Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — Investor Presentation (March 2026)
72 slides from Omni Bridgeway's investor presentation, March 2026
Slide 1: Introduction to Omni Bridgeway (ASX: OBL)
Introduction to Omni Bridgeway (ASX: OBL) Including Analyst Data March 2026
Slide 2: The OBL investment thesis
The OBL investment thesis Presenting today Raymond van Hulst Mark Wells Tom Glasgow Ruth Stackpool-Moore Managing Director & CEO Global Chief Investment Officer Chief Operating Officer Portfolio Manager Asia & Geneva London Singapore International Arbitration Singapore Investment Case Key Highlight/
Slide 3: Omni Bridgeway Introduction
Omni Bridgeway Introduction • Omni Bridgeway is an alternative asset manager and global leader in legal finance. • Founded in 1986, Omni Bridgeway has been listed on the Australian Stock Exchange (ASX: OBL) since 2001. • Multi-strategy approach focused on legal assets, with portfolios diversified ac
Slide 4: Contents
Contents 01 Legal finance 02 Industry 03 Omni Bridgeway at a glance 04 OBL business model and strategy 05 Analyst data - Track record and vintage analysis 06 Analyst data - Funds 07 Annexures Please refer to the footnotes contained in Annexures, which are an integral part of this presentation. Utili
Slide 5: Legal finance
OMNI © BRIDGEWAY 01 Legal finance
Slide 6: What is legal finance
What is legal finance Legal finance covers a range of legal risk related investment opportunities Legal assets Legal finance provides non-recourse capital secured only by the proceeds of legal claims. Investments in (Asymmetric) Return model legal assets span a variety of styles — including litigati
Slide 7: How does legal finance generate uncorrelated returns
How does legal finance generate uncorrelated returns Idiosyncratic risks require deep underwriting and management expertise Idiosyncratic risks Legal outcome Budget Mitigation considerations Uncertainty of legal outcomes. Uncertainty on amount of investment required until These idiosyncratic risks c
Slide 8: Why are legal assets an attractive asset class
Why are legal assets an attractive asset class Uncorrelated returns Asymmetrical risk profile Self-liquidating Countercyclical • Returns of legal assets are determined • Legal assets typically have binary • Investments naturally self-liquidate as • Periods of economic stress drive higher by judicial
Slide 9: Where legal finance fits as an asset class
Where legal finance fits as an asset class Private Credit: Private Credit: Omni Bridgeway Private Equity Venture Capital Leveraged Finance Special Situations Legal Finance v MOIC: 1.5x+ MOIC: 2.0x+ MOIC: 2.5-3.0x+ MOIC: 2.0-3.0x+ Illustrative gross return IRR: 6-12% IRR: 12-20%+ IRR: 15-20%+ IRR: 25
Slide 10: Industry
OMNI © BRIDGEWAY Industry
Slide 11: How has the legal finance industry developed
How has the legal finance industry developed 6 The industry is now in its fourth cycle… consolidation Not managers buying managers, but capital consolidating around scaled players with proprietary origination, with work-out capabilities, and who can show a track record of disciplined underwriting wh
Slide 12: Legal finance business models
Legal finance business models … and how OBL compares Other legal finance Omni Bridgeway offerings Source of capital Leveraged Fund capital provides a long-term stable source of capital aligned with the duration and risk of legal assets, with each dollar Dedicated balance sheet earmarked for a specif
Slide 13: Large underpenetrated market with barriers to entry
Large underpenetrated market with barriers to entry 7 Barriers to entry Estimated total addressable market • Legal markets are driven by established local Continental Europe relationships, requiring on-the-ground teams. $44.4bn • Success reliant on expertise specific to the jurisdiction Canada and a
Slide 14: Supportive regulatory landscape
Supportive regulatory landscape Over the last decades, high level legislation, regulation and policy review have been consistently supportive, recognising the legitimate role of legal finance in facilitating access to justice. • Legislative barriers have fallen away in nearly all jurisdictions globa
Slide 15: Sustainability and positive impact
