Thank you. Good morning everyone, and welcome to [unclear] for the six months ended 31st of December 2025.

My name is Raymond [van Hulst?] .

Joining me today are David Breeney, our Chief Financial Officer; Jeremy Sambrook, our General Counsel and Company [Secretary?] ; [unclear] Investor Relations.

I am pleased with our first half FY 2026 result targets with excellent investment and solid progress on our corporate KPIs. [unclear] fee income while keeping opex materially below budget.

The [unclear] co-investment and our ability to grow fund capital and assets under management. As AUM grows, fee income increases and scale benefits will further improve cost efficiency [unclear] on all aspects of this flywheel which reflects continued and disciplined execution.

In 50 minutes or so, I will first cover the highlights from the half and the performance of our portfolio. David will come back to provide a strategic and management update followed by Q&A.

Let's move on to the [unclear]. As I indicated, this has been a positive first half.

We are tracking at or above on our KPIs. Let me summarize that through the key numbers.

Investment proceeds $77 million for the half, delivering statutory net profit after tax of $84.5 materially below our FY 2026 budget of $80 million. Fee [unclear] of $35 million, and cost coverage at just over 50% for the period, above the FY 2026 target.

On capital formation, we reached an important in US dollars in external commitments for Funds 4 and 5 Series 2. While we aim last year, we remain on track for a full and final close in the coming period, with several parties [unclear] $2 million in additional sidecar capital during the half.

We have a number of further sidecar projects [unclear]. Looking ahead at the second half, the message remains consistent.

The portfolio a strong base for cash completions in the coming periods. We remain on track to deliver on our [unclear].

The outlook for new commitments remains positive, supported by a strong pipeline [unclear] progress. These all underpin appropriate risk-adjusted pricing.

We had 45 full and partial completions in the first half for MOIC of 2.6 times and 107% fair value conversion ratio to cash proceeds, noting that this should always be looked at on a portfolio level, and not on individual [unclear]. The 2.6 MOIC is slightly above our life-to-date average of 2.4 times, and both are [unclear] signal continued discipline in underwriting and valuation.

There was also [unclear] now stands at $5.5 billion, up 5% since June 2025. $3.8 billion, with $800 million in OBL-only fair value.

These strong investment metrics are the foundation of our business, and will drive financial results. Now moving to our business performance on slide 7.

With the call on Fund 9 transaction at the end of FY 2025, we deconsolidated several funds from the group accounts as financial assets measured at fair value under IFRS. This shift means that our [unclear] value and value creation in our portfolio.

We also [unclear] OBL-only cash view, which David will walk through later. On a statutory [unclear] million, with net profit after tax of $84.5 million for the half, delivering [unclear].

From shareholder metrics point of view, return on equity for the half, on an annual [unclear] total book value per share is up 7% for the half to $3.20 per share, [unclear] the continued discount to book value of our shares. Let us now take a deeper look during the period on slide 9.

Similar to prior periods, I won't spend too long [unclear] and this has been part of our quarterly reporting. However, we feel it continues to [unclear] and we will provide the breakdown.

Completion activity and momentum was elevated, with 45 $23.7 million in proceeds, $37.8 million was attributable to OBL on [unclear]. Conversion of 107% is good and sufficiently close to 100%, but may indicate that's too conservative on average.

The portfolio developments, as outlined in the recent quarters, will drive completion momentum for the coming periods. Portfolio on a fair value basis, our portfolio continues to be very well balanced between the regions within the legal finance asset class is unique to Omni Bridgeway, and reflects our multi-strategy [unclear] specialized teams focused on specific legal sub-strategies based on global areas of law, [unclear] Australia.

Such diversification mitigates the risks associated with adverse [unclear] events in any particular region or area of law. I continue to be the largest 10 investments representing only 13% of our commitments, and 24% on diversification does not preclude us from investing in larger matters.

Rather, we do so using [unclear] sidecar capital helps us mitigate concentration risks while still generating management fees, transactions [unclear], enhancing our return on capital and equity. platform, which is important as it drives further diversification and economies of scale.

right-hand side of slide 11. The portfolio fair value has increased by an annual 23 [unclear].

This is net of new commitments, completions, and material litigation events, and represents [unclear]. Of the $3.8 billion, approximately $800 million is attributable to OBL-only carried interest entitlement.

