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2026 UNAUDITED INTERIM RESULTS Brait PLC (Registered in Mauritius as a Public Limited Company) (Registration No. 183309 GBC) Share code: BAT ISIN: LU0011857645 Bond code: WKN: A2SBSU ISIN: XS2088760157 LEI code: 549300VB8GBX4UO7WG59 (“Brait”, the “Company” or “Group”) FOR SIX MONTH PERIOD ENDED 30 SEPTEMBER 2025
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2 Unaudited interim results for the six months ended 30 September 2025 CONTENTS PAGE 2 PAGE INDEX SECTION ONE - Brait’s interim Results Presentation: 1H FY2026 Executive Summary page 4 Brait NAV & Liquidity page 6 Virgin Active page 11 Premier page 21 New Look page 29 Valuations page 32 Strategic Outlook Page 36 SECTION TWO - Annexures Annexures: Company page 39 Annexures: Virgin Active – additional information and summary 4-year financials page 42 Annexures: Premier – additional information and summary 4-year financials page 48 SECTION THREE – Unaudited interim results announcement for the six months ended 30 September 2025
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3 Unaudited interim results for the six months ended 30 September 2025 BRAIT’S INTERIM RESULTS PRESENTATION for the six months ended 30 September 2025
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4 Unaudited interim results for the six months ended 30 September 2025 EXECUTIVE SUMMARY 4
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5 Unaudited interim results for the six months ended 30 September 2025 PORTFOLIO PERFORMANCE OVERVIEW 5 – Membership growth increased marginally across key territories (active membership increased 1% YTD) despite club refurbishment closures and higher terminations in some territories – All territories saw strong revenue growth with UK (12% increase), South Africa (15%), Italy (7%) and APAC (13%) – Significant increase in capital expenditure (from £58m in 2024 to £96m in 2025) due to refurbishment program and new club development – Capital spend on the estate has resulted in strong EBITDA growth with meaningful embedded EBITDA – LTM EBITDA to 30 September 2025 increased by 45% to £112m – Strong performance in H1 FY26 with revenue growth of 6%, EBITDA growth of 14% YoY, HEPS growth of 28% and ROIC of 24.8% – Performance was driven by strong growth across all divisions, with MillBake being the core driver – Premier recently announced a transformational merger with RFG which will significantly diversify its product mix – Strong cash generation has allowed the business to de-gear significantly, which has provided scope for the recently announced interim dividend and share repurchase programme – Reasonable performance in the first quarter despite the continued tough operating environment in UK fashion retail – Revenue for the first six months is down 2% on prior year whilst restructure of the business post the injection of new money has resulted in EBITDA up 34% to £21m – Advisor appointed to help in the assessment of strategic options for the business – Strategy remains to unlock value and optimise the asset base to return capital to shareholders – The Company repurchased £10 million of its Convertible Bonds at a discount to par (£133.6 million of the Convertible Bonds remain) – Available cash and facilities amounted to R0.7 billion at the reporting date. – NAV per share is R3.21, a 5% increase compared to the R3.06 reported for FY25.
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6 Unaudited interim results for the six months ended 30 September 2025 BRAIT NAV & LIQUIDITY 6
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7 Unaudited interim results for the six months ended 30 September 2025 Unaudited Audited Unaudited Movement Not es 30 Sep 2024 31 Mar 2025 30 Sep 2025 HY26 R'm R'm R'm R'm Investments 15,568 93.9% 16,083 97.1% 16,895 99.3% Virgin Active 1 10,126 61.1% 10,209 61.6% 10,064 59.2% (145) Premier 2 4,609 27.8% 5,382 32.5% 6,350 37.3% 968 New Look 3 822 5.0% 485 2.9% 474 2.8% (11) Other investments 4 11 - 7 0.1% 7 - - Cash and receivables 5 1,003 6.1% 483 2.9% 119 0.7% (364) Total Assets 16,571 100% 16,566 100% 17,014 100% 448 Borrowings (Drawn BML RCF) 6 - - - - Convertible Bonds 7 (2,682) (2,873) (2,693) 180 BIH Exchangeable Bonds 8 (1,764) (1,701) (1,770) (69) Non-current liabilities (4,446) (4,574) (4,463) Accounts payable 9 (155) (175) (170) 5 Current liabilities (155) (175) (170) Total Liabilities (4,601) (4,749) (4,633) 116 NAV to ordinary