Omni Bridgeway Limited

On a statutory IFRS basis, total income was $182.2 million, net profit before tax was $48.2 million, net profit after tax was $45.9 million, and earnings per share were $0.19. On an OBL-only basis, total income was $116.5 million, fee income was $35.4 million, and cash OpEx was $67.1 million. Cash investment proceeds were $350.5 million, up 49% on FY '25, and new investment commitments were $712.2 million, up 38%. The company reported 80 full and partial completions, a 2.3x MOIC, a 105% fair value conversion ratio, and 40% IRR across completions. Looking ahead, management guided FY '27 cash OpEx to $72.5 million-$75 million and fee income to $40 million-$45 million, with positive free cash flow expected for the year ahead and 70% cost coverage targeted by FY '28.

Raymond van Hulst framed FY '26 as a milestone year and said the company is progressing toward the strategy laid out at Investor Day: capital-light asset management, higher cost coverage, deleveraging and cash conversion. He emphasized that the business is benefiting from a maturing portfolio, better capital formation, and a more favorable market backdrop, but stressed discipline over growth for growth's sake. He also highlighted that industry consolidation is improving pricing and reducing competitive pressure, while the firm's diversified platform and long track record are becoming more valuable.

David Breeney said the results met the targets set at the start of the year and that the balance sheet remains strong after prior debt repayment and the Fund 9 transaction. He pointed to $350.5 million of portfolio investment proceeds, $35.4 million of fee income, and $61.9 million of fair value movements driving $48.2 million of pre-tax profit and $45.9 million of after-tax profit. He also said OBL-only cash generation was $22.4 million before certain items, cash OpEx fell 20.2% during FY '26, and OBL-only cash OpEx of $67.1 million beat target by 16%; he guided FY '27 OpEx to $72.5 million-$75 million and fee income to $40 million-$45 million.

Analysts pressed management on the lower-than-expected FY '26 operating costs, the path from 53% cost coverage to 70%, and whether fee structures could improve further. Management said some cost savings were one-off, such as lease renegotiations, but higher AUM, better fee terms and ongoing consolidation should lift fee income faster than costs over time. Questions also focused on cash timing and a press-reported Tata Power/Kleros matter; management would not comment on single investments but said the timing issue illustrates why completions can slip across year-end. There was also discussion of dividends and capital returns, with management saying the timing depends on when larger matters complete and that the capital allocation policy sets the framework for future distributions.