Burford Capital (BUR) investor relations material

Executive summary

• Achieved record new business in Q2, with definitive commitments up 71% year-over-year, reflecting strong market demand and portfolio growth.

• Net income attributable to shareholders rose 64% year-over-year for Q2 2025, with EPS at $0.39 in Q2 and $0.53 YTD, nearly five times last year's figure.

• Total revenues increased 20% for Q2 2025 and 52% year-to-date, driven by capital provision income growth.

• Successfully raised $500 million in new debt in July 2025, upsized and priced favorably, reflecting strong market confidence and enhancing capital flexibility.

• Significant progress in the YPF case, including a favorable court order for turnover of Argentina's YPF shares, though subject to ongoing appeals.

Financial highlights

• Net income attributable to shareholders was $88M in Q2 2025 and $119M YTD25, up from $53.7M and $23.8M in the prior year.

• Total revenues year-to-date reached $310.1M, up from $203.9M in the same period last year.

• Realizations ahead of last year at $225M YTD25 versus $219M; year-to-date ROIC at 37%, with IRR at 40%.

• Cash receipts year-to-date totaled $306M, up 25% from the prior year.

• Book value per ordinary share rose to $11.44 as of June 30, 2025.

Outlook and guidance

• Portfolio growth and new business exceed targets, supporting long-term commitments and future revenue.

• Management expects continued resilience due to the uncorrelated nature of legal finance assets with market cycles.

• Ongoing review and selective investment in legal tech, law firm equity, and alternative legal services expected to grow.

• Dividend policy maintained at $0.125 per share annually, with semi-annual payments.

• Private funds portfolio expected to decline as focus shifts to balance sheet funding.