Slides
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2026 Interim Results September 2026
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001 H1 performance analysis 003 Exploring the Touring strategy with Samir Kumar 002 004 Investment activity Cash & commitments
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The headline numbers Net Asset Value £1,289m Total NAV return per share (6 - months) +6% Since 31 December 2025 Total NAV return CAGR (10 - years) +15% Since 30 June 2016 Note: As at 30 June 2026. NAV per share 782p
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Oakley Capital Investments 4 4 2.00 2.31 2.45 2.81 3.45 4.03 5.38 6.62 6.84 6.95 7.38 7.82 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 1.81 2.55 2.56 2.41 2.74 2.54 2.92 3.04 2.38 2.54 3.07 3.48 Long - term total NAV return NAV per share 10 - year total shareholder return of 344% (15% CAGR) Avg. age of portfolio BUILDING THE PORTFOLIO ACCELERATED VALUE CREATION & REALISATION HIGH DEPLOYMENT WITH SIGNS OF MATURATION
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Oakley Capital Investments 5 5 FY 25 Investments: realised losses Investments: unrealised gains Investments: unrealised FX gain Share buybacks Expenses Interest and income H1 26 738 p 782p (5p) (4p) 3p (7p) 1p 56p Earnings drive growth £ € $ 23% 39 % 38% NAV FX split 2.3m Shares cancelled NAV per share H1 2026 growth bridge Earnings growth accounted for 80% of portfolio performance
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Oakley Capital Investments 6 6 Equity investments by sector and geography Note: As at 30 June 2026. Charts represents OCI’s look - through value of the private equity and venture portfolio via the Oakley Funds. UK DACH Spain Global North America France Italy The Netherlands Technology £490m Consumer £309m Education £280m Business Services £543m
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Oakley Capital Investments 7 7 Equity investments by portfolio company Hosting.com Alerce Horizons Optical Seedtag Senef Paraty ECOMMERCE ONE Touring & PROfounders North Sails Facile Dexters Iconic BrandCo Merz Lifecare Gymondo Time Out NOX James Perse Vice Golf GB1 Wishcard IU Group K12 Investments Bright Stars ACE Education Phenna Steer Automotive Group TechInsights Clio Liberty Dental ProductLife Group Artemis Group G3 Infravadis Tiger HoldCo (ONHC) Join 97.0 58.8 54.8 35.1 33.2 24.1 20.3 16.9 13.1 13.0 11.5 9.2 7.9 7.0 88.3 176.1 69.4 43.9 34.5 27.7 23.0 21.0 16.1 13.8 9.8 9.1 Cegid 106.0 86.6 77.0 10.4 163.9 76.4 73.4 60.6 44.9 37.1 6.7 21.9 15.0 11.8 8.3 WebPros I - TRACING Contabo Assured Data Protection vitroconnect Brevo 29.9 TECHNOLOGY CONSUMER EDUCATION BUSINESS SERVICES Note: As at 30 June 2026. Chart represents OCI’s look - through value of the private equity portfolio and venture via the Oakley funds and di rect ordinary equity.
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Oakley Capital Investments 8 8 NAV portfolio performance drivers Note: Pence movement shown is since 31 December 2025. Positive impact Negative impact + 13 p NAV per share uplift +9p NAV per share uplift - 4 p NAV per share decline + 8p NAV per share uplift - 3p NAV per share decline - 2p NAV per share decline
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Oakley Capital Investments 9 9 Portfolio company KPIs: foundations for long - term outperformance 4.4x Net debt/EBITDA ratio 16.4x EV/EBITDA ratio 9 % Avg. LTM Organic EBITDA Growth Sustained growth Note: All metrics weighted by OCI’s look - through fair value of the underlying portfolio held at 30 June 2026. All metrics exclude the venture portfolio. Low leverage Stable valuations
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Oakley Capital Investments 10 10 Breaking down the EBITDA growth M&A SIZE & SCALE INVESTING FOR GROWTH UNDERPERFOMANCE Larger, more mature businesses where growth rates naturally moderate Buy - and - build platforms where acquisition activity is a major value driver Businesses deliberately investing ahead of growth Companies currently trading below expectations
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Oakley Capital Investments 11 11 AI @ Oakley ▪ Full - time advisory group delivering AI thought leadership ▪ Evaluating AI opportunity and threats in diligence ▪ Mobilisation of AI within portfolio companies ▪ Investing in high - growth enterprise software businesses ▪ 19 investments made representing £81m of look - through value ▪ 70% physical delivery - diversification built into Oakley NAV ▪ Field services, education and branded goods AI - insulated ▪ Professional services human - to - human 2 3 1 Oakley AI Lab – a centre of AI excellence Oakley Touring – direct AI - native investment Defensibility
