Bailador Technology Investments Ltd · ASX:BTI
Bailador Technology Investments — FY2025 Earnings Presentation
26 slides from Bailador Technology Investments's earnings presentation, Aug 14, 2025
Slide 1: FY25 Results Presentation
For personal use only FY25 Results Presentation Thursday, 14 August 2025 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 FY25 Portfolio Performance Page 16 FY25 Summary Financials Page 18 Appendix This presentation was authorised for release to the ASX by Helen Foley, Company Secretary and Chief Financial Officer, on 14 August 2025. 3
Slide 4: Executive Summary
Executive Summary 3.6c per share 8.1% 28.3c per share For personal use only Final Dividend Declared1 Grossed-Up Dividend yield2 Cash Dividends over last 3 years3 (FY24; 3.4c) (FY24; 7.8%) $1.64 per share 7.8% 33% Post-tax NTA4 Portfolio Return5 Private Portfolio Gross IRR (FY24; $1.59) (FY24; 9.2%)
Slide 5: Performance highlights for FY25
Performance highlights for FY25 Delivered a 7.8% post-tax portfolio return in FY25 • Return net of all costs including performance fees and taxes For personal use only • Includes post-tax NTA per share growth and dividends paid during period Final dividend of 3.6 cents per share (fully-franked) decl
Slide 6: Portfolio Return of 7.8% in FY25 after fees and taxes
Bailador delivered a Portfolio Return1 of 7.8% in FY25, after all fees and taxes $1.85 Private Listed For personal use only portfolio portfolio Fund $1.80 operations NTA per share $1.75 before capital movements Dividends $1.70 $1.70 June 2025 NTA per share $1.65 $1.64 June 2024 NTA per share $1.60 $
Slide 7: Our business model is designed to generate premium returns
Our business model is designed to generate premium returns For personal use only Investing Growing Realising ・ Private portfolio FY25 IRR 33% ・ $41m deployed in FY25 ・ $38m total gain on ・ $20m realised in FY25 investments in FY25 Driving shareholder returns 7
Slide 8: New portfolio companies: PropHero and Hapana
Investing Growing Realising New portfolio companies PropHero - $12.5m invested Feb-25 Hapana - $7.7m invested Aug-24 For personal use only Fast growing 50% valuation increase in FY25 Property Investment Fitness Studio Management Sector Large addressable market with millions of annual property La
Slide 9: Investing in on-going growth
Investing Growing Realising Investing in on-going growth For personal use only DASH → $15m follow-on investment ($10m equity, $5m debt) → Valuation increased 49% in FY25 (59% on equity component) Bailador invested $20.6m in existing portfolio Rosterfy → $3m follow-on investment companies to fuel → V
Slide 10: Growth in Bailador's private investments is strong
Investing Growing Realising Growth in Bailador’s private investments is strong For personal use only $592m 47% ~65% ~87% portfolio company portfolio company gross margin2 recurring revenue2 revenue1 revenue growth2 Note: 1Based on unaudited revenue over the 12 months to 30 June 2025 for the underlyi
Slide 11: Private portfolio delivered 33% gross return in FY25
Bailador’s private portfolio delivered Investing Growing Realising 33% gross return in FY25 FY25 Private Portfolio movements For personal use only ↑ $14.7m ↑ 49% ↑ $17.2m ↑ 86% ↑ $5.5m ↑ 21% ↑ $1.7m ↑ 14% ↑ $3.9m ↑ 50% ↑ $2.5m ↑ 33% - - - New Investment - - ($2.7m) (63%) FY25 Public Portfolio moveme
Slide 12: Track record of full and partial cash realisations
Bailador has a track record of Investing Growing Realising full and partial cash realisations • Bailador sold $20m of its position in SiteMinder in November at 31% above the June-24 share price • Bailador has delivered 13 full and partial cash realisations, all above carrying value For personal use
Slide 13: Bailador holds its private investments at conservative valuations
Bailador holds its private investments Investing Growing Realising at conservative valuations 13 cash realisations (full and partial) Uplift over cost via internal reviews For personal use only vs third party transactions → All 13 realisations above carrying value $500m 68% → These delivered a combi
Slide 14: Returns delivered by capital gains and fully franked dividends
Returns are delivered by capital gains Driving shareholder returns and fully franked dividends For personal use only $218k (+118%) Share Price + Dividends + Franking Credits $204k (+104%) Share Price + Dividends 1yr 2yr 5yr $167k (+67%) Share Price Growth Shareholder Return p.a. 6.2% 6.7% 16.8% Shar
Slide 15: Capital returns enhanced by 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 → 8.1% Grossed up Yield1 • Ongoing commitment • Paid half-yearly • Fully franked • Dividend reinvestment plan in op
Slide 16: Summary profit and loss
Driving shareholder returns Summary profit and loss FY25 FY24 $000 $000 For personal use only Change in value of portfolio assets Strong performance across private investment portfolio 38,175 36,194 Interest income 1,478 4,353 Total investment growth 39,653 40,547 Management fee (4,692) (4,504) 1.75
Slide 17: Summary Financial Position
Driving shareholder returns Summary Financial Position FY25 FY24 Movement $000 $000 For personal use only ($41m) invested, $20m realised Cash 14,922 61,957 (47,035) ($8m) dividends, ($13m) FY24 income tax and perf fee Marketable securities 64,327 89,504 (25,177) $20m partial realisation of SiteMinde
Slide 18: Appendix
Appendix For personal use only Page 19 Bailador Co-Founder profiles Page 20 Portfolio company profiles Page 24 Recent Results Page 25 Disclaimer 18
Slide 19: 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 20: Portfolio company profiles
Portfolio company profiles SiteMinder DASH Updoc For personal use only Travel & Accommodation Wealth Management Digital Healthcare Sector Large addressable market ~1m hotels worldwide Operates in the massive investment platform Large and growing market with attractive thematic market that admi
Slide 21: Portfolio company profiles
Portfolio company profiles Access Telehealth Expedition Software Rosterfy For personal use only Digital Healthcare Travel & Experiences Volunteer Management Sector COVID-19 has moved telehealth into the International travel operating above pre- Large market with over 2m charitable thematic mai
Slide 22: Portfolio company profiles
Portfolio company profiles PropHero MOSH Hapana For personal use only Property Investment Digital Healthcare Fitness Studio Management Sector Large addressable market with millions of annual Emerging market with huge potential Large addressable market with over 200,000 thematic property transa
Slide 23: Portfolio company profiles
Portfolio company profiles Straker Nosto For personal use only Language Translation E-commerce Sector Increasing demand from enterprises for platform Large and growing e-commerce sector thematic capable of facilitating full suite of translation Increasing demand for personalised, authentic nee
Slide 24: Recent results
Recent results For personal use only Annual Report 2025 FY25 Results Release Released 14 August 2025 Released 14 August 2025 July 2025 Shareholder Update Valuation uplifts June 2025 Released 8 August 2025 Released 26 June 2025 Subscribe for Bailador updates www.bailador.com.au/investor-relations/asx
Slide 25: 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 26: 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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