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Brait (BAT) investor relations material

Brait H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary18 Jun, 2025

Executive summary

  • Completed significant restructuring and R1.5bn capital raise, reducing debt by R1.4bn and extending key facilities, providing financial runway for core assets.

  • Portfolio focus on Virgin Active and Premier, both showing strong operational and financial performance, with ongoing investment in upgrades and efficiency.

  • New Look remains a small NAV contributor, with digital transformation and recapitalization underway, and exit options being explored.

  • NAV per share increased 6% YoY to R3.06 after recapitalisation adjustments; available liquidity at R1.1bn at year-end.

  • Profit for the year was R153m, reversing a prior year loss of R171m; EPS at 5 cents vs. -13 cents YoY.

Financial highlights

  • Group NAV per share at R3.06, up from R2.88 YoY post-recapitalisation, with total assets of R666m and NAV of R11.8bn.

  • Virgin Active delivered 13% revenue growth and 45% EBITDA growth YoY, with EBITDA margin up 400 bps to 17%.

  • Premier achieved 7% revenue growth and 15% EBITDA growth YoY, with headline earnings up 27% and leverage reduced to 0.7x.

  • New Look saw a 4% revenue decline and 67.6% drop in EBITDA YoY, but digital business grew 3.5% and cost cutting benefits expected in 2026.

  • Premier reported revenue of R19.9bn (+7% YoY), EBITDA of R2.4bn (+15% YoY), and ROIC of 24.9%.

Outlook and guidance

  • Virgin Active targets medium-term run-rate EBITDA of £180m–£200m, driven by capital investment and member engagement.

  • Premier expects continued earnings growth, with soft commodity price relief potentially boosting consumer demand.

  • New Look's digital transformation and cost actions expected to improve results, with a sales process planned depending on UK market conditions.

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