Burford Capital Ltd.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 8 May 2026: press release. The quarter’s numbers.

Key takeaways

YPF loss drove a large charge: Management described the YPF loss as disappointing. It caused a very large non-cash charge to quarterly earnings. Source
Cash on hand above $700 million: Cash on hand was more than $700 million at the time of the release. Source
Around $280 million cash so far: Management has sight of around $280 million in cash so far this year from the portfolio. The figure includes cash received and specific receivables actively paying. Source
$236 million cash proceeds already: The company says the YPF case has generated $236 million in cash proceeds even if YPF never pays another cent. Source
Over $100 million profit from case: The same statement puts the case's profit at more than $100 million, on the same basis of no further YPF payments. Source
Multi-billion-dollar litigation portfolio: Management described a multi-billion-dollar portfolio of litigation assets delivering substantial cash returns. Source

“Burford has a multi-billion-dollar portfolio of litigation assets delivering substantial cash returns and the market-leading origination engine.”
Christopher Bogart, Burford Capital’s Chief Executive Officer

Quarter results and YPF charge

Unaudited 1Q26 results reported: The company reported unaudited financial results for the three months ended March 31, 2026. Source
YPF loss drove a large charge: Management described the YPF loss as disappointing. It caused a very large non-cash charge to quarterly earnings. Source
YPF loss carries no cash: Management said the YPF loss has no cash impact, so the charge is non-cash. Source

Liquidity and cash position

Cash on hand above $700 million: Cash on hand was more than $700 million at the time of the release. Source
Around $280 million cash so far: Management has sight of around $280 million in cash so far this year from the portfolio. The figure includes cash received and specific receivables actively paying. Source
Ample liquidity and robust business: Management said the business is robust and has ample liquidity. Source

“there is no cash impact from that loss”
Christopher Bogart, Burford Capital’s Chief Executive Officer

YPF case economics

$236 million cash proceeds already: The company says the YPF case has generated $236 million in cash proceeds even if YPF never pays another cent. Source
Over $100 million profit from case: The same statement puts the case's profit at more than $100 million, on the same basis of no further YPF payments. Source
Arbitration outcome still hoped for: Management said it is optimistic about a positive arbitration outcome in the YPF matter. Source

Portfolio and origination

Multi-billion-dollar litigation portfolio: Management described a multi-billion-dollar portfolio of litigation assets delivering substantial cash returns. Source
Portfolio quality described as high: In the prior release, management said portfolio quality remains high and the future is bright for growing the business.

“and we are optimistic about a positive arbitration outcome”
Christopher Bogart, Burford Capital’s Chief Executive Officer

Prior-quarter results and dividend

Extended durations hit prior results: In the 4Q25 release, results were affected by extended case durations and other unrealized fair value adjustments.
Case progress brought substantial cash: Management said that in the area where it has less influence, case progress and realizations, the company brought in a substantial amount of cash.
Final dividend of $0.0625 declared: The board declared on February 25, 2026 a final dividend for 2025 of $0.0625 per ordinary share.

Dividend timing and investor call

Dividend payment subject to AGM: The dividend is to be paid on June 12, 2026, to shareholders of record on May 22, 2026, subject to approval at the 2026 annual general meeting.
Conference call on May 8: The company will hold an investor and analyst conference call at 8.00am EDT on Friday, May 8, 2026. Source
Webcast and replay available: A live audio webcast of the call and a replay will be available at the company's event link. Source

Coming up, as management said on 8 May 2026

Final dividend payment June 12: Final dividend of $0.0625 per share is to be paid June 12, 2026, subject to approval at the 2026 annual general meeting.

Figures management reported

Figure	Reported
Cash on hand Source	more than $700 million
Cash received year-to-date and receivables in process of paying Source	around $280 million
New definitive commitments, 2025	up 39%
Portfolio modeled realizations at year end 2025, excluding YPF-related assets	$5.2 billion

Risks management discussed

Financial: The YPF loss produced a very large non-cash charge to quarterly earnings. Source
External: Case figures are framed on the basis of no further YPF payments, and the arbitration outcome is still pending. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Burford Reports 1Q26 Financial Results

Burford Capital Limited (“Burford”), the leading global finance and asset management firm focused on law, today announces its unaudited financial results for the three months ended March 31, 2026 (“1Q26”). The full detailed presentation of Burford’s 1Q26 financial results can be viewed at http://investors.burfordcapital.com.