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Oakley Capital Investments 12 12 AI: Portfolio by product type Physical 70% Digital 30% Digital delivery Physical delivery Field - based and professional services Education Consumer and luxury brands Tech infra Sports Portfolio exposure by delivery model 30% 70% Note: Charts represent OCI’s look - through value of the private equity portfolio via the Oakley funds and direct ordinary equity. Digital delivery Software and data Consumer digital Cyber
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Exploring the Touring strategy A discussion with Samir Kumar, Oakley Touring Capital
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Backing resilient beneficiaries of Al development Security Trust Platform AI Financial Infrastructure AI for Auto Dealerships AI Sec urity O perations Center Contractor + Agent Payments AI - Native CRM AI Legal Front Door B2B Customer Trust Layer Vertical Systems of Action Context & data moats Physical AI Hardware + hardware - enabled software Next Gen AI Infrastructure The picks & shovels of the next wave • Domain - specific data compounds over time • Combines record - keeping with autonomous action • Switching cost = years of contextual learning • Sensors, actuators, and edge compute • Software tightly coupled to physical systems • Can't be replicated by a code generator • World Models • Inference • AI Attribution AI - Enabled Fleet Safety AI - Enabled Fall Detection Generative Materials Science Engine Inference Optimization Enterprise World Model AI Content A ttribution Inference Kernel Code Generation 14
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Portfolio Spotlight: From Seed to $2.6B in 24 months Entry Post - Money Val. $89M Current Post - Money Val. $2.6B MOIC on Initial Investment ~15.8 x 2024 Founded in Cambridge, UK Co - founder Prof. Max Welling (top AI researcher) has collaborated with Samir for many years June 2026 $450M Series B @ $2.65B Post Led by Kleiner Perkins, EQT, NEA with participation from Jeff Bezos May 2024 Oakley Touring Seeds @ $89M Post First institutional check; Oakley Touring leads on conviction in the team and thesis Feb 2026 Rapid Commercialization and Partnerships Landmark deals with Meta, Nvidia, Microsoft, Kemir , and A*STAR Source: Financial Times, June 17, 2026 Physical AI: Generative engine for discovering and validating new materials. Oakley Touring obtained access to highly oversubscribed S eed . 1 5
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Oakley Touring Fund I Portfolio Realisations 1.4x Gross MOIC Markups 1 6
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Investment activity
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Oakley Capital Investments 18 18 Latest deal activity Note: GLAS, XTEL and Graphwise have been signed and are expected to complete in Q4 2026. Proprietary sourced founder - led investments in our focus sectors £9m invested cost c. £55m invested cost c. £33m invested cost c. £20m invested cost
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Oakley Capital Investments 19 19 New deal case study: XTEL A provider of revenue management and trade promotion software for CPG companies Dec 23 Dec 24 Dec 25 +36% Acquisition up to €33m in XTEL • Backing a highly experienced enterprise software CEO, Rob Mullen, who has transitioned XTEL to a system of record SaaS platform, while successfully pursuing organic and M&A growth • Oakley will support XTEL to accelerate its presence in key growth markets while also expanding into adjacent geographies, brands and product categories Highlights • XTEL's software platform enables consumer packaged goods companies, inc. food, beverage and household brands, to plan, manage and optimise the trade promotions they run with retailers • Serves >400 global mega - brands and supports over €350bn in annual trade spend • Operates in an $11bn CPG software market underpinned by structural tailwinds, retailer consolidation, improved access to consumer data, and growing omni - channel complexity • The business has consistently generated strong, profitable growth including ARR growth of c.40% CAGR over the last three years Performance Revenue Growth ($m) ARR Growth ($m) Fund V I invests Date of signing: May-26 Region: Italy OCI invested cost: c.€33m OCI fair value: c.€33m Gross MM: 1.0x Gross IRR: N/A Dec 23 Dec 24 Dec 25 +11% Note: The acquisition of XTEL was signed post - period end and is expected to complete in Q4 2026. .
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Cash and commitments
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Oakley Capital Investments 21 21 Outstanding commitments Mid-market buyout Lower-mid buyout Venture & Growth £940m total outstanding commitments broken down by fund £ 24m £ 140m Fund III £ 71m £305 m Fund IV £ 314m £ 424m Fund V £ 382m £ 38m Fund VI £ 13m £ 126m Origin Fund £ 105m £ 70m Origin Fund II £ 14m £8m PROfounders III £17 m £ 85m Touring O/s commitments NAV exposure Note: As at 30 June 2026. The chart excludes OCI’s commitment to the North Sails CV as there are no outstanding commitments.
