Oakley Capital Investments (OCI) H1 2025 earnings summary

Executive summary

• NAV per share reached 742p as of June 30, 2025, with a total NAV of £1.275bn and a 7% total NAV return in H1, outperforming the FTSE All-Share Index year-over-year, and a five-year CAGR of 17%.

• Total shareholder return was 2.7%–3% for H1, with a 10-year total return of 320% and NAV per share more than tripling since 2015.

• Portfolio remains diversified across business services, technology, consumer, and education, with business services now the largest sector.

• Key positive contributors to NAV included vLex (sale at $1bn valuation), BrightStars, and TechInsights, while Time Out and Steer Automotive were notable detractors.

• Board transitioned to an annual share buyback programme, cancelling future dividends, and completed a Main Market listing on LSE with FTSE250 inclusion expected.

Financial highlights

• H1 deployment was 4% of NAV, below the annual average of 20%, but expected to catch up with deals in the pipeline.

• Average organic EBITDA growth across the portfolio was 13% over the last 12 months, with M&A included at 23%.

• Average leverage stands at 4.2x net debt/EBITDA, below the market average, and average valuation multiples remain flat at 16.3x EV/EBITDA.

• €472m–€474m invested YTD, with €150m proceeds from the vLex sale at a 6.3x money multiple.

• Share buybacks totaled £25m YTD, with 5.2 million shares cancelled at an average discount of 32%.

Outlook and guidance

• Four portfolio companies are targeted for realization in the next 12 months, with early engagement from potential buyers.

• Additional proceeds are likely to come from at least one sizable refinance in the near term.

• The pipeline remains strong, especially in insurance services, specialist consulting, and tech niches, with most opportunities founder-led.

• OCI expects continued NAV growth as more companies mature into their value creation phase, supported by an active buyback program and recent move to the FTSE 250 Index.

• Board optimistic about continued robust performance, supported by quality portfolio and recent fundraising.