Oakley Capital Investments Ltd Registered · LSE:OCI

Oakley Capital Investments Ltd Registered — Oakley Capital Investments — FY2025 Earnings Presentation

51 slides from Oakley Capital Investments Ltd Registered's earnings presentation, Mar 12, 2026

1. Slide 1: Annual Results 2025

   CL! Oakley Capital we! Investments Annual Results 2025

2. Slide 2: Agenda

   001 Performance breakdown 002 Investment activity 003 Assessing AI: impact and opportunity 004 Cash & commitments 005 Capital allocation

3. Slide 3: The headline numbers

   The headline numbers NAV per share Total NAV return per share 738p +6% Since 31 December 2024 Net Asset Value Total shareholder return £1,233m +15% Since 31 December 2024

4. Slide 4: Long-term total NAV return

   Oakley Capital Investments Long-term total NAV return 10-year total shareholder return of 362% 3.47 2.92 3.04 2.74 2.56 2.54 2.54 2.55 2.41 2.38 1.81 7.38 6.84 6.95 6.62 5.38 4.03 3.45 2.81 2.31 2.45 2.00 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 NAV per share Avg.

5. Slide 5: NAV per share growth bridge

   Oakley Capital Investments NAV per share growth bridge 11p (12p) 738p 4p (1p) (2p) 24p 2p 9.7m 19p 695p Shares cancelled(1) NAV FX split 90% of £ 21% portfolio growth driven by € 44% earnings $ 35% FY24 Investments: Investments: Investments: Interest Share Expenses FX Dividends FY25 realised unreali

6. Slide 6: Equity investments by sector and geography

   Oakley Capital Investments Equity investments by sector and geography Business Services Global £486m Education North America £273m UK The Netherlands Italy France Consumer £293m Spain DACH Technology £374m Note: As at 31 December 2025. Charts represents OCI’s look-through value of the private equity

7. Slide 7: Equity investments by portfolio company

   Oakley Capital Investments Equity investments by portfolio company Cegid 103.5 I-TRACING 55.0 WebPros 54.7 Contabo 31.7 TECHNOLOGY Assured Data Protection 29.9 vitroconnect 22.4 Brevo 19.2 Hosting.com 12.5 Seedtag 11.6 Horizons Optical 12.4 Alerce 10.0 Paraty 7.8 ECOMMERCE ONE 3.1 North Sails 168.0

8. Slide 8: Consistent deployment over time

   Oakley Capital Investments Consistent deployment over time 4.2 year average hold period of exited investments vs 3.5 year current hold Fund VI Fund III Fund V Origin I IU Group Steer Automotive Fund IV Origin II 115 110 Cegid Phenna Bright Stars 105 Fair value as at 31 December 2025 (£m) Facile Tech

9. Slide 9: NAV portfolio performance drivers

   Oakley Capital Investments NAV portfolio performance drivers Positive impact Negative impact +33p +23p -32p -6p NAV per share uplift NAV per share uplift NAV per share decline NAV per share decline +13p +9p -5p -5p NAV per share uplift NAV per share uplift NAV per share decline NAV per share decline

10. Slide 10: Direct investments: North Sails and Time Out

    Oakley Capital Investments Direct investments: North Sails and Time Out £168.0m £22.9m OCI valuation OCI valuation  Strong performance driven by  Following three consecutive years of outperformance of the Carbon improving EBITDA, in FY25 the media Technology division, with strong activity industry

11. Slide 11: Portfolio company KPIs: foundations for long-term outperformance

    Oakley Capital Investments Portfolio company KPIs: foundations for long-term outperformance 11% Avg. LTM Organic EBITDA Growth 4.1x Net debt/EBITDA ratio 16.3x EV/EBITDA ratio Sustained growth Low leverage Stable valuations Note: All metrics weighted by OCI’s look-through fair value of the underlyin

