Bridge ($ in millions) 293 and Cash Receipts A. Cash and marketable securities as of December 31, 2024 139 B. Cash receipts 423 29 1,069 • Cash and marketable securities C. Proceeds from debt issuance net of interest expense, issuance costs and redemptions we
Slide 30: Operating Expenses
Operating Expenses Operating expense detail Total Segments (Burford-only) ($ in millions) • Operating expenses were $43 million in 3Q25, down from $46 million in YTD25 YTD24 3Q25 3Q24 3Q24, driven primarily by lower long- $ in thousands term incentive compensation accrual Compensation and benefits l
Slide 31: Debt Structure and Ratios
Maturity of debt outstanding Weighted average life (WAL) Debt Structure and ($ in millions) 675 Ratios 500 Debt outstanding Concluded assets1 Active deployments 400 4.9 yrs 2.6 yrs 3.3 yrs 360 • Debt payable of $2,143 million as of September 30, 2025, up from $1,764 235 million as of December 31, 20
Slide 32: Consolidated Financial Statement Reconciliations
Consolidated Financial Statement Reconciliations
Slide 33: Statement of Operations - Three Months Ended September 30, 2025 and 2024
Statement of Operations - Three Months Ended September 30, 2025 and 2024 Three months ended September 30, 2025 Three months ended September 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Reve
Slide 34: Statement of Operations - Nine Months Ended September 30, 2025 and 2024
Statement of Operations - Nine Months Ended September 30, 2025 and 2024 Nine months ended September 30, 2025 Nine months ended September 30, 2024 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, 2025 and December 31, 2024
Statement of Financial Condition as of September 30, 2025 and December 31, 2024 September 30, 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 $ 6
Slide 36: Other Reconciliations
Other Reconciliations Burford
Slide 37: Cash Receipts
Cash Receipts Three months ended ($ in thousands) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Consolidated proceeds from capital provision assets $ 159,138 $ 76,758 $ 371,054 $ 222,444 $ 395,943 $ 125,344 $ 247,561 $ 119,208 $ 132,147 Less: Third-party interests (56,905)
Slide 38: 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 September 30, 2025 $ 136,745 $ (18,121) $ 118,624 $ 108 $ 118,732 $ (
Slide 39: 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 September 30, 2025 $ 139,361 $ (56,905) $ 82,456 $ 2,832 $ 85,288 $
Slide 40: Net Realized Gains/(Losses)
Net Realized Gains/(Losses) For the three months ended Principal Excluding ($ in thousands) Finance Less: private funds private funds 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 31, 2024 141,637 (1,194) 140,443 Septem
Slide 41: 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) September 30, 2025 December 31, 2024 Total Burford Capital Limited equity $ 2,496,951 $ 2,419,432 Less: Goodwill (134,016) (133,948) Tangible book value attributable to Burford Capital
Slide 42: Covenant Calculations as of September 30, 2025 and December 31, 2024
Covenant Calculations as of September 30, 2025 and December 31, 2024 Consolidated net debt to consolidated tangible assets ratio calculation Consolidated indebtedness to net tangible equity ratio calculation ($ in thousands) September 30, 2025 December 31, 2024 ($ in thousands) September 30, 2025 De
Slide 43: YPF-Related Income
YPF-Related Income Capital provision income, excluding YPF-related assets reconciliation Three months ended September 30, 2025 Three months ended September 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Bu
Slide 44: YPF-Related Fair Value
YPF-Related Fair Value YPF fair value - reconciliation of consolidated to Burford-only September 30, 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,
Slide 45: Asset Management Income
Asset Management Income Three months ended September 30, 2025 Three months ended September 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Management fee income $ 1,347 $ — $ 1,347 $ 1,647 $ —
Slide 46: Undrawn Commitments
Undrawn Commitments September 30, 2025 Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Definitive $ 1,202,332 $ (172,854) $ 1,029,478 Discretionary 795,839 (170,766) 625,073 Legal risk (definitive) 47,008 — 47,008 Total capital provision undrawn commitments 2,045,17
Slide 47: Capital Provision Income
Capital Provision Income Three months ended September 30, 2025 Three months ended September 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Net realized gains/(losses) $ 70,787 $ (38,848) $ 31
Slide 48: 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 49: 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 50: 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 51: |Burtord
|Burtord