Brave Bison Group (BBSN) H1 2025 earnings summary

Executive summary

• Net revenue grew 19% year-over-year to €12 million (£12.0m) for H1 2025, driven by acquisitions and strong trading in performance marketing and media network divisions.

• Adjusted EBITDA increased 6% to €2.3 million (£2.3m), with margin declining to 19% due to integration of loss-making acquisitions.

• Five acquisitions in 2025, including mini-MBA, MTM, Engage Digital Partners, Builtvisible, and The Fifth, expanding market reach and capabilities.

• Oversubscribed £15.5m equity fundraising and new £10m revolving credit facility secured to support acquisitions and growth.

• Upgraded full-year adjusted EBITDA expectations above previous €6 million guidance, with trading ahead of expectations for FY25 and FY26 guidance raised.

Financial highlights

• Net revenue increased from €10.1 million (£10.1m) to €12 million (£12.0m), a 19% year-over-year rise.

• Adjusted EBITDA up 6% to €2.3 million (£2.3m); margin at 19% versus 21% prior year.

• Statutory profit before tax: £0.1m (H1 2024: £1.2m), impacted by £1.5m in exceptional acquisition and restructuring costs.

• Cash balance reduced by €3.5 million (£3.5m), mainly due to acquisition and restructuring costs.

• Acquisition payments totaled €1.9 million (£1.9m); £0.3m paid as maiden dividend.

Outlook and guidance

• Upgraded full-year adjusted EBITDA guidance above €6 million, reflecting strong trading and new acquisitions.

• FY25 trading expected to exceed market forecasts; FY26 expectations raised.

• Pro-forma FY25 net revenue forecast at £36.5m and adjusted EBITDA at £8.1m, reflecting full-year impact of acquisitions.

• MTM acquisition expected to contribute significantly in the final quarter.

• Board anticipates positive cash inflows in H2 2025 and 2026.