30 July 2025

Oakley Capital Investments Limited

Trading update for the six months ended 30 June 2025

Oakley Capital Investments Limited¹ ("OCI" or the "Company") today announces its half year trading update for the six months ended 30 June 2025. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital ² ("Oakley").

The Oakley Funds³ invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across four core sectors. Oakley's origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors.

Exit and earnings growth drive NAV return

Highlights for the six months ended 30 June 2025

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies as at 30 June 2025, was £1,275 million, which equates to a NAV per share of 742 pence. The total NAV return per share, including dividends, was 7% (+49 pence) since 31 December 2024, or 6% (+40 pence) excluding the impact of foreign exchange. Included within the NAV per share growth is 6 pence delivered by the ongoing share buyback programme.

Portfolio company performance

The largest contributor to NAV growth during the period was Oakley's agreed exit from legaltech platform vLex, in a transaction that values the business at $1 billion and at a significant uplift to vLex's carrying value as at 31 March 2025. In a period marked by continued, muted M&A for the wider private equity industry, the sale of vLex demonstrates the quality and demand for Oakley's portfolio companies. After vLex, the biggest contributors to NAV growth were Bright Stars, TechInsights, Phenna Group and North Sails, demonstrating strong performance across all sectors. The increase in value for these portfolio companies was largely driven by EBITDA growth. The growth in NAV was offset by the decline in Time Out's public share price.

Transactions

During the period, Oakley continued to source attractive investment opportunities, laying the foundations for future NAV growth. OCI made look-through investments totalling £54 million, primarily comprising Infravadis, a German underground infrastructure specialist; JBMC, a management consultancy business focused on Italian financial services; and UK cyber services provider Bridewell, which is combining with existing portfolio company I-TRACING. During the period, OCI also announced an investment in G3, a global strategic advisory company, which is expected to complete in H2 2025.

OCI's look-through share of proceeds during the period were £6 million which related to a refinancing of Dexters. Oakley's sale of vLex was announced during the period and is expected to complete in H2 2025. OCI's look-through share of proceeds from this transaction is anticipated to be c.£30 million.

Capital Allocation

In March of this year, OCI made a total commitment of €500 million to Oakley Capital Fund VI, taking the total outstanding commitments to the Oakley Funds to £1,070 million as at 30 June 2025, of which c.£300 million is not expected to be drawn. This is expected to be deployed into new investments over the next five years, with the first significant capital drawdown for Fund VI not anticipated to take place until late 2026.

OCI refinanced its credit arrangements in April, replacing the existing facility with a new five-year facility totalling £325 million, increasing the total size by £100 million. OCI's total liquidity as at 30 June 2025 was £257 million, comprising £108 million of cash and £149 million in undrawn credit facilities.

During the period, the Board cancelled any future OCI dividends and launched an annual share buyback programme, initially of a minimum of £20 million. The 2025 buyback programme was subsequently increased to £50 million, reflecting the assessment of current liquidity and the improved prospects for proceeds. Since the start of the year OCI has acquired and cancelled c.4.5 million shares for an aggregate c.£21.4 million as at 30 June 2025.

Main Market Listing

The Board previously announced a process to transfer OCI's listing to the Main Market of the London Stock Exchange, in order to enhance its marketability, increase investors' access to its shares and continue to deliver strong shareholder returns. OCI is pleased to announce that this has now been approved, and the Company's ordinary shares are expected to unconditionally trade on the London Stock Exchange's ("LSE") main market for listed securities as an Official List company with effect from 8:00 am on 1 August. Please see OCI's separate New Listing Category RNS here.

The Company expects to report its unaudited interim results for the six months to 30 June 2025 on 11 September 2025.

OCI's latest quarterly factsheet can be accessed here.

-ends -

For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

Greenbrook

+44 20 7952 2000

Rob White / Michael Russell

Deutsche Numis (Financial Adviser & Broker)

+44 20 7260 1000

Nathan Brown / Matt Goss

Notes:

LEI Number: 213800KW6MZUK12CQ815

¹ About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle that aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds.

A video introduction to OCI is available at https://oakleycapitalinvestments.com/videos/

The contents of the OCI website are not incorporated into, and do not form part of, this announcement.

² Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.

³ The Oakley Funds

Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV, Oakley Capital V, Oakley Capital VI, Oakley Capital Origin and Oakley Capital Origin II are unlisted lower-mid to mid-market private equity funds that aim to provide investors with significant long-term capital appreciation. The investment strategy of the Funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. The Oakley family of funds also includes Oakley PROfounders Fund III and Oakley Touring Venture Fund, which are venture capital funds focused on investments in entrepreneur-led, disruptive, technology led companies.

Important information

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore, the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.

This announcement may include "forward-looking statements". These forward-looking statements are statements regarding the Company's objectives, intentions, beliefs or current expectations with respect to, amongst other things, the Company's financial position, business strategy, results of operations, liquidity, prospects and growth. Forward-looking statements are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.  Accordingly the Company's actual future financial results, operational performance and achievements may differ materially from those expressed in, or implied by, the statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements, which speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the Company's expectations with regard to them or any change in events, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.