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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Litigation Capital Management
Litigation Capital Management (LIT) investor relations material
Litigation Capital Management H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary30 Sep, 2026
Executive summary
FY26 saw a significant deterioration in investment performance, resulting in a net loss after tax of A$165.7 million, compared to a net loss of A$72.9 million in FY25.
The company reported negative net assets of A$53.6 million at 30 June 2026 and has entered a run-off phase, ceasing new investments and focusing on managing the existing portfolio to conclusion.
A strategic review was conducted but did not result in a transaction; instead, a long-term amendment to the debt facility with Northleaf was agreed.
Financial highlights
Net loss after tax: A$165.7 million (FY25: A$72.9 million loss).
Operating loss: A$161.1 million (FY25: A$12.5 million loss).
Revenue from concluded investments on LCM capital dropped to A$1.1 million (FY25: A$36.5 million).
Net assets turned negative: A$53.6 million deficit (FY25: A$114.4 million surplus).
Net debt increased to A$123.4 million (FY25: A$68.9 million).
Outlook and guidance
The company is in run-off, with no new investments planned; all cash realised will be used to repay the Northleaf facility.
The amended facility extends the term to 31 December 2030, increases the facility to US$125 million, and capitalises interest.
Material uncertainty exists regarding going concern, dependent on successful portfolio realisations and continued access to funding.
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Latest events from Litigation Capital Management
- Loss after tax hit $107.8 million amid major trial losses and ongoing strategic review.LIT
H1 2026 - Major losses and a net loss of AUD 72.9M prompt cost cuts and a strategic review.LITH2 2025
- Judgment loss and lower realisations prompt strategic pause and reduced new commitments.LITTrading Update
- A$44.7M income, 2.4x MOIC, asset management growth, and US/AI expansion marked FY24.LITH2 2024
- FY24 realisations reached AUD $56m with a 2.4x MOIC; New Commitments to top AUD $250m.LITTrading Update
- LCM achieved a 3.7x MOIC in H1 FY25, with strong realisations despite a modest loss.LITTrading Update
- A$51m revenue at 3.7x MOIC, strong fund growth, but net loss after tax of A$8.4m.LITH1 2025
Next Litigation Capital Management earnings date
H1 202730 Mar, 2027
Litigation Capital Management
Next Litigation Capital Management earnings date
H1 202730 Mar, 2027
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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.