Trading update for the six months ended 30 June 2026

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its half year trading update for the six months ended 30 June 2026. 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"). This objective has been demonstrated with a 10-year share price total return of +344%, outperforming the FTSE All-Share Index by +215% and the MSCI World Index by +100% over this period.

The Oakley Funds invest primarily in unquoted, profitable, pan-European businesses with recurring revenues 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 of proceeds of £10 million
• Period-end cash and undrawn credit facilities of £155 million
• c.£640 million of outstanding commitments expected to be called for investment over the next five years

NAV and shareholder return

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 30 June 2026, was £1,289 million, which represents a NAV per share of 782 pence. 

Total shareholder return of -16% since 31 December 2025, compared to the weighted average of -18% across the listed private equity sector. This was largely driven by Q1 market weakness in response to concerns about the disruptive impact of AI and conflict in the Middle East. As previously outlined, the associated impact on OCI’s share price is unjustified given its limited exposure to software, supply chain disruption or price inflation.

Importantly, OCI continues to deliver long-term returns. Over the past 10 years, the Company has achieved an annual compounding NAV and shareholder return of 15% and 16% respectively, reflecting the consistent value creation within the Oakley Funds.

Portfolio company performance

The underlying portfolio companies continued to deliver solid trading performances during the period despite a backdrop of macroeconomic and geopolitical uncertainty, demonstrating the resilience of the portfolio. Sustained earnings growth accounted for 80% of the portfolio performance, with the remaining 20% attributable to valuation multiple expansion. The portfolio’s broad-based contribution to NAV uplift reflects the benefits of the increasing maturity of the portfolio as investments continue to translate operational progress into value creation. The portfolio also benefited from successful strategic acquisitions, particularly through Oakley's buy-and-build strategies in the business services sector. With the advancement of AI, increasing adoption across the portfolio is also supporting productivity improvements and, in selected cases, beginning to create new commercial opportunities.

Transactions

OCI's look-through share of proceeds from exits and refinancings during the period totalled £10 million. 

The Company expects to report its unaudited interim results for the six months to 30 June 2026 on 10 September 2026.

OCI's latest quarterly factsheet can be accessed here.