Omni Bridgeway Ltd · ASX:OBL

Omni Bridgeway — FY2025 Earnings Presentation

47 slides from Omni Bridgeway's earnings presentation, Aug 28, 2025

Slide 2: Presenting today
Presenting today Raymond van Hulst David Breeney Managing Director & CEO Global Chief Financial Officer FY25 RESULTS | 28 August 2025 2
Slide 3: Contents
Contents 01 Highlights 02 Portfolio performance 03 Financial results 04 Strategic priorities 05 Annexures Please refer to the notes and footnotes contained in slides 41 and 42, which are an integral part of this presentation FY25 RESULTS | 28 August 2025 3
Slide 4: Highlights
01 Highlights FY25 RESULTS | 28 August 2025 4
Slide 5: Key messages
Key messages Highlights Strategic delivery FY25 operational highlights Good momentum for FY26 Strategic objectives delivered Portfolio performance • Fully repaid debt and deleveraged Opex reduced Fee income increased • Very strong portfolio developments the balance sheet. during 2H25, providing good
Slide 6: Highlights – Portfolio performance
Highlights – Portfolio performance Highlights For the 12 months ended 30 June 2025 Investments Realisations Portfolio performance Assets under management (AUM) 2 Total proceeds A$5.2bn A$555.5m Including A$320m from Fund 9 transaction 6 Financial results Portfolio fair value 3, 4 Fair value conversi
Slide 7: Highlights – Business performance
Highlights – Business performance Highlights For the 12 months ended 30 June 2025 Statutory accounts (IFRS) OBL-only (Non-IFRS) Per share metrics (IFRS) Portfolio performance Total Income Total Income Total book value per share 10 A$651.2m A$371.4m A$2.99 per share A$3.51 per share with all investme
Slide 8: Portfolio Performance
02 Portfolio Performance FY25 RESULTS | 28 August 2025 8
Slide 9: Continued strong investment performance metrics
Continued strong investment performance metrics Highlights • Generated a strong uncorrelated return of 2.5x MOIC from a diversified set of 60 full and partial completions. • This compares to 2.3x MOIC 14 full life to date across all vintages, over multiple decades and economic cycles. Portfolio perf
Slide 10: Portfolio construction and diversification
Portfolio construction and diversification Highlights • The portfolio is well diversified, both geographically and by area of law across over 300 active investments. • Low concentration of fair value and commitments on 10 largest investments, further mitigates risk of negative binary outcomes. • Mar
Slide 11: Continued strong portfolio growth
Continued strong portfolio growth Highlights Total commitments and deployments on active investments Total portfolio fair value A$1.7bn A$3.6bn Portfolio performance R 8 % CAG 2 A$1.7bn A$3.6bn GR CA 32% A$1.4bn A$3.2bn Financial results A$2.8bn A$1.1bn A$2.5bn A$1.0bn A$0.7bn A$0.8bn Strategic prio
Slide 12: Portfolio fair value movement
Portfolio fair value movement Highlights A$321m • 'Sidecar Investments'1 reflect third party Portfolio performance capital, outside the fund capital, in investments managed by OBL. OBL is (A$140m) generally entitled to separately agreed A$260m management fees, transaction fees and/or carried interes
Slide 13: OBL-only fair value movement
OBL-only fair value movement Highlights • The Fund 9 transaction accelerated cash Portfolio performance conversion of the OBL-only fair value, generating A$320m 6 in cash used to repay A$1.0bn the debt facility and strengthen the balance A$27m sheet. A$44m A$120m • The carried interest OBL-only shar
Slide 14: Financial results
03 Financial results FY25 RESULTS | 28 August 2025 14
Slide 15: Fund 9 transaction – Statutory accounting changes
Statutory accounting changes Highlights Following Fund 9 transaction, OBL balance sheet better reflects intrinsic value Portfolio performance • Full deconsolidation of Funds 2 and 3, and Funds 4 (both Series I and II), whereas Funds 5 (both Series I and II) were already deconsolidated. • Following d
Slide 16: Consolidated P&L
Consolidated P&L Highlights IFRS Portfolio performance A$m FY25 FY24 • Litigation investment proceeds include carried interest received. Litigation investment proceeds 235.5 216.8 • Proceeds from secondary market transactions for the period are net of the non-cash costs in relation to the warrants i
Slide 17: OBL-only fair value P&L
OBL-only fair value P&L Highlights Non-IFRS Management accounts Portfolio performance Fund 9 FY25 excl. • The OBL only fair value P&L (Non-IFRS Management accounts) A$m FY25 Fund 9 provides for a better understanding of the overall net value transaction transaction generation in the period, which is
Slide 18: OBL-only cash P&L
OBL-only cash P&L Highlights Non-IFRS Management accounts Portfolio performance • The non-IFRS OBL-only cash P&L provides a further understanding of A$m FY25 FY24 the net cash generation for the period, excluding the impact of the Investments fund consolidation and the associated external fund inves
Slide 19: Continued improvement in cost coverage
Continued improvement in cost coverage Highlights Management and other fee income Fee income A$35m Portfolio performance • Continued strong growth in fee income, achieving A$30m A$30m AGR target for FY25. 31% C A$25m • Fee income target for FY26 at A$35m. A$18m A$17m A$17m • Transaction fees negotia
Slide 20: OBL-only cashflow and liquidity
OBL-only cashflow and liquidity 23 Highlights • In aggregate, A$146m is available for future operational expenses and deployments on the OBL co-investment in the funds. This is before cash proceeds from management fees, any investment completions, carried interest, and possible further (smaller) sec
Slide 21: OBL-only free cashflow and liquidity profile
OBL-only free cashflow and liquidity profile Highlights Probabilistic 12 months forward looking OBL-only cashflow and liquidity • The candlestick chart for investment activities shows the expected range of FY26 cashflows for the portfolio. It highlights the average forecast and the likely spread of
Slide 22: Strategic priorities