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Oakley Capital Investments 22 22 3 Available resources to meet near - term commitments Note: As at 30 June 2026. Expectations regarding amounts to be called are based on projections and as such are subject to volatility due to market shifts and unforeseen events. Actual results may vary from these projections. Expected uncalled commitments does not include potentially recallable ca pital. £81m £74m Not expected to be called Expected to be called over a 1 - 5 year period Expected to be called within 12 months Liquid resources c.£300m c.£4 0 0m c.£240m £155m Cash Undrawn available credit Fund commitments by drawdown timing
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Oakley Capital Investments 23 23 Liquidity and capital allocation £13m Shares bought back YTD (1) £7m Minimum remaining of 2026 buyback programme +4p NAV per share accretion (1) As at 4 September 2026 Sources of liquidity 4 Companies in exit phase Other sources: ▪ Accordion ▪ Refinance ▪ Secondary sale Share buybacks
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Oakley Capital Investments 24 24 A maturing portfolio with several assets approaching realisation 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 100 105 165 NOX Brevo Tiger HoldCo K12 (Fund VI) G3 Join Infravadis Artemis IU Group PhennaK12Contabo Facile vLex Vice Golf TechInsights Senef ECOMMERCE ONE Dexters Merz Lifecare Gymondo WebPros Iconic BrandCo Wishcard Cegid Assured Data Protection 1 vitroconnect 2 3 PLG 4 5 6 7 GB1 I-TRACING Paraty James Perse Liberty Dental Bright Stars Clio Hosting.com Horizons Optical Alerce Seedtag ACE Education Steer Automotive Hold period (years) Note: Chart graphed by current PE portfolio as a t 30 June 2026 . Analysis only includes the private equity primary funds and does not include Fund I or II as the funds are closed. 4.4 year average hold period of exited investments vs 3.5 year current hold Fund V Fund IV Fund III Origin I Origin II Fair value as at 30 June 2026 (£m) Fund VI
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Outlook
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Oakley Capital Investments 26 26 A strong outlook for shareholder return Portfolio p erformance Trading showing positive momentum across the portfolio. Portfolio maturity A large cohort of recent investments to increase its contribution to NAV growth. Realisations Exits to provide further NAV confidence and liquidity. Share buybacks Minimum £20m programme expected to grow with liquidity. Strategic initiatives Initiatives to deliver shareholder value , balance sheet strength & buyer demand .
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Appendix
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Oakley Capital Investments 29 29 Business Services – Portfolio companies (1/3) Phenna Location: UK Investment date: Dec - 22 Fund: V Open cost: £ 81.3m Valuation: £ 163.9m Formed in 2018, Phenna is one of the fastest growing TICC groups globally, comprising >40 independent businesses which provide specialist TICC services across infrastructure, built environment, industrial, pharmaceutical and certification and compliance divisions. Opportunity: Supporting management to become one of the leading TICC groups in the world, through growth in new verticals and geographies. Liberty Dental Location: The Netherlands Investment date: Dec - 23 Fund: V Open cost: £ 36.7m Valuation: £ 44.9m Liberty Dental Group provide a comprehensive range of services, including the design and manufacture of dental prostheses and orthodontics, utilising technology including CAD software, computer - aided milling and 3D printing, as well as local craftmanship. Opportunity: E stablishing Liberty Dental as an independent business and to become a leader in the global dental lab market. Steer Automotive Location: UK Investment date: Apr - 24 Fund: V Open cost: £79.4m Valuation: £ 76.4m Founded in 2018 by entrepreneur Richard Steer, Steer has expanded through 18 acquisitions, establishing a network of over 100 repair centres . The group facilitates repairs through its core passenger car and prestige repair centres , luxury brand centres and commercial vehicle locations. Opportunity: Further consolidation in a highly fragmented market in which Steer already accounts for >5% of the market share Note: As at 30 June 2026. TechInsights Location: Canada Investment date: Feb - 22 Fund: IV Open cost: £ 39.3m Valuation: £ 73.4m TechInsights is a specialist in semiconductor IP and reverse engineering to prove patent infringement and advanced technical intelligence. High - growth subscription business provides technical intelligence on how the newest, most innovative devices are designed. Opportunity: Leveraging TechInsights ' extensive, proprietary technology database and experience to accelerate growth in its subscription business. ProductLife Group (PLG) Location: France Investment date: May - 24 Fund: V Open cost: £ 44.8m Valuation: £ 37.1m ProductLife Group provides development, regulatory affairs, market access, pharmacovigilance, quality management and digital transformation services mainly to clients in the pharmaceuticals industry. Opportunity: Supporting management towards international expansion and accelerating investments into AI technology to drive technology enablement of its services and operations.
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Oakley Capital Investments 30 30 Business Services – Portfolio companies (2/3) Artemis Group Location: Germany Investment date: Dec - 24 Fund: Fund V Open cost: £ 26.6m Valuation: £ 29.9m Founded in 2001 and based in Hanover, Artemis (formerly K&M) operates as an underwriting agent in Germany for private non - life insurance products. Artemis develops, markets and administers tailored insurance products on behalf of insurance companies in an asset light model. Opportunity: Consolidating a highly fragmented German market worth €28 billion. Note: As at 30 June 2026. Clio Location: Spain/N. America Investment date: Dec - 25 Fund: Origin I/Origin II Open cost: - / £ 14.0m Valuation: £ 39.9m /£ 20.7m US - based Clio is a leading provider of legal technology, serving law firms globally, including the majority of the Am Law 100. In 2025, Oakley agreed the sale of its portfolio company, vLex , to Clio at a $1bn valuation. As part of the transaction, Oakley Origin I reinvested in Clio and subsequently acquired an additional minority stake through its Origin II fund. Opportunity: A $21bn and growing global LegalTech market and strong market position G3 Location: Global Investment date: Jul - 25 Fund: VI Open cost: £ 16.6m Valuation: £ 21.9m G3 is a leading global advisory company that provides strategic human - source intelligence, dispute support and investigations and cyber advice to corporate and Private Equity clients. Opportunity: A rapidly growing market driven by rising geopolitical tensions, increasing regulation, and greater business complexity. G3 has a growing client base and c lear opportunity for geographic expansion.