We will discuss these in more detail on slides 12 and 13. on active investments year-on-year, with a realized compounded annual growth rate, or CAGR, years of 31%, reflecting both market growth and growth of market share.

On to portfolio fair value movements. This slide and the next slide explain in standard on a total basis and on an OBL-only basis.

Total portfolio fair value has increased from new commitments, which links back to slide 6. The portfolio further increased in for the period.

The remaining fair value movement of the portfolio amounted to [unclear]. First, the discount unwind, which reflects the passage of time as investments [unclear] material litigation events, or MLEs, which amounted to a negative $63 million adjustment for this period fair value developments, which involved 119 of our [unclear] expert reports, but more often include timing changes following updated court schedules, [unclear] budgets or claim values.

The $63 million is less than 2% of the total portfolio [unclear] percent fair value conversion ratio discussed earlier. Finally, FX movement.

Significant movement in the US dollar against other major currencies, we've seen a negative $133 [unclear]. As in the overall effect of these factors resulted in of $104 million for the period.

Lastly, the investments and associated [unclear] have fallen out of the portfolio. Slide 13 provides the OBL perspective.

Overall, the OBL-only value of the portfolio has increased by 100 [unclear] FX impact from an OBL-only perspective, amounting to negative $27 million. In slides 12 and 13, it becomes clear that the OBL-only attribution rate for new commitments driven by the specific general and carried interest terms of the funds and sidecar arrangements.

Have a 0 respectively very low OBL-only attribution rate for deployments, which is helpful [unclear] perspective. I will now hand over to David to take us through the financial results in more detail.

I'm delighted to be delivering my second set of Omni Bridgeway financial results since taking on the role in March last year. Jumping to the consolidated P&L, this provides a walk of the gross proceeds at the fund level to the [unclear].

Total statutory income reached $175 $179.5 million million dollars, reflecting the strong growth and movement of the portfolio. Net $4.5 million, up from $18.7 million in 1H 2025.

out for 1H 2025 to $18 million, a 31% increase, representing the ongoing line transaction and continued growth in transaction fees. These results underscore It is important to note here, the Fund 9 transaction in the second half of FY 2025 has result period to 1H 2025, with Funds 2, 3, and 4 all deconsolidated.

The OBL-only fair value P&L continues to be management of the OBL-only investments at fair value for the full year, inclusive of Fund [unclear] FY 2025 presentation, the result is aligning closer to the statutory result. $24.7 million in EBIT for the half, with a realized EBIT of 21 [unclear] driven by the successful investment completions and increased fee income.

Our unrealized income was likewise positive, reflecting the strong value generation of this portfolio even after a negative FX movement in the period. Conversion ratio for the half further validates and demonstrates OBL's ability to deliver consistent [unclear].

Our cash opex of $34.4 million has continued to reduce down from which is a result of our previous cost management measures put in place. We expect to [unclear].

The OBL-only cash P&L reflects the cash view of and is a cash bridge for the last two quarterly reports. OBL-only a $19.3 million increase on 1H 2025, driven by the complete [unclear] increase in fee income.

OBL-only investment deployments reduce solely due to the Fund 9 structure, which has reduced OBL-only co-deployments investment in the fund, thus materially decreasing investment deployment cash outflows. emphasizes our unwavering focus on cost discipline.

OBL-only million half on half. Whilst we do anticipate the second half of 2026 to be full year-end opex is expected to end below our FY 2026 budget of $80 million.

Income has grown 28% CAGR since 2023, and is tracking in line We remain on track to achieve a 70% [unclear] of FY 2028, a key milestone [unclear]. Moving to page 19, this chart provides a bridge of cash movements on an OBL [unclear] $149 million in cash, $30 million since June 30.

This has landed within our expectations. OBL-only cash flow and liquidity profile, in fine, is a probabilistic analysis, of which are driven by the 300-plus underlying matters, and therefore are live and dynamic.

On previous slides, we stated that we are targeting fee income $38 million, and plat [unclear] using a Monte Carlo simulation to derive a P50 scenario, potentially around $80 million, with associated deployments in this scenario potentially just over 20 [unclear] represent the potential range of different scenarios, based on a P80, P20 [unclear]. We have included a category for potential secondary sales, as they present a origination platform like ours.

You will note that there is no central box on that node, in the stars align and the opportunity arises. We expect the portfolio to be on track.

With that, I'll now hand back to Raymond.

