Strategic report / Portfolio KPIs

Private Equity Portfolio: key performance indicators

The following KPIs represent the performance of OCI's underlying Private Equity Portfolio, comprising OCI's follow-on investment in North Sails CV, the Origin series, which covers Small-mid Buyout, and the Flagship series, which covers Mid Buyout. The Venture Funds, comprising Touring I and PROfounders III, cover Growth Tech and Venture Capital respectively. Direct Investments and the Venture Funds have been excluded from the information below as their performance is measured differently to the Private Equity Portfolio.

Oakley Private Equity Portfolio

Net Debt/EBITDA Multiple

4.4x

Strategic relevance
Represents the leverage of the underlying investments in which OCI indirectly invests, and the extent to which earnings cover net debt. The metric links directly to financial risk, interest rate exposure and balance sheet resilience, managed through leverage discipline.

Performance
The Net Debt/EBITDA Multiple across OCI's underlying portfolio increased modestly during the period to 4.4x (H1 2025: 4.2x), primarily reflecting acquisition financing led by Phenna, Cegid and K12.

LTM EBITDA growth

Strategic relevance
Demonstrates the organic earnings growth of the underlying Private Equity Portfolio, which drives the performance of OCI’s investments. EBITDA growth underpins valuation uplift and exit potential and is sensitive to portfolio and performance risk.

Performance

The underlying portfolio continued to demonstrate resilient organic earnings growth, delivering LTM EBITDA growth of 9% in H1 2026 (H1 2025: 13%) despite ongoing macroeconomic uncertainty. Several investments are now entering the stage where established operational improvements are anticipated to translate more visibly into earnings growth, supporting further value creation and, when market conditions permit, realisation opportunities.

EV/EBITDA Multiple

16.4x

Strategic relevance
Assists investors to determine the drivers of value in the Company’s underlying portfolio. The measure highlights valuation risk, including exposure to multiple compression.

Performance
Enterprise Value (‘EV’)/EBITDA multiples remained stable during the period (H1 2025: 16.3x), against a backdrop of continued macroeconomic and geopolitical uncertainty. Net debt continued to represent less than 30% of average portfolio company EV, consistent with previous years.

Average entry multiple

14.1x

Strategic relevance

A key metric in helping investors understand the cost of acquisitions, it supports assessment of future return potential and downside risk.

Performance

The average entry multiple was unchanged from FY 2025, as the platform investments completed during the period were excluded from the calculation in accordance with the Company's methodology.