Oakley Capital Investments (OCI) H1 2025 earnings summary

Executive summary

• NAV per share reached 742p as of June 30, 2025, with total NAV at £1.275bn, delivering a 7% total NAV return in H1 and a five-year CAGR of 17%.

• Total shareholder return was 2.7%–3% for H1, now at 15% YTD, with a 10-year total shareholder return of 320%.

• Portfolio remains diversified and maturing, with business services now the largest sector and improved geographic mix.

• Major NAV contributors included the VLEX sale (at $1bn valuation), Bright Stars, and TechInsights.

• Board transitioned to an annual share buyback programme, cancelling dividends, and completed a Main Market listing with FTSE 250 inclusion expected.

Financial highlights

• NAV per share: 742p as of June 30, 2025.

• Total NAV: £1.275bn.

• H1 total NAV return: 7%.

• Five-year NAV CAGR: 17%.

• Share buybacks totaled £25m YTD, with 5.2m shares cancelled at a 32% discount.

Outlook and guidance

• Sustained NAV growth expected as more companies mature and value creation continues.

• Four portfolio companies targeted for realization in the next 12 months, with early buyer engagement underway.

• Fund VI closed at €4.5bn, with €500m committed by OCI, to be deployed over five years.

• Active buyback program and FTSE 250 inclusion expected to enhance liquidity and narrow discount.

• Strong pipeline for H2 2025, with expectations for increased investment activity and realisations.