12. Slide 12: 2022: a geopolitical, inflation fear led market sell off

    Oakley Capital Investments 2022: a geopolitical, inflation fear led market sell off. Oakley valuations remained stable and realisations supported this Average EV/EBITDA multiple by sector(1) 17.0x Technology 15.0x Consumer 13.0x 11.0x Education 9.0x Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Va

13. Slide 13: An overview of debt at the portfolio and OCI level

    Oakley Capital Investments An overview of debt at the portfolio and OCI level Portfolio company debt OCI debt  Majority of maturities  £325m facility: 2030+ o £225m term facility o £100m revolving credit facility  Diverse lender base with o £75m optional accordion >150 Oakley lender pool  April

14. Slide 14: Organic growth the primary returns driver

    Oakley Capital Investments Organic growth the primary returns driver Attribution of realised value creation Movement in net debt FX 2% <1% Multiple expansion 19% Organic earnings growth 64% M&A 23% 29% weighted average uplift at exit across all realised deals 14

15. Slide 15: Investment activity

    CL! Oakley Capital wwe " Investments Investment we

16. Slide 16: Continued deployment and return of capital in 2025

    Oakley Capital Investments Continued deployment and return of capital in 2025 Exits: £197 million Invested into platform deals >6x MM 2.3x MM Refinancings: K12 Investments. £92 million Proceeds Note: Total amount invested also includes invested cost into the venture portfolio and M&A, which is not s

17. Slide 17: The Oakley proposition in action

    Oakley Capital Investments The Oakley proposition in action Proprietary Relevant prior Oakley local Sector Founder-led sourcing experience presence Business Services Business Services Technology Flagship Technology Consumer Business Services Business Services Consumer Origin Business Services Consum

18. Slide 18: New investment - GLAS

    Oakley Capital Investments New investment - GLAS A leading, global provider of loan administration and bond trustee services. Acquisition Highlights Performance Fund VI invests • Founded by Mia Drennan and Revenue Growth (£m) Brian Carne in 2011, GLAS c.£55m offers a wide range of administration and

19. Slide 19: New investment – Athena Racing

    Oakley Capital Investments New investment – Athena Racing A world-class sailing franchise founded and led by Sir Ben Ainslie. Acquisition Highlights Performance OCI invests • Oakley’s investment follows the Dedicated TV Audience Growth (m) c.£12m landmark establishment of the America’s Cup Partnersh

20. Slide 20: AI: Future threat or opportunity?

    AI: Future threat or opportunity?

21. Slide 21: AI @ Oakley

    Oakley Capital Investments AI @ Oakley 1 2 3 Oakley AI Lab – a Oakley Touring – direct Oakley 2.0 – enhancing centre of AI excellence AI-native investment our processes  Full-time advisory group  60 years of global venture  Data rich organisation, delivering AI thought experience inc Microsoft in

22. Slide 22: Portfolio by product type

    Oakley Capital Investments Portfolio by product type NAV exposure by delivery model 30% of NAV 70% of NAV Digital Field-based and 30% professional Software services and data Education Consumer digital Physical Consumer 70% and luxury brands Cyber Tech infra Sports Digital delivery Physical delivery

23. Slide 23: Professional Services portfolio

    Oakley Capital Investments Professional Services portfolio INVESTMENT THEMES  Human to human business models  Judgement rather than intelligence  High trust domains Risk consulting Cyber services Specialty insurance 23

24. Slide 24: Software and data portfolio

    Oakley Capital Investments Software and data portfolio Assessment of AI defensibility / opportunity Deep vertical System of Proprietary Regulatory High AI domain record/ mission data lock-in incumbency leadership expertise critical advantage (data / distribution) 24

25. Slide 25: Software businesses as market disruptors

    Oakley Capital Investments Software businesses as market disruptors Global marketing automation Leading US legal practice platform for SMEs. management platform.  System of record for small/mid law Business  c.1m customers paying €1k per year firms  Comprehensive, single-stack  Case management,