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Oakley Capital Investments 31 31 Business Services – Portfolio companies (3/3) Note: As at 30 June 2026. Join Business Mgmt Consulting Location: Italy Investment date: Jun - 25 Fund: Origin II Open cost: £ 8.3m Valuation: £ 8.3m Founded in 2013 and headquartered in Siena, JBMC delivers operational improvement, IT project management, digital transformation, data and other tech - enabled projects for leading banks, insurance firms and payment companies in Italy. Opportunity: Operating in a €5bn market that is benefitting from a digitisation wave as Italy catches up with higher EU average investment in IT modernisation and development. Infravadis Location: Germany Investment date: Jun - 25 Fund: Origin II Open cost: £ 8.9m Valuation: £ 15.0m Infravadis is a tech - enabled platform focused on the Underground Infrastructure Maintenance market. The investment marks the first step in a buy - and - build strategy to create a category leader in this essential and highly fragmented sector. Opportunity: Ambition to become Europe’s first tech - enabled UIM leader by combining operational excellence with a scalable, digital - first approach. Tiger HoldCo (ONHC) Location: Italy Investment date: Oct - 25 Fund: V Open cost: £ 9.5m Valuation: £ 11.8m Tiger HoldCo (formerly ONHC) is a specialist service provider in Italy’s private healthcare insurance sector. The platform offers a comprehensive, full - service offering that spans consulting, product development, intermediation, underwriting, and third - party administration. Opportunity: Significant M&A in Italy’s fragmented market for healthcare insurance services
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Oakley Capital Investments 32 32 Technology – Portfolio companies (1/3) Cegid Location: Spain Investment date: Jun - 19 Fund: III Open cost: £ 42.7m Valuation: £ 97.0m Cegid (formerly Grupo Primavera) is a provider of Enterprise resource planning (‘ERP’) software for small and mid - sized businesses in product - centric industries in Spain. Opportunity: With a leading cloud product and positioning as a Spanish champion, Grupo Primavera is well placed to benefit from the structural shift to the cloud in a market dominated by legacy technology and international vendors. Contabo Location: Germany Investment date: Oct - 22 Fund: V Open cost: £ 32.3m Valuation: £ 35.1m Based in Munich, Contabo is a leading global hosting services provider for developers and SMEs. Contabo differentiates itself through its strong technology edge, value for money and market - leading customer support. Opportunity: Known in the market for its technology edge, high performance, customer support and competitive pricing, Contabo is well placed to benefit from further growth. Assured Data Protection Location: UK Investment date: Oct - 24 Fund: Fund V Open cost: £ 27.6m Valuation: £ 33.2m Founded in Leeds, UK and Virginia, US in 2016 by serial tech entrepreneur Simon Chappell and four co - founders, Assured uses Rubrik software and Assured’s own proprietary software platform to provide mission - critical backup and disaster recovery services for companies globally. Opportunity: Leading technology in a high growth segment of the disaster recovery space which is expected to expand almost 5x over the next five years. Note: As at 30 June 2026. I - TRACING Location: France Investment date: Nov - 24 Fund: Fund V Open cost: £ 55.9m Valuation: £ 54.8m Founded in Paris in 2005, I - TRACING is the leading, pure play, French managed cybersecurity services provider (‘MSSP’), working with blue - chip companies in the enterprise and midmarket sectors. Opportunity: I - TRACING is set to benefit from g rowing demand for mission - critical cybersecurity services driven by the increased complexity of IT architecture and the rapidly growing volume and sophistication of cyber threats. WebPros Location: Switzerland Investment date: Feb - 20 Fund: IV Open cost: £ 19.2m Valuation: £ 58.8m WebPros Group is the leading SaaS platform for server management globally. The Group comprises five well - known webhosting brands, including cPanel and Plesk, two of the most widely used webhosting automation software platforms. Opportunity: Partnering with proven entrepreneurs to institutionalise an under - managed business with a highly sticky customer base.
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Oakley Capital Investments 33 33 Technology – Portfolio companies (2/3) Note: As at 30 June 2026. Brevo Location: France Investment date: Nov - 25 Fund: VI Open cost: £ 19.0m Valuation: £ 20.3m Brevo delivers multi - channel marketing services, including email marketing and CRM solutions, to SMBs worldwide. Brevo operates in a rapidly expanding market, estimated to be worth approx. €6bn, as businesses increasingly seek to automate their marketing to boost lead generation and enhance engagement. Opportunity: Backing the founder to accelerate Brevo’s global expansion growth, particularly in the US, and to deepen its AI product roadmap vitroconnect Location: Germany Investment date: Jul - 24 Fund: Origin II Open cost: £ 15.7m Valuation: £ 24.1m vitroconnect connects broadband providers with resellers through a proprietary, single interface software platform. The company works with most of Germany’s leading telco players. Opportunity: Germany has one of the lowest rates of homes connected to fibre broadband. This is attracting significant investment in fibre technology which will underpin future market growth. Horizons Optical Location: Spain Investment date: Apr - 24 Fund: Origin Open cost: £ 8.9m Valuation: £ 13.0m Founded in Barcelona in 2017, Horizons’ proprietary and patented software is used by independent laboratories around the world to manufacture bespoke, ‘progressive’ lenses Opportunity: Leading technology in a growing market underpinned by a growing ageing population and the increased incidence of vision conditions caused by excessive screen time. Hosting.com Location: Global Investment date: Dec - 23 Fund: Origin Open cost: £ 9.4m Valuation: £ 16.9m In 2024, Oakley agreed the transformative merger of Webcentral and World Host Group, doubling the size of the business to create a leading hosting and domains platform operating across 181 countries. The group was rebranded to Hosting.com in Q2 2025. Opportunity: Unlocking opportunities in a fragmented, international hosting market that continues to grow, as global demand accelerates. Alerce Location: Spain Investment date: Mar - 24 Fund: Origin Open cost: £ 9.0m Valuation: £ 13.1m Founded in 1989 by the Pardo family, Alerce has established itself as a leading transport management software provider to courier, carrier and haulage businesses. Opportunity: Alerce is ideally placed to expand its product offering, both through organic product development and targeted bolt - on acquisitions, and to continue its track record of profitable growth while increasing its proportion of recurring revenues.
