Heritage Global : Investor Presentation (HGBL Investor Deck May 2026)
HGBL
Published on 05/14/2026 at 05:55 pm EDT
Investor Presentation NASDAQ: HGBL
Who We Are NASDAQ: HGBL
Heritage Global Inc. ("HG") is a renowned asset-based market maker that creates liquidity in secondary markets for industrial corporations and financial institutions through two main business units:
Industrial Assets
Financial Assets
Specialties consist of acting as an advisor, in addition to
acquiring or brokering:
Surplus industrial machinery & equipment
Turnkey manufacturing facilities
Industrial inventories
Real estate
Receivable & loan portfolios
HG operates in markets that expand during both growth and stress environments, creating resilient demand drivers.
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Heritage Global Inc. ("HG") values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets through its Industrial Assets and Financial Assets business units.
AUCTIONS
Auction & liquidation of assets in 25+ industrial sectors, globally
BROKERAGE
Brokerage of charged-off
& nonperforming financial asset portfolios
VALUATIONS
Valuation of commercial & Industrial assets
ADVISORY
Sale & Valuation of
Performing & Nonperforming Commercial, Industrial and Real Estate Loan Portfolios
REFURBISH & RESALE
Recovery, refurbishment and resale of assets in the life sciences industry
SPECIALTY
LENDING
Flexible funding structures for all asset classes, specialized in the ARM industry
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Two Divisions with Multiple Revenue Streams
NASDAQ: HGBL
DebtX is a leading loan sale advisor providing end-to-end valuation and sale execution for performing and non-performing loan portfolios across Commercial & Industrial, Commercial Real Estate, multifamily, and residential real estate.
End-to-end loan sale and valuation advisor
Facilitates the full loan sale process: analysis, pricing, marketing, sale execution, and closing
Structures each sale to optimize outcomes: price,
certainty, timing, and data security/privacy
Portfolio Analysis & Pricing
Closing & Settlement
Deal
Preparation
Deal Marketing
All-cash transaction
Expected to be accretive in calendar 2026
Sale Execution
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Strategic Acquisition of DebtX
NASDAQ: HGBL
Strategic priorities to drive shareholder value
Expand transaction volume across Industrial and Financial Assets
Deepen institutional relationships and repeat monetization programs
Increase advisory and brokerage services across surplus and distressed assets
Pursue selective, accretive acquisitions aligned with core capabilities (e.g., DebtX)
Maintain strong liquidity and
balance sheet flexibility
Evaluate opportunistic share repurchases based on market conditions
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Capital Allocation & Growth Priorities
NASDAQ: HGBL
HGBL benefits from activity drivers in both favorable and stressed market environments:
Industrial
Consolidation, automation, facility changes
Downsizing and restructuring activity
Capital spending optimization and surplus redeployment
Financial
Consumer credit stress and charge-offs
Distressed commercial real estate loan availability
Increased demand for secondary market
liquidity
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Positioned to Perform in an Up or Down Economy
NASDAQ: HGBL
Reasons to Buy HGBL Now
NASDAQ: HGBL
Business Model Advantages
High barriers to entry driven by trusted brokerage relationships, data security, and execution credibility
Collaboration across a portfolio of specialized brands enables revenue and buyer-network synergies
Service-oriented business model with limited capital intensity and strong cash generation
Near-Term Growth Drivers
Strong balance sheet provides financial flexibility and supports monetization of surplus and non-core assets
Economic uncertainty is increasing demand for secondary-market liquidity across asset classes
Consumer and commercial credit stress is expanding secondary-market opportunities across receivables and loan portfolios
DebtX expands execution and advisory capabilities within HGBL's Financial Assets business
HGBL
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Enduring Client Relationships
HGBL maintains long-standing relationships with Fortune 500 pharmaceutical, aerospace, and retail companies that drive recurring asset monetization programs.
Durable Capital Base
Strong liquidity and financial flexibility support disciplined reinvestment, selective acquisitions, and sustained shareholder returns.
Repeatable Scale Opportunity
Opportunity to scale recurring, programmatic monetization across industrial and financial assets by leveraging brand collaboration, data, and execution capabilities.
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Reasons to Buy HGBL for the Future
NASDAQ: HGBL
Proven track record of profitability
Attractive margin profile with growth
$15.5M NOL carry forwards2
($ in millions)
Executed the acquisition of DebtX, with a favorable outlook in 2026 results weighted toward the back half of the year.
Increased focus on allocation of capital for continued expansion in business development and operational capacity, M&A and
$12
$10
$8
$6
$4
$2
$-
2024 2025 Q12026
40%
30%
20%
10%
0%
opportunistic share repurchases.
Annual Return on Capital Employed
As of 03.31.26
Cash & Cash Equivalents $11.6M
Working Capital $11.6M
Total Shareholders' Equity $67.8M
($ in thousands, except per share amounts)
Operating income Net income
Net income per share -
diluted
(Non-GAAP Financial Measures) (1)
EBITDA
Adjusted EBITDA
Three Months Ended March 31,
2026
2025
$ 1,008
$ 1,403
$ 717
$ 1,064
$ 0.02
$ 0.03
$ 1,182
$ 1,521
$ 1,393
$ 1,800
(ROCE)
13%
8%
6%
Adj. EBITDA Adj. EBITDA Margin %
1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. See "Reconciliations of Non-GAAP Measures" in the Appendix of this presentation. 2As of 03/31/26.
2024 2025 2026
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Financial Performance
NASDAQ: HGBL
Reconciliation of EBITDA and Adjusted
EBITDA (Non-GAAP Measures)1
($ thousands)
Three Months Ended
March 31,
2026 2025
Net income
$ 717
$ 1,064
Add back:
Depreciation and amortization
174
118
Interest expense (income), net
20
(56)
Income tax expense
271
395
EBITDA
1,182
1,521
Management add back:
Stock based compensation
211
279
Adjusted EBITDA $ 1,393 $ 1,800
1 The Company uses the non-GAAP financial measures "EBITDA", "Adjusted EBITDA" and "Adjusted EBITDA Margin" in assessing its results because the Company believes that these measures are relevant and useful supplemental information for our investors. The Company believes that the presentation of these non-GAAP financial measures, when considered together with our GAAP financial measures and the reconciliation to the most directly comparable GAAP financial measure, provides a more complete understanding of the factors and trends affecting the Company than could be obtained absent these disclosures. The Company's use of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin is not meant to be, and should not be, considered in isolation or as a substitute for, or superior to, any GAAP financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Adjusted EBITDA Margin (see Slide 11) represents Adjusted EBITDA / Revenue.
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Reconciliations of Non-GAAP Measures
NASDAQ: HGBL
Ross Dove, CEO [email protected]
IMS Investor Relations [email protected]
Disclaimer
Heritage Global Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 21:54 UTC.