Oakley Capital Investments (OCI) H2 2025 earnings summary

Executive summary

• NAV per share at 738p as of Dec 31, 2025, with total NAV of £1,233m and a 6% NAV return for the year; five-year NAV CAGR at 13% and 10-year shareholder return of 362%.

• Total shareholder return reached 15% for 2025, aided by successful exits, main market move, and FTSE 250 inclusion, though recent market sell-off offset gains.

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

• AI is a structural tailwind, with an internal AI Lab driving adoption and value creation across the portfolio; digital transformation and sustainability are strategic priorities.

• Continued focus on AI integration and digital transformation across portfolio companies.

Financial highlights

• NAV per share grew from 695p to 738p, with 21% of portfolio growth from earnings and 44% from unrealised gains; realized and unrealized portfolio valuation net gains of £0.22 per share, mainly from earnings growth.

• FX movements contributed £0.11 per share, while share buybacks added £0.11 per share due to a £50m capital return at a 28% NAV discount.

• Portfolio companies delivered 11% average LTM-weighted organic EBITDA growth; including M&A, growth was closer to 20%.

• Net debt to EBITDA across the portfolio is 4.1x; average portfolio valuation at 16.3x EV/EBITDA.

• Five realizations in the year, all at premiums to book value.

Outlook and guidance

• Expectation of rising organic earnings growth in 2026, with maturing portfolio companies moving into exit phase at potential premiums.

• AI adoption and operational improvements anticipated to drive further NAV growth; focus on investing in AI-native companies.

• Planned realizations and refinancings expected to generate liquidity to match capital calls over the next year.

• Deceleration in deployment for the larger fund, but continued activity in the smaller Origin fund.

• Three to five realizations targeted in the next 12 months.