Omni Bridgeway (OBL) H1 2026 earnings summary

Executive summary

• Achieved strong 1H26 performance, meeting or exceeding key targets with robust investment completions, disciplined cost control, and solid progress on corporate KPIs.

• Statutory NPAT reached A$84.5 million, supported by investment proceeds of A$223.7 million and new external capital commitments for Funds 4/5 Series II.

• Portfolio remains diversified across over 300 investments, regions, and legal strategies, mitigating concentration risk and supporting stable returns.

• Significant progress in capital formation, with US$228 million in new commitments for Funds 4/5 Series II and additional sidecar capital raised.

• Positive regulatory developments in the EU and UK affirm the legitimacy of litigation funding and introduce light-touch regulation.

Financial highlights

• Statutory income for the half was A$179.5 million, reflecting portfolio growth and strong investment completions.

• EBIT reached A$24.7 million, with realized EBIT of A$21 million, and group EBIT of A$108.3 million; NPAT was A$84.5 million.

• Book value per share rose 7% to A$3.20; basic EPS was 29.07 cents per share.

• Cash OpEx reduced to A$34.4 million, materially below the FY26 budget of A$80 million.

• Consolidated cash and receivables stood at A$277 million at period end; OBL-only cash balance at A$149 million as of December 2025.

Outlook and guidance

• Positive outlook for new commitments, supported by a strong pipeline and risk-adjusted pricing; 23 exclusive term sheets represent A$279.4 million in new opportunities.

• On track to achieve or exceed targets for OpEx, fee income, and cost coverage for FY26; targeting 70% cost coverage by FY28, with 1H26 at 52%.

• OpEx expected to remain below the FY26 budget of A$80 million.

• Continued focus on capital raises for Funds 4/5 Series II, with full closure anticipated within the financial year.

• Analyst deck with updated vintage analysis to be released 26 March 2026.