Brait (BAT) H2 2026 earnings summary

Executive summary

• Final stages of value unlock strategy with strong underlying performance: Virgin Active EBITDA up 37% YoY, Premier up 18%, New Look over 100%.

• Net debt reduced from R7.0bn (Mar 2020) to R1.7bn (Mar 2026).

• Strategy includes optimising Virgin Active for listing, sale of New Look, and repaying residual debt to enable unbundling of listed shares.

• Virgin Active recapitalisation (£175m) to reduce Net Debt/EBITDA to 2.0x, targeting listing in 2H 2027 or 1H 2028.

• Premier share sales in FY2026 raised R1.8bn; rights issue of R2.5bn planned.

Financial highlights

• NAV per share increased 7% YoY to R3.27 (Mar 2026).

• Virgin Active: EBITDA £110m (+37% YoY), strong pipeline for new gyms and refurbishments.

• Premier: Revenue R21.2bn (+6.6% YoY), EBITDA R2.8bn (+18% YoY), EBIT R2.4bn (+23% YoY), HEPS 1,204c (+27.7% YoY), leverage ratio 0.5x.

• New Look: Revenue £713.2m (-3.6% YoY), EBITDA £36.6m (>100% YoY), gross margin 60.4% (+2.7ppt), net debt/EBITDA 0.7x.

• Available cash and facilities at R1.6bn at year-end.

Outlook and guidance

• Virgin Active targeting listing in 2027/28, with growth from new clubs and refurbishments.

• Premier integration of RFG Holdings underway, with focus on operational efficiencies and expansion.

• New Look continues digital transformation and cost optimisation.

• Group focused on finalising value unlock through asset sales and unbundling.