Burford Capital (BUR) investor relations material

Executive summary

• Strong business growth with portfolio activity and realizations exceeding targets needed to double the platform by 2030, supported by 61 assets generating proceeds year-to-date and a record-high rolling three-year realization level.

• The YPF litigation remains a significant focus, with a $16.1 billion judgment against Argentina under appeal, but the broader business continues to perform well and is not dependent on this case.

• Management and board emphasize prudent capital allocation, favoring business growth over share buybacks due to unpredictable cash flows and conservative leverage management.

• Appointment of Bank of America as joint corporate broker, signaling further market maturity and leadership.

• The business model remains resilient to economic cycles, with portfolio returns largely uncorrelated to market conditions.

Financial highlights

• Deployments in the third quarter increased 61% year-over-year, with new definitive commitments up 52% to $637 million in YTD25 and $329 million deployed, up 20%.

• Realizations reached $310 million year-to-date, with 61 assets realizing value, and rolling three-year realizations at their highest level ever.

• GAAP consolidated net income was $(20) million in Q3 2025 and $122 million in YTD25; net income attributable to shareholders was $(19.2) million in Q3 2025 and $100.1 million in YTD25.

• IRRs on concluded assets remain steady at 26%, and cumulative ROIC is 83%.

• Book value per share was $11.41 and tangible book value per share was $10.80 as of September 30, 2025.

Outlook and guidance

• Management remains confident in achieving the 2030 plan to double the business, citing strong organic and inorganic growth and robust realization activity.

• The portfolio base (deployed cost plus commitments, ex-YPF) is up 15% in YTD25, exceeding the growth rate required for the 2030 goal.

• Realizations are expected to remain robust, with more events, trials, and hearings scheduled in the next 12 months than the prior year.

• The company anticipates maintaining its annual dividend of 12.5¢ per share, payable semi-annually.