Brave Bison Group (BBSN) H1 2026 earnings summary

Executive summary

• Net revenue nearly doubled year-over-year to £23.9m in H1 2026, driven by acquisitions, strong Sport & Entertainment division trading, and double-digit organic growth at MiniMBA.

• Adjusted profit before tax rose 120% to £4.1m, and adjusted basic EPS increased 31% to 3.7p year-over-year.

• 41% of divisional EBITDA and 32% of net revenue came from scalable, platform-based solutions, highlighting high-margin, low marginal cost business.

• Strategic investment in System1 (c.28% stake) and subsequent firm offer to acquire the remainder, aiming to create a new platform of significant scale.

• Record contract wins at MiniMBA, including a multi-year agreement with Omnicom.

Financial highlights

• Net revenue: £23.9m (H1 2025: £12.0m), up 98% year-over-year.

• Adjusted EBITDA: £4.5m (H1 2025: £2.3m), up 98% year-over-year; margin stable at 19%.

• Adjusted profit before tax: £4.1m (H1 2025: £1.9m), up 120% year-over-year.

• Statutory profit before tax: £2.1m (H1 2025: £0.1m), up 1938% year-over-year.

• Net cash (excl. lease liabilities): £4.7m at 30 June 2026 (30 June 2025: £3.9m).

Outlook and guidance

• Trading remains in line with Board expectations, with performance weighted to H2 due to MiniMBA's course calendar.

• Board confident in strategic and financial rationale for System1 acquisition; ongoing communication with System1 shareholders.

• Positive cash inflows forecast for H2 2026 and 2027; going concern basis maintained.