OCI delivered a Total NAV Return per share of 6% during the period, underpinned by continued earnings growth across the underlying portfolio.

The five largest contributors to NAV growth from the Oakley Funds in H1 2026 were Phenna, TechInsights, Exaforce, NOX and Clio, together adding more than £50 million to OCI's NAV. Phenna was the largest contributor, generating £21 million of net valuation gains, driven by continued M&A activity and strong underlying trading. TechInsights benefitted from continued earnings growth and lower leverage. Exaforce, NOX and Clio each contributed £7 million in unrealised gains to OCI's NAV during the period. Notably, Exaforce demonstrated the strength of its AI-led proposition, with its valuation increasing following a successful $125 million Series B fundraise and further investment from Touring, providing further validation of its growth prospects.

​The principal detractors from NAV growth were Cegid and IU Group. Cegid was adversely affected by a contraction in market valuation multiples despite continued underlying earnings growth. IU Group was impacted by slower enrolment growth amid challenging macroeconomic conditions in its core German market. The business continues to invest in teaching quality, its proprietary technology platform and its lecturer base to support growing in-person demand.

North Sails contributed £15 million to NAV growth during the period. The increase in value reflected continued operational progress across the group's divisions and an uplift in the valuation multiples applied. A refinancing completed during the period also released value to shareholders, generating a distribution to OCI. Growth was driven principally by OCI's Direct Investment in North Sails, spanning both its ordinary and preferred equity interests, with the balance attributable to its investment in North Sails CV.