Oakley Capital Investments reports positive end to 2025

(Sharecast News) - Oakley Capital Investments reported a positive trading update for the year ended 31 December on Wednesday, with net asset value per share rising to 738p and total net asset value of £1.23bn , following a year marked by earnings-driven valuation gains, portfolio activity and continued capital returns to shareholders. Total NAV return per share for the year was 6%, equivalent to 45p, or 3% excluding foreign exchange movements, while total shareholder return reached 15%.

Since 30 September, NAV per share increased by 1%.

The FTSE 250 firm said the full-year NAV uplift was underpinned by 45p of net valuation gains, around 90% of which were driven by earnings growth.

It said the largest positive contributors included vLex, now Clio, Phenna, TechInsights, North Sails and Bright Stars, partially offset by a decline in the share price of publicly listed Time Out Group.

Oakley said the underlying portfolio delivered a robust performance during 2025, supported by earnings growth and successful exits, while valuation discipline was maintained amid lower peer multiples.

Around half of portfolio companies were held at or below the entry multiple, reflecting both market conditions and the relatively young profile of the portfolio, with approximately 35% of NAV invested in the past two years.

Strong performance was recorded across Oakley's largest buy-and-build platforms in business services and education, alongside data providers and digital marketplaces, while weaker trading at Steer Automotive, ACE Education and Contabo weighed on overall results.

The sale of vLex during the year, which generated a gross return of more than six times invested capital, was highlighted as a key achievement and evidence of the repeatability of Oakley's investment strategy.

Its investment adviser said it expected continued NAV momentum as portfolio companies, including 11 new investments completed during the year, benefitted from increasing operational maturity and further value creation initiatives.

OCI's look-through share of proceeds from exits and refinancings totalled £92m in 2025.

That comprised £57m from realisations, including a partial sale of vLex and the exit from atHome, and £35m from refinancings across assets such as WebPros, Dexters, Ecommerce One and a partial prepayment from Wishcard.

Total look-through investments during the year amounted to £197m, representing 16% of NAV at year-end.

That included £96m deployed into ten new platform investments, notably Paraty Tech, Brevo and James Perse, £82m of follow-on capital supporting strategic combinations and acquisitions across the portfolio, and £19m invested through the Oakley Touring Fund into venture opportunities including Netradyne and Daloopa.

A further investment in Athena Racing, linked to the America's Cup Partnership, completed after the period ended.

OCI completed its £50m share buyback programme for 2025 in early January, acquiring and cancelling 9.7 million shares and generating a NAV per share uplift of 11p.

The company had committed to a minimum £20m buyback programme for 2026.

During the year, OCI also made a €500m commitment to Oakley Capital Fund VI, taking total outstanding commitments to £992m, around £300m of which was not expected to be drawn, with deployment anticipated over the next five years.

Liquidity at year-end stood at £191m, comprising £95m of cash and £96m of undrawn credit facilities, following the refinancing of OCI's credit arrangements into a new five-year £325m facility.

OCI said it expected to publish its audited annual results for 2025 on 12 March.

At 0823 GMT, shares in Oakley Capital Investments were up 0.44% at 548.39p.

Reporting by Josh White for Sharecast.com.