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Oakley Capital Investments 34 34 Technology – Portfolio companies (3/3) Note: As at 30 June 2026. ECOMMERCE ONE Location: Germany Investment date: May - 21 Fund: Origin Open cost: £ 7.1m Valuation: £ 7.0m The ECOMMERCE ONE Group, combining Afterbuy and DreamRobot , provides a comprehensive suite of SaaS solutions for small to mid - sized online merchants selling their products through web shops and online marketplaces, such as Amazon or eBay Opportunity: Solidifying the groups position as the market - leading provider for small and medium sized online merchants in the DACH region. Paraty Tech Location: Spain Investment date: Dec - 25 Fund: VI Open cost: £7.9m Valuation: £ 7.9m Paraty is a cloud - based booking engine used by independent and mid - market hotels across Iberia, with a growing footprint in Latin America and the US. Its popularity has been driven by its user - friendly interface, ease of integration with property management systems. Opportunity: Backing the founders to accelerate international expansion and pursue strategic M&A in the fragmented travel tech space. Seedtag Location: Spain Investment date: Sep - 21 Fund: Origin Open cost: - Valuation: £ 11.5m Founded in Madrid in 2014, Seedtag helps brands and agencies deliver digital advertising that is directly relevant to the content that readers are consuming. Opportunity: A rapidly expanding business across Europe and Latin America thanks to its best - in - class technology, differentiated product offering and strong relationships. Groupe Senef Location: France Investment date: Feb - 26 Fund: Origin II Open cost: £9. 0m Valuation: £9 .2m Founded in 2010, Groupe Senef has built highly specialised ERP software to support the full operational lifecycle of people - centric verticals (e.g. facilities management, assisted care, security and hospitality) Opportunity: A fast - growing French market leader with strong customer loyalty and significant headroom for growth as under - digitised end markets adopt modern software solutions.
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Oakley Capital Investments 35 35 Consumer – Portfolio companies (1/3) North Sails Location: Global Investment date: Mar - 14 Fund: CV/(Direct) Open cost: £ 50.5m/(N/A) Valuation: £ 55.0m/(£183.4m ) Market leading marine and sailing group with three core business units: ▪ North Technology Group ▪ North Action Sports ▪ North Sails Apparel Opportunity: A chance to consolidate the leading marine brand with its principal European licensee to deliver significant synergies, as well as develop the brand in apparel and accessories. Time Out Location: Global Investment date: Nov - 10 Fund: Direct Open cost: n/a Valuation: £ 21.0m The leading global media and entertainment business that helps people explore the best of the city through its two business divisions, Time Out Media and Time Out Market. Time Out’s digital and physical media proposition comprises websites, mobile, social media, magazines and markets. Opportunity: Transitioning a trusted global brand from print to digital and rolling out the Time Out Market concept to new cities. Facile Location: Italy Investment date: Oct - 22 Fund: V Open cost: £ 42.6m Valuation: £ 69.4m Italy’s leading price comparison website for household services, that enables consumers to compare prices on motor insurance, energy, telecoms and personal finance. Opportunity: As market leader, Facile is well - positioned to take advantage of expected growth in the Italian price comparison market, which is currently less developed than other European markets. Dexters Location: UK Investment date: Feb - 21 Fund: IV Open cost: £ 7.7m Valuation: £ 43.9m Founded in 1993 as a single branch in Twickenham, Dexters is a leading real estate agency focused predominantly on mid - market property sales and lettings in affluent outer suburbs of London. Opportunity: Considerable scope for further growth both organically and through new office openings and acquisitions of smaller competitors in its target areas. Note: As at 30 June 2026. Iconic BrandCo Location: Italy / UK Investment date: Aug - 19 Fund: III Open cost: £ 38.8m Valuation: £ 34.5m The Iconic BrandCo holds four assets: • Alessi: A high - end Italian design business focused on homeware products • Globe - Trotter: A premium, British luggage maker • Fornasetti : an 85 - year - old Italian iconic brand selling luxury furniture and home décor • Smythson: a British heritage brand specialising in high - quality leather goods and stationery. Opportunity: significant headroom for strategic growth.
