Brait (BAT) H1 2026 earnings summary

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.