Thank you, David. developments across capital markets, operations, market dynamics, and growth.

We already discussed the status on the Funds 4 and 5 Series 2 capital raise and this environment for fundraising, the additional close of Funds 4 and 5 indicates that OBL discussions at advanced stages also support this and provide for ongoing engagement with capital [unclear]. In the FY 2025 results presentation, we discussed and presented our capital allocation [unclear] aim to keep our net liquidity within a 12 to 24 month bandwidth.

We remain at the higher end within that range, while we clear the legacy balance sheet liability [unclear]. In the FY 2025 results presentation, we also indicated that we were to announce that we have now substantially completed that analysis and presentation.

2026, we will release it to the market. This will be accompanied by a pre-recorded video.

On the operations front, we already discussed the positive fee income and capabilities on the legal tech and operational software side have accelerated, which improved operational efficiency of our platform. We believe these developments will allow us to improve while maintaining our opex at current levels.

We are engaging with these opportunities. carried interest program, now on track to have that fully completed within the next months.

This will fund investors, and will improve investment efficiencies in the longer term. On that, and pinning appropriate risk-adjusted pricing and economies of scale.

Regulatory developments have overall been positive across the key global jurisdictions. The UK government highlighting the value of legal finance as tool for access to justice, and provision.

US discussions remain centered on disclosure obligations, but these have [unclear] developments. We are seeing the first signs of an AI-driven transformation of the legal industry, reach capital deployment within the legal industry.

Lastly, growth. medium-term target of an annualized 10% increase.

The growing opportunity set that we are seeing, that medium-term target. We continue to explore further expansion and diversification assets, adding new sub-strategies to our portfolio when the opportunities arise.

this management updates that support the next phase of our strategy. First, we are pleased to welcome He will join our New York office as Head of Commercial Strategy and Capital Solutions, effective March 2026.

and the legal finance industry very well. as fund investor over many years.

Peter will focus on expanding our capability in originating and underwrite, including structured finance solutions. He will work closely with our investor relations and capital to capital markets, in support of origination, fund formation, and shareholder engagement.

Second, Tom Glasgow, our Global Operating Officer, will relocate a view of the growth potential of the Middle East region for our business, which Tom will push to explore. zones to our global teams, as Tom continues to lead the platform operationally.

our process to have senior management and capital market capability on the ground in all major [unclear]. These roles and developments are integral parts of our strategy to further grow OBL institutional grade investment management platform for legal assets.

Thank you for Before we open the line to questions, we have a few questions from Jason Palmer, who can't join the call today. is, how is cash flow looking like for 2H 2026 and calendar year 2026?

11 slide that we just presented, any legal assets or we don't control processes to that detail and forecasting them to that detail not meaningful. What we do on an ongoing basis is give you an updated view on that that David presented.

A second question relates to what the cost base will be going forward. Our costs to reduce any further.

We've gone through a significant process of cost reduction, very efficient basis and we're generating very significant value, as represented by the results. would reduce costs further, it would impact our ability to generate that value and we think that we at the level that we want to be at, and may see keeping it level at this point.

His third question relates to launch in calendar year 2026. And 5 capital raise, so that's got the full attention.

We have several which may develop further in kind of specialized fund-type vehicles, but it's too all the focus will be on completing the Funds 4 and 5. The last question he put to us is, when will the balance of the capital for funds and are the terms in line with expectations on cost coverage target?

That is yes, at least in the second part. We do expect we're still on target for market has grown up and acknowledges that this is an asset class most other asset classes and that a certain level of fees is needed to achieve the results that if you're comfortable that we will hit those targets by the indicated timeline.

that balance will be raised. All the indications we currently have is that it will be within this We control that process.

We are dependent to some extent on outside parties and process now. It should be this financial year.

That's it. I would actually like to speak a bit more on Jason, and I would like to wish a fond fond coming to the dark side and joining an ASX-listed corporate in Adelaide.

Jason has been a fixture of many earnings calls and has been both a staunch staunch supporter [unclear]. We thank him for his support over the years and wish him well in his new role, and we're very Operator, we would now like to open the call for further questions.

Morning guys, can you hear me okay? Hi Nathan.

I think Jason touched on it, but the capital raise, from my numbers you've done your OBL contribution. You've got about 265 to go.

I guess it done by full year 2026. The previous guidance was by as you said was by the in terms of that actually impact on you actually getting it all done by the end of last year, but now you're actually doing it

Good question, fair question. It's the same parties.

