Omni Bridgeway Ltd · ASX:OBL

Omni Bridgeway — H1 2025 Earnings Presentation

42 slides from Omni Bridgeway's earnings presentation, Feb 27, 2025

1. Slide 1: 1H25 results

   1H25 results 27 February 2025

2. Slide 2: Contents

   Contents 01 Highlights 02 Portfolio performance 03 Financial results 04 Strategic priorities 05 Annexures Please read the further information on the terms used in this presentation and the notes detailed on slide 37. 1H25 RESULTS | 27 February 2025 2

3. Slide 3: Highlights

   Highlights 1H25 RESULTS | 27 February 2025 3

4. Slide 4: Key messages

   Key messages Highlights Portfolio performance Continued acceleration of completions Opex under control • By number of completions • On track for A$85m cash opex target for FY25 • By investment income • Further cost saving initiatives executed, which will reduce opex by c.A$10m on an annualised basis

5. Slide 5: Highlights for the half year ended December

   Highlights Highlights For the 6 months ended 31 December 2024 1,2 Investment income and fee revenue Portfolio fair value OBL-only cash and receivables Portfolio performance A$3.2bn A$126.5m excluding proceeds from secondary market transactions A$150.5m +21% on 1H24 +13% on 2H24 >A$1.2bn of OBL-only

6. Slide 6: Industry leading investment performance metrics

   Industry leading investment performance metrics Highlights • Generated a market leading uncorrelated return of 2.8x MOIC from a diversified set of 40 full and partial completions. 4 • Which had a fair value conversion ratio of 111% . Portfolio performance Fair value OBL-only (A$m) OBL-only (A$m) # M

7. Slide 7: Portfolio diversification

   Portfolio diversification Highlights • The portfolio is well diversified, both geographically and by area of law. • Low concentration of fair value and commitments on 10 largest investments, further mitigating risk of negative binary outcomes. • Market leading diversification is testament of global

8. Slide 8: Continued portfolio growth to generate future income

   Continued portfolio growth to generate future income Highlights 11 Investments carrying value Total portfolio fair value A$972m A$3.2bn Portfolio performance A$144m A$1,050m A$979m (A$30m) A$3.2bn (A$43m) A$2.8bn A$799m A$772m A$2.5bn A$711m Financial results A$648m A$972m Strategic priorities A$1.2

9. Slide 9: Fair value movement bridge in 1H25

   Fair value movement bridge in 1H25 Highlights Portfolio performance A$106m • 'Deployments' reflect the increase of portfolio value as deployments made A$161m in the period reduce remaining future deployment obligations. (A$53m) A$182m A$129m • 'Discount unwind' reflects the increase of value in the

10. Slide 10: FY25 Financial results – Consolidated Group

    FY25 Financial results – Consolidated Group Highlights Portfolio performance Change from A$m 1H25 1H24 1H24 • Total gross income (excluding Consolidated Group secondary market transactions) Litigation proceeds (grossed up to include all Funds at 100%) 127.1 115.2 10% up 21% on 1H24. Management fees

11. Slide 11: Non-IFRS OBL-only cash P&L

    Non-IFRS OBL-only cash P&L Highlights A$m 1H25 1H24 • Positive overall net cashflow in 1H25 (incl. deployments), Portfolio performance delivering A$7.2m in cash to OBL-only. Investments Litigation investment proceeds 34.5 60.1 • Management fees and performance fees have all significantly Proceeds fr

12. Slide 12: Illustrative OBL-only fair value P&L for 1H25

    Illustrative OBL-only fair value P&L for 1H25 Highlights Portfolio performance A$m 1H25 • The illustrative OBL-only FV P&L (on a non-IFRS basis) provides for a better understanding of the overall net value generation Litigation investment proceeds 34.5 in the period, which is not brought to account

13. Slide 13: Reduced operating expenses

    Reduced operating expenses Highlights 12M trailing cash opex Disciplined cost management A$100m Portfolio performance • Cash opex of A$39.6m in 1H25, on track to achieve A$95m the A$85m target for FY25. A$90m • The additional cost saving measures have been A$85m FY25 executed during recent months, e

14. Slide 14: OBL-only cashflows and liquidity

    OBL-only cashflows and liquidity16 Highlights • In aggregate, A$127m is available for operational expenses and deployments on the OBL co-investment in the funds. This is before cash proceeds from management fees, any investment completions, performance fees, and the Fund 9 transaction. Portfolio per

