Strategic report / OCI KPIs
OCI key performance
indicators
OCI delivered continued Net Asset Value (‘NAV’) growth during the first half of 2026, underpinned predominantly by earnings growth of portfolio companies across the Oakley Funds.
Total NAV Return per share was 6% (H1 2025: 7%). Excluding the impact of foreign exchange, Total NAV Return per share was 7% (H1 2025: 6%).
Total Shareholder Return was -16% for the six months ended 30 June 2026 (H1 2025: +3%), compared with a weighted average of -18% across the listed private equity sector. This was largely driven by stock market weakness during the first quarter.
While broader market pressures weighed on OCI’s share price and contributed to a widening of the discount to NAV, the Company considers that the market reaction may not fully reflect OCI’s limited exposure to supply chain disruption and price inflation.
OCI continued its balanced capital deployment during H1 2026, investing £43 million into new and follow-on investments across the Oakley Funds (H1 2025: £54 million) despite continued muted M&A activity across the wider private equity industry, and realised £10 million of look-through proceeds (H1 2025: £6 million).
Net Asset Value
Represents the total value of the Company’s assets less liabilities
£1,289m
Strategic relevance
NAV represents the total value of the Company’s assets less liabilities. Increases in NAV reflect the combined effect of disciplined capital deployment, the Investment Adviser’s value creation activities in portfolio companies and successful realisations.
Performance
OCI's NAV grew to £1,289 million (FY 2025: £1,233 million), net of £12 million of share buybacks executed in H1 2026. Total NAV Return per share was 6% (H1 2025: 7%), or 7% excluding the impact of foreign exchange (H1 2025: 6%). NAV growth was primarily driven by unrealised valuation gains across the Oakley Funds. With cash representing only c.6% of NAV at period-end, OCI's capital remains substantially deployed across the underlying Funds and Direct Investments, positioning shareholders to benefit from future portfolio performance.
OCI long-term shareholder return vs indices
OCI shareholder return and FTSE All-Share return has been re-based to 30 June 2016.
OCI uses the FTSE All-Share Index as a benchmark because it reflects the overall UK equity market performance, against which the Company seeks to deliver sustained outperformance.
OCI compares its shareholder return to the MSCI World Index as an additional benchmark. This reflects the performance of developed global equity markets and provides additional context for evaluating returns from the Company’s internationally diversified portfolio.
OCI KPIs
NAV per share
Represents the underlying value of each share
782p
Strategic relevance
Represents the underlying value attributable to each share, reflecting both OCI’s long-term value creation through active ownership and the impact of capital management decisions, including share buybacks.
Performance
OCI's NAV per share increased to 782 pence (FY 2025: 738 pence). This includes a 3 pence contribution from the ongoing share buyback programme. No dividend was paid during the period, consistent with the Board's 2025 election to replace the payment of dividends in favour of share buybacks.
Resilient performance
Total NAV Return per share
6%
Strategic relevance
Represents the return generated for shareholders through changes in NAV per share over the period. This measure reflects underlying portfolio performance and the impact of capital allocation and capital management decisions, including share buybacks.
Performance
OCI delivered a Total NAV Return per share of 6% in the first six months of 2026 (H1 2025: 7%), matching the 6% return delivered over the full year in 2025. Excluding foreign exchange movements, Total NAV Return per share was 7% (H1 2025: 6%), reflecting organic growth across the portfolio and the impact of share buybacks.
Share performance
Total Shareholder Return
-16%
Strategic relevance
Measures the return delivered to shareholders through share price movements and dividends, where applicable. It provides an external measure of performance and reflects market sentiment, liquidity and the Company’s discount to NAV. OCI currently prioritises share buybacks rather than dividends as its principal means of returning capital to shareholders.
Performance
Total Shareholder Return was -16% for the six-month period (H1 2025: +3%), as the share price declined from 570 pence to 478 pence. This contrasted with 6% Total NAV Return per share, reflecting a widening discount to NAV rather than any deterioration in the underlying portfolio. Addressing this disconnect is a priority for the Board. Alongside the existing share buyback programme, the Board continues to consider other strategic initiatives intended to enhance shareholder value while maintaining appropriate liquidity and balance sheet flexibility.
