REG - Oakley Capital Inv. - Final Results for the Year Ended 31 December 2025

Oakley Capital InvestmentsAnnouncement

12/03/2026 07:00

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RNS Number : 3178W  Oakley Capital Investments Limited  12 March 2026

12 March 2026

Oakley Capital Investments Limited

Final Results for the Year Ended 31 December 2025

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today
announces its final results 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(2) ("Oakley"). This objective has been demonstrated with a
10-year share price total return of +362%, outperforming the FTSE All-Share
Index by +239% and the MSCI World Index by +114% over this period.

The Oakley Funds(3) 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.

Portfolio positioned for future outperformance

Highlights for the year

Performance

 ●    Net Asset Value ("NAV") per share of 738 pence and NAV of £1,233 million
 ●    Total NAV return per share of +6% (+45 pence), or +3% (+23 pence) excluding
      the impact of foreign exchange
 ●    Total shareholder return of 15%
 ●    Ten-year NAV return CAGR of 15%

See OCI's KPIs here
(https://www.oakleycapitalinvestments.com/2025-annual-report/oci-kpis-18644.html)
.

Portfolio

 ●    Average portfolio company LTM EBITDA growth of 11% (2024: 15%)
 ●    Average portfolio company valuation multiple (EV/EBITDA) of 16.3x (2024:
      16.4x)
 ●    Average Net Debt/EBITDA multiple of 4.1x (2024: 4.1x)
 ●    The key NAV drivers within the portfolio were:
      o  Clio (+33 pence): driven by the significant NAV uplift arising from the
      realisation of vLex
      o  Phenna Group (+23 pence): rising demand for its testing and inspection
      services and positive impact of value accretive M&A
      o  TechInsights (+13 pence): strong performance from the chip intelligence
      platform as the AI boom drove demand for its services
      o  Time Out Group: (-32 pence): following the decline in the company's share
      price as a result of headwinds in the Media business and a discounted share
      issuance

 

Read more about the portfolio's performance in the Annual Report here
(https://www.oakleycapitalinvestments.com/2025-annual-report/oci-kpis-18644.html)
.

Investments

 ●    OCI made a total investment of £197 million, equivalent to 16% of NAV at
      year-end
      o  £96 million in 10 new platform deals including Brevo, Infravadis, G3 and
      NOX
      o  £79 million in follow-on investments including Bridewell's strategic
      combination with I-TRACING, and M&A by Affinitas, Infravadis and Konzept
      & Marketing
      o  £22 million in new and follow-on venture investments, including Wingspan

    and ProRata, as well as further direct investment

Read more about OCI's new investments here
(https://www.oakleycapitalinvestments.com/2025-annual-report/portfolio-activity-in-2025-18653.html)
.

Proceeds

 ●    OCI's look-through share of proceeds from exits and refinancings during the
      year totalled £92 million including:
      o  £57 million from exits including the sale of vLex at a >6x gross
      return
      o  £35 million from refinancings

Capital Allocation

 ●    Share buybacks: 2025 £50 million buyback programme completed on 8(th) January
      2026, enhancing NAV per share by 11 pence over the course of the programme.
      £20 million minimum 2026 programme commenced
 ●    Commitments: €500 million commitment to Oakley Capital Fund VI, taking total
      outstanding commitments to £992 million of which c.£300 million is not
      expected to be called. This is set to be invested over the next five years
 ●    Cash and credit facilities: Liquidity of £191 million comprising
      £95 million of cash and £96 million in undrawn credit facilities

See OCI's Balance Sheet in the Annual Report here
(https://www.oakleycapitalinvestments.com/2025-annual-report/consolidated-balance-sheet-18737.html)
.

Board Initiatives

 ●    Evolution of OCI's capital allocation policy, including revision of buyback
      programme
 ●    Transfer of OCI's listing to the Main Market of the London Stock Exchange,
      with resulting FTSE 250 index inclusion
 ●    New Board appointments, including Christopher Samuel as Chair, effective from
      13 March 2026 and Kiernan Bell as Independent Non-Executive Director

 

Read more about OCI's governance here
(https://www.oakleycapitalinvestments.com/2025-annual-report/governance-18718.html)
.

Portfolio overview and the AI upside

The portfolio delivered another year of double-digit organic growth whilst the
wider macro environment struggled to find a stable footing. Looking ahead, the
private equity portfolio of 38 companies is evenly balanced across Oakley's
core sectors and focus European geographies. The hold period has remained
consistent, with the average currently just under 3.5 years. This is a diverse
range of founder-led, high-growth, disruptive businesses with a high level of
recurring revenue. All this is relevant given the recent and increasing focus
on AI. Whilst the full impact of this technology is unknown, OCI has been and
is expected to continue to be a net beneficiary of AI adoption:

 ●    Investing through the lens of AI - over the past three years, Oakley has
      focused on the investment opportunity presented by AI, leading to the launch
      of the Oakley Touring Fund in 2024. The Fund has enabled investments in AI
      native B2B solutions while also forming the genesis of the Oakley AI lab, a
      centre of excellence providing valuable domain expertise across the Oakley
      Group and its existing portfolio companies, and supporting the adoption of AI
      to drive long-term value creation.
 ●    Portfolio positioning - today, around two thirds of the portfolio's value is
      underpinned by businesses that rely on physical delivery or tangible products,
      including technology infrastructure, field-based business services, luxury
      brands, sports and education. Whilst AI is unlikely to disintermediate these
      products and services it has the potential to enhance revenue growth, improve
      margins and drive productivity gains across these companies. The remainder of
      the portfolio delivers products and services digitally, where AI presents
      meaningful opportunities to improve efficiency and effectiveness, rather than
      posing a structural threat of displacement. Within the portfolio, 16% of NAV
      is invested specifically in software companies. The majority provide vertical,
      mission-critical software solutions and systems of record, characterised by
      proprietary data, high switching costs and regulatory lock-in.