15. Slide 15: Status of strategic priorities

    Status of strategic priorities 1H25 RESULTS | 27 February 2025 15

16. Slide 16: Launch and financial close of Fund 9

    Launch and financial close of Fund 9 Highlights Establishment of Fund 9 as continuation fund to acquire 100% of Omni Bridgeway’s co-investment in 150+ investments across 17 Balance Sheet, Funds 2/3, and Funds 4/5 Series I Portfolio performance Sale of c.A$0.6bn in OBL-only fair value of the company’

17. Slide 17: Fund 9 delivered on stated core strategic objectives

    …which has delivered on stated core strategic objectives Highlights Portfolio performance Validation of FV: Improvement Capital light fund Reduction of debt via third party of cost coverage management model • Outstanding debt retired in full. • Fair value conversion ratio of • Generates management f

18. Slide 18: Strategic progress independent of the Fund transaction

    …in addition to strategic progress independent of the Fund 9 transaction Highlights Portfolio performance Portfolio investment Validation of FV: Platform and New investment performance via completions cost management and fund capital • Improving performance metrics: • >100% fair value conversion • C

19. Slide 19: Fund will have significant impact on free cash flow and liquidity

    Fund 9 will have significant impact on free cash flow and liquidity profile Highlights A$310m in Fund 9 proceeds, from partially bringing forward expected future completions, allows for the full repayment of debt, elimination of interest costs, and significantly reduction of anticipated deployments.

20. Slide 20: Valuation framework for OBL – investor day revisited

    Valuation framework for OBL – investor day revisited Highlights Implied market valuation gap historically attributed to: Portfolio performance 1. Uncertainty on new fair value framework Fair value validation through full year of completions and Fund 9 secondary market transaction. 2. Perceived balan

21. Slide 21: Strategic focus areas, projects and goals

    Strategic focus areas, projects and goals Highlights Portfolio performance FY25 Strategic projects Targets FY25 01 The company continues to observe that the current share price is not reflective of the embedded fair value of OBL’s assets, nor of • Continued improvement of cost coverage through incre

22. Slide 22: Management update

    Management update Highlights Guillaume Leger David Breeney Global Chief Global Group • As of 1 March 2025, Guillaume Leger, Portfolio performance Capital Markets CFO the current Group CFO, will take on the strategically important new role of Global Chief Capital Markets. • David Breeney the current

23. Slide 23: Annexures

    Annexures 1H25 RESULTS | 27 February 2025 23

24. Slide 24: Litigation funding and Omni Bridgeway

    Litigation funding and Omni Bridgeway 1H25 RESULTS | 27 February 2025 24

25. Slide 25: Omni Bridgeway at a glance

    Omni Bridgeway at a glance Highlights A leading global sourcing, underwriting and management platform for legal assets Portfolio performance Overview • Omni Bridgeway (“OBL” or “The Group”) is an Australian listed (ASX:OBL) alternative asset manager and investor in legal assets. Investment 11 Funds

26. Slide 26: Evolution of the OBL platform

    Evolution of the OBL platform Highlights • IMF Bentham established in 1998 in Australia, listed on the ASX in 2001. • First publicly listed legal financier to specialise in large scale non-insolvency litigation. Portfolio performance • Expanded its international footprint starting in 2011 to locatio

27. Slide 27: Industry acknowledgement

    Industry acknowledgement Highlights Portfolio performance BAND 1 RANKED LITIGATION FUNDING: GLOBAL ASSET TRACING & RECOVERY LITIGATION FUNDING (UK) (2020-2024) Omni Bridgeway is recognized with • US (2018-2024) (2020-2024) INSOLVENCY (UK) (2022-2024) the most Band 1 rankings – • AUSTRALIA (2021-2024

28. Slide 28: Investment performance – full history

    Investment performance – full history Highlights Figures as of Jun-24 23 Matters with MOIC distribution for completed investments >10x MOIC Portfolio performance • Overall MOIC of completed investments A B C D E F at 2.2x. Negative 1-2x 2-3x 3-4x 4-5x >5x Total • 45% of investments have return MOIC