It's just the fact that in the turmoil at the end of the the ODD process and the final diligence. That's lifted over the end of We're takers of that news and information.

We can't really push people to move faster if they can't. Though as indicated also on the question of Jason, we don't control it.

[unclear] a firm commitments that they will assess us within the time period now, and and that process is actually pretty actively We are being comfortable that that will happen in time. That's the only thing that's happened.

It's not that parties have within the time period that we thought it would take.

Can you hear Peter the Just joking. This is a question for David probably.

The adverse costs associated with that investment, has that been paid and can we see that in the investments or is it in the working capital movement, and what's the timing on those adverse costs?

As per the disclosure we made on that when it happened, payments part this year, part next financial year. If I look slide 27, the investment proceeds on that obligation.

It sits within the investment proceeds.

I guess the next 12-month forecast, you did 17 million deployment in the last I can understand it's going to be low because obviously your commitments in Fund 9 are, I think probably 30% is going to be lower. When do you think you'll start to see a step-up in deployments and that deployment number on an OBL-only basis?

I.e., being 20% of Series

I think what you see there in deployments is actually mostly Series 2, because the way Fund 9 or Fund 8 doesn't have a co-investment deployment the way it's structured is once we've made distributions to Fund 9 or when If we time it well or if it is timed well, the OBL [unclear] of And based on we think that the majority of deployments in Fund 9 will actually be 100% Fund 9 is 2. I think that that to go up to Depends a little bit on how many new commitments they have and what type of new commitment.

We put

I think living in Fund 9 is still recycling on at the moment on

Exactly.

Given your potential pro forma closing liquidity, the board and your view on capital management given that you've got excess liquidity for months?

I think in the FY 2025 presentation on what our capital allocation policy is, and when the opportunity is there. We've indicated that once we start to proceed with a capital distribution either in the form We are currently not yet there as I indicated in the strategic update, but we are see investment proceeds in the coming 12 12-month period, expect them to happen, then we would indeed exceed the range and we will proceed with a capital

Sometime soon. Just a couple more, if that's okay.

In the next 12 months, you got investment proceeds of 79 mil. Is there a sort of gap here

Good question. I have to take that on.

I don't have that number. I think the majority proceeds and I believe that's also quite a bit B and C income, but it's a combination across the funds and there will be a part of carried interest.

Okay. Thank you.

Yeah. The cost coverage, 70% by full year 2028, I presume was based on a higher show will be higher than 70% by the end of 2028 or is that a bit optimistic?

not stop pushing for more once we hit the 70%, and I think or even above that, but I think it's too early to in two years' time, the world's moving pretty fast at the moment, but I'm

All right. Thanks, Raymond.

That's all from me.

Thanks,

Hi, guys. Thanks for in the raising for 4 and 5 Series 2.

Can I just clarify out of the $1 billion that was sort of the target for this, where are we at now?

I don't have that number. You can add the numbers from the prior disclosure, but we are about $300 million of the full closure.

I think it's closer to $70 or

so. So $700 from what you're saying out of the bill.

Can I just clarify, does that $700 Is that counting $200 for OBL and then sort of hence $500 external? [unclear] Okay.

Also just I think you made a comment, Raymond, about words to the effect challenging. Can you just sort of go through sort of what particular aspect?

You've sort of been raising money here for a while. What are sort of the real key challenging part?

No, that's a good question. I think the main section of portfolios of large allocators.

Now we're performing a lot better than private equity and even issues. Private equity has them a bit more severe at the moment than we've had them.

Allocators want to kind of rebalance their portfolio and put more into, for example, alternative but they first need to recycle or get part back of the private One element of this. What as a result of that, we see that had that problem slightly more, they seem to in somewhat over-allocated to private We seem to have become very attractive to the very large But that's great.

Those are the type of LPs we would are a lot more extensive than you would see if you have from a smaller allocator. In part it's the depth of the diligence, in part it's the liquidity in the market with a lot of capital being locked in.

I think the industry consolidation to the diligence, because they want to make sure that our portfolio is classified as challenging.

That's fine. Can I just move on to the $37.8 million of investment proceeds?

Given the different structures of the fund of where those cash proceeds to OBL-only is $37.8 million, is that? Sure.

This is being 6 types B and C cases, some of the co-invest were not part of that sat in Funds 4 and 5 Series 1 and were not part of the that will cover the majority of those proceeds.

