**Summary of Oakley Capital Investments Limited (OCI) Final Results for the Year Ended 31 December 2025**
Oakley Capital Investments Limited (OCI) announced its final results for 2025, highlighting strong performance and strategic positioning for future growth. OCI, a listed investment company, achieved a 10-year share price total return of **+362%**, outperforming the FTSE All-Share Index by **+239%** and the MSCI World Index by **+114%**.
**Key Highlights**
1. **Financial Performance**
Net Asset Value (NAV) per share**738 pence**
total NAV: **£1233 million**.
Total NAV return per share**+6%** (+45 pence), or **+3%** (+23 pence) excluding FX impact.
Total shareholder return**15%**.
Ten-year NAV return CAGR**15%**.
2. **Portfolio Performance**
Average portfolio company LTM EBITDA growth: **11%**.
Key NAV drivers
**Clio** (+33 pence) from vLex realisation.
**Phenna Group** (+23 pence) due to M&A and demand growth.
**TechInsights** (+13 pence) driven by AI-related demand.
**Time Out Group** (-32 pence) due to media headwinds and share issuance.
3. **Investments & Proceeds**
Total investments**£197 million** (16% of NAV), including £96 million in new platform deals (e.g., Brevo, Infravadis) and £79 million in follow-on investments.
Proceeds**£92 million** from exits (e.g., vLex at >6x gross return) and refinancings.
4. **Capital Allocation**
Completed **£50 million** share buyback in 2025, enhancing NAV per share by 11 pence.
Launched **£20 million** minimum buyback programme for 2026.
Committed **€500 million** to Oakley Capital Fund VI, with total outstanding commitments of **£992 million**.
Liquidity**£191 million** (cash: £95 million
undrawn credit facilities£96 million).
5. **Strategic Initiatives**
Transferred listing to the **Main Market** of the London Stock Exchange, gaining FTSE 250 inclusion.
Appointed **Christopher Samuel** as Chair and **Kiernan Bell** as Independent Non-Executive Director.
6. **AI Focus & Portfolio Positioning**
Two-thirds of portfolio value is in businesses with physical delivery or tangible products, benefiting from AI-driven efficiency gains.
Launched **Oakley Touring Fund** in 2024 to invest in AI-native B2B solutions and established the **Oakley AI Lab** to support AI adoption across the portfolio.
7. **Leadership Comments**
**Steve Pearce** (Interim Chair) emphasized resilience in a challenging environment and confidence in OCI’s ability to leverage AI for future growth.
**Peter Dubens** (Managing Partner, Oakley Capital) highlighted opportunities in the current market to partner with entrepreneurs and harness AI technologies.
OCI remains well-positioned to deliver resilient returns, with a diversified portfolio, strategic AI focus, and robust capital allocation strategy. The Q1 2026 trading update is scheduled for **29 April 2026**.
| Metric | 2024 | 2025 |
|---|---|---|
| Net Asset Value (NAV) per share | Not Provided | 738 pence |
| Total NAV Return per share | Not Provided | +6% (+45 pence) |
| Total Shareholder Return | Not Provided | 15% |
| Ten-year NAV Return CAGR | Not Provided | 15% |
| Average Portfolio Company LTM EBITDA Growth | 15% | 11% |
| Average Portfolio Company Valuation Multiple (EV/EBITDA) | 16.4x | 16.3x |
| Average Net Debt/EBITDA Multiple | 4.1x | 4.1x |
| Total Investments | Not Provided | £197 million (16% of NAV) |
| Proceeds from Exits and Refinancings | Not Provided | £92 million (£57m exits, £35m refinancings) |
| Share Buybacks | Not Provided | £50 million (completed in 2026) |
| Liquidity (Cash + Undrawn Credit Facilities) | Not Provided | £191 million (£95m cash, £96m undrawn) |