26. Slide 26: Cash and commitments

    CL! Oakley Capital wwe " Investments Cash and itments

27. Slide 27: Latest commitment to Oakley Fund VI

    Oakley Capital Investments Latest commitment to Oakley Fund VI £992m total outstanding commitments broken down by fund O/s commitments NAV exposure £318m £79m £387m £416m £24m £293m £15m £128m £141m £26m £113m £63m £38m £37m £16m £7m Fund III Fund IV Fund V Fund VI Origin Fund Origin Fund II PROfoun

28. Slide 28: Available resources to meet near-term commitments

    Oakley Capital Investments Available resources to meet near-term commitments Fund commitments by drawdown timing c.£450m c.£300m c.£250m £191m £96m Available facility £95m Cash Not expected Expected to be called Expected to be called Liquid resources to be called over a 1-5 year period within 12 mon

29. Slide 29: Recovery of distributions to capital call ratio

    Oakley Capital Investments Recovery of distributions to capital call ratio OCI’s net cash flow (£m) 250 200 150 100 50. 0 (50) (100) (150) (200) (250) (300) (350) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net cash flow Capital calls Distributions Note: As at 31 December 2

30. Slide 30: Capital allocation

    CL! Oakley Capital wwe " Investments Capital tion

31. Slide 31: Status update on capital allocation initiatives

    Oakley Capital Investments Status update on capital allocation initiatives FUND DIRECT CAPITAL SHARE COMMITMENT INVESTMENTS RETURN BUYBACKS €500 Liquidity & Buyback 10.1 million resolution focus million Oakley Fund VI Progressing Dividend Shares cancelled(1) discontinued 31 Note: As at 9 March 2026

32. Slide 32: Outlook

    CL! Oakley Capital wwe " Investments Outlook

33. Slide 33: OCI remains well positioned for continued outperformance

    Oakley Capital Investments OCI remains well positioned for continued outperformance Increased NAV The AI Shareholder growth advantage value  A balanced portfolio  Current portfolio AI  Focus on buy backs built to withstand beneficiaries and increasing macro shocks  Investing in AI liquidity  Re

34. Slide 34: Q&A

    CL! Oakley Capital wwe " Investments Q&A

35. Slide 35: Appendix

    CL! Oakley Capital wwe" Investments Appendix

36. Slide 36: Business Services – Portfolio companies (1/2)

    Oakley Capital Investments Business Services – Portfolio companies (1/2) Phenna Steer Automotive TechInsights Liberty Dental ProductLife Group (PLG) Location: UK Location: UK Location: Canada Location: The Netherlands Location: France Investment date: Dec-22 Investment date: Apr-24 Investment date:

37. Slide 37: Business Services – Portfolio companies (2/2)

    Oakley Capital Investments Business Services – Portfolio companies (2/2) Clio Konzept & Marketing G3 Location: Spain/N. America Location: Germany Location: Global Investment date: Dec-25 Investment date: Dec-24 Investment date: Jul-25 Fund: Origin I/Origin II Fund: Fund V Fund: VI Open cost: - /£14.

38. Slide 38: Business Services – Portfolio companies (2/2)

    Oakley Capital Investments Business Services – Portfolio companies (2/2) Join Business Mgmt Infravadis ONHC Consulting Location: Germany Location: Italy Location: Italy Investment date: Jun-25 Investment date: Oct-25 Investment date: Jun-25 Fund: Origin II Fund: IV Fund: Origin II Open cost: £9m Ope

39. Slide 39: Technology – Portfolio companies (1/3)

    Oakley Capital Investments Technology – Portfolio companies (1/3) Cegid I-TRACING WebPros Contabo Assured Data Protection Location: France Location: France Location: Switzerland Location: Germany Location: UK Investment date: Jun-19 Investment date: Nov-24 Investment date: Feb-20 Investment date: Oc

