Time Out Direct Investment

As noted at the half year, OCI continues to monitor Time Out’s performance to inform its strategy for future value realisation.

Following three consecutive years of improving EBITDA, in FY25 the media industry experienced a number of challenges which resulted in a lower EBITDA for the business. While its Markets division delivered growth in 2025, with further expansion expected via a strong pipeline of potential new openings, including in Vancouver and Abu Dhabi in 2026, its Media division acted as a drag on performance, resulting in group operating losses. However, Time Out completed a strategic review of this division, identifying and implementing operational enhancements, aimed at returning the division to EBITDA profitability in the first half of 2026.

In December, OCI participated in an equity placing by Time Out, alongside other major institutional shareholders, which included an extension package on OCI’s loan to the company that significantly increased the interest rate payable. The Board is actively pushing for a solution to maximise value and believes participating in the placing and extending the terms of OCI’s loan will help to preserve the value of OCI’s investment in Time Out.

Merz Lifecare (formerly Windstar Medical)

A leading provider of health, wellbeing and beauty products in the DACH region.

Merz Lifecare delivered positive topline performance in OCI FY25, mainly driven by the consumer-branded business achieving strong results in the over-the-counter and self-medication segments, with particularly strong growth in its number one brand, tetesept. The private label business’s performance was more muted, due to softer sales volumes at a key customer. Integration efforts are progressing well with the group now being co-located in Frankfurt after consolidating office locations and synergy implementation ahead of plan, while the group’s leadership team has been strengthened with a new Group CFO and CMO.

Gymondo

Germany’s market leader in online fitness subscription programmes focused on female customers.

For the 12-month period ending December 2025, Gymondo reported revenue and adjusted EBITDA growth of 7% and 17% respectively versus prior year. The total subscriber base held steady in the year at approximately 840,000. The two add-ons, 7Mind and Buddyfit, continued to perform well for the year, generating a combined revenue growth of 8%. Despite slower new subscriber growth, the group’s financial performance remained strong, supported by improved B2C/B2B mix, higher monetisation through improved RPS and strict cost discipline. To re-accelerate volume growth, management is advancing initiatives such as the new B2B health insurance partnership, and the collaboration with a new influencer agency.

James Perse

Global luxury clothing and lifestyle brand.

Founded in the 1990s, James Perse is a global luxury clothing and lifestyle brand. The brand has expanded into home and travel, and today comprises over 60 stores globally and a strong online presence. James Perse has consistently generated strong revenue growth in recent years, driven by a loyal customer base and distinct brand identity. Oakley will help the business to expand its global presence and marketing strategies. The investment in the partnership with James Perse completed in December 2025.

NOX

A leading padel equipment brand.

NOX, acquired in December 2025, is a global benchmark for high-performance padel rackets trusted by both recreational and top professional players worldwide, including the world number one, Agustín Tapia. For the 12 months to December 2025, NOX reported revenue and EBITDA growth of 75% and 96% respectively, versus prior year. Growth was broad-based across channels and geographies. Export and intra-EU markets performed strongly, and e-commerce delivered record sales, up 96% year-on-year, driven by higher traffic quality and improved conversion. In December 2025, the group onboarded a new distributor in the US, strengthening its commercial footprint in a key strategic market and providing a scalable platform to support growth in both padel and pickleball from 2026 onwards.

Vice Golf

The leading digitally native golf brand.

In the 12 months to December 2025, Vice Golf delivered revenue and adjusted EBITDA growth of 6% and 17% respectively versus the prior year. The main D2C channel grew 23% year-on-year in FY25, sustaining the trajectory of growth that gained momentum from Q3 2024. This performance was further supported by the successful introduction of golf clubs as a new product category. The expansion into golf clubs represents a capital-intensive strategic adjacency requiring elevated working capital investment. Early performance is encouraging, with strong initial sell-through and positive customer feedback supporting confidence in the category’s long-term revenue and margin potential. Following the appointment of a new management team in Q4 2025, trading has accelerated despite seasonal headwinds. In 2026 YTD, revenue is running approximately 30% ahead of the prior year, driven by materially improved marketing efficiency and disciplined commercial execution.