Oakley Funds KPIs
Invested by OCI during the period
£43m
Strategic relevance
Measures the capital deployed by OCI into underlying portfolio companies through the Oakley Funds. It demonstrates the continued execution of OCI’s investment strategy and deployment of capital to support future value creation.
Performance
OCI made look-through investments of £43 million (H1 2025: £54 million), led by Origin II's new platform investments in Senef and GB1, and follow-on activity across the Oakley Funds.
Look-through proceeds to OCI during the period
£10m
Strategic relevance
Represents the value of look-through proceeds realised by OCI from its investments in the Oakley Funds. The timing of proceeds helps to shape the Company's maturation strategy and informs decisions on commitments, leverage and capital allocation.
Performance
OCI’s look-through share of proceeds received during the period was £10 million, comprising refinancing proceeds, deferred consideration and earnout receipts. While the comparative reflects a full-year period, proceeds in H1 2026 exceeded those generated in the equivalent prior-year period (H1 2025: £6 million). With Fund IV and Origin I now in their realisation phases, realisation activity is expected to increase over the short to medium term.
Other metrics
Discount to NAV
39%
Strategic relevance
Indicates how the market values OCI relative to its underlying assets. Managing the discount supports shareholder alignment and capital allocation opportunities through buybacks and reflects market, liquidity and other risk factors.
Performance
OCI's discount to NAV widened to 39% during the period, reflecting Q1 market-wide weakness in investor sentiment towards listed private equity, despite positive underlying portfolio performance for OCI. The Board believes the extent of OCI’s discount does not appropriately reflect the quality of the Company’s Portfolio or its limited exposure to some of the risks that drove market weakness. The Board is prioritising measures to address the widening discount, including share buybacks and other strategic initiatives.
Five-year CAGR
13%
Strategic relevance
Annualised Total NAV Return per share calculated over a five-year period. A measure of the consistency and quality of growth in the portfolio.
Performance
OCI delivered a five-year compound annual growth rate ('CAGR') of 13%1. Over the longer term, OCI has delivered a 10-year CAGR of 15%1, demonstrating consistent performance and remaining one of the best-performing listed private equity funds over both periods.
Five-year CAGR
Alternative Performance Measures ('APMs') are financial measures of historical or future performance, financial position or cash flows other than those defined or specified under International Financial Reporting Standards (‘IFRS’).
APMs are used throughout this Interim Report where the Board considers them to be the most relevant basis for shareholders to assess the performance of the Company and to compare the Company’s performance with that of its peers, taking into account industry practice. Definitions of APMs are provided in the main body of the Interim Report or in the Glossary, where appropriate.
The Company believes that these APMs, when considered alongside IFRS measures, provide shareholders with a more comprehensive understanding of the Company’s results, investment performance, value creation and the delivery of the Company’s investment strategy.
The Company holds its investments through a combination of closed-ended indirect fund investments and Direct Investments. Certain APMs adopt a look-through approach to the underlying assets and liabilities, with investments reported on a portfolio basis, which the Board considers to be a meaningful representation of the Company’s economic exposure and performance.
Gross performance measures are presented throughout this report, unless stated otherwise, consistent with the look-through approach for reporting portfolio performance.
(1) Five and 10-year CAGR represents the annualised Total NAV Return per share over the relevant period, assuming dividends are reinvested into NAV on the ex-dividend date and returns are compounded annually. This methodology differs from previous reports, which calculated CAGR by adding cash dividends back to NAV per share. The impact of this change on historical periods is immaterial.
Liquidity
Cash and available credit
£155m
(FY 2025: £191m)
As at the period-end, available borrowing capacity amounted to £74m (FY 2025: £96m).
Returning capital to shareholders
Share buybacks
£12m
(FY 2025: £48m)
Share buybacks generated a NAV per share gain of 3 pence during the period (FY 2025: 11 pence).
Investing for future growth
Outstanding commitments
£940m
(FY 2025: £992m)
Expected to be deployed over next
c.5 years, of which c.£300m is not anticipated to be drawn.