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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.
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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