Earnings release
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28 January 2026 Oakley Capital Investments Limited Trading update for the year ended 31 December 2025 Oakley Capital Investments Limited1 ("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 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. 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
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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 8th 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 6900Steven 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
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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.