Sustainability and positive impact • Omni Bridgeway’s legal finance activities are strongly aligned with United Nations Sustainable Development Goal (SDG) 16, specifically SDG 16.3 and 16.6, which focus on rule of law, equal access to justice, and accountable institutions. • By supporting meritoriou
Slide 16: Omni Bridgeway At a glance
OMNI © BRIDGEWAY 03 Omni Bridgeway At a glance
Slide 17: History and evolution of the OBL platform
History and evolution of the OBL platform Celebrating 40 years of leadership in legal finance • Omni Bridgeway Europe was established in 1986 in the Netherlands, initially focused on legal finance and legal enforcement of non-performing loans and subrogated insurance claims. It expanded its activiti
Slide 18: OBL today is a global multi-strategy investment manager
OBL today is a global multi-strategy investment manager Specialised in legal assets Multi-strategy platform Portfolios and sub-strategies Investment product offering Multi-strategy approach: OBL is active across Jurisdictions legal sub-strategies with specific expertise Flagship Funds US Canada ANZ
Slide 19: Portfolio construction and diversification
Portfolio construction and diversification 9 • The portfolio is well diversified (both geographically and by area of law) across over 300 active investments with a fair value of A$3.8bn. • Low degree of concentration of fair value and commitments further mitigates risk of negative binary outcomes. •
Slide 20: Investment process
Investment process 10 Historically only 2-5% of investment applications have passed the rigorous selection process 1. Origination Opportunities arise from multiple channels: 1,730 applications • Direct enquiry to local investment teams, driven by local networks, market presence and 40 years of prior
Slide 21: Omni Bridgeway leadership
Omni Bridgeway leadership Institutional platform with a highly experienced management and investment team Raymond van Hulst Mark Wells Tom Glasgow Managing Director & Chief Executive Officer Global Chief Investment Officer Chief Operating Officer Geneva London Singapore • Executive board member sinc
Slide 22: Omni Bridgeway leadership
Omni Bridgeway leadership Institutional platform with a highly experienced management and investment team Ruth Stackpool-Moore Sarah Tsou Jurriaan Braat Portfolio Manager Asia & International Portfolio Manager Portfolio Manager Global Judgment Arbitration Global Intellectual Property Enforcement Sin
Slide 23: Omni Bridgeway leadership
Omni Bridgeway leadership Institutional platform with a highly experienced management and investment team Hannah van Roessel Maarten van Luyn Andrew Roberts Portfolio Manager EMEA Portfolio Manager Group Claims EMEA Portfolio Manager UK Amsterdam Amsterdam London • Long-term senior member of the EME
Slide 24: Long term capital partners
Long term capital partners Fund capital Public equity • Diversified, high-quality institutional investor base across both flagship funds and sidecar • OBL: ASX has a notably high-quality institutional shareholder registry, with many of the vehicles. leading Australian institutional investors as long
Slide 25: The colour of money
The colour of money Lessons from industry consolidation – not all legal funding is equal Why Omni Bridgeway’s capital commands a premium Not every dollar is equal Capital strength & reliability Transparency & alignment • Legal finance operates like a long-term partnership or • Capital strength: fund
Slide 26: Omni Bridgeway is consistently top-rated by its clients and peers
Omni Bridgeway is consistently top-rated by its clients and peers Band 1 Ranked • LITIGATION FUNDING: • GLOBAL ASSET TRACING & RECOVERY • LITIGATION FUNDING (UK) (2020-2025) − US (2018-2025) (2020-2025) • INSOLVENCY (UK) (2022-2025) − AUSTRALIA (2021-2025) • INTERNATIONAL ARBITRATION Omni Bridgeway
Slide 27: OBL business model and strategy
04 OBL business model And strategy
Slide 28: OBL's evolution
OBL’s evolution OBL has developed to a leading full-scale global investment manager for legal assets IMF Bentham (30-Jun-15) OBL today (31-Dec-25) OBL strategy Legal finance provider Global investment manager, specialised in The leading multi-strat investment legal assets, managing private funds man
Slide 29: OBL revenue sources
