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Brait (BAT) investor relations material
Brait H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Nov, 2025
Executive summary
Portfolio companies Virgin Active and Premier delivered strong performances, with Virgin Active transitioning from recovery to growth and Premier achieving robust earnings and returns.
NÜ Look (New Look) showed resilience in a tough UK retail environment, with EBITDA up 34% YoY despite revenue decline due to store closures.
NAV per share increased 5% to R3.21, driven by strong portfolio performance and capital management initiatives.
Premier announced a transformational merger with Rhodes Food Group (RFG), diversifying its product mix and boosting scale.
The company repurchased £10 million of Convertible Bonds at a discount, with £133.6 million remaining outstanding.
Report covers unaudited interim results for the six months ended 30 September 2025, reflecting the company's status as an investment holding entity with a focus on maximising value through realisation and unbundling of portfolio companies.
Financial highlights
Group NAV to ordinary shareholders rose to R12,381 million (R3.21/share), up from R11,817 million (R3.06/share) at FY25.
Total assets increased to R16,960 million from R16,543 million year-over-year.
Profit for the period was R769 million, down from R1,017 million in the prior year period.
Premier’s H1 FY26 revenue was R10.3 billion (+6% YoY), EBITDA R1.3 billion (+14% YoY), and ROIC 24.8%.
Virgin Active’s LTM EBITDA reached £112 million (+45% YoY), with significant capex investment.
Outlook and guidance
Strategic focus remains on unlocking value, optimizing exits, and returning capital to shareholders by 2027.
The company continues to focus on realising and unbundling its existing portfolio, with valuation models adjusted for post-pandemic sustainable earnings and market conditions.
Ongoing optimisation of Premier stake, Virgin Active refinancing, and New Look sale are under assessment.
Virgin Active expects continued growth, driven by new club openings, refurbishments, and ancillary revenue streams.
Premier anticipates further margin and earnings growth, with the Rhodes Food Group merger set to diversify and enhance the business.
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