North Sails performed well during the period, with the overall North Sails Group delivering revenue and EBITDA growth of 7% and 11% respectively, against the corresponding period in 2024. The Sailmaking division is trading ahead of prior year's June YTD revenue position but is behind on EBITDA due to softer performance in Doyle, which has delivered lower-than-expected gross margins. In contrast, the other brands in the Sailmaking division and the Masts division are performing well, with increased revenue and EBITDA. This growth was driven by strong performance across premium segments, notably Grand Prix and Superyacht. During the period, the merger of North Technology Group and North Sails Apparel was completed.

As previously reported, in Q4 2024 a portion of OCI’s preferred equity in North Sails was converted into ordinary equity. Post-conversion, OCI retains $79 million in preferred equity, which carries a 5% coupon effective from 1 January 2025. Additionally, OCI retains $140 million in ordinary equity and continues to hold a warrant over 2% of North Sails' ordinary equity, which will mature on 30 June 2026. OCI also retains a €66 million indirect interest in North Sails through its equity in Fund II.

See: Update on North Sails' performance

OCI continues to actively monitor Time Out’s performance to inform its strategy for future value realisation. In March, Time Out achieved an important milestone with the opening of its first Time Out Market in Asia. Further Management Agreements and one Owned & Operated site were also signed and are due to open between 2025 and 2027.

Despite these strategic developments, Time Out’s share price fell significantly in H1 2025, from 51.5 pence per share to 19.5 pence per share. The decline was largely driven by a forecasted 20% year-on-year decline in media revenues, primarily due to challenging local commercial conditions in the USA. To address this, the company has implemented cost-saving measures to ensure Time Out remains cash generative.

Overall business performance softened during the period. According to the August trading update announced for the 12 months ended 30 June 2025, EBITDA within the Media division declined. Looking ahead, Time Out remains focused on the contracted growth that the Market proposition is expected to deliver. Key initiatives include converting a strong pipeline of potential new Market sites, whilst driving like-for-like growth across existing Market locations.

See: Update on Time Out's performance