shareholders 11,970 11,817 12,381 564 # of shares ('m) 3,862.7 3,862.7 3,862.7 - NAV per share 3.10 3.06 3.21 0.15 Diluted NAV per share (3) 2.81 2.80 2.93 0.13 BRAIT NAV ANALYSIS Rand NAV Per Share (1)(2) (1) Closing Pound Sterling rates: Sep-25: R23.22; Mar-25: R23.65; Sep-24: R23.09. (2) In accordance w ith IFRS10, given the investment enti ty status of the wholly-owned subsidiary Brait Investment Holdings Li mited (“BIH”), the Company i s exempted from producing consolidated fi nancial statements. The resul ts shown above apply the look-through consolidation basis. (3) Illustrative diluted NAVPS assumes the 2 825 997 outstanding BIH Exchangeable Bonds have exchanged at their outstanding principal value of R2 119.5m into Exchange Shares at the Exchange Price of R2.21, resul ti ng i n the issuance of 959.0m Brait PLC shares. To the extent the prevai ling share price of the Brait shares delivered at redemption date is less than the prevailing exchange price, a cash settlement would be required to cover the shortfall to the principal value of the BIH Exchangeabl e Bonds. 7
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8 Unaudited interim results for the six months ended 30 September 2025 BRAIT NAV ANALYSIS # Item R’m 1 (145) ▪ Unchanged Virgin Active Pound carrying value (metrics on a pre-IFRS16 basis): • EBITDA based on unchanged maintainable level of £120m compared to Mar-25. • EV/EBITDA multiple of 9.25x on a pre-IFRS16 basis (Mar-25: 9.0x), representing a 15% discount to peer average Dec-25 multiple of 10.9x (Mar-25: 10.2x). • Net third party debt of 411.0m (Mar-25: £386.6m), which includes £1.0m (Mar-25: £8.0m) for deferred costs. 2 +968 ▪ Premier valued at the closing JSE share price of R152.33 (Mar-25: R129.10): • Brait’s shareholding in Premier is 32.3% representing its 41.7m shares, unchanged from Mar-25. • Based on Premier’s reported LTM EBITDA of R2.5bn (Mar-25: R2.4bn) and net third party debt of R1.7bn (Mar-25: R1.7bn), this equates to an implied EV/LTM EBITDA multiple of 8.7x based on the 30-Sep-25 JSE closing share price. 3 (11) ▪ Decrease in New Look’s carrying value (metrics on a pre-IFRS16 basis): • Unchanged maintainable EBITDA of £30m based on LTM reported EBITDA compared to Mar-25. • Unchanged EV/EBITDA multiple of 6.5x on a pre-IFRS16 basis, representing a 36% discount to peer average multiple of 10.2x. • No normalisation adjustments considered in net third party debt of £49.1m (Mar-25: £51.0m). 4 Other investments - ▪ Remaining carrying value relates to a legacy private equity investment. 5 Cash and receivables (364) ▪ Decrease largely due to the April 2025 repurchase of £10m of the Convertible Bonds at a discount to their par value as well as coupon payments on the Convertible and BIH Exchangeable Bonds. 448 ▪ TOTAL CARRIED FORWARD Movement in balance sheet positions for HY2026 8
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9 Unaudited interim results for the six months ended 30 September 2025 BRAIT NAV ANALYSIS # Item R’m 448 ▪ TOTAL BROUGHT FORWARD 6 Borrowings (drawn BML RCF) - ▪ The BML RCF was undrawn at 30 September 2025. 7 Convertible Bonds 180 ▪ The Convertible Bonds valued at £83.1k per bond (Mar-25: £81.0k), reflecting their IAS32 measured liability component. In April 2025, the Company repurchased £10 million of the Convertible Bonds at a discount to their par value. Following these purchases, £133.6 million of the Convertible Bonds remain outstanding. 8 BIH Exchangeable Bonds (69) ▪ The BIH Exchangeable Bonds in issue valued at reporting date at R626 per bond (Mar-25: R602), reflecting their IAS32 measured liability component. 9 Accounts payable 5 ▪ Includes coupon accruals of £3.1m and R39.8m relating to the Convertible Bonds and the BIH Exchangeable Bonds, respectively. 564 ▪ TOTAL BALANCE SHEET MOVEMENT: HY2026 Movement in balance sheet positions for HY2026 (continued) 9
