Wrap Text
Unaudited financial results for the six months ended 30 September 2025
BRAIT P.L.C.
(Registered in Mauritius as a Public Limited Company)
(Registration No. 183309 GBC)
Share code: BAT ISIN: LU0011857645
Bond code: WKN: A2SBSU ISIN: XS2088760157
LEI: 549300VB8GBX4UO7WG59
("Brait" or the "Company" or the "Group")
UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
The Board of Directors ("Board") hereby reports to Brait's shareholders ("Shareholders") on the unaudited
results for the six months ended 30 September 2025.
FINANCIAL HIGHLIGHTS
• Virgin Active:
o Membership growth increased marginally across key territories despite club refurbishment closures
and higher terminations in some territories.
o All territories saw strong revenue growth year on year: UK (12%), South Africa (15%), Italy (7%) and
APAC (13%).
o Significant increase in capital expenditure (from £58m in 2024 to £96m in 2025) due to the
refurbishment program and new club development.
o LTM EBITDA to 30 September 2025 grew 45% to £112m.
• Premier:
o The business continued its strong operational performance, with revenue and EBITDA growth of 6%
and 14% year on year, respectively.
o Performance was driven by strong growth across all divisions, with MillBake being the core driver.
o Premier recently announced a transformational merger with RFG, which will significantly diversify its
product mix.
o Strong cash generation has allowed the business to de-gear significantly, which has provided scope
for the company's recently announced interim cash dividend and share repurchase program.
• New Look:
o Reasonable performance in the first quarter, despite the continued tough operating environment in
UK fashion retail.
o Revenue for the first six months was down 2% on the prior year, whilst the restructure of the
business post the injection of new money has resulted in EBITDA increasing by 34% to £21m.
o Advisor appointed to help in the assessment of strategic options for the business.
• Brait:
o Strategy remains to unlock value and optimise the asset base to return capital to shareholders
o In April 2025, the Company repurchased £10 million of its Convertible Bonds at a discount to their par
value. Following these repurchases, £133.6 million of the Convertible Bonds remain outstanding.
o Available cash and facilities amounted to R0.7 billion at the reporting date.
o As an investment holding company, Brait's key reporting metric of NAV per share is R3.21, a 5%
increase compared to the R3.06 reported for FY25. From an IFRS perspective, earnings and headline
earnings per share is 12 cents (HY25: 39 cents).
HIGHLIGHTS FOR BRAIT'S INVESTMENT PORTFOLIO
Virgin Active (59% of Brait's total assets):
• The leading international premium health club operator, Virgin Active's strong revenue growth and
operational turnaround has continued across all territories.
• Territory update to 30 September 2025:
o Southern Africa (35% of group revenue):
- Strong sales, particularly in higher end clubs driven by sales momentum post refurbishments.
- Churn remains elevated due to club closures for refurbishment and affordability issues, which
management is addressing through the loyalty programme and data analytics.
- The focus remains on estate upgrades, with a significant increase in capital expenditure to
enhance member engagement and experience to support yield increases.
- 631k active members as at September 2025.
o Italy (27% of group revenue):
- Higher churn as a result of yield increases impacting more price sensitive regions.
- Significant growth opportunity in the Italian market with new sites identified and leases signed for
2026/7.
- 192k active members as at September 2025.
o UK (24% of group revenue):
- Above budget sales increase driven by the club refurbishment program.
- Significant capex still required to elevate the remaining estate to drive retention and support yield
growth.
- Proactive strategy to "roll" clients onto 12-month contracts was successfully implemented but has
led to elevated churn in the short-term.
- 140k active members as at September 2025.
o Asia Pacific (14% of group revenue):
- Strong sales across Singapore and Thailand offset by below budget sales in Australia and
elevated churn partly because of the yield management strategy.
- Focus remains on operational improvements, price optimisation and improving service levels.
- 60k active members as at September 2025.
• Valuation as at 30 September 2025 (performed on a pre-IFRS16 basis):
o Unchanged maintainable EBITDA of £120.0 million.
o The forward valuation multiple has been increased to 9.25x, a 15% discount to the peer average
forward multiple of 10.9x (FY25: 10.2x).
o Net third-party debt of £411.0 million (FY25: £386.6 million), which includes £1.0 million (Mar-25:
£8.0 million) of deferred costs.
o Brait's resulting unrealised carrying value for its investment in Virgin Active at the reporting date is
R10,064 million (FY25: R10,209 million) and comprises 59% (FY25: 62%) of Brait's total assets.
Premier (37% of Brait's total assets)
• A leading South African FMCG manufacturer, offering branded and private label solutions, Premier
continued to perform strongly despite adverse trading conditions and the impact of inflation on
consumer spending.
