Oakley Capital Investments (OCI) Trading Update summary

Financial highlights

• Net asset value per share reached 707 pence, with total NAV of £1,246 million as of 31 March 2025.

• Total NAV return per share, including dividends, was 2% for the quarter.

• Total shareholder return was -5% for the period.

• Investments during the quarter totaled £6 million, with a new annual share buyback programme announced.

• Cash and undrawn debt facilities stood at £213 million, with a new £325 million facility signed post-period.

Portfolio and investment activity

• Portfolio companies performed well despite macroeconomic challenges, supported by recurring revenues and asset-light models.

• Only about 2% of portfolio revenues are directly exposed to proposed US tariffs.

• Investments included further equity in ACE Education, a bolt-on for World Host Group, and follow-ons in Touring and PROfounders.

• Strategic partnership announced between I-TRACING and Bridewell, with a £25 million investment expected in 1H 2025.

• No realisations occurred during the period.

Capital allocation and liquidity

• Committed €500 million to Oakley Capital Fund VI, raising total outstanding commitments to £1,069 million.

• First significant capital drawdown for Fund VI expected in late 2026.

• Board cancelled dividend and launched a recurring share buyback programme of at least £20 million.

• £7.8 million spent on buybacks so far, with an additional £30 million authorised for 2025.

• Liquidity at quarter-end was £213 million, with a new five-year £325 million debt facility increasing flexibility.