Burford Capital (9BFA) Q3 2026 Earnings Report
DE:9BFA Q3 2026 EPS Results
- Actual EPS
- EUR 0.09
- Consensus EPS
- EUR 0.08
- Beat/Miss
- Beat by +EUR 0.01
- One Year Ago EPS
- -EUR 0.08
DE:9BFA Q3 2026 Revenue Results
- Actual Revenue
- EUR 125.69M
- Expected Revenue
- EUR 96.97M
- Beat/Miss
- Beat by +EUR 28.72M
- YoY Revenue Growth
- +124.48%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
Burford Capital's next earnings date is estimated for March 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. Management reported strong revenue growth, a 13.4% annualized ROE despite substantial noncash interest-rate headwinds, significant case wins and realizations, more than $4 billion of cumulative cash realizations, and progress on deleveraging. The main challenges were interest-rate volatility, lower realized gains and asset-management cash receipts, reduced new commitments, litigation delays, elevated leverage, and an acknowledged market valuation gap. Highlights significantly outweighed the lowlights.
Management said the goal is to deleverage the balance sheet while continuing to grow the business, with deployments expected to remain around a $100-ish million of deployments per quarter; it does not give guidance on the exact minimum cash number, although current liquidity is similar to where it was at the end of the third quarter. Model realizations are updated on an annual basis, with an update expected in the next quarter following the $5.2 billion reference. There is no ballpark range for quarterly new commitments over the next 12 months; activity will be calibrated by liquidity, deleveraging, and risk tolerance for price. The 10% to 25% risk band was lower in 2026 than in 2025, while the low risk band was pretty much on top and the high risk band was a little bit above. There is no exact debt-to-tangible-book-value target, although 1.25x or 1.5x has been discussed historically, versus 3.2x currently.
- Strong Quarterly Revenue and Return on EquityManagement described the quarter as strong, with revenues more than double the comparative period last year and the strongest year-to-date performance. Despite adverse discount-rate movements, annualized ROE was 13.4%; management stated that without the interest-rate headwinds, ROE would have been well into the forties.
- Positive Cash Generation and Fourth-Quarter RealizationThe company reported a solid quarter for cash. A case resolution completed after quarter-end generated approximately $63 million to $64 million of cash, and the investment produced more than 11x invested capital.
- Successful Deleveraging and Debt RefinancingBurford took $100 million of debt off the balance sheet during the quarter, reduced its debt-to-equity ratio by a third of a turn, and eliminated its 2028 maturity. It also completed a successful offering of 2029 debt at competitive satisfactory rates, with satisfactory debt ratings.
- Significant Litigation and Arbitration DevelopmentsThe YPF matter received nine amicus briefs, including submissions from 15 U.S. states and territories, a U.S. senator, market participants, policy institutions and legal academics. Burford also won an arbitration involving an African mining matter against Cameroon, resulting in a tribunal award of more than $600 million, of which Burford is entitled to approximately one-third. Separately, a case involving Apple produced the largest U.S. patent verdict in history.
- High-Return Case ResolutionA fully paid case resolution generated more than 11x invested capital and a significant ROIC. Management used the result to emphasize that, in its litigation business, older cases do not necessarily mean bad cases.
- Asset Growth and Future Revenue PotentialBalance-sheet fair value increased from $2.3 billion to just under $2.5 billion during the quarter. Management stated that the existing asset base provides substantial future revenue potential, citing historical ROIC of around 30% versus an 80%+ historical ROIC comparison in the discussed analysis.
- Consistent Deployment Pace and Healthy PipelineThe company has consistently deployed approximately $100 million per quarter. Undrawn commitments were slightly higher than at year-end, which management said reflected a healthy book of business available for continued deployment.
- Asset Management Income GrowthAsset management GAAP income increased year to date to $29 million from $21 million in the comparable period. The company continues to benefit from its BOF-C partnership and related profit-sharing income.
- Cumulative Cash Realizations Exceeded $4 BillionManagement highlighted that Burford has generated more than $4 billion of cash realizations since the business was started 17 years ago, while maintaining desirable returns and consistently low losses.
- Strong Liquidity and Capital Structure PositionLiquidity declined from $621 million at the start of the year to $500 million at quarter-end, including the debt redemption. The company also reported $120 million in due-from-settlement balances, excluding the approximately $64 million fourth-quarter case realization, and described its liquidity position as strong.
- Operating Expense and Compensation SavingsManagement cited approximately $10 million of annual compensation savings, predominantly from changes in middle management. It stated that these changes were not expected to affect the ability to execute against the portfolio or pursue new growth opportunities. General and administrative expenses were tracking below the prior-year year-to-date level.
- Favorable Cost of Debt Compared With Historical ReturnsThe weighted average cost of debt was 8.2%, compared with a 25% historical IRR. Management said the weighted average life of the debt and the portfolio supported a capital structure that puts the company in a good position.
- Continued Investment Capacity and Portfolio GrowthManagement said the company has room to continue investing in new assets and growing the portfolio as historical assets roll off. It also stated that the majority of cases require capital over time rather than large immediate funding commitments.
- Risk-Based Origination StrategyThe company remained focused on the lowest-risk business band and was slightly above its prior level in the highest-risk band, while doing less work in the middle band. Management said it continues to see healthy pipelines and expects the overall mix to support historical returns.
- Expense Savings Did Not Reduce Execution ConfidenceManagement stated that the compensation changes, including one or two retirements, did not materially affect its confidence in executing against the existing portfolio or pursuing new growth.
DE:9BFA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 24, 2027 | 2026 (Q4) | 0.09- | -0.15 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.080.09 | -0.08 | 211.11% (+0.17) | |
| Aug 06, 2026 | 2026 (Q2) | 0.070.01 | 0.35 | -97.44% (-0.34) | |
| May 08, 2026 | 2026 (Q1) | ―-6.63 | 0.12 | -5428.57% (-6.75) | |
| Feb 26, 2026 | 2025 (Q4) | 0.33-0.15 | -0.05 | -183.33% (-0.10) | |
| Nov 05, 2025 | 2025 (Q3) | 0.27-0.08 | 0.54 | -114.75% (-0.62) | |
| Aug 07, 2025 | 2025 (Q2) | 0.290.35 | 0.21 | 62.50% (+0.13) | |
| May 07, 2025 | 2025 (Q1) | 0.270.12 | -0.12 | 200.00% (+0.25) | |
| Mar 03, 2025 | 2024 (Q4) | 0.48-0.05 | 0.4 | -113.33% (-0.45) | |
| Nov 07, 2024 | 2024 (Q3) | 0.320.54 | 1.08 | -50.00% (-0.54) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