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Oakley Capital Investments 36 36 Consumer – Portfolio companies (2/3) Merz Lifecare Location: Germany Investment date: Dec - 20 Fund: IV Open cost: £ 36.8m Valuation: £ 27.7m Merz Lifecare is a leading provider of health, wellbeing, and beauty products in the DACH region. The platform designs, develops and commercialises branded consumer health and private label products, with a track - record of establishing best - in - class medical formulations. Opportunity: To invest in a structural growth market where Merz has a strong position in both drugstore and online channels. Note: As at 30 June 2026. Location: Germany Investment date: Sep - 20 Fund: Origin Open cost: £ 9.3m Valuation: £ 23.0m Germany’s market leader in female - focused online fitness subscriptions, nutrition and wellbeing. Opportunity: As a fast - growing and high - margin digital fitness and nutrition platform, Gymondo , the core business, is well positioned to take advantage of the ongoing shift of consumers to online models. As well as benefitting from broader structural growth trends in the sector. Gymondo James Perse Location: USA Investment date: Dec - 25 Fund: VI Open cost: £ 12.9m Valuation: £ 13.8m Global luxury men's and womenswear brand that specialises in minimalist, high - quality clothing at an entry - luxury price point. Operates in the global personal luxury goods market estimated at c. €360bn globally, supported by a rising population of high - net - worth individuals Opportunity: Backing the founder, James Perse, to build a luxury brand with potential to become a $1 billion revenue business with a global footprint
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Oakley Capital Investments 37 37 Consumer – Portfolio companies (3/3) NOX Location: Spain Investment date: Dec - 25 Fund: Origin II Open cost: £9.3m Valuation: £ 16.1m NOX has become a global benchmark for high - performance padel rackets trusted by both recreational and top professional players worldwide. NOX sells more than 400,000 rackets annually in more than 80 countries, accounting for 12% of global sales Opportunity: Rapidly growing market, growing at an estimated 25% a year. NOX is set to further cement its market leading position and expand the brand internationally. Wishcard Technologies Location: Germany Investment date: Sep - 19 Fund: IV Open cost: - Valuation: £ 6.7m Founded in 2014, Seven Miles is one of the leading physical and digital gift card networks across the DACH region. Vouchers are available to purchase at over 60,000 points of sale (incl. the largest grocery retailers, gas stations, supermarkets, etc.). Opportunity: Rapidly growing business set to become one of the leading physical and digital gift card networks in the DACH region. Vice Golf Location: Germany Investment date: May - 22 Fund: Origin Open cost: £ 14.1m Valuation: £ 9.8m The leading digitally - native golf brand, selling premium golf balls at significantly lower price points than comparable products through a D2C business model. Opportunity: A disruptive brand with a track record of profitable growth, Vice Golf is set to expand into international markets, aided by the sports growing popularity amongst younger generations and the brand’s large and rapidly - growing social media presence. Note: As at 30 June 2026. GB1 Location: UK Investment date: Jan - 26 Fund: Origin II Open cost: £9.0m Valuation: £9.1 m T he British America’s Cup team founded and led by Sir Ben Ainslie, the most successful Olympic sailor. Opportunity: A premium sports property with significant commercial growth potential, supported by growing global audiences, sponsorship opportunities and the America’s Cup’s new, more commercially focused structure.
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Oakley Capital Investments 38 38 Education – Portfolio companies (1/1) IU Group Location: Germany Investment date: Jun - 23 Fund: V Open cost: £ 66.5m Valuation: £ 106.0m The largest and fastest growing university in Germany, with >45,000 enrolled students today. CPG offers >150 fully accredited bachelor and master programmes. Opportunity: Supporting the continual development of one of the most highly ranked private university businesses in Germany, particularly in the online university and dual studies segments, two high - growth sectors. Location: UK Investment date: Jun - 21 Fund: IV Open cost: £ 40.6m Valuation: £ 77.0m Bright Stars is one of the largest nursery operators in the UK, serving nearly 6,000 children at 44 nurseries across England, predominantly in London and the South East. Opportunity: Partnering with a team who have a proven track record of consolidation, in what is a highly fragmented market with significant and persistent multiple arbitrage. Bright Stars ACE Education Location: France Investment date: Jul - 21 Fund: Origin Open cost: £ 16.3m Valuation: £ 10.4m France’s leading business school focused entirely on sport, with ten campuses in France and one in the UK. The Group rebranded as ACE Education following acquisitions of CMH and ESDAC Opportunity: ACE Education provides a platform for a roll - up in the higher education sector, with the aim of replicating the success of Inspired in the K - 12 sector. K12 Investments Location: Global / UK Investment date: Jun - 22/Mar - 23 Fund: IV/VI Open cost: £ 40.9m /£ 25.6 Valuation: £ 59.8m /£ 26.9m Affinitas , established by education entrepreneur Victor Lundsten to build a new, global K12 schools group. Thomas’s, a family run group of prestigious for - profit private schools in London. Opportunity: Globalisation is driving demand for English speaking education as a path to international universities and high - paying professions. Global private - pay schooling is expected to grow 7% p.a. to 2030. Note: As at 30 June 2026.