29. Slide 29: Where legal finance fits as an asset class

    Where legal finance fits as an asset class Highlights Legal finance has features from across the alternative asset spectrum Portfolio performance Private Credit: Private Credit: Legal Finance Private Equity Venture Capital Leveraged Finance Special Situations (OBL) MOIC: 1.5x+ MOIC: 2.0x+ MOIC: 2.5-

30. Slide 30: Funds History

    Funds History Highlights • 11 funds with A$3.5bn capital in total. • Very selective and limited portfolio of blue-chip fund investors reinvesting across all vintages. Portfolio performance 1986-2016 2017 2017 2017 2019 2019 2019 2023 2024 2024/25 2024/25 Balance sheet funder Fund Manager Fund 1 Fund

31. Slide 31: Omni Bridgeway's team

    Omni Bridgeway’s team Highlights Omni Bridgeway has an experienced senior management team with an established track record of success and effective risk management. Portfolio performance Highly credentialed executive management, with decades of relevant legal finance and investment experience +23 Ye

32. Slide 32: Omni Bridgeway's team (cont'd)

    Omni Bridgeway’s team (cont’d) Highlights Omni Bridgeway has an experienced senior management team with an established track record of success and effective risk management. Portfolio performance Highly credentialed executive management, with decades of legal finance experience +7 Paul Rand +10 Kris

33. Slide 33: Fair Value

    Fair Value 1H25 RESULTS | 27 February 2025 33

34. Slide 34: Fair value framework

    Fair value framework Highlights Omni Bridgeway’s fair value approach is based on probabilistic scenario analysis. At inception the fair value of an investment is determined: Typical material litigation events include: • As the net present value of the future loss-adjusted probability-weighted invest

35. Slide 35: Fair value methodology

    Fair value methodology Highlights Assumptions Portfolio performance • Outcome scenarios – the points during the life of an investment when it may complete in whole or in part • Cash flows – the amount and timing of outgoing and incoming cash flows over the life of the investment • Probabilities – th

36. Slide 36: Footnotes

    Footnotes Highlights 1 Includes unconditional and conditional investments, IC-approved investments and investments in "completion in 19 Estimate for first 12 months, based on A$85 million opex and subject to gross commitments on progress" status where cash has not yet been received. outstanding inve

37. Slide 37: Notes

    Notes Highlights • The investments of Funds 2&3, Fund 4, Fund 6 and Fund 8 are consolidated within the Group Consolidated Financial Statements, along with the interest of the respective external Fund investors if applicable. • Fund 1 was deconsolidated on 31 May 2023. OBL residual interest is includ

38. Slide 38: Reconciliation

    Reconciliation Highlights Slide 6 Investment performance metrics Slide 10 Financial results - Consolidated Group # MOIC (x) IRR (%) Fair value4,9 Proceeds (A$m) OBL-only (A$m) OBL-only (A$m) A$m 1H25 1H24 conversion Cash Income Portfolio performance 7 Consolidated Group Completed 20 2.7x 22% 105% $1

39. Slide 39: Reconciliation (cont'd)

    Reconciliation (cont'd) Highlights Slide 6 Industry leading investment performance metrics # MOIC (x) IRR (%) Fair value4,9 Proceeds (A$m) OBL-only (A$m) OBL-only (A$m) conversion Cash Income Portfolio performance 7 Completed 20 2.7x 22% 105% $125.7m $17.8m $22.4m Partially completed 16 3.0x n/a 127

40. Slide 40: Reconciliation (cont'd)

    Reconciliation (cont'd) Highlights Slide 10 Financial results – Consolidated Group A$m 1H25 1H24 Consolidated Group Total proceeds and revenue 137.1 115.7 Portfolio performance Litigation investments costs derecognised (non-cash) (44.6) (53.0) Derecognition of subsidiary and recognition of residual

41. Slide 41: Offices: Americas, Asia-Pacific, Europe, Middle East & Africa

    Americas Asia-Pacific Europe, Middle East & Africa Houston New York Montreal São Paulo Melbourne Hong Kong Amsterdam London Dubai +1 713 965 7919 +1 212 488 5331 +1 514 257 6971 +55 11 99960 9938 +61 3 9913 3301 +852 3978 2629 +31 70 338 4343 +44 203 968 6061 +971 4 514 4608 LyondellBasell Tower 437

42. Slide 42: 1H25 results Q&A

    OMNI © BRIDGEWAY y 4 1H25 results O&A

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