Bailador Technology Investments (BTI) AGM 2026 presentation summary

Investment approach and deployment

• Focus on established, fast-growing IT businesses scaling internationally, targeting the expansion stage for a balance of risk and reward.

• FY26 follow-on investments totalled $7.6m: $5.0m in DASH, $2.5m in Rosterfy and $0.1m in PropHero.

• Active support extends beyond capital, with a concentrated portfolio strategy aimed at operational growth and realizing investment gains.

Portfolio performance

• Underlying portfolio revenue was $735m; weighted revenue growth was 32%, gross margin 63% and recurring revenue 82% in FY26.

• Portfolio gains were $17.9m, with a 7.5% gross portfolio return; the increase in private portfolio values drove most of the gain.

• FY26 private valuation changes included Updoc +21%, PropHero +69%, Hapana +17% and MOSH +50%; DASH declined $9.0m, or 20%.

• SiteMinder's operating performance remained strong; its improvement program reported a 10%+ new-customer win-rate improvement, 10%+ lower cost per support case and over 2x code-change throughput.

Realisations and shareholder returns

• FY26 cash realisations were $28m, including a $25m SiteMinder partial realisation at 36.9% IRR and 29.4x investment cost.

• Since inception, cash realisations delivered a 3.5x average MOIC and 23.2% average IRR.

• FY26 dividends totalled 7.4c per share; the 3.5c final dividend carried a 9.5% grossed-up annualised yield.

• Annual dividend target is 4% of pre-tax NTA, paid half-yearly and fully franked; a dividend reinvestment plan is in operation.