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Oakley Capital Investments 39 39 Portfolio maturing in line with historic outperformance Note: As at 30 June 2026. Chart represents OCI’s look - through value of the private equity portfolio via the Oakley funds and dir ect ordinary equity. 0 1 2 3 4 5 6 7 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x + Hold period (yrs) Gross MM Maturing platforms Lagging target return Exceeding target return Early investment Current portfolio Phase 1 Early stages: - Investment in infrastructure, central costs, deployment of capital into buy & build Phase 2 Maturing: - Realisation of investment benefits, platform value creation bears fruit Lagging / Exceeding: - Dispersion with history favouring outperformance
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Oakley Capital Investments 40 40 Oakley PROfounders III Note: As at 30 June 2026. Venture capital strategy focused on entrepreneur - led private businesses across Europe ▪ Background: Seed - stage VC fund launched with Oakley in 2009 ▪ Sector focus: Disruptive business models that leverage technology to transform and improve customer experiences ▪ Investment activity: Launch of PROfounders Fund III in 2022, with 14 investments made as at 30 June 2026
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Oakley Capital Investments 41 41 Oakley Touring Note: As at 31 June 2026. Logos represent a selection of portfolio companies. Venture capital strategy focused on founder - led, AI - native software companies ▪ Background: Series B and C stage VC fund launched in 2023 ▪ Sector focus: Next - generation enterprise software businesses powered by generative AI ▪ Investment activity: Final close of Touring I in 2025, with 19 investments held as at 30 June 2026
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Oakley Capital Investments 42 42 How Oakley creates and protects value through sustainability Sustainability is integrated across all stages of the investment process Initial screening • Preliminary assessment of sustainability risks and opportunities • Scorecard assessment Due diligence • Due diligence carried out using internal resources, or external consultants as appropriate, including: o Red flag assessment o Materiality assessment – identification of (company - specific) sustainability - related risks and opportunities Onboarding programme • Sustainability onboarding with Oakley team • Addressing urgent issues identified as part of due diligence Engagement and support • On going support and guidance provided by the Sustainability Team • Annual Sustainability Forum • Programme of thematic webinars • Ad - hoc support on specific projects and/or topics Monitoring Active stewardship including: • Engagement with company management on sustainability topics • Annual ESG monitoring & review of progress • Company KPI reporting to Oakley • Sustainability topics and progress discussed at Board meetings Exit • Support in preparing for sustainability due diligence from prospective investors • ESG vendor due diligence as appropriate Due diligence On - boarding Engagement & support Monitoring
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Oakley Capital Investments 43 43 Sustainability in practice Phenna Group, a UK-based Testing, Inspection, Certification and Compliance (TICC) group acquired by Oakley in 2022, operates across 21 countries, developed its inaugural TCFD report, published in March 2026, strengthening transparency around its climate governance, strategy and risk management. Recognising the growing climate risks facing an increasingly international business, Phenna worked with Oakley's Sustainability Team on a climate risk assessment, applying Oakley's portfolio-wide methodology to identify key physical and transition risk drivers. This kept the assessment consistent with Oakley's broader framework, while letting Phenna apply the insights directly to its own monitoring, resilience planning and regulatory readiness. Phenna is now better placed to respond to evolving regulatory expectations and the transition to a low- carbon economy. • Join Business Management Consulting, an Italian management and IT consultancy acquired in 2025, developed a tailored sustainability action plan in Q4 2025, structured around five pillars: People & Wellbeing, Governance Management, Cybersecurity & Data Protection, Society & Communities, and Energy & Climate. • Recognising that a consulting business has a limited environmental footprint, management framed the strategy as people-driven, with company culture and employee experience as the central focus. • Join established a Sustainability Committee reporting directly into the General Manager, who also holds board-level responsibility for sustainability. Participation is voluntary and spans senior and junior representatives from across departments. • The strategy has resulted in Join achieving Great Place to Work certification and obtaining EcoVadis status, both certificates support Join’s position as a people led and responsible company and employer. Climate risk and inaugural TCFD disclosure Building a people-led sustainability strategy Environmental Energy & Climate Change Social ProjectsSpotlight During 2026, Oakley's Sustainability Team built SPECTRA, a new internal platform designed to strengthen the governance and integrity of sustainability data collected across the portfolio. Recognising the increasing scale and complexity of data as the portfolio grows, Oakley built SPECTRA, introducing standardised data definitions, built-in validation, a full audit trail and version control to give greater confidence in the accuracy and consistency of the data collected. Access permissions allow data owners across functions to input directly into relevant sections, reducing the administrative burden on individuals and embedding data ownership closer to source. Integrated reporting dashboards support more effective reporting, progress tracking and risk identification at both the individual portfolio company and Oakley aggregate level, with framework exports available for LPs and other reporting frameworks, strengthening Oakley's readiness to meet a growing range of reporting requirements across the portfolio. Strengthening data integrity and governance Governance Good governance & cybersecurity Theme Employee culture, engagement & wellbeing
