Q3 Trading Update and Board Appointments

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 30 September 2025 together with the appointment of Non-Executive Directors and Chair Designate. OCI is a listed investment company and constituent member of the FTSE 250 Index, providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital ("Oakley"). 

The Oakley Funds invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across four core sectors: Technology, Education, Consumer and Business Services. Oakley's origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors. 

• Share buybacks: c.£29 million of shares repurchased and cancelled during the nine months to 30 September 2025

NAV change

The Company’s unaudited NAV, based on a revaluation of all portfolio companies as at 30 September 2025, was £1,246 million, which represents a NAV per share of 730 pence and a 1.5% (-11 pence) decrease from 30 June 2025. In aggregate, portfolio company valuations were broadly flat in the quarter despite a challenging market backdrop. Of the companies in the main buyout funds, ten valuations rose, ten declined and fifteen did not materially change. The NAV per share includes the impact of financing costs and expenses in the period (-10 pence).

Portfolio overview

Whilst retaining a cautious view on valuation multiples, trading performance continued to be robust in the quarter, demonstrating the portfolio’s ability to deliver sustainable earnings growth through a variety of market and macroeconomic environments. Portfolio companies providing content & IP services, testing & compliance solutions, and high-quality K12 education were the best performers, benefitting from healthy demand for their services. In addition, value-accretive acquisitions by Oakley’s largest buy-and-build platforms in Business Services and Education further contributed to NAV growth. However, these gains were offset by the decline in Time Out’s share price as well as by weaker performance at some portfolio companies including ACE Education and ProductLife Group.

Transactions

With the closure of Fund II, its interests in North Sails have been transferred to a lower cost structure continuation vehicle, which will also provide improved liquidity options to OCI going forward.

Further transactions announced post-period end include an investment in NOX, a premium padel equipment brand, for which OCI’s look-through investment is anticipated to be c.£9 million, as well as Oakley’s sale of its stake in atHome, operator of Luxembourg’s leading property and automotive marketplaces, which is expected to generate c.£16 million in look-through proceeds for OCI. These transactions are expected to complete in Q4. 

Cash & commitments

OCI's total liquidity as at 30 September 2025 was £222 million, comprising £126 million of cash on the balance sheet and £96 million in undrawn credit facilities. Ahead of the c.$300 million close of the Oakley Touring Fund, OCI was able to make an additional commitment of c.$15 million to the fund, taking advantage of its already attractive performance and strong future prospects. This took total outstanding commitments to the Oakley Funds to £1,077 million as at Q3 2025, of which c.£300 million is not expected to be drawn. This will be deployed into new investments over the next five years.

As part of the 2025 £50 million buyback programme, OCI has acquired and cancelled 5.8 million shares for an aggregate £29 million during the nine months to 30 September 2025, generating a NAV per share gain of 7 pence over the same period. 

Appointment of Chair Designate and Non-Executive Director 

OCI is pleased to announce the appointment of Christopher Samuel and Kiernan Bell as Independent Non-Executive Directors, effective 17 November 2025. Christopher Samuel will become Chair of the Board in March 2026 after a planned transition period and both appointments are subject to shareholder approval at the Company’s 2026 AGM.

Please see OCI’s separate RNS on these appointments here.

OCI’s latest quarterly factsheet can be accessed here.