Omni Bridgeway (OBL) AGM 2025 Presentation summary

Financial performance and portfolio highlights

• Total income reached A$651.2m (IFRS) and A$371.4m (OBL-only), with NPAT of A$416.8m and EBIT of A$287.3m for FY25.

• Earnings per share were A$1.23, with total book value per share at A$2.99 and net tangible book value per share at A$1.94.

• Cash operating expenses were A$84.1m, 6% lower than FY24, and fee income grew to A$30m, exceeding the 20% growth target.

• Assets under management rose to A$5.2bn, with portfolio value up 29% to A$3.6bn and 52 new investments adding A$526m in fair value.

• Achieved a 2.5x multiple on invested capital across 60 completions, with a fair value conversion ratio of 103%.

Strategic transformation and capital management

• Transitioned to a capital-light, fund management-focused platform, emphasizing disciplined growth and cultural alignment.

• Completed a landmark Fund 9 transaction with Ares Management, generating A$320m in proceeds and enabling full deleveraging.

• Raised over A$500m in new third-party capital, expanding and diversifying funding sources.

• Strategic focus on double-digit AUM growth, capital flexibility, and operational efficiency through disciplined cost and portfolio management.

• New carried interest incentive structure aligns team interests with investment outcomes and shareholders.

Industry trends, sustainability, and regulatory environment

• Legal finance industry is consolidating, with fewer participants and increased demand for scale and expertise.

• Approximately 72% (A$1.55bn) of commitments support access to justice, and 74% (A$1.6bn) address societal or ESG issues.

• Regulatory developments in Europe and the UK support legal finance, favoring light-touch supervision.

• Continued engagement with regulators and industry bodies to ensure balanced, transparent oversight.

• Share price increased over 50% in the past year, though not yet reflecting intrinsic value.