Christopher Bogart, Burford Capital’s Chief Executive Officer, commented:

“Burford has a multi-billion-dollar portfolio of litigation assets delivering substantial cash returns and the market-leading origination engine. Burford’s business is robust. We have ample liquidity, with more than $700 million of cash on hand, and have sight of around $280 million in cash so far this year from the portfolio.

“While the YPF loss was disappointing and caused a very large non-cash charge to our quarterly earnings, there is no cash impact from that loss. Indeed, if YPF never pays another cent, we will still have generated $236 million in cash proceeds and more than $100 million in profit from the case - and we are optimistic about a positive arbitration outcome.”

Burford will hold a conference call for investors and analysts at 8.00am EDT / 1.00pm BST on Friday, May 8, 2026. For swift access to the conference call at the time of the event, pre-registration is encouraged at https://registrations.events/direct/Q4I79209385. The dial-in numbers for the conference call are +1 (646) 307-1951 (USA) or +1 (888) 500-3691 (USA & Canada toll free) / +44 (0)20 8610 3526 (UK) or +44 800 524 4258 (UK toll free), and the access code is 79209. To minimize the risk of delayed access, participants are urged to dial into the conference call by 7.40am EDT / 12.40pm BST.

A live audio webcast and replay will also be available at https://events.q4inc.com/attendee/593482261, and pre-registration at that link is encouraged.

For further information, please contact:

Burford Capital Limited
For investor and analyst inquiries:
Americas: Josh Wood, Head of Investor Relations - email	+1 212 516 5824
EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations - email	+44 (0)20 3530 2023
For press inquiries:
David Helfenbein, Senior Vice President, Communications - email	+1 646 504 7074
Deutsche Numis - NOMAD and Joint Broker	+44 (0)20 7545 8000

This number represents cash received year-to-date and specific receivables that are actively in the process of paying.

Duncan Monteith

Charlie Farquhar

BofA Securities - Joint Broker

+44 (0)20 7628 1000

Peter Luck

David Lloyd

Jefferies International Limited - Joint Broker

+44 (0)20 7029 8000

Graham Davidson

James Umbers

Berenberg - Joint Broker

+44 (0)20 3207 7800

Toby Flaux

James Thompson

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) and works with companies and law firms around the world from its global network of offices.

For more information, please visit www.burfordcapital.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

This press release does not constitute an offer of any Burford private fund. Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this press release is for informational purposes only. Past performance is not indicative of future results. The information contained in this press release is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including interests or shares in any of Burford private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.

Forward-looking statements

Forward-looking statements notice

This press release contains “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor provided for under these sections. In some cases, words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “potential”, “predict”, “projected”, “should” or “will”, or the negative of such terms or other comparable terminology, are intended to identify forward-looking statements. Although Burford believes that the assumptions, expectations, projections, intentions and beliefs about future results and events reflected in forward-looking statements have a reasonable basis and are expressed in good faith, forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause Burford’s actual results and events to differ materially from (and be more negative than) future results and events expressed, projected or implied by these forward-looking statements. Factors that might cause future results and events to differ include, among others, those discussed in the “Risk Factors” section of Burford’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the US Securities and Exchange Commission on February 26, 2026. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements contained in the periodic and current reports that Burford files with or furnishes to the US Securities and Exchange Commission. Many of these factors are beyond Burford’s ability to control or predict, and new factors emerge from time to time. Furthermore, Burford cannot assess the impact of each such factor on its business or the extent to which any factor or combination of factors may cause actual results and events to be materially different from those contained in any forward-looking statement. Given these uncertainties, readers are cautioned not to place undue reliance on Burford’s forward-looking statements.

All subsequent written and oral forward-looking statements attributable to Burford or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date of this press release and, except as required by applicable law, Burford undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.