OBL revenue sources Drivers of platform economics • OBL investment management model relies on three main sources of revenue: – Management fees (inclusive of transaction fees) Profit split – Co-investment returns Gross profit 26 OBL carried interest – Carried interest returns 28 OBL co-investment • C
Slide 30: OBL revenue sources
OBL revenue sources OBL share of gross investment profit • Chart note: OBL attribution of gross investment profit – Assumptions identical to prior slide OBL attribution % – Right Y-axis shows the OBL-attribution of gross investment profit 43% • Management fees enhance near-term cost coverage, and ha
Slide 31: Capital light investment management model
Capital light investment management model Implied steady-state – higher ROE model • The analysis illustrates OBL’s implied steady-state earnings under the A$m Fund Management capital-light investment management model, building on the OBL revenue Model sources analysis. Duration (years) 4 • At an ann
Slide 32: Capital light investment management model
Capital light investment management model Optimises ROE, reduces shareholder balance sheet risk A$m Fund Management Balance Sheet Leveraged Balance Sheet Capital-light model optimises return on equity Model Model Model • The analysis compares OBL’s capital-light investment management model with bala
Slide 33: Intrinsic valuation framework
Intrinsic valuation framework • A Sum-of-the-Parts (SOTP) view provides a helpful way to illustrate the distinction between OBL’s portfolio value (“back book”) and its platform value (“front book”). • These two components reflect the different economic characteristics of the portfolio and the platfo
Slide 34: OBL valuation context
OBL valuation context 14 Illustrative comparison of where business models sit on valuation spectrum • OBL’s current share price implies a Price-to-Book multiple of ~0.5x, compared with the latest • Using the mid-point of OBL’s implied steady-state earnings range of A$120m, OBL shares reported Book V
Slide 35: Strategic context
Strategic context OBL is well positioned to benefit from the evolution of the legal finance industry Legal Assets Omni Bridgeway • Unique asset class with attractive investment characteristics and the ability to generate strong • The only listed, and institutional-grade investment asymmetric returns
Slide 36: Significant growth runway
Significant growth runway Growth drivers Total commitments and deployments on active investments Growth in legal market Increase in litigation globally, and above market inflation of legal costs continue to drive growth in legal spend.16 Penetration of legal finance Historically, the legal services
Slide 37: Strategic focus
Strategic focus To further grow OBL as the leading institutional-grade investment management platform for legal assets 1 Growth drivers 2 Capital • Controlled and sustainable growth of the book, targeting on average 10%+ p.a. • Commitment to a capital light investment management model, focused on gr
Slide 38: Capital allocation approach
Capital allocation approach • As the company generates incremental free cash flow, the following guidelines established by management and the Board will drive liquidity, capital allocation and distribution decisions. • These guidelines will be reviewed semi-annually by management and the Board. • OB
Slide 39: Analyst data: Track record and vintage analysis
05 Analyst data Track record and vintage analysis
Slide 40: Investment performance – full history
Investment performance – full history 3 By number of investments Completed investments since inception • OBL has a unique track record of >25 years, MOIC ROIC Matters with showing a best-in-class MOIC. >900% ROIC Cohort A B C D E F Total • The chart is built up by 813 individual bars # Completions 2
Slide 41: Investment performance – full history
Investment performance – full history 3 By deployed capital Completed investments since inception • Chart is built up by 813 individual bars each MOIC ROIC Matters with reflecting the realised MOIC / ROIC on a fully >900% ROIC completed investment. Cohort A B C D E F Total # Completions 241 148 148
Slide 42: Vintage analysis by year of origination