40. Slide 40: Technology – Portfolio companies (2/3)

    Oakley Capital Investments Technology – Portfolio companies (2/3) vitroconnect Brevo Hosting.com Horizons Optical Seedtag Location: Germany Location: France Location: Global Location: Spain Location: Spain Investment date: Jul-24 Investment date: Nov-25 Investment date: Dec-23 Investment date: Apr-2

41. Slide 41: Technology – Portfolio companies (3/3)

    Oakley Capital Investments Technology – Portfolio companies (3/3) Alerce Paraty Tech ECOMMERCE ONE Location: Spain Location: Spain Location: Germany Investment date: Mar-24 Investment date: Dec-25 Investment date: May-21 Fund: Origin Fund: VI Fund: Origin Open cost: £9.1m Open cost: £7.9m Open cost:

42. Slide 42: Consumer – Portfolio companies (1/2)

    Oakley Capital Investments Consumer – Portfolio companies (1/2) Time Out North Sails Facile Dexters Iconic BrandCo Location: Global Location: Global Location: Italy Location: UK Location: Italy / UK Investment date: Nov-10 Investment date: Mar-14 Investment date: Oct-22 Investment date: Feb-21 Inves

43. Slide 43: Consumer – Portfolio companies (2/2)

    Oakley Capital Investments Consumer – Portfolio companies (2/2) Merz Lifecare Gymondo James Perse Location: Germany Location: Germany Location: USA Investment date: Dec-20 Investment date: Sep-20 Investment date: Dec-25 Fund: IV Fund: Origin Fund: VI Open cost: £37.2m Open cost: £9.5m Open cost: £13

44. Slide 44: Consumer – Portfolio companies (2/2)

    Oakley Capital Investments Consumer – Portfolio companies (2/2) NOX Vice Golf Wishcard Technologies Location: Germany Location: Spain Location: Germany Investment date: May-22 Investment date: Dec-25 Investment date: Sep-19 Fund: Origin Fund: Origin II Fund: IV Open cost: £13.4m Open cost: £9.4m Ope

45. Slide 45: Education – Portfolio companies (1/1)

    Oakley Capital Investments Education – Portfolio companies (1/1) IU Group K12 Investments Bright Stars ACE Education Location: Germany Location: Global / UK Location: UK Location: France Investment date: Jun-23 Investment date: Jun- Investment date: Jun-21 Investment date: Jul-21 Fund: V 22/Mar-23 F

46. Slide 46: PROfounders III

    Oakley Capital Investments Oakley PROfounders III Venture capital strategy focused on entrepreneur-led private businesses across Europe  Background: Seed-stage VC fund launched with Oakley in 2009  Sector focus: Disruptive business models that leverage technology to transform and improve customer

47. Slide 47: How Oakley creates and protects value through sustainability

    Oakley Capital Investments How Oakley creates and protects value through sustainability Sustainability is integrated across all stages of the investment process Engagement On-boarding & support Monitoring Due diligence Initial screening Exit • Preliminary • Support in preparing assessment of for sus

48. Slide 48: Sustainability in practice

    Oakley Capital Investments Sustainability in practice Theme Environmental Social Governance Energy & Climate Change Employee culture, engagement & wellbeing Good governance & cybersecurity Projects Climate risk and decarbonisation Supply chain management Cybersecurity programme • Oakley completed ou

49. Slide 49: OCI community engagement programme

    Oakley Capital Investments OCI community engagement programme OCI’s community engagement programme is guided by supporting initiatives that deliver practical, long- Approach term impact in Bermuda. Efforts are targeted where funding can build capacity, improve programme delivery and free up resource

50. Slide 50: Disclaimer and important information

    Oakley Capital Investments Disclaimer and important information This presentation (the “Presentation”) is being Conduct Authority, is acting only for the investment This Presentation contains “forward-looking communicated on a confidential basis and may not be manager of the Oakley Funds and will no

51. Slide 51: www.oakleycapitalinvestments.com

    www.oakleycapitalinvestments.com oci-investorrelations@oakleycapital.com

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