Cannae (CNNE) Investor presentation summary

Transaction overview

• Acquired 100% of a top-performing English rugby club for £32.6M enterprise value, with £19.6M invested at closing.

• Club has a history of competitive success, including two PREM titles and a Champions Cup win.

• Women's team consistently ranks in the top four and has won the Allianz Cup twice.

• Club demonstrated 20 years of profitability prior to COVID and is recognized for financial sustainability.

• Acquisition structure reduces debt and provides capital for future growth.

Club profile and assets

• Only club to win all top four tiers of English rugby, with a strong academy producing 40-55% of first-team players.

• Owns Sandy Park stadium (15,000 capacity) and a leading conference/events center.

• Holds a 7.3% stake in PREM Rugby, entitling it to league distributions.

• Located in Exeter, with a defined academy catchment area covering Devon and Cornwall.

• Asset base includes ~£20.2M stadium and ~£17.6M PREM Rugby stake.

Financial performance and outlook

• Revenue remained stable post-COVID, with FY26 revenue projected to rise to £22.8M.

• EBITDA losses narrowed, with improved on-field performance and one-time revenues expected.

• Debt reduced from over £20M to ~£13M, with ~£7.9M cash and ~£39M in fixed assets post-transaction.

• Club finished as PREM runners-up in 2025/26, qualifying for the next Champions Cup.

• Operational plan targets commercial growth, facility enhancement, and on-field success.