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Oakley Capital Investments 44 44 Disclaimer and important information This presentation (the “ Presentation ”) is being communicated on a confidential basis and may not be reproduced in whole or in part, nor may its contents be disclosed to any third party without the prior written consent of Oakley Capital Limited . This Presentation is for information purposes only and in respect of Oakley Capital Investments Limited, Oakley Capital Limited and each of their respective associates (“ Oakley ”), does not constitute advertising, nor an offer or solicitation of an offer to sell, subscribe for or buy any interests in any fund, investment vehicle or any other product managed and/or advised by Oakley (an “ Oakley Fund ”) or any other security . In all respects, it may not be relied on in any manner as legal, tax, investment, accounting or other advice . Information contained in this Presentation is believed by Oakley Capital Limited to be accurate and correct, and statements of opinion in this Presentation are considered by Oakley Capital Limited to be reasonable, in each case as at the date of this Presentation . Notwithstanding this, the information set forth herein does not purport to be complete and none of Oakley, any Oakley Fund or any of the partners of Oakley accepts responsibility for any such information nor any obligation or duty to update it . For such reasons, all recipients of this Presentation are expressly warned of the requirement to carry out their own due diligence with respect to any future investment opportunity . Recipients should form their own assessment and take independent professional advice on the merits of investment and the legal, regulatory, tax and investment consequences and risks of doing so . Accordingly, except as required by law, none of Oakley, the Oakley Funds or any of the partners of Oakley accept any responsibility to any person for the consequences of any person placing reliance on the content of this Presentation for any purpose . This document is only intended for the information of persons falling within articles 19 (investment professionals) or 49 (high net worth companies, partnerships, unincorporated associations and trusts) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 , as amended . The transmission of this document to any other person in the UK other than persons within the categories stated above is unauthorised and may contravene the Financial Services and Markets Act 2000 (“ FSMA ”) . No person falling outside those categories should treat this Presentation as constituting a promotion to him, or act on it for any purposes whatever . Oakley Capital Limited, which is authorised and regulated by the Financial Conduct Authority, is acting only for the investment manager of the Oakley Funds and will not be responsible for advising investors or any other person in relation to it or providing them with the protections provided to its customers or clients . Past performance is not a guarantee, projection or prediction and is not necessarily indicative of future results . There can be no assurance that any Oakley Fund will be able to achieve comparable results, implement its investment strategy, or achieve its investment objectives . A broad range of risks could cause an Oakley Fund to fail to meet its objectives . Oakley Capital Limited has carefully reviewed the impact of COVID - 19 and the ongoing conflict in Ukraine on the Oakley Funds’ portfolios . However, ramifications of these events on markets, business activity and the global economy more generally are not yet capable of being fully identified or understood . The information provided is current as at the date on which the information has been compiled and is based on information which was available to Oakley at such time, but it may be subject to change as the situation develops . There can be no guarantee that the scenario analyses on which Oakley Capital Limited is basing its current view will ultimately transpire to be accurate and the situation may ultimately be better or worse . As such, investors should attach correspondingly qualified considerations to such information . References to “ Gross IRR ” and references to “ Gross Money Multiple ” are to the internal rate of return (“ IRR ”) or multiple of invested capital, respectively, calculated at investment level, and thus do not take into consideration the payment of applicable management fees, carried interest, taxes, transaction costs, and other expenses to be borne by investors in the relevant fund or by the relevant fund itself, each of which will have a material impact on, and will reduce, returns . References to “ Net IRR ” and references to “ Net Money Multiple ” are to the IRR or multiple of invested capital, respectively, calculated at fund level, after deducting applicable management fees, carried interest, transaction costs and other applicable expenses . Internal rates of return are calculated using monthly rests taking into account the timing of cash flows, the amounts invested at any given time and unrealised values as of the relevant valuation date and are compounded to give an annual IRR . This Presentation contains “ forward - looking statements ” . Due to various risks and uncertainties, actual events or results or the actual performance by any Oakley Funds may differ materially from those reflected or contemplated in or forward - looking statements . In addition, among other factors, the performance of any unrealised investment is inherently subject to significant geopolitical, economic, market and other uncertainties and risks (including, but not limited to, those related to the global health situation arising from the COVID - 19 pandemic and the ongoing conflict in Ukraine) that may adversely affect performance . Accordingly, the actual realised return of these unrealised investments may differ materially from the returns indicated herein . Statements contained herein are based on the opinions and beliefs of Oakley, which are subject to change without notice . Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon . Nothing contained herein is, or shall be, relied upon as a promise or representation as to the future . Certain information contained herein (including forward - looking statements, economic and market information and portfolio company data) has been obtained from published sources and/or prepared by third parties and in certain cases has not been updated through the date hereof . Oakley does not make any warranty, express or implied, as to the accuracy or completeness of the information contained in this Presentation and disclaims any responsibility for any errors or omissions in such information . Oakley Capital Investments Limited, a limited partner in Oakley Capital Private Equity LP and Oakley Capital Private Equity II and Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V and Oakley Capital Origin, is a publicly traded company in the United Kingdom . Recipients of this Presentation are reminded that the information contained in this document, which may be deemed inside information, must be kept confidential and they agree to comply at all times with all applicable regulations (in the United Kingdom or elsewhere) including the Market Abuse Regulations relating to market abuse, insider trading and privileged information .
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