 

Steve Pearce, Interim Chair of Oakley Capital Investments, commented:

"Despite a challenging economic environment in 2025, the portfolio continued
to generate solid earnings growth and deliver successful exits. The Board's
focus on shareholder value drove the move to the Main Market as well as a
revised capital allocation policy, with increased and recurring share
buybacks. In the year ahead, we once again face considerable uncertainty
driven by macro, geopolitical and technological developments. We're confident,
however, that Oakley is positioned to take advantage of the AI revolution and
has the right portfolio diversification, the right skillset and the right
strategy to continue delivering attractive, resilient returns for our
shareholders. We are also pleased to welcome Christopher Samuel as the new
Chair of OCI, whose leadership will support the Company's next phase of
development."

Read the 2025 Chair's letter here
(https://www.oakleycapitalinvestments.com/2025-annual-report/chairs-statement-18646.html)
.

Peter Dubens, Managing Partner of Oakley Capital, said:

"Historically, some of the strongest-performing private equity vintages have
been deployed during periods of heightened uncertainty. We believe the current
market environment presents a compelling opportunity to partner with more
exceptional entrepreneurs at attractive entry points. At the same time, we are
working closely with our founders to harness emerging AI technologies,
enabling them to move further and faster, and to build future-ready
businesses."

The Annual Report and Accounts are available on the Company's website here
(https://www.oakleycapitalinvestments.com/2025-annual-report/strategic-report-18641.html)
.

A video overview of the 12-month performance is available here
(https://www.oakleycapitalinvestments.com/news-and-media/videos/) .

The Company's Q1 2026 trading update is expected to be released on 29 April
2026.

- ends -

 

Results presentation

 

A live presentation of the results, delivered by Oakley Capital Partner
Steven Tredget and Managing Partner Arthur Mornington, will take place at
9:00am today, Thursday 12 March 2026. The presentation will be available to
view via video webcast at the following link:
https://www.investis-live.com/oakley-capital/698371515ade84001c1ed0fd/cpald
(https://www.investis-live.com/oakley-capital/698371515ade84001c1ed0fd/cpald)

 

- ends -

 

For further information please contact:

 

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

 

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell

 

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

 

Notes:

LEI Number: 213800KW6MZUK12CQ815

(1) About Oakley Capital Investments Limited ("OCI")

OCI is a closed-ended investment fund trading on the main market of the London
Stock Exchange as an Official List Company. OCI aims to provide shareholders
with consistent long-term capital growth in excess of the FTSE All-Share Index
by providing liquid access to private equity returns through investment in the
Oakley Funds.

A video introduction to OCI is available
at https://oakleycapitalinvestments.com/videos/
(https://oakleycapitalinvestments.com/videos/)

The contents of the OCI website are not incorporated into, and do not form
part of, this announcement.

(2) Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability
to source attractive growth assets at attractive prices. To do this it relies
on its sector and regional expertise, its ability to tackle transaction
complexity and its deal generating entrepreneur network.

(3) The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley
Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin and
Oakley Capital Origin II are unlisted lower-mid to mid-market private equity
funds that aim to provide investors with significant long-term capital
appreciation. The investment strategy of the Funds is to focus on buy-out
opportunities in industries with the potential for growth, consolidation and
performance improvement. The Oakley family of funds also includes Oakley
PROfounders Fund III and Oakley Touring Venture Fund, which are venture
capital funds focused on investments in entrepreneur-led, disruptive,
technology led companies.

Important information

Oakley Capital Investments has now been admitted to the Official List of the
Financial Conduct Authority. Therefore, the Company is now required to satisfy
the eligibility criteria for admission to listing on the Official List is
required to comply with the Financial Conduct Authority's Listing Rules,
including in relation to transactions with related parties, financial
reporting, contents of shareholder circulars and other continuing obligations.

This announcement may include "forward-looking statements". These
forward-looking statements are statements regarding the Company's objectives,
intentions, beliefs or current expectations with respect to, amongst other
things, the Company's financial position, business strategy, results of
operations, liquidity, prospects and growth. Forward-looking statements are
subject to risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Accordingly, the
Company's actual future financial results, operational performance and
achievements may differ materially from those expressed in, or implied by, the
statements. Given these uncertainties, prospective investors are cautioned not
to place any undue reliance on such forward-looking statements, which speak
only as at the date of this announcement. The Company expressly disclaims any
obligation or undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the Company's
expectations with regard to them or any change in events, conditions or
circumstances on which any such statements are based unless required to do so
by the Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.

 

 

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