Oakley Capital Investments (OCI) H1 2026 earnings summary

Executive summary

• Net asset value (NAV) at June 2026 was £1.29 billion, or 782p per share, up 6% in H1 2026, with a 10-year NAV CAGR of 15% and a 10-year total shareholder return of 344%.

• Portfolio is diversified across business services, technology, education, consumer, and key European and North American geographies, with increasing exposure in Spain, Italy, France, and strong presence in the UK.

• Portfolio performance was driven primarily by earnings growth, accounting for 80% of value creation in H1 2026.

• Recent investment activity focused on founder-led businesses and AI adoption, with Touring Fund portfolio companies like Exaforce and CuspAI showing strong growth.

• Total Shareholder Return was -16% due to a widening discount to NAV, reflecting market sentiment rather than underlying portfolio performance.

Financial highlights

• NAV per share increased from 738p to 782p in H1 2026, driven by £92m in unrealized gains, mainly from earnings growth, and a 3p gain from share buybacks.

• Principal NAV contributors: Phenna (+13p), North Sails (+9p), TechInsights (+8p); Exaforce also delivered significant value.

• Portfolio companies showed an average LTM organic EBITDA growth of 9%; including M&A, growth is 17-18%.

• Share buybacks added 3p per share, with £13m repurchased YTD; no dividend was paid, in line with the shift to buybacks.

• Cash and available credit at period-end totaled £155m, with outstanding commitments of £940m.

Outlook and guidance

• Expectation of rising organic earnings growth and NAV as recent investments mature, with positive trading momentum across the portfolio.

• Four portfolio companies are in exit processes, with up to £200m potential returns in the next 12 months.

• Strategic initiatives and a minimum £20m share buyback programme are set to enhance shareholder value and address the NAV discount.

• The portfolio is well positioned for AI-driven changes, with limited exposure to displacement risk and targeted investments in AI-native businesses.