News

Interim Results for the six months ended 30 June 2026

Oakley Capital

10.09.26

4 min

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its interim results for the six months ended 30 June 2026. OCI is a listed investment company which has delivered long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital ("Oakley"). OCI has 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, 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.

Earnings-led NAV growth delivered by maturing portfolio companies

Highlights for the six months ended 30 June 2026

NAV per share

782p

as at 30June 2026

Net Asset Value

£1,289m

as at 30 June 2026

Total NAV return per share

+6%

since 31 December 2025 (+44 pence)

Total shareholder return

-16%*

since 31 December 2025

Ten-year total NAV return per share CAGR

15%

as at 30 June 2026

Total NAV return per share excluding the impact of fx

+6.5%

since 31 December 2025 (+48 pence)

*compared with a weighted average of -18% across the listed private equity sector, largely reflecting market weakness during the first quarter.

Portfolio

Net Asset Value (“NAV”) per share of 782 pence and NAV of £1,289 million
Total NAV Return per share of 6.0% (+44 pence), or 6.5% (+48 pence) excluding the impact of foreign exchange
Total Shareholder Return of -16%, compared with a weighted average of -18% across the listed private equity sector, largely reflecting stock market weakness during the first quarter
Ten-year annual compounding Total NAV return of 15%

The key NAV drivers within the portfolio were:

Phenna Group

+13p

continued organic growth and strong M&A momentum

North Sails

+9p

sustained operational progress and a period of consistent delivery across all divisions

TechInsights

+8p

strong subscription revenue growth and healthy renewal rates from existing customers

Exaforce

+5p

a successful $125 million Series B funding round, more than doubling its value

Read more about the portfolio's performance in the Interim Report here.

Investments

OCI made total look-through investments of £43 million in total:

Senef Website Landscape 1440X900px — Oakley Capital partners with Groupe Senef, a French provider of cloud vertical software solutions

£19 million in new platform deals including Groupe Senef, GB1 and Infinity

£24 million in follow-on investments including Artemis Group (formerly Konzept & Marketing), ProductLife Group and ECOMMERCE ONE

Investments signed during or after the period and expected to complete in H2 2026 include Graphwise (c.£20 million), XTEL (c.£33 million) and GLAS (c.£55 million).

Read more about OCI's new investments here.

Proceeds

OCI's look-through share of proceeds during the period totalled £10 million, comprising refinancing proceeds, deferred consideration and earnout receipts. This included a £6 million cash distribution to OCI following the refinancing of North Sails.

Capital allocation

Share buybacks: Commenced programme to buy back at least £20 million worth of shares in 2026. From the programme’s launch to 30 June 2026 OCI acquired and cancelled c.1.9 million shares for aggregate consideration of £9.4 million, increasing NAV per share by 3 pence.
Commitments: Outstanding commitments of £940 million at 30 June 2026, of which c.£300 million are not anticipated to be called. This balance is expected to be invested over the next five years.
Cash and credit facilities: Total liquidity of £155 million, comprising £81 million of cash and £74 million of undrawn credit facilities. Following the period end, the Company exercised the £75 million accordion under its existing facility, following Board and lender approval.

See OCI's Balance Sheet in the Interim Report here.

Board and governance

Christopher Samuel was appointed Independent Chair of OCI on 13 March 2026, succeeding Steve Pearce, who had served as Interim Chair and remains an Independent Director of the Company.
As the Board looks to optimise the balance sheet and capital allocation, it anticipates potential proceeds from future portfolio realisations in the near to medium term. Meanwhile it continues to progress strategic initiatives to enhance shareholder value and improve balance sheet strength.

Portfolio overview

The portfolio continued to demonstrate its underlying strength during the first half, with approximately 80% of performance driven by earnings growth. The three biggest contributors to portfolio performance were some of the more mature assets: Phenna, North Sails and TechInsights. All three companies have benefitted from Oakley’s value creation strategies, including significant and transformative M&A, improved quality of earnings, strengthened executive teams and diversified revenue bases.

The weighted average organic LTM EBITDA growth of 9% (FY2025: 11%) reflects both the size and success of some of the portfolio’s larger assets, which naturally display lower earnings growth, as well as the increasing number of buy-and-build platforms, where M&A is a significant driver of growth.

Diversified across Oakley’s core sectors of Technology, Education, Consumer and Business Services, the portfolio comprises founder-led businesses with strong market positions, recurring or repeat revenues and exposure to structural growth. Against a backdrop of rapid technological change, these characteristics matter. Oakley believes the portfolio is well positioned both to withstand potential AI disruption and to capture the opportunities it creates:

A portfolio positioned for resilience and transformation – Around 70% of the portfolio involves the physical delivery of products or services, making these businesses inherently more difficult for AI to displace. Meanwhile, Oakley is using AI to transform, enhance and optimise existing portfolio companies, from improving productivity and customer workflows to developing better products and services.

Direct exposure to AI-native businesses – Through the Oakley Touring strategy, OCI also has targeted exposure to a new generation of enterprise technology businesses being built around AI, where advances in the technology are fundamental to the investment opportunity. As an example, Exaforce, an AI-powered security operations platform, was one of the four largest contributors to OCI’s NAV growth during the period.

There is further upside from the Oakley Touring team, as specialist expertise and insights benefit the wider platform and underlying investments, helping Oakley stay ahead of developments and better identify the opportunities and risks created by AI.