REG - Oakley Capital Inv. - Trading update for the year ended 31 December 2025

Oakley Capital InvestmentsAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260128:nRSb6299Qa&default-theme=true

RNS Number : 6299Q  Oakley Capital Investments Limited  28 January 2026

28 January 2026

Oakley Capital Investments Limited

Trading update for the year ended 31 December 2025

Oakley Capital Investments Limited(1) ("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(2) ("Oakley").

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.

Highlights for the year ended 31 December 2025

 ●    Net Asset Value ("NAV") per share of 738 pence and NAV of £1,233 million
 ●    Total NAV return per share of +6% (+45 pence)
 ●    Total shareholder return of 15%
 ●    Investments of £197 million and proceeds of £92 million
 ●    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.

The successful sale of vLex during the year, which generated a >6x gross
return, highlights the continuing attractiveness of Oakley's portfolio
companies, and demonstrates the repeatability of the Investment Adviser's
strategy of backing high-quality, founder-led businesses, building market
leadership and realising value through well-timed strategic transactions.

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.

Proceeds

OCI's look-through share of proceeds from exits and refinancings during the
year totalled £92 million, consisting of:

 ●    Realisations - £57 million - from the partial sale of vLex and the
      realisation of atHome
 ●    Refinancings - £35 million - including WebPros, Dexters, ECOMMERCE ONE, and a
      partial prepayment from Wishcard

Investments

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

 ●    New platform deals - £96 million - ten new investments during the period,
      including deals announced and completed in the fourth quarter, notably Spanish
      hotel demand generation platform Paraty Tech, French customer engagement
      platform Brevo, and James Perse, a global luxury clothing and lifestyle brand
 ●    Follow-on investments - £82 million - including Bridewell's strategic
      combination with I-TRACING, as well as M&A that included investments by
      Affinitas, Infravadis and Konzept & Marketing
 ●    Venture investments - £19 million - Oakley Touring Fund investments, which
      included Netradyne and Daloopa

 

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 8(th) 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.

- 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) 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.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEAAFXASPKEAA



            Copyright 2019 Regulatory News Service, all rights reserved