Brait (BAT) investor relations material

Executive summary

• NAV per share was R2.64 at 30 September 2026, unchanged from March and up 2% YoY like-for-like after adjusting for the rights issue; management cited ~10% constant-currency growth.

• Portfolio earnings strengthened: Premier and New Look grew EBITDA, while Virgin Active LTM EBITDA rose 10% despite challenging South African and UK conditions.

• Strategy remains focused on realising portfolio value and unbundling investments to shareholders, with a future Virgin Active listing targeted over the next couple of years.

Financial highlights

• Look-through total assets were R18.0bn, liabilities R3.5bn and NAV R14.6bn; portfolio assets comprised 51% Virgin Active, 31% Premier, 4% New Look and 14% cash and receivables.

• H1 net profit was R158m versus R797m and EPS was 4 cents versus 21 cents; separate financial statements reported profit of R442m versus R1.098bn.

• Investment valuation gains fell to R365m from R1.029bn in the look-through reporting and to R583m from R1.200bn in separate financial statements.

• Premier H1 revenue rose 39% to R14.3bn and EBITDA 51% to R2.0bn; headline EPS increased 27%.

• New Look revenue fell 3.5% to £354.2m, while EBITDA rose 13.9% to £24.0m; LTM maintainable EBITDA was £39.5m.

Outlook and guidance

• Virgin Active targets net debt/EBITDA below 2.0x; leverage was 2.4x after the rights issue and is expected to rise to 2.9x following the Holmes Place acquisition.

• Virgin Active expects 2026–27 to be peak CapEx years, with growth spending increasingly funded from cash flow and debt reduction targeted from 2028.

• Premier expects RFG synergies and Aeroton and Middelburg bakery contributions in H2 FY2027; grain deflation is expected to persist until around April before an El Niño impact.

• Virgin Active plans to integrate Holmes Place and moderate new-club rollout; its pipeline includes 25 clubs, 10 committed, predominantly in Italy.

• Value-unlock distributions depend on portfolio realisations, cash flows and facility terms.