Then so going forward, that Fund 6 would be sort of a main driver of your expectation?

Given Fund 6 is solidly into the harvesting period, sit in the Fund 9 structure, it will certainly be an important contributor, but it will also come from the other funds. Probably in a smaller proportion at the early years.

Just on

from David's question and etc. as well is around the I know you've mentioned around the sort of listening back to the approach that was presented in the FY 2025 result.

I sort of look at that and go, are you actually closer to that 320 to 24? Are you actually closer today even after this result than what you were at the Yes,

I think we've gone up a little bit. I would very much like to have that question liability cleared.

Try to sort of look at it, and sort of look at the sort of the history of sort of capital management of the company in recent cash dividend was paid, and I think the only other capital management during that time was the buyback, which sort of only did $2 million. I guess when a capital return is actually provided, yes.

I completely understand the focus on it, because it maybe put that in the same bucket of capital management less than 12 months ago we and I would consider that a significant milestone in capital management. 9 months later, we're discussing how imminent a capital or so generally a very positive and good news story.

I completely appreciate to hit is a capital distribution and we're all working very hard towards that. Right.

With respect to the questions around the cost coverage, maybe if we can just focus on levers other than just purely the cost base. Maybe if you can just provide some more color on how you see FY 2028, please?

Thanks for that question. The thing is, we had our first-generation funds, which fees.

Then the second-generation funds had a management fee over In the last generation, we will have a mix of management fee as deployed and percentage of committed, and it allows for transaction development of now having a mix of deployed, committed, and transaction fees allows for a much more Also growing faster, cuz the historical book will continue and so on will only have now hit the level of normal Funds will have an increased management fee coming from the commitment day we are able to retain the transaction fees from our deals, which we can incorporate them in our deals. Have grown more recently, and will remain on this level or may grow a bit more rapidly.

The transaction fees [unclear] rapid increase over the last I think 24 24 months. Different sources of management fees, and especially the further growth to 70% cost coverage.

Thanks, Raymond. Obviously, AI moving into the legal sector.

Can you just discuss what you sort of see as the risk and the opportunities with respect to AI and Omni Bridgeway?

Sure. I think it's a massive opportunity for OBL in layers, or three.

One is we are projects to improve our efficiency just on the operational side, with precision and in efficiency. That can be our modeling is very we use for our systems to have models checked, and AI is extremely efficient in cut off potential capacity away there.

Similar things happen on The normal processes can benefit from AI, and can reduce in the long run our activities without having to grow our cost. We originate, underwrite, and manage, and that is already something which is in part founded on outsourcing.

We what probabilities of success are, etc., and what quantum ranges are, and likely durations. That's and AI is supporting us massively in making sure that we use our historical data to come up with best possible parameters in our modeling, making sure it is at the mark.

That's where we see the biggest developments now. The legal industry is likely going to be very and we already see all kinds of movements in business models and capital deployment deals.

Investment opportunities that will become possible in future or more difficult currently. Investing more in legal claims itself, rather than going through law firms, for example.

seen of the legal industry changing over the next couple of years, and to create a lot more opportunities. In a broader sense, the cost of legal services would go down, which is something you might think is good news, and I'm not sure it will happen, but if that happens, it would be good news for us.

I think the biggest hurdle matters and one of the biggest reasons why we reject matters is that the budget to claim ratio If the average cost rate would go down, the opportunity set of cases that we can fund will actually go up, and not a great benefit. We're monitoring all of this and are actively involved in quite exciting to see.

No doubt, this is going to be

Sure. One final one for me then, just, obviously very from, particularly versus the targets that you've set yourself, but in the short term giving management away, get at night?

Or litigation funder, what keeps you up is always remaining our robustness on underwriting and are we winning enough cases, and are the The good thing is, in the old days what would keep us awake is single cases and those would be potential make-or-break cases. That luckily we no longer have.

I'm still most concerned about is the number of cases that we expect funds, is that number indeed going to complete? Etc.

That is and will always remain the case. Maybe if we're no longer relevant, maybe that stops, but until that moment, this is what keeps me awake.

Okay. Thank you all for listening in and for your questions.

Questions or follow-up questions, please don't hesitate to reach out. With that, we will now end the call.

Thank you. That does conclude our conference for today.

Thank you for participating. You may now disconnect.