Omni Bridgeway Limited

For the six months ended 31 December 2025, Omni Bridgeway reported total statutory income of $179.5 million, fair value gains of $95.5 million, net profit after tax of $84.5 million versus $18.7 million in 1H25, and earnings per share of $0.29. Investment proceeds were $223.7 million, fee income was $18 million, and annualized return on equity was 23.9%; total book value per share increased 7% to $3.20. Cash OpEx was $34.4 million, below the FY26 budget of $80 million, and fee income was said to be tracking to a $35 million FY26 target. Looking ahead, management said it remains on track for fee income growth and OpEx reduction, expects full-year OpEx below $80 million, and on a 12-month view is targeting fee income of $38 million and platform expenses of $75 million. They also said the portfolio is expected to deliver positive free cash flow for the year ahead, with expected cash flow to OBL-only from completions potentially around $80 million and deployments potentially just over $20 million in a P50 scenario.

Raymond van Hulst said the business is executing well against its targets and described the quarter as a positive first half with strong investment returns, growth in fee income, and OpEx materially below budget. He emphasized the company’s “flywheel” of strong returns, growing AUM, and expanding fee income, and said the portfolio maturity and current pipeline give a strong base for future completions and new commitments. His tone was confident but disciplined, repeatedly stressing underwriting quality, diversification, and risk-adjusted pricing rather than growth at any cost.

David Breeney highlighted that statutory income reached $179.5 million and NPAT rose to $84.5 million, with fair value gains of $95.5 million supporting the result. He said fee income increased to $18 million, cash OpEx fell to $34.4 million from $39.6 million in the prior year period, and OBL-only generated $22.1 million during the half. He also said OBL-only cash and receivables were $149 million at period end, up $3 million since June 30, and reiterated that full-year OpEx should end below the $80 million budget while fee income is tracking to $35 million and the group remains on track for 70% cost coverage by FY28.

Analysts focused on the timing of the Funds 4 and 5 Series 2 capital raise, with management saying the delay was due to final diligence and process timing rather than lost investors, and that completion now looks likely within this financial year. Questions also centered on capital management, with Raymond saying the company is approaching the 12- to 24-month liquidity trigger and would consider a distribution once it moves above that range, but wants the Westgem liability cleared first. Analysts asked about the step-up in OBL-only deployments and the impact of Fund 9 recycling, and management said deployments are unlikely to rise quickly because Fund 9 is structured to reduce OBL co-deployments. There was also discussion of where the $37.8 million of OBL-only proceeds came from, which management said was largely Fund 6 B and C cases, and about how AI could reshape the legal finance opportunity set and cost structure.