Omni Bridgeway (OBL) H1 2025 earnings summary

Executive summary

• Achieved strong portfolio growth and investment performance, with 2.8x MOIC across 40 completions, a 30% 5-year IRR, and A$236.2 million in investment proceeds, while maintaining disciplined cost control and liquidity improvements.

• Announced and completed the sale of co-investment interests to Fund 9, with Ares Management acquiring a 70% stake, generating c.A$310–320 million upfront cash, fully repaying A$250 million debt, and validating the fair value framework.

• Group profit after tax was A$18.7 million, reversing a prior year loss of A$33.4 million; loss attributable to equity holders was A$32.6 million, with A$51.3 million profit attributable to non-controlling interests.

• Maintained a diversified portfolio with A$3.2 billion in fair value, a strong pipeline of A$228 million in new investment opportunities, and class-leading return metrics.

• Management transition: Guillaume Leger to become Global Chief Capital Markets, with David Breeney as new CFO from 1 March 2025.

Financial highlights

• Net profit after tax and before NCI was A$18.7 million, up A$7.6 million from the prior year half, excluding secondary market transactions.

• Investment income and fee revenue rose 21% to A$150.5 million; cash OPEX reduced by 20% year-over-year to A$39.6 million.

• Portfolio fair value increased 13% to A$3.2 billion, with A$319 million in new fair value added and OBL-only share rising from A$1 billion to over A$1.2 billion.

• Cash and receivables at period end were A$126.5 million (OBL-only) and A$443.0 million (Group), excluding post-period proceeds and Fund 9 effects.

• EBITDA for the Group was A$46.6 million (vs A$38.1 million prior year); employee expenses decreased 18% to A$28.1 million.

Outlook and guidance

• On track to achieve full-year new investment goal of A$700 million, with A$319 million added in the half and a pipeline representing 33% of the annual target.

• Cost-saving initiatives expected to deliver c.A$10 million in annualized savings, with full benefit in FY 2026; targeting A$85 million cash OPEX for FY 2025.

• Management fee income expected to reach A$30 million in FY 2025, with a medium-term cost coverage target of 70% by FY 2028.

• A$0.74 billion in fair value of potential completions expected over the next 12 months.