Brait (BAT) Trading Update summary

Virgin Active performance

• Achieved 13% year-on-year revenue growth, driven by higher membership, increased yields, and ancillary revenue.

• Membership growth exceeded budget in Italy and the UK, but was slightly below budget in South Africa and Australia.

• Current annualized March EBITDA run rate stands at GBP119 million, benefiting from operational leverage.

• Management is pursuing further operational efficiencies and capital investment to enhance member offerings.

Premier update

• Expected to deliver mid-single-digit revenue growth for the year ended 31 March 2025.

• Headline earnings per share projected to rise by 20% to 30% year-on-year.

• Operational earnings improvement attributed to margin management, cost-saving initiatives, and efficiency gains in manufacturing and logistics.

New Look developments

• GBP30 million investment announced to accelerate digital transformation and business growth.

• Brait supports the strategy but did not participate in the capital raise, maintaining board representation and shareholder protections.