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10 Unaudited interim results for the six months ended 30 September 2025 BRAIT LIQUIDITY AND NET DEBT Facilities (R’m) Mar-25 Mar-25 BML RCF Facility 594 594 Less: drawn - - Available undrawn facility: Reporting date 594 594 Available liquidity: Reporting date 710 1,077 2,648 2,682 2,873 2,693 1,754 1,764 1,701 1,770 Mar 24 (Adjusted) Sep 24 Mar 25 Sep 25 Total Group debt (R’m) (5) Convertible Bonds BIH Exchangeable Bonds Drawn BML RCF 4,446109 4,511 4,463 Cash and cash equivalents (R’m) (1) Sep-25 Mar-25 Opening cash balance 483 1,048 Proceeds received from portfolio (2) 102 698 Interest income 3 - Expenses (operating costs and taxes) (51) (100) Investment in portfolio (3) - (1,112) Net proceeds of Rights Offer - 1,430 Net cash outflow from financing activities (4) (415) (1,489) Effect of exchange rate changes on cash (6) 8 Closing cash balance 116 483 Available liquidity, debt and covenants LIQUIDITY – Per the terms of the Convertible Bonds, Brait’s ‘Tangible NAV/Net Debt’ ratio is required to be not less than 200% – Conversion price on the Convertible Bonds is £0.3523 (R8.18 at reporting date) – Exchange Price on the BIH Exchangeable Bonds: R2.21 DEBT & COVENANTS 4,574 (1) The cash flow s show n appl y the look-through consolidation basis. (2) HY26 incl udes di vidend income from Premier received in Jul-25. FY25 includes (i) proceeds from a market placement of 4.0m Premier shares which raised R444m; (ii) the residual proceeds from the Mar-24 pl acement of 15m Premier shares; and (iii) R100m dividend income from Premier received in Aug-24. (3) FY25 relates to Brait’s subscri ptions of £2.9m (R66.9m), £24.0m (R557.5m) and £21.0m (R487.2m) in Virgin Active’s Converti ble Preference Shares issued in Jun-24, its £34m capital raise in Sep-24 and its £30m capital raise in Nov-24, respectively. (4) HY26 incl udes Apr-25 repurchase of £10m of the Convertible Bonds at a discount to their par value. FY25 included (i) R0.9bn in Convertibl e and BIH Exchangeable Bond repayments; (i i) full repayment of the BML R CF in Sep-24; and (i ii) the Repurchase of 172,607 BIH Exchangeable Bonds through market purchases and a tender offer for R125.8m. (5) At maturity, the issuer may redeem the principal amount of any outstanding BIH Exchangeable Bonds by delivery of fixed number of Brait shares at their prevailing market value and Exchange Price and cash totaling the Principal amount in value. (6) FY24 Group debt adjusted to illustrate effects of the recapitalisation concluded in August 2024. (6) 10
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11 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE 11
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12 Unaudited interim results for the six months ended 30 September 2025 Strong operating leverage from growing volume in existing capacity Volume and yield upside from club reinvestment with proven ROI track record New club pipeline in existing and new territories Selective M&A opportunities to step change growth Expand ancillary wellness products and services VIRGIN ACTIVE: INVESTMENT PROPOSITION 12 Aspirational global wellness brand with market leading premium positions across 6 global markets Attractive exposure to strong growth trends in the health and wellness sector Transforming from being a gym pure play to broader wellness brand targeting a significantly larger total addressable market High quality portfolio of large format clubs in major metropolitan areas with predictable subscriptions revenues Innovative healthy food brand with 260+ stores and primed for growth Multiple leavers for growth: Experienced management team with a balanced blend of industry experience and innovative consumer and technology segments
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13 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE: GROWTH DRIVERS 13 Build ancillary wellness revenue streams to grow share of wallet Deploy data and AI to enhance the member experience and drive business efficiencies Estate and product investment in state-of-the-art equipment, exercise programming, relaxation and recovery, social and co-working spaces Recruit and train exceptional hospitality Roll-out global loyalty programme to drive engagement and retention New club opportunities in existing and new core territories (Min 20% ROCE) Strategic M&A opportunities in health club and adjacent wellness spaces Acquire more members Keep them longer Achieve higher yields Grow share of wallet Operating efficiencies Digitally transform the customer acquisition, engagement and retention processes Expand Kauai/Nu offshore, first clubs and expand to retail locations Key strategic initiatives Expand management franchise model into non-priority markets Broaden TAM Drive customer lifetime value Margin expansion Space growth Replicate at scale Like-for-like growth driversNew opportunities