04 Strategic priorities FY25 RESULTS | 28 August 2025 22
Slide 23: Capital Allocation Approach
Capital Allocation Approach Highlights Following the full debt repayment and the anticipated acceleration in portfolio completions, the company has defined the following guidelines that will drive liquidity, capital allocation and distribution decisions Portfolio performance • OBL aims to maintain a
Slide 24: Strong strategic delivery
Strong strategic delivery Highlights Since Investor Day Portfolio performance Deleveraged balance sheet Transitioned to capital-light Increased cost coverage Validated fair value fund management model • Repaid outstanding debt in full. • Cash opex reduced from • Completions continue to track • Reduc
Slide 25: Strategic context
Strategic context Highlights OBL is well positioned to benefit from the evolution of the legal finance industry Omni Bridgeway Legal Assets Portfolio performance • Unique asset class with attractive investment characteristics and the ability to • The only listed and institutional-grade fund generate
Slide 26: Strategic focus
Strategic focus Highlights To further grow OBL as the leading, global and institutional-grade fund management platform for legal assets and finance Strategic objectives delivered 1 2 Portfolio performance Growth drivers Capital • Controlled and sustainable growth of the book, targeting on average •
Slide 27: Strategic projects and goals
Strategic projects and goals Highlights Portfolio performance FY26 Strategic projects Targets for FY26 and beyond A further data pack will be released • Completion of Funds 4/5 Series II capital A$80 million cash opex for FY26. in the coming period, which will raise. assist shareholders • Further ex
Slide 28: Management update
Management update Highlights Tom Glasgow Greg Crowe Chief Operating Head of Capital • As part of streamlining OBL's business Portfolio performance Officer Formation structure, Tom Glasgow, the current Managing Director for APAC, will take on the new role of Chief Operating Officer. • OBL earlier thi
Slide 29: Annexures
05 Annexures FY25 RESULTS | 28 August 2025 29
Slide 30: Litigation funding and Omni Bridgeway
Annexures Litigation funding and Omni Bridgeway FY25 RESULTS | 28 August 2025 30
Slide 31: Global leader in financing and managing legal risk
Global leader in financing and managing legal risk Highlights Fair value Fair value by region by investment type Portfolio performance Investment Performance over 2.3x 750+ $5.2bn 3% Portfolio-wide Completed Assets Under 17% 20% 20+ year period MOIC 14 investments 26 Management (AUM) 2 35% 32% 12% 2
Slide 32: 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-
Slide 33: Evolution of the OBL platform
Evolution of the OBL platform Highlights • Omni Bridgeway Europe was founded in 1986 in the Netherlands with an initial focus on distressed assets. It expanded its international business through acquisitions, offices and activities across continental Europe, Middle-East and Asia, becoming a leading
Slide 34: Industry acknowledgement
Industry acknowledgement Highlights Portfolio performance BAND 1 RANKED • LITIGATION FUNDING: • GLOBAL ASSET TRACING & RECOVERY • LITIGATION FUNDING (UK) (2020-2025) Omni Bridgeway in 2025 was again – US (2018-2025) (2020-2025) • INSOLVENCY (UK) (2022-2025) recognised with – AUSTRALIA (2021-2025) •
Slide 35: Funds history
Funds history Highlights Currently finalising the fund raising for final close of Funds 4 and 5, Series II, with additional investors. Portfolio performance 1986-2016 2017 2017 2017 2019 2019 2019 2023 2024 2024/25 2024/25 Balance sheet funder Fund Manager Fund 1 Funds 2/3 Fund 6 Fund 4 (S1) Fund 5
Slide 36: Omni Bridgeway's team
Omni Bridgeway’s team Highlights Highly credentialed executive management, with decades of relevant legal finance and investment experience Portfolio performance 23 Years Raymond van Hulst 3 Mark Wells 3 David Breeney +9 Years Jeremy Sambrook Years Years Managing Director & CEO Global Chief Investme
Slide 37: Omni Bridgeway's team (cont'd)
Omni Bridgeway’s team (cont’d) Highlights Highly credentialed executive management, with decades of relevant legal finance and investment experience Portfolio performance +6 Ruth Stackpool-Moore +5 +7 Paul Rand +10 Kristen Smith +23 Jurriaan Braat Years Years Years Years Portfolio Manager Asia & Man
Slide 38: Fair Value
Annexures Fair Value FY25 RESULTS | 28 August 2025 38
Slide 39: 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
Slide 40: 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
Slide 41: Footnotes
Footnotes Highlights 1 Sidecar investments reflect third party capital, outside of fund capital, in investments managed by OBL, or 19 The sale of equity and economic interests in Funds 2–4 resulted in a loss of control and deconsolidation of investments in which OBL has an economic interest equal to
Slide 42: 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
Slide 43: OBL-only fair value P&L
OBL-only fair value P&L Highlights Non-IFRS Management accounts Portfolio performance Fund 9 FY25 excl. 2H25 excl. A$m FY25 Fund 9 Fund 9 1H25 2H24 transaction transaction transaction Litigation investment proceeds 362.7 320.0 42.7 8.7 34.0 27.3 Management fees 30.3 – 30.3 17.2 13.1 14.0 Deployments
Slide 44: Reconciliation
Reconciliation Highlights Slide 9 Investment performance metrics Slide 16 Financial results - Consolidated Group OBL-only A$m FY25 FY24 Fair value Proceeds FY25 # MOIC IRR Proceeds Portfolio performance conversion7 (A$m) (A$m) Litigation investment proceeds 235.5 216.8 Completed15 31 2.5x 23% 96% 14
Slide 45: Reconciliation (cont'd)
Reconciliation (cont'd) Highlights Slide 16 Financial results – Consolidated Group Cash opex reconciliation A$m FY25 FY24 Slide Litigation investment proceeds 235.5 216.8 Reference Remark A$m Proceeds from secondary market transactions 294.7 31.5 Portfolio performance Management fees 30.3 24.8 Slide
Slide 46: 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

