Trading update for the six months ended 30 June 2025

Oakley Capital Investments Limited (“OCI” or the “Company”) today announces its half year trading update for the six months ended 30 June 2025. OCI is a listed investment company 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. Oakley’s origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors. 

Exit and earnings growth drive NAV return

• Proceeds of £6 million
• Share buybacks of c.£21.4 million completed out of an announced £50 million 2025 programme

NAV growth

The Company’s unaudited NAV, based on a revaluation of all portfolio companies as at 30 June 2025, was £1,275 million, which equates to a NAV per share of 742 pence. The total NAV return per share, including dividends, was 7% (+49 pence) since 31 December 2024, or 6% (+40 pence) excluding the impact of foreign exchange. Included within the NAV per share growth is 6 pence delivered by the ongoing share buyback programme. 

Portfolio company performance

In a period marked by continued, muted M&A for the wider private equity industry, the sale of vLex demonstrates the quality and demand for Oakley’s portfolio companies. After vLex, the biggest contributors to NAV growth were Bright Stars, TechInsights, Phenna Group and North Sails, demonstrating strong performance across all sectors. The increase in value for these portfolio companies was largely driven by EBITDA growth. The growth in NAV was offset by the decline in Time Out’s public share price. 

Transactions

During the period, Oakley continued to source attractive investment opportunities, laying the foundations for future NAV growth. OCI made look-through investments totalling £54 million, primarily comprising:

During the period, OCI also announced an investment in G3, a global strategic advisory company, which is expected to complete in H2 2025.

OCI’s look-through share of proceeds during the period were £6 million which related to a refinancing of Dexters. Oakley's sale of vLex was announced during the period and is expected to complete in H2 2025. OCI’s look-through share of proceeds from this transaction is anticipated to be c.£30 million.

Capital Allocation

In March of this year, OCI made a total commitment of €500 million to Oakley Capital Fund VI, taking the total outstanding commitments to the Oakley Funds to £1,070 million as at 30 June 2025, of which c.£300 million is not expected to be drawn. This is expected to be deployed into new investments over the next five years, with the first significant capital drawdown for Fund VI not anticipated to take place until late 2026.

OCI refinanced its credit arrangements in April, replacing the existing facility with a new five-year facility totalling £325 million, increasing the total size by £100 million. OCI's total liquidity as at 30 June 2025 was £257 million, comprising £108 million of cash and £149 million in undrawn credit facilities.

During the period, the Board cancelled any future OCI dividends and launched an annual share buyback programme, initially of a minimum of £20 million. The 2025 buyback programme was subsequently increased to £50 million, reflecting the assessment of current liquidity and the improved prospects for proceeds. Since the start of the year OCI has acquired and cancelled c.4.5 million shares for an aggregate c.£21.4 million as at 30 June 2025.

Main Market Listing

The Board previously announced a process to transfer OCI’s listing to the Main Market of the London Stock Exchange, to enhance its marketability, increase investors’ access to its shares and continue to deliver strong shareholder returns. OCI is pleased to announce that this has now been approved, and the Company’s ordinary shares are expected to unconditionally trade on the London Stock Exchange’s (“LSE”) main market for listed securities as an Official List company with effect from 8:00 am on 1 August. Please see OCI’s separate New Listing Category RNS here.

The Company expects to report its unaudited interim results for the six months to 30 June 2025 on 11 September 2025.

OCI’s latest quarterly factsheet can be accessed here.