Vintage analysis by year of origination 2 • Unique track record of >25 years, showing a market-leading and consistent MOIC / ROIC across all vintages and over multiple economic cycles. • Transition to investment management model and scaling of the platform has not materially impacted the return prof
Slide 43: Vintage analysis by year of completion
Vintage analysis by year of completion 3 • Consistent with vintage analysis by year of origination in demonstrating consistent and high MOIC / ROIC over multiple economic cycles. • Demonstrates increasing completion momentum of the recent periods. • The reduced completions for the vintages FY20 to F
Slide 44: Duration by completion vintage
Duration by completion vintage Duration (Years) Duration of fully completed investments 5.0 • The chart reflects the average duration of full completions per completion vintage (weighted by investment commitment). 4.3 • Average duration per completion vintage has been steadily increasing during the
Slide 45: Investment profile of last 100 completions
Investment profile of last 100 completions 350m MOIC 2.3x • The chart shows the aggregate cash flows for the last 100 completed investments 18, with resulting duration IRR 43% profile and MOIC. 300m • The dataset includes last 100 completed investments, Duration 4.0 yrs including wins and losses, wi
Slide 46: Long-term track record analysis
Long-term track record analysis • Majority of investments (57% of deployed capital) have resulted in settlements with an average MOIC of 2.6x and a weighted average duration of 3.3 years (2.5 years simple average). • If investments proceed to trial, the majority of those have historically succeeded,
Slide 47: Track record vs. Fair value assumptions
Track record vs. Fair value assumptions Modelled assumptions are more conservative than OBL’s track record Loss Rate Duration (Years) 6.4 Total • OBL continuously benchmarks the average realised track record metrics of completed investments against the modelled fair value metrics in the active 33% R
Slide 48: Operational efficiency
Operational efficiency Opex as a percentage of active investment commitments and deployments Active deployments • The chart shows the effect of cost discipline with increasing Active commitments economies of scale. Opex as a % of active commitments A$1.9bn • Platform growth has resulted in greater A
Slide 49: Growth of fee income
Growth of fee income Fees as a percentage of active investment commitments and deployments Active deployments • Fee income has grown significantly since FY23 due to: Active commitments – Growth in AUM (including increased use of sidecar vehicles). Fees as a % of active commitments A$1.9bn – Transiti
Slide 50: Continued improvement in cost coverage
Continued improvement in cost coverage Fee income Increasing fee income • Fee income has grown at 28% CAGR since FY23. • 1H26 fee income of A$18.0m is tracking in line with A$35m target for FY26. Disciplined cost management • 1H26 cash opex of A$34.4m is tracking materially below the A$80m budget fo
Slide 51: Analyst data: Funds
OMNI © BRIDGEWAY 06 Analyst data Funds
Slide 52: Transformation to investment management
Transformation to investment management OBL has evolved through the years from a balance sheet funder to a legal asset investment manager Fund 1 Funds 2/3 Fund 6 Fund 4 (S1) Fund 5 (S1) Fund 7 Fund 8 Fund 9 Fund 4 (S2) Fund 5 (S2) Size US$172m A$189m €188m 26 US$500m US$500m US$100m €150m c.A$550m U
Slide 53: Fund waterfalls
Fund waterfalls • European waterfalls require fund investor capital return before either co-invest returns and/or carried interest is paid. OBL-only proceeds from these legacy fund structures are therefore more back-ended. • The OBL core funds 4 and 5 have American waterfall structures for both co-i
Slide 54: Fund terms
Fund terms Fund 4/5 Fund 4/5 Funds 2/3 Fund 6 Fund 8 Fund 9 Series 1 Series 2 Start date 2017 2017 2019 2023 2024 2024/25 US$1bn Size A$189m €188m 26 US$1bn €150m c.A$550m (subject to final close) Stage Harvest Harvest Harvest Active Harvest Active OBL Co-investment 20% 5% 20% 0% 30% 20% Bespoke Eur
Slide 55: Fund returns
Fund returns 27 Portfolio of funds in various stages of funds lifecycle • Investment metrics reflect gross investment returns Active investments Completed investments and include partial completions on active # of Success investments. # of (A$) (A$) MOIC IRR matters Deployed Undeployed matters rate