Omni Bridgeway — FY2025 Earnings Presentation on 6ix

Omni Bridgeway — FY2025 Earnings Presentation

Slide 1: FY25 results

Slide 2: Presenting today

Slide 3: Contents

Slide 4: Highlights

Slide 5: Key messages

Slide 6: Highlights – Portfolio performance

Slide 7: Highlights – Business performance

Slide 8: Portfolio Performance

Slide 9: Continued strong investment performance metrics

Slide 10: Portfolio construction and diversification

Slide 11: Continued strong portfolio growth

Slide 12: Portfolio fair value movement

Slide 13: OBL-only fair value movement

Slide 14: Financial results

Slide 15: Fund 9 transaction – Statutory accounting changes

Slide 16: Consolidated P&L

Slide 17: OBL-only fair value P&L

Slide 18: OBL-only cash P&L

Slide 19: Continued improvement in cost coverage

Slide 20: OBL-only cashflow and liquidity

Slide 21: OBL-only free cashflow and liquidity profile

Slide 22: Strategic priorities

Slide 23: Capital Allocation Approach

Slide 24: Strong strategic delivery

Slide 25: Strategic context

Slide 26: Strategic focus

Slide 27: Strategic projects and goals

Slide 28: Management update

Slide 29: Annexures

Slide 30: Litigation funding and Omni Bridgeway

Slide 31: Global leader in financing and managing legal risk

Slide 32: Where legal finance fits as an asset class

Slide 33: Evolution of the OBL platform

Slide 34: Industry acknowledgement

Slide 35: Funds history

Slide 36: Omni Bridgeway's team

Slide 37: Omni Bridgeway's team (cont'd)

Slide 38: Fair Value

Slide 39: Fair value framework

Slide 40: Fair value methodology

Slide 41: Footnotes

Slide 42: Notes

Slide 43: OBL-only fair value P&L

Slide 44: Reconciliation

Slide 45: Reconciliation (cont'd)

Slide 46: Americas Asia-Pacific Europe, Middle East & Africa

Slide 47: FY25 results Q&A