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Litigation Capital Management (LIT) investor relations material
Litigation Capital Management H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary1 Oct, 2025
Executive summary
The period ending 30 June 2025 was marked by unprecedented investment losses, with 6 wins and 6 losses, leading to a disappointing financial performance and a strategic shift toward active case management and portfolio consolidation.
The company terminated its investment in the Gladstone class action post-period due to insufficient expert evidence and downsized its team to focus on managing the existing portfolio.
The CEO is returning to hands-on investment management to restore historical performance.
A Dubai investigation into the company and its CEO concluded with full exoneration, removing a significant obstacle to strategic review and potential transactions.
Financial highlights
12 investments concluded: 6 wins and 6 losses, generating AUD 50 million in revenue and a cumulative MOIC of 1.8x for the period.
Net realized gains were AUD 22.2 million, but a large negative fair value movement of AUD 100 million resulted in a total loss before tax of around AUD 100 million and a post-tax loss of AUD 73 million.
Net loss for FY25 was AUD 72.9 million, compared to a net profit of AUD 12.7 million in FY24.
Cash declined from AUD 53 million to AUD 8.9 million, with net debt rising to AUD 69 million at period end and approximately AUD 80 million currently.
Operating expenses reduced by 50% year-over-year, with further reductions underway.
Outlook and guidance
The immediate focus is on managing the existing portfolio to a profitable outcome and reducing debt, with all strategic options—including runoff, merger, acquisition, or going private—under review.
Refocused on active investment management and rapid evaluation of challenged cases.
Proceeds from successful investments will be used to pay down debt, and operational expenses are being significantly reduced, potentially to as low as AUD 5 million annually.
The company is working closely with its capital provider, who has indicated ongoing support for the next 12 months.
Trans World loss: impact on strategic options?
GreenX enforcement: next steps and challenges?
How is the runoff model benchmark defined?
Benchmark for strategic options?
Sustainability of current debt structure?
Detail new active case management approach.
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Next Litigation Capital Management earnings date
H1 202617 Mar, 2026
Next Litigation Capital Management earnings date
H1 202617 Mar, 2026
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Frequently asked questions
Litigation Capital Management Limited provides litigation finance and dispute resolution funding solutions. The company supports claimants in legal disputes by offering non-recourse funding and case management expertise across jurisdictions. It serves law firms, corporations, and insolvency professionals. The company is headquartered in Sydney, Australia, and its shares are listed on the AIM.
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