11 September 2025

 Oakley Capital Investments Limited

Interim Results 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 Capital² ("Oakley").

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

Standout exit and earnings growth drive NAV return

Highlights for the six months ended 30 June 2025

Read more about OCI's KPIs here.

Portfolio highlights

See Glossary for full list of financial metrics and definitions here.

Portfolio overview

During a period of heightened macro volatility and geopolitical uncertainty, the portfolio maintained its track record of double-digit earnings growth, with a weighted average organic LTM EBITDA growth of 13%.

Performance was driven by healthy demand for mandatory, non-discretionary services such as Phenna's TICC solutions, or for data and information services connected to the AI boom, such as TechInsights' semiconductor analysis, as well as for private, early years and K12 education.

The underlying portfolio companies also benefitted from Oakley's value creation, of which accretive M&A has been one of the principal drivers. 41 add-ons were completed during the period, including a transformational acquisition for I-TRACING that offers greater opportunity to scale across the US and Europe as demand for cyber services increases.

Read more about the portfolio's performance in the Interim Report here.

Investments

OCI completed look-through investments totalling £54 million, including:

Announced investments which are expected to complete post period-end include:

Read more about OCI's new investments here.

Proceeds

OCI's look-through share of proceeds during the period totalled £6 million following the refinancing of Dexters. The sale of legaltech platform vLex to Clio was agreed in the period, in a transaction that values the business at $1 billion and is expected to complete in H2 2025. As part of the transaction, Origin is partially reinvesting in the combined business. OCI's look-through share of proceeds, excluding underlying look-through shares in Clio worth c.£40 million, is anticipated to be c.£30 million.

Read more about vLex here.

Direct investments

Direct investments are no longer part of OCI's ongoing strategy, and the Board is focused on maximising the value of its two direct investments, North Sails and Time Out.

North Sails, the most significant of OCI's two legacy direct investments, delivered strong performance in the period and was one of the biggest drivers of NAV growth. North Sails has now integrated two highly synergistic strategic acquisitions in the sail making sector which have boosted North's market position, as well as being immediately enhancing to returns.

Time Out's Markets division has continued to grow, and has a strong pipeline of potential new openings, with the goal of doubling EBITDA over the coming two years. The Media division has continued to face turbulence, which acted as a drag on performance, resulting in group operating losses. A strategic review of this division is under way, which will inform OCI's next steps to realise value.

Read more about OCI's direct investments here.

Capital Allocation

Capital return: during the period the Board cancelled the dividend in favour of distributing capital via share buybacks. The dividend had remained at an unchanged and nominal level since its introduction in 2016 and the Board determined that shareholder returns would be better served by buybacks at material discounts to NAV rather than paying dividends at par. The final OCI dividend in respect of the 2024 financial year was therefore paid on 25 April 2025 and no dividends will be declared in respect of 2025. The annual buyback programme was initially launched for a minimum of £20 million and the 2025 buyback programme was subsequently increased to £50 million. 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, generating a NAV per share gain of 6 pence during the period.

Commitments: over the longer term the Board remains committed to exposing shareholders to returns generated by Oakley Funds. During the period, OCI made a €500 million commitment 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 set to be deployed into new investments over the next five years.

Cash & credit facilities: 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 the period end was £257 million, comprising £108 million of cash and £149 million in undrawn credit facilities.

See OCI's Balance Sheet in the Interim Report here.

Admission to Main Market

The transfer of OCI's trading to the Main Market of the London Stock Exchange as an Official List company was completed post period-end. The move represents one of the Company's main initiatives to enhance its marketability, increase investor access to OCI shares and continue to deliver strong shareholder returns. The Company will become a constituent of the FTSE 250 Index, effective from 22 September 2025.

Outlook

OCI remains well positioned for continued outperformance, despite the impact of persistent macroeconomic uncertainty and a more selective dealmaking environment. While the outlook for global markets remains cautious, Europe has shown relative resilience, with PE activity in the region set to continue to grow year on year and founder-led businesses continuing to attract investor attention. The Board expects shareholder returns to be underpinned by:

Board changes

Following nine years of service, Caroline Foulger, the Company's Chair retired from the Board on 2 September. The succession process is well progressed including the recruitment of new independent non-executive directors. The Board has appointed Steve Pearce as Interim Chair.

Read the Chair's letter in the interim report here.

Oakley Capital Investments Interim Chair Steve Pearce said:

"The Board would like to thank Caroline for her significant contribution over the past nine years. She has played a key role in OCI's growth and in helping more investors understand and access listed private equity. OCI's move to the Main Market will continue to build on that. Our latest results reflect solid progress, with NAV growth driven by strong earnings and a standout exit. We remain confident about the future, supported by a strong pipeline and high-quality portfolio."

Oakley Capital Co-Founder and Managing Partner Peter Dubens said:

"The agreed sale of vLex in an M&A market that continues to be subdued highlights the quality and attraction of Oakley's portfolio companies and reinforces the strength of our investment strategy. Our focus remains on identifying and scaling exceptional founder-led businesses with disruptive business models that are well positioned to succeed across economic cycles."

The Interim Report and Accounts are available on the Company's website here.

A video overview of the six-month performance is available here.

The Company's Q3 2025 trading update is expected to be released on 29 October 2025.

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Results presentation

A live presentation of the results, delivered by Oakley Capital Partner Steven Tredget, will take place at 9:00am today, Thursday 11 September 2025. The presentation will be available to view via video webcast at the following link:

https://www.investis-live.com/oakley-capital/6880a2376d3124000fcd8954/zumrt

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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 closed-ended investment fund trading on the main market of the London Stock Exchange as an Official List Company. OCI 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

Oakley Capital Investments has now been admitted to the Official List of the Financial Conduct Authority. Therefore, the Company is now required to satisfy the eligibility criteria for admission to listing on the Official List is required to comply with the Financial Conduct Authority's Listing Rules, including in relation to transactions with related parties, financial reporting, contents of shareholder circulars and other continuing obligations.

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.