Oakley Capital Investments Limited

Let's summarise 2025 for OCI. It was another year of double-digit organic earnings growth from the portfolio companies during a volatile period for businesses and the wider economy. We saw investment with 10 new deals in Spain, Italy, France and Germany, partnering with founders of market leaders in our focus sectors. There were realisations, most notably the sale of legal tech business Velex, at six times the value we invested at. OCI also moved to the main market of the London Stock Exchange and is now a constituent of the FTSE 250 Index. And we acquired and cancelled £50m of shares at a 28% discount to NAV. These milestones helped deliver a total shareholder return of 15% and a NAV return of 6%. with OCI's NAV per share now standing at 738 pence and total NAV at 1.2 billion pounds. The three largest contributors to the net asset value growth were the sale of Velex at a significant premium to its book value following the launch of Vincent AI, which transformed its customer proposition. The growth in Fenner Group, which benefited from both the rising demand for its testing and inspection services and the impact of value-accretive M&A. And thirdly, the strong performance of semiconductor intelligence information platform TechInsights, as the AI boom drove demand for its services. Looking forward, the portfolio of circa 40 companies is evenly balanced across the core sectors of technology, education, consumer and business services, and across our four European geographies. The average hold period is just under four years, and this is a diverse range of founder-led, disruptive, high-growth businesses with a high level of recurring revenue. All this is relevant given the recent focus on AI. Whilst the full future impact of AI is unknown, here are three reasons why we are positive about the adoption of this technology. Firstly, we have been investing through the lens of the AI revolution for over three years, supported by the AI investment specialists within the Oakley Turing team. They give OCI direct exposure to investments in AI-native solutions. They also contribute to the screening of new investments and the adoption of AI solutions within the current portfolio. Secondly, our portfolio is strategically balanced between physical delivery businesses that are around two thirds of asset value and can use AI to enhance margins. And one third is digital services, where AI serves as a powerful tool for efficiency rather than a structural threat. Thirdly, while we remain vigilant regarding the threat of AI disruption, we see its advent as being an opportunity for circa 90% of the portfolio to either be fundamentally transformed, enhanced or optimised through its adoption. Looking ahead, we're confident we have the right portfolio diversification, the right skill set and the right strategy to continue delivering attractive, resilient returns for our shareholders in 2026 and beyond.