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14 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE: LTM TERRITORY UPDATE TO SEPTEMBER 2025 SOUTH AFRICA +15% ITALY +7% UNITED KINGDOM +12% APAC +13% 35% 27% 24% 14% = contribution to LTM revenue Source: Virgin Active Management Accounts, Management Information Revenue LTM growth 1% 11% 3ppt Members Yield Churn 2% 4% 2ppt Members Yield Churn 3% 10% 0ppt Members Yield Churn (3)% 8% 2ppt Members Yield Churn • Significant increase in capex (£14.1m YTD) to drive refurb program and support yield increases • Focus on estate upgrades / enhancement of member experience • Sales (>200k YTD) marginally ahead of prior year • Yields up 11% year-on-year • Churn elevated due to club closures (refurbs), price increases and affordability issues in certain markets. • Number of clubs closed due to refurbishments impacted churn with >2k members on freeze • Sales of 75k YTD marginally above 2024 levels • £17.4m total capex spent YTD with 3 new clubs opening in Q4 2025 / Q1 2026 which will drive growth • Higher churn as a result of yield increases to manage volumes at capacity constrained clubs • Significant growth opportunity in the Italian market with new sites identified and leases signed for 2026/7 • Sales of 62.5k YTD are 7% ahead of prior year despite price increases resulting from club investment, demonstrating the benefit of the current club refurb program (£14.5m total capex YTD) • Yields up 10% year-on-year • Significant capex still required to elevate the remaining estate to drive retention and support further yield growth • Proactive strategy to “roll” clients onto 12 month contracts successfully implemented but led to elevated short term churn • Lower sales in Australia offset by yield management • Successful opening of new flagship club in Bondi Westfield in August with membership ahead of budget • Strong membership and yield growth in Singapore and Thailand • New management in Australian business since June 14
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15 Unaudited interim results for the six months ended 30 September 2025 61 55 62 59 62 - 10 20 30 40 50 60 70 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 APAC Total Active Members Freeze VIRGIN ACTIVE: MEMBERSHIP Group membership over the last twelve months (“LTM”) to September 2025 (+2%) (1) +1% +2% +3% +1% (1) Membership figures excludes closed clubs 627 624 633 628 631 610 615 620 625 630 635 640 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 South Africa Total Active Members Freeze 136 134 146 138 140 125 130 135 140 145 150 155 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 UK Total Active Members Freeze 188 188 196 181 192 170 175 180 185 190 195 200 205 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Italy Total Active Members Freeze 15
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16 Unaudited interim results for the six months ended 30 September 2025 56% 27% 13% 4% 35% 27% 24% 14% SA Italy UK APAC VIRGIN ACTIVE: PERFORMANCE Positive key KPI trends 400bps improvement in operating margin 42% growth in EBITDA Revenue growth continues with all territories showing strong EBITDA growth Focus on quality of sales and retention to drive membership growth Source: Virgin Active Management Accounts, Management Information Revenue EBITDA Sep 2024 Sep 2025 vs 2024 Sales 360.2 367.4 2% Attrition 42% 46% 4% Active Members 1 015.0 1 025.2 1% Yield 37.9 41.3 9% Revenue (ex Kauai) 403.2 447.5 11% EBITDA (ex Kauai) 55.3 78.5 42% 16
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17 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE (INCLUDING KAUAI): PERFORMANCE Financial performance: Nine months to September 2025 REVENUE (£m)EBITDA (£m) – YTD Revenue of £475.9m (including Kauai) is 1% below budget and 12% up YoY. Revenue performance by territory: – YTD EBITDA of £81.5m (including Kauai) is 2% behind budget and up 43% YoY. EBITDA performance by territory: Financial Results (1) (1) All financial data is stated at 2025 budget currency rates (ZAR 23.00, EUR 1.20, AUD 2.00, SGD 1.70, THB 43.00) unless stated otherwise Actual vs 2024 South Africa 158.3 14% UK 108.7 12% Italy 116.8 6% Australia 27.2 6% Thailand 16.8 17% Singapore 19.7 16% Kauai 28.4 30% Actual vs 2024 South Africa 44.5 40% UK 10.8 66% Italy 23.6 25% Australia -0.9 -257% Thailand 2.0 386% Singapore 2.9 209% Kauai 3.1 54% Group -4.5 -10% 424.9 475.9 Sep-24 Sep-25 57.0 81.5 Sep-24 Sep-25 17
