Earnings release
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29 October 2025 Oakley Capital Investments Limited Q3 Trading Update and Board Appointments Oakley Capital Investments Limited1 ("OCI" or the "Company") today announces its quarterly trading update for the three months ended 30 September 2025 together with the appointment of Non-Executive Directors and Chair Designate. OCI is a listed investment company and constituent member of the FTSE 250 Index, providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital2 ("Oakley"). The Oakley Funds3 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. Valuations broadly flat in a challenging market environment Highlights for the three months ended 30 September 2025 ● Net Asset Value ("NAV") per share: 730 pence; NAV: £1,246 million ● Total NAV per share return: -1.5% (-11 pence) ● Total shareholder return: 9.4% ● Investments of £56 million ● Share buybacks: c.£29 million of shares repurchased and cancelled during the nine months to 30 September 2025 ● Cash and undrawn credit facilities: £222 million NAV change The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 30 September 2025, was £1,246 million, which represents a NAV per share of 730 pence and a 1.5% (-11 pence) decrease from 30 June 2025. In aggregate, portfolio company valuations were broadly flat in the quarter despite a challenging market backdrop. Of the companies in the main buyout funds, ten valuations rose, ten declined and fifteen did not materially change. The NAV per share includes the impact of financing costs and expenses in the period (-10 pence). Portfolio overview Whilst retaining a cautious view on valuation multiples, trading performance continued to be robust in the quarter, demonstrating the portfolio's ability to deliver sustainable earnings growth through a variety of market and macroeconomic environments. Portfolio companies providing content & IP services, testing & compliance solutions, and high-quality K12 education were the best performers, benefitting from healthy demand for their services. In addition, value-accretive acquisitions by Oakley's largest buy-and-build platforms in Business Services and Education further contributed to NAV growth. However, these gains were offset by the decline in Time Out's share price as well as by weaker performance at some portfolio companies including ACE Education and ProductLife Group. Transactions During the period, OCI made look-through investments totalling £56 million. This was attributable to new investments in global strategic advisory business G3, and Smythson, a luxury lifestyle brand; new investments by Touring Capital and PROfounders; as well as bolt-on deals for K12 investments, Steer, Konzept & Marketing and Phenna Group. With the closure of Fund II, its interests in North Sails have been transferred to a lower cost structure continuation vehicle, which will also provide improved liquidity options to OCI going forward. Oakley also announced several transactions during the period that closed after the period end. They include an investment in Italian healthcare insurance services provider ONHC, for which OCI's look-through investment was £10 million, as well as Oakley's partial exit from K12 investments, which generated £27 million in look-through proceeds for OCI. Further transactions announced post-period end include an investment in NOX, a premium padel equipment brand, for which OCI's look-through investment is anticipated to be c.£9 million, as well as Oakley's sale of its stake in atHome, operator of Luxembourg's leading property and automotive marketplaces, which is expected to generate c.£16 million in look-through proceeds for OCI. These transactions are expected to complete in Q4. Cash & commitments OCI's total liquidity as at 30 September 2025 was £222 million, comprising £126 million of cash on the balance sheet and £96 million in undrawn credit facilities. Ahead of the c.$300 million close of the Oakley Touring Fund, OCI was able to make an additional commitment of c.$15 million to the fund, taking advantage of its already attractive performance and strong future prospects. This took total outstanding commitments to the Oakley Funds to £1,077 million as at Q3
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2025, of which c.£300 million is not expected to be drawn. This will be deployed into new investments over the next five years. As part of the 2025 £50 million buyback programme, OCI has acquired and cancelled 5.8 million shares for an aggregate £29 million during the nine months to 30 September 2025, generating a NAV per share gain of 7 pence over the same period. Appointment of Chair Designate and Non-Executive Director OCI is pleased to announce the appointment of Christopher Samuel and Kiernan Bell as Independent Non-Executive Directors, effective 17 November 2025. Christopher Samuel will become Chair of the Board in March 2026 after a planned transition period and both appointments are subject to shareholder approval at the Company's 2026 AGM. Please s ee OCI's separate RNS on these appointments here. OCI's latest quarterly factsheet can be accessed here. - 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/ 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.
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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.