BRAIT PLC - Unaudited financial results for the six months ended 30 September 2026
What this filing means
Brait's portfolio companies delivered strong operating growth, but the holding-company numbers tell a different story. Premier grew revenue 39% and EBITDA 51%, Virgin Active grew LTM EBITDA 10% and agreed to buy Holmes Place Germany for €135 million, and New Look lifted maintainable EBITDA 32%. At Brait level, IFRS earnings and headline earnings per share were 4 cents, down from 21 cents a year earlier, while NAV per share held at R2.64. The company also completed a R2.5 billion rights offer in August 2026. The read is a two-tier one: the underlying assets are performing, but the listed entity's per-share earnings fell sharply.
Brait is a holding company, so its value comes from the businesses it owns. Those businesses did well: Premier's profit grew strongly, Virgin Active has agreed to expand into Germany through the HPG acquisition, which is expected to complete by mid-December 2026, and New Look improved. But Brait itself completed a R2.5 billion rights issue in August 2026, and separately reported IFRS and headline earnings per share of 4 cents, down from 21 cents in the prior-year period. The NAV per share staying flat at R2.64 shows the value of what Brait owns did not shrink.
Bull case
- Premier revenue increased 39% year on year to R14.3 billion for the six months ended 30 September 2026.
- Premier EBITDA increased 51% year on year to R2.0 billion for the six months ended 30 September 2026.
- Premier headline earnings per share increased 27% year on year to 711 cents per share.
- Virgin Active LTM EBITDA grew 10% to £116.7 million despite challenging trading conditions in South Africa and the United Kingdom.
- Virgin Active agreed to acquire HPG for €135 million at 6.3x EV/EBITDA, gaining a platform in Germany’s fast-growing and underpenetrated health and fitness market.
Bear case
- Virgin Active's Net Debt/EBITDA is expected to increase from 2.4x after the rights issue to 2.9x following the HPG acquisition.
- Southern Africa attrition remained elevated due partly to refurbishment-related club closures and member affordability issues.
- UK trading conditions remained challenging, with continued consumer pressure and divergence between premium and lower-end clubs.
- Australia was Virgin Active's only territory without a positive EBITDA contribution.
- New Look's UK fashion retail operating environment remained challenging.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
A two-tier result: the portfolio companies are performing strongly, but the Brait-level per-share earnings collapsed. The operating momentum at Premier, Virgin Active and New Look is genuine and supports the value-unlock strategy, while the HPG acquisition gives Virgin Active a platform in an underpenetrated market. The bear side is real but contained: leverage rises post-HPG, Southern Africa attrition remains elevated, and the UK consumer is under pressure. So what: the underlying assets are doing the work, but the market still needs to see the value-unlock strategy convert portfolio strength into a higher NAV per share.
The next NAV per share print will show whether the HPG acquisition and Virgin Active capital raise add value after the rights-issue dilution.
Evidence from the filing
Virgin Active's Net Debt/EBITDA is expected to increase from 2.4x after the rights issue to 2.9x following the HPG acquisition.
“Following the Virgin Active rights issue, the Net Debt / EBITDA was 2.4x and this will increase to 2.9x post the HPG transaction.”
Southern Africa attrition remained elevated due partly to refurbishment-related club closures and member affordability issues.
“Attrition rates remained elevated due, in part, to club closures for refurbishment and member affordability issues, which management continues to address through product improvements, the loyalty programme and data analytics.”
UK trading conditions remained challenging, with continued consumer pressure and divergence between premium and lower-end clubs.
“LTM Revenue increased by 6% despite trading conditions remaining challenging, with continued pressure on consumers and a divergence in performance between premium and lower-end clubs.”
Australia was Virgin Active's only territory without a positive EBITDA contribution.
“EBITDA growth of 3% with positive contributions from all territories excluding Australia.”
New Look's UK fashion retail operating environment remained challenging.
“The UK fashion retail operating environment remains challenging, however, the first half of FY2027 delivered an encouraging performance, with record summer temperatures supporting the retail business.”
Premier revenue increased 39% year on year to R14.3 billion for the six months ended 30 September 2026.
“Revenue of R14.3 billion up 39% YoY.”
Premier EBITDA increased 51% year on year to R2.0 billion for the six months ended 30 September 2026.
“EBITDA of R2.0 billion up 51% YoY.”
Premier headline earnings per share increased 27% year on year to 711 cents per share.
“Headline earnings per share of 711 cents per share, an increase of 27% YoY.”
Virgin Active LTM EBITDA grew 10% to £116.7 million despite challenging trading conditions in South Africa and the United Kingdom.
“EBITDA grew by 10% over the last twelve months (“LTM”) to £116.7 million, notwithstanding challenging trading conditions in South Africa and the United Kingdom.”
Virgin Active agreed to acquire HPG for €135 million at 6.3x EV/EBITDA, gaining a platform in Germany’s fast-growing and underpenetrated health and fitness market.
“Binding agreement to acquire HPG for €135 million (6.3x EV / EBITDA), which provides the business with a leading platform in Germany, one of Europe’s fastest growing and underpenetrated health and fitness markets.”
More on Brait PLC
Related filings
More from BAT
Other Results
- PPEPURPLE GROUP LIMITED - Audited consolidated results for the year ended 31 August 2026 and distribution of annual report and notice of AGM
- KALKAL GROUP LIMITED - Announcement Of Results And Webcast
- UPLUNIVERSAL PARTNERS LIMITED - Summarised unaudited financial statements for the quarter ended 30 September 2026
- DIBDIPULA PROPERTIES LIMITED - Audited consolidated financial results for the year ended 31 August 2026 and guidance
- PWRPOWERFLEET INC - Form 10-Q unaudited financial results for the first half of fiscal 2027