Trading update for the year ended 31 December 2025

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its trading update for the year ended 31 December 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: 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. 

• 2025 share buyback programme of £50 million completed
• Cash and undrawn credit facility of £191 million
• Outstanding commitments of £992 million to be invested over the next five years

NAV Growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies at year-end, was £1,233 million, which represents a NAV per share of 738 pence. The total NAV per share return including dividends since 31 December 2024 was +6% (+45 pence) or +3% (+23 pence) excluding the impact of foreign exchange. Since 30 September 2025 the total NAV per share return was +1% (+8 pence). The full year total NAV return includes 45 pence of net valuation gains, c.90% of which were driven by earnings growth. The largest contributors were vLex (now Clio), Phenna, TechInsights, North Sails and Bright Stars, offset by the decline in the share price of publicly listed Time Out Group.

Portfolio company performance

OCI’s underlying portfolio delivered a robust performance in 2025, driven by earnings growth and successful exits. A cautious approach to valuation multiples was maintained, with half of portfolio companies held at or below the multiple paid. This reflects declines in peer valuations as well as a comparatively young portfolio, with c.35% of NAV comprising investments made in the last two years. The strongest performers were Oakley’s largest buy-and-build platforms in Business Services and Education, which continued to benefit from value-accretive acquisitions, and data providers and digital marketplaces, which experienced healthy demand for their services. This positive performance was partially offset by weaker trading at certain portfolio companies, including Steer Automotive, ACE Education and Contabo.

Looking ahead, Oakley anticipates NAV momentum as portfolio companies, including the 11 new investments announced during the period, benefit from increasing operational maturity as well as the  value creation potential across the portfolio.

Investments

OCI made a total look-through investment of £197 million, equivalent to 16% of NAV at year-end, which included:

Announced investments that completed post period-end: Athena Racing (c.£13 million), a founding team in the new America’s Cup Partnership. The high-performance sailing competition has transitioned to a shared governance model in which teams hold permanent equity, enabling the creation of long-term franchise value comparable to Formula 1.

Capital Allocation

Share buybacks: on the 8th January 2026, OCI completed its 2025 buyback programme, having acquired and cancelled c.9.7 million shares for an aggregate £50 million, and generating a NAV per share gain of 11 pence over the course of the programme. As previously announced, OCI has allocated a minimum of £20 million to its annual buyback programme for 2026.

Commitments: During the period, OCI made a €500 million commitment to Oakley Capital Fund VI, taking the total outstanding commitments to the Oakley Funds to £992 million as at 31 December 2025, of which c.£300 million is not expected to be drawn. This is set to be deployed into new investments over the next five years.

Cash & credit facilities: 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 the period end was £191 million, comprising £95 million of cash and £96 million in undrawn credit facilities. OCI has the option to increase the facility by a further £75 million, subject to lender approval.

The Company expects to report its audited annual results for 2025 on 12 March 2026.