REG - Oakley Capital Inv. - Trading update for the 3 months ended 31 March 26

Oakley Capital InvestmentsAnnouncement

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RNS Number : 2972C  Oakley Capital Investments Limited  29 April 2026

29 April 2026

Oakley Capital Investments Limited

Trading update for the three months ended 31 March 2026

Oakley Capital Investments Limited(1) ("OCI" or the "Company") today
announces its quarterly trading update for the three months ended 31 March
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(2) ("Oakley"). This objective has been demonstrated with a
10-year share price total return of +300%, outperforming the FTSE All-Share
Index by +171% and the MSCI World Index by +67% over this period(3).

The Oakley Funds(4) 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.

Highlights for the three months ended 31 March 2026

 ●    Net Asset Value ("NAV") per share of 758 pence and NAV of £1,259 million
 ●    Total NAV return per share of 2.7% (+20 pence), or 2.4% (+17 pence) excluding
      the impact of foreign exchange
 ●    Total shareholder return of -18% amid wider market sell-off
 ●    Investments of £28 million and share of proceeds of £2 million
 ●    Period-end cash and undrawn credit facilities of £180 million
 ●    Outstanding commitments of c.£672 million expected to be called for
      investment over the next five years

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies
as at 31 March 2026, was £1,259 million, which represents a NAV per share of
758 pence. The total NAV per share return was +7.5% (+53 pence) since 31 March
2025 and +2.7% (+20 pence) since 31 December 2025.  The largest contributors
to the Q1 total NAV return include North Sails (+7 pence), TechInsights (+6
pence), Exaforce (+5 pence) and Bright Stars (+4 pence).

Portfolio company performance

The underlying portfolio companies delivered strong trading results during the
period. Earnings growth accounted for c.70% of the NAV return, while multiple
accretion accounted for the remaining c.30%. Performance was primarily driven
by more mature companies that have benefitted from a period of Oakley
ownership and that hold strong positions in their respective markets.

The underlying businesses have held up well against a backdrop of significant
uncertainty, including conflict in the Middle East. Preliminary analysis
indicates exposure to the region is minimal and that the impact from higher
fuel costs is unlikely to be material.

The Investment Adviser remains confident that OCI's diversified portfolio of
40+ dynamic companies, many of them benefitting from recurring revenues and
asset-light business models, will continue to perform well and remain able to
pass on any price increases, as demonstrated during prior periods of high
inflation. Additionally, the growing ability of management teams to leverage
AI is anticipated to enhance productivity and support further value creation.
Meanwhile, the outlook for the exit pipeline remains promising.

Share price return

OCI's discount to NAV widened to 38% during the period as the share price
declined 18%, amid a wider market response to geopolitical uncertainty, and a
sell-off in the private credit and software sectors. OCI's decline was in
common with other listed private equity companies and the wider investment
trust sector. As at period end, the average discount for the listed private
equity sector stood at 32%(5). OCI's average three-month discount and 12-month
discount were 29% and 28% respectively, compared to sector averages of 26% and
28% respectively.

Transactions

During the period, OCI made a total investment of £28 million, including an
investment in Groupe Senef, a provider of cloud vertical software solutions in
France, and an investment in Athena Racing, the British America's Cup team and
world-class sailing franchise. OCI's look-through share of proceeds from exits
and refinancings during the period totalled £2 million.

Capital allocation

Share buybacks: During the period, OCI commenced its £20 million minimum 2026
share buyback programme. £2.8 million of share buybacks were completed,
enhancing NAV per share by 0.8 pence.

Commitments: Total outstanding commitments were £972 million as at 31 March,
of which c.£300 million is not anticipated to be called. The balance is set
to be invested over the next five years.

Cash and credit facilities: OCI's total liquidity as at 31 March was £180
million, comprising £108 million of cash and £72 million in undrawn credit
facilities.

The Company expects to report its H1 2026 trading update on 30 July 2026.

OCI's latest quarterly factsheet can be accessed here
(https://www.oakleycapitalinvestments.com/investor-centre/factsheets-and-publications/)
.

- ends -

 

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

 

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell / Theo Bryan

 

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) Index returns are provided in pound sterling

(4) 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.

(5) OCI, APX, HGT, PEY, CTPE, HVPE, ICGT, PIN, PPET

Important information

Oakley Capital Investments is admitted to the Official List of the Financial
Conduct Authority. Therefore, the Company is required to satisfy the
eligibility criteria for admission to listing on the Official List and 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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