Slide 56: Annexures
OMNI © BRIDGEWAY O07 Annexures
Slide 57: Fair Value methodology
Annexure 1 Fair Value methodology
Slide 58: Fair value framework
Fair value framework Omni Bridgeway’s fair value approach is based on probabilistic scenario analysis. At inception the fair value of an investment is determined: Material litigation events • As the net present value of the future loss-adjusted probability-weighted investment cash flows There are ma
Slide 59: Fair value methodology
Fair value methodology Assumptions Scenario analysis Identify likely outcome scenarios • 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 Probabilities Duration Budget Quantum
Slide 60: Simplified illustrative fair value case study
Simplified illustrative fair value case study Investment information The case study involves investment in a merits dispute with an estimated claim value (quantum) – based on expert reports – of up to $60m. Based on legal statistics for the relevant jurisdiction, the estimated timeline for receiving
Slide 61: Simplified fair value case study – Case start
Simplified fair value case study – Case start Outcome Scenarios Scenarios Cashflows Appeal win for $60m Appeal win after first instance win Year 1 Year 2 Year 3 Year 4 Probability: 40% Duration: 2 years Probability: 20% Duration: 4 years -1.50 -1.50 -0.50 -0.50 Deployment: $1m Fee: $21m Deployment:
Slide 62: Simplified fair value case study – Year 1
Simplified fair value case study – Year 1 Outcome Scenarios Scenarios Cashflows Appeal win for $45m Appeal win after first instance win Year 1 Year 2 Year 3 Year 4 Probability: 40% Duration: 2 years Probability: 20% Duration: 3 years -1.50 -0.50 -0.50 Deployment: $1m Fee: $15.8m Deployment: $4m Fee:
Slide 63: Simplified fair value case study – Year 2
Simplified fair value case study – Year 2 Outcome Scenarios Scenarios Cashflows Appeal win for $45m Appeal win after first instance win Year 1 Year 2 Year 3 Year 4 Probability: 40% Duration: 2 years Probability: 40% Duration: 3 years -0.50 -0.50 Deployment: $1m Fee: $15.8m Deployment: $4m Fee: $15.8
Slide 64: Simplified fair value case study – Year 3
Simplified fair value case study – Year 3 Outcome Scenarios Scenarios Cashflows Appeal win for $45m Appeal win after first instance win Year 1 Year 2 Year 3 Year 4 First instance win for $45m Appeal loss Appeal loss after first instance win Year 1 Year 2 Year 3 Year 4 Probability: 100% Duration: 0 y
Slide 65: Simplified illustrative fair value case study
Simplified illustrative fair value case study Resulting fair value movement bridge Increase Decrease Total 3.37 10.29 (0.39) 9.90 1.50 1.50 0.79 0.74 5.06 (2.67) 4.68 Case Start Unwind of Deployments MLE (Quantum) Closing Year 1 Unwind of Deployments MLE (Judgment) Closing Year 2 MLE (Completion) Ca
Slide 66: Track record methodology
Annexure 2 Track record methodology
Slide 67: Performance Metrics — Methodology & Scope
Performance Metrics — Methodology & Scope 2 Internal Rate of Return (IRR) Multiple on Invested Capital (MOIC) Return on Invested Capital (ROIC) Financial Success Rate – Dollar-Weighted NPV = 0 → Σ CF_t / (1+r)^t Investment Proceeds ÷ Investment Deployments Investment Profit ÷ Investment Deployments
Slide 68: Footnotes
OMNI © BRIDGEWAY Annexure 3 Footnotes
Slide 69: Footnotes
Footnotes 1 AUM equals the sum of all cash, undrawn capital commitments, and the fair value of the active investments in all 15 Refer to Completion of Fund 9 Transaction (Continuation Fund) funds and Sidecars. 16 Legal cost inflation - Law Firm Rates Report 2026: Law firms discover the hidden engine
Slide 70: Disclaimer
Disclaimer • This presentation contains certain forward-looking statements that can generally be identified using forward looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” and
Slide 71: Office locations
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
Slide 72: For further information
For further information Investor Relations Nathan Kandapper Global Head of Corporate Development and Investor Relations nkandapper@omnibridgeway.com Fund Capital Raising Greg Crowe Head of Capital Formation gcrowe@omnibridgeway.com