• Premier's results for the six months ended 30 September 2025 were released to the market on 11
November 2025:
o Revenue of R10.3 billion up 6.4% YoY.
o EBITDA of R1.3 billion up 13.6% YoY.
o EBITDA margin of 12.7% (HY25: 11.9%).
o Return on invested capital of 24.8% (HY25: 22.7%).
o Headline earnings per share of 560 cents per share, an increase of 27.9% YoY.
o Net third-party debt leverage ratio of 0.7x (HY25: 1.0x).
• Divisional highlights for the six months ended 30 September 2025:
o Premier's MillBake business (83% of group revenue) continued its strong performance:
- Revenue of R8.6 billion, growth of 6.0% YoY.
- EBITDA increased by 12.4% to R1.3 billion, mainly due to focus on site efficiencies.
o The Groceries and International division (17% of group revenue) delivered an encouraging
performance, with YoY revenue growth of 8.1% to R1.8 billion and EBITDA increasing by 13.8% to
R119 million.
• The business continued to invest in its asset base with capital expenditure of R510 million (HY25: R281
million), which comprised R110 million maintenance (HY25: R120 million) and R400 million expansionary
(HY25: R161 million). The expansionary capital expenditure is primarily related to the Aeroton mega-bakery.
• Valuation as at 30 September 2025:
o Premier is valued at the closing JSE share price of R152.33 (FY25: R129.10). Brait's shareholding in
Premier is unchanged at 32.3%, representing its 41.7 million shares.
o Based on Premier's LTM EBITDA of R2.5 billion and net third-party debt of R1.7 billion, this equates
to an implied EV/EBITDA earnings multiple of 8.7x.
New Look (3% of Brait's total assets):
• New Look is a leading fashion retailer operating in the value segment of the clothing and footwear market
in the UK and the Republic of Ireland, with a targeted online presence. New Look offers products and a
shopping experience based on excitement, value and newness.
• The UK fashion retail operating environment remains challenging, with New Look's revenue declining
during the year, while margins improved, mainly due to cost management and the digital transformation
project.
• Valuation as at 30 September 2025 (performed on a pre-IFRS16 basis):
o Maintainable EBITDA remained unchanged at £30 million based on LTM reported EBITDA.
o The valuation multiple has been maintained at 6.5x, a 36% discount to the peer average multiple of
10.2x (FY25: 9.4x).
o No normalisation adjustments were considered in net third-party debt of £49.1 million (FY25: £51
million).
o Brait holds 18.3% of the New Look shareholder loans/PIK facility and equity (17.2% equity participation
post dilution for management's incentive plan). Brait's equity participation will be diluted to 8% post the
exercise of shareholder warrants.
o The resulting unrealised carrying value for the investment in New Look at the reporting date is R474
million (FY25: R485 million), comprising 3% of Brait's total assets (FY25: 3%).
Other Investments:
• The remaining carrying value relates to a legacy private equity fund investment.
BRAIT'S LIQUIDITY POSITION
Reporting date
• The BML RCF has a facility commitment of R0.6 billion (which may be increased to R1.0 billion) and a
tenure to 31 March 2028. The interest margin on the facility is the three-month JIBAR plus a variable
margin between 2.9% and 3.7% (depending on pledged security levels) and a 1.1% commitment fee
applies.
• As at 30 September 2025, the BML RCF was undrawn, resulting in available liquidity at the reporting
date, including cash balances, amounting to R710 million.
• Brait was in compliance with all covenants at the reporting date.
In addition to the summary financial statements for the six months ended 30 September 2025 published on
the website of the Luxembourg Stock Exchange ("LuxSE") today, Brait's HY26 results presentation booklet is
available at www.brait.com. This announcement is published under the responsibility of the Board and is a
summary of the information in the summary financial statements for the six months ended 30 September
2025, available on the LuxSE website and the JSE cloud link at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/BAT/BPLCSep25.pdf and on the Company's website
http://brait.investoreports.com/investor-relations/results-and-reports/
This announcement does not contain full details and should not be used as a basis for any investment
decision in relation to the Company's shares.
Port Louis, Mauritius
13 November 2025
Brait's Ordinary Shares are primary listed and admitted to trading on the LuxSE and its secondary listing is on
the exchange operated by the JSE Limited ("JSE"). Brait's Convertible Bonds are dual listed on the Open Market
("Freiverkehr") segment of the Frankfurt Stock Exchange as well as the Official Market of the Stock Exchange
of Mauritius ("SEM"). The BIH Exchangeable Bonds are dual listed on JSE and SEM.
LuxSE Listing Agent:
Harney Westwood & Riegels SARL
JSE Sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited)
SEM Authorised Representative and Sponsor:
Perigeum Capital Ltd
Date: 13-11-2025 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