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18 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE (INCLUDING KAUAI) : PERFORMANCE Revenue progression EBITDA progression Operating Cash Flow (pre interest and growth capex) progression *Sep-25 annual ized 602 296 292 436 511 576 646 FY19 FY20 FY21 FY22 FY23 FY24 Sep-25* 142 -17 -15 -12 22 80 112 FY19 FY20 FY21 FY22 FY23 FY24 Sep-25* 86 19 -61 -75 -21 32 56 FY19 FY20 FY21 FY22 FY23 FY24 Sep-25* 18
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19 Unaudited interim results for the six months ended 30 September 2025 SIGNIFICANT GROWTH IN CAPITAL EXPENDITURE 38.2 13.8 4.3 56.3 39.2 25.1 13.4 77.7 Maintenance Capex Major Refurbishment Capex New Club Capex Total Capex Capital expenditure 2024 2025 • Maintenance Capex: investment into the existing estate ensuring the value proposition is maintained • Major Refurbishment Capex: investment into upgrading the existing estate, in some cases requiring club closures which result in a loss in members and revenue for that club whilst closed • New Club Capex: investment into new clubs (Italy & Australia) with resultant start-up club losses before mature EBITDA is reached (typically reached within 2-3 years) – the mature EBITDA (or Embedded EBITDA) is not reflected in current profitability. Breakeven is typically reached within 12 months. • Total Capex: 35% increase in total capex spend YoY which resulted in once-off losses incurred during 2025, for club closures and start- up costs in new clubs £20m increase in major refurbishment and new club capex 19
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20 Unaudited interim results for the six months ended 30 September 2025 0.3 2.0 1.0 Adjustments (£m) Club closures Start-Up Losses Major Refurbishment 80.6 112.0 112.0 115.3 121.2 121.2 3.3 5.9 2024 2025 Adjustments 2025 Adjusted Embedded Mature Adjusted EBITDA Forecast (£m) 18.6 19.7 17.4 24.9 25.6 30.2 25.7 30.5 0.2 0.6 1.3 1.2 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Quarterly EBITDA (£m) EBITDA Adjustments FINANCIAL PERFORMANCE TRAJECTORY 37% increase 47% increase 20
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21 Unaudited interim results for the six months ended 30 September 2025 PREMIER 21
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22 Unaudited interim results for the six months ended 30 September 2025 PREMIER 22 6 months ended 30 September 2025 (H1 FY26) Revenue: R10.3bn +6% YoY EBITDA: R1.3bn +14% YoY EBITDA margin: 12.7% H1 FY25 = 11.9% EBIT: R1.1bn +17% YoY EBIT margin: 10.7% H1 FY25 = 9.7% ROIC(1): 24.8% Net profit margin: 7.0% H1 FY25 = 5.8% HEPS: 559.5 cps +28% YoY Net third party debt(2): Leverage ratio of 0.7x (1) Refers to return on average invested capital adjusted for the historical revaluation of intangibles (2) Includes IFRS16 capital ised leases Source: Premier unaudited i nterim resul ts
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23 Unaudited interim results for the six months ended 30 September 2025 23 PREMIER RFG Holdings Limited Transaction Summary details – In October 2025, Premier announced an offer to acquire 100% of the issued ordinary shares in RFG Holdings Limited (“RFG”) by way of a scheme of arrangement (“the Announcement”) – The offer will be effected as a share swap: – RFG shareholders offered 1 Premier share for every 7 RFG shares held, based on a reference price of R22.00 per RFG share and R154.00 per Premier share – The share swap represented a 35.6% premium to the closing prices and 37.5% to the 30 -day VWAPs of the two companies – Post completion, RFG shareholders will own c.22.5% of the enlarged Premier and RFG will delist from the JSE. Brait’s stake will reduce from 32.3% to 25.0% – In terms of the JSE Listings Requirements, Premier does not require shareholder approval for this transaction Conditions that remain outstanding – Approval by 75% of RFG shareholders by way of a special resolution at the scheme meeting expected to be held on 11 December 2025: – Circular to be posted to RFG shareholders on 13 November 2025 – At the date of the Announcement, RFG shareholders holding 49.5% of the RFG shares in issue had signed irrevocable undertakings to vote in favour of the transaction, and RFG shareholders holding a further c.23.3% of the shares in issue have provided non -binding letters of support – Approval by the competition authorities in South Africa, Eswatini, Namibia and Botswana – No “Material Adverse Change” occurring in either Premier or RFG – Anticipated closing date is 31 March 2026
