Strategic report

Highlights

Chair’s Statement

Business model

Investment Adviser’s report

Oakley Funds strategies

Oakley Capital Investments / Half Year Report 2026

Private market outperformance,
made public

Watch video: Results H1 2026

A successful period of realisations and investments

Total invested in H1 2026

£43m

Total capital deployed by OCI

Total realisations in H1 2026

£10m

Look-through proceeds for OCI, from Oakley Funds

Five-year CAGR

13%

Annualised Total NAV Return per share

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Highlights of HY 2026 / Overview

OCI highlights
of H1 2026

Creating value
Net Asset Value

£1,289m

Creating value chart

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.

NAV per share

Represents the underlying value of each share.

782p

NAV per share chart

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%

Total NAV per share chart

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.

Invested by OCI during the period

£43m

Invested by OCI chart

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

Proceeds by OCI chart

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.

See: OCI Key Performance Indicators

Highlights of 2026

Hosting.com

 

Hosting.com is a global web hosting platform serving developers, entrepreneurs and small and medium-sized businesses. Oakley is building a leading global hosting group by acquiring and fully integrating shared hosting providers onto a single common platform, consolidating a fragmented global market at a disciplined entry EBITDA multiple.

11

acquisitions in two years

See: Further information on Hosting.com

Strategic report / Increase in value 2026

Increase in
value 2026

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Movement in NAV (£m)

Movement in NAV chart

Increase to NAV

£56m

Movement in the value of investments (£m)

Increase in NAV chart

Unrealised gains on investments

£92m

See: Increase in value section

Highlights of 2026 / Portfolio growth

Top performers
of H1 2026

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Continued earnings growth across the underlying portfolio contributed to OCI's Total NAV Return per share of 6%.

The largest five contributors to growth were Phenna, North Sails, TechInsights, Exaforce and NOX.

Portfolio companies chart

Note: Figures represent the net look-through movement in portfolio company value.

Chair’s statement

While OCI is not immune from market forces, they do not undermine the inherent quality of OCI’s portfolio, the strength of our Investment Adviser, Oakley Capital, or the long-term prospects for the Company.

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NAV performance was resilient, driven principally by earnings growth across the underlying portfolio, which reflected continued operational progress within portfolio companies.”

Christopher Samuel Chair

See: Chair's statement

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Business model / OCI

Who we are

We are Oakley Capital Investments, a listed private equity investor. We invest in funds advised by our Investment Adviser, Oakley Capital, which back private founder-led businesses. This section explains why we partner with Oakley Capital as our adviser and how its proprietary approach drives value growth across its portfolio companies. 

 

OCI's relationship with Oakley Capital

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We are a listed private equity company:

Oakley Capital Investments (‘OCI’)

Our chosen Investment Adviser:

Oakley Capital (‘Oakley’)

See: Our Business model

Business model / Oakley Capital (Investment Adviser)

The Oakley Difference

Why does OCI choose Oakley Capital as its valued Investment Adviser? Oakley Capital is a pan-European private equity investor that partners with founders and management teams with ambitions to grow their businesses and unlock their full potential.

Oakley invests in companies across the life cycle, with the majority of the Private Equity Portfolio covering small-mid and mid-market buyout transactions. In recent years, Oakley has expanded its strategy to also cover venture and growth tech funds. Across these four strategies, Oakley invests in four sectors: Technology, Business Services, Education and Consumer.

See: How Oakley creates value

Investment Adviser’s report

Resilient earnings growth demonstrates the underlying strength of the portfolio

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It is important that the lion’s share of growth came from improved earnings rather than changes in valuation multiples. It reflects both the quality of the portfolio and the progress being made within companies as Oakley’s value creation plans take effect.”

Steven Tredget Partner at Oakley Capital

See: Investment Adviser's report

Steven Tredget portrait

Oakley Funds strategies

Oakley Funds strategies

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Oakley Funds

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Venture Funds

Private Equity Funds

Fund strategy

Venture Capital

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Total Funds

€77m

Fund strategy

Growth
Tech

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Total Funds

$294m

Fund strategy

Small-mid Buyout

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Total Funds

€1,249m

Fund strategy

Mid
Buyout

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Total Funds

€9,924m

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Investing across four sectors
Technology, Business Services, Education and Consumer

See: Oakley Funds strategies

Portfolio activity

Material new investments in H1 2026

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Senef
£9m

In February, Oakley Origin II invested in Senef, a French provider of cloud vertical software solutions. Origin II's investment will support Senef's next phase of growth, through continued product innovation, including the integration of advanced automation and AI capabilities.

GB1
£7m

In January, Oakley Origin II invested in GB1, the British America's Cup team founded by Sir Ben Ainslie. The investment supports GB1's long-term participation in future America's Cup cycles and the continued development of the world's most prestigious high-performance sailing competition.

See: Portfolio Investments

Strategic report / Sector review

Technology

Investing across digital markets
Oakley has built a successful track record in backing technology-led businesses.

See: Technology sector overview

Strategic report / Sector review

Business services

Mission-critical services
Providing mission-critical, tech-enabled services that help customers succeed.

See: Business services sector overview

Strategic report / Sector review

Education

First-class opportunities
Education is a core sector, with four investments taking us forward with confidence, ranging from online tertiary education and after-school tutoring to professional learning.

See: Education sector overview

Strategic report / Sector review

Consumer

A strong platform for growth
Oakley has a long track record of investing in distinctive online and offline brands loved by consumers.

See: Consumer sector overview