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24 Unaudited interim results for the six months ended 30 September 2025 24 PREMIER Rationale for RFG Holdings Limited Transaction 1. The acquisition will support Premier’s growth trajectory – In the short-term, cost savings are expected from a reduction of duplicated costs – In the medium-term, harmonising procurement of goods and services – In the longer-term, accelerating growth opportunities within the RFG portfolio 2. RFG has a diversified and well -balanced portfolio of products – Leading producer of convenience meal solutions with strong positions across key categories (long -life fruit juices, pies and pastries, ready meals, spices) – Complementary product offering aligns strategically with Premier’s existing product base – Broadens Premier’s category reach and market presence and provides cross -brand promotional opportunities – Increases Premier’s private label exposure to a key customer (Woolworths) 3. The two businesses share common customers but no product or category overlap 4. RFG management will remain to unlock value and deliver significant synergies while limiting integration risk 5. The enlarged group will add scale to Premier – Add revenue of almost R8bn and EBITDA of R1.1bn – Premier will become the 2nd largest food producer on the JSE with revenue of over R29 billion – Dilute Millbake’s contribution to Group revenue to 58% (currently 83%) and to EBITDA to 65% (currently 88%) – Add ex-SA revenue of R1.5bn 6. Premier’s free float will increase to c.40% from 33% boosting liquidity in the share
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25 Unaudited interim results for the six months ended 30 September 2025 1,123 1,262 H1 FY25 H1 FY26 25 PREMIER Divisional performance highlights: Millbake 18% Contribution to H1 FY26 revenue – Millbake delivered an excellent set of results for the half year, with moderate revenue growth effectively converted into not able operational earnings uplift – Deflation seen in global grain prices in the period, with maize and rice prices softening significantly. Recent crop estimate s and global stock levels indicate ample grain availability and subdued prices for the foreseeable future – Wheat flour posted encouraging volume growth. Demand for Snowflake brand remains robust amidst increased price -based competitor activity – Premier passed through savings in maize and rice to burdened consumers. Maize remains a key staple food product in the lives of most South Africans – Focus on price point management and disciplined procurement to drive sustainable volume growth – Phase 1 of the Aeroton mega -bakery project scheduled for commissioning in mid -November 2025 – Phase 2 scheduled for commissioning in February 2026 – Investment in sites critical to future -proofing supply in high -demand regions 83% Revenue EBITDA 13.9% 14.7% EBITDA margin Source: Premier unaudited i nterim resul ts 8,074 8,561 H1 FY25 H1 FY26
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26 Unaudited interim results for the six months ended 30 September 2025 105 119 H1 FY25 H1 FY26 Contribution to H1 FY26 revenue 26 PREMIER Divisional performance highlights: Groceries & International 18% 17% Revenue EBITDA 6.4% 6.8% Home and Personal Care – Investment in capacity and capability on track in HPC SA – Focus on bedding down several strategic projects and streamlining manufacturing operations – Tampon manufacture and packing delivering good efficiencies – Liners manufacturing and packing lines were commissioned in September 2025 – UK strategy to expand portfolio outside the core tampon business progressing well – Lil-Lets cotton wool range gaining traction on Amazon and select high street retailers EBITDA margin Source: Premier unaudited i nterim resul ts 1,625 1,756 H1 FY25 H1 FY26 Sugar Confectionery – Solid Sugar Confectionery performance – Uptick in volumes due to new business, innovation and improving service levels post challenges in prior year – Progress in onboarding of additional prestigious Woolworths branded products – Liquorice line up and running and well placed to deliver exciting innovation and efficiencies CIM – Good performance from CIM on a comparable basis, notwithstanding significant macro-economic headwinds – Foreign currency supplies remain low – CIM diverse product and brand portfolio remains defensive
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27 Unaudited interim results for the six months ended 30 September 2025 PREMIER 27 Income statement: H1 FY26 REVENUE (Rm)EBITDA (Rm)EBIT (Rm) % growth +6% +14% +17% +27% – Revenue grew 6% on prior year, driven by: – MillBake increasing by 6% to R8 561m – Groceries & International increasing by 8% to R1 756m – EBITDA increased 14% on prior year through further improvements in efficiencies and consistent service delivery – Both gross profit and EBITDA margin improved, from 35.0% to 35.7% and from 11.9% to 12.7%, respectively – EBIT grew by 17% on prior year, with depreciation and amortisation at 2.0% of revenue Source: Premier unaudited i nterim resul ts Financial Performance – Net income increased by 27% on prior year – Net finance costs decreased from R166m to R119m due to lower weighted average interest rates and a reduced level of debt Net income (Rm) 9,699 10,318 H1 FY25 H1 FY26 1,155 1,312 H1 FY25 H1 FY26 945 1,105 H1 FY25 H1 FY26 565 719 H1 FY25 H1 FY26
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28 Unaudited interim results for the six months ended 30 September 2025 PREMIER 28 Cash flow and leverage ratio: H1 FY26 Source: Premier unaudited i nterim resul ts 1) Calculated as Free cash flow as a percentage of EBITDA (2) Calculated as total net debt divided by LTM EBITDA – Cashflow from operations was up 35% to R1.3bn, with R70m of working capital absorbed during the period (H1 FY25: absorbed R240m) – Capex of R510m (H1 FY25: R281m) and capex to revenue of 4.9% (H1 FY25: 2.9%) – The commissioning of Phase 1 of the Aeroton mega-bakery project is on track for mid- November 2025, and Phase 2 for February 2026 – Other significant projects undertaken included the installation of the new HPC manufacturing and packing facilities for liners in Ethekwini – The efficiencies and scale resulting from substantial infrastructure investments are expected to yield benefits progressively over the coming years – Group leverage ratio of 0.7x, deleveraged from 1.0x in H1 FY25 – Driven by debt payments on borrowings and growth in EBITDA – Once-off interim dividend of 159cps announced owing to the RFG acquisition – Intention is to retain dividend policy of 30% diluted HEPS – Final year dividend expected to be 30% of fully year diluted HEPS less 159cps Unlevered cash flow (Rm) H1 FY25 H1 FY26 Cash flow from operations before working capital 1 184 1 342 Working capital movement (240) (70) Cash flow from operations 944 1 272 Maintenance capex (120) (110) Taxation paid (242) (249) Free cash flow (excl. expansionary capex) 582 913 Free cash flow conver sion(1) 50% 70% Expansionary capex (161) (400) Free cash flow (excl. expansionary capex) 421 513 Free cash flow conver sion(1) 36% 39% Group net debt (Rm) H1 FY25 H1 FY26 Borrowings 2 260 1 850 Lease liabilities 279 290 Less: (net cash) / overdraft (290) (388) Total net debt 2 249 1 752 LTM EBITDA 2 190 2 511 Leverage Ratio (2) 1.0x 0.7x – Premier intends to commence a share repurchase programme in terms of the general authority granted to it by shareholders at the Annual General Meeting held on 3 September 2025 – The rationale for the share repurchase is to ensure that the Group’s capital structure remains efficiently structured, before any effects of the RFG transaction, and is primarily a response to strong free cashflow generation over the prior financial periods – The share repurchase programme is in line with the Group’s disciplined capital allocation framework – Premier intends to repurchase shares at up to R154 per share, being the reference price of the RFG transaction – Management will monitor volumes and market pricing, and reserves the right to pause, cancel or alter the buyback parameters at anytime
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29 Unaudited interim results for the six months ended 30 September 2025 NEW LOOK 29
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30 Unaudited interim results for the six months ended 30 September 2025 NEW LOOK 30 Revenue: £367.0m (1.6)% YoY Gross profit: £221.9m (0.8)% YoY Gross profit margin: 60.5% +0.5%pts YoY EBITDA: £21.1m +34.4% YoY EBITDA margin: 5.7% +1.5%pts YoY New Look Digital transformation Goal is to further strengthen New Look’s presence in the UK, driven by a revitalised e-commerce strategy Impact of “right-sizing” cost base shown in profit growth Ensures better alignment with New Look’s transition to a more digitally focused model Customer migration Key focus area is managing % conversion of customers from closed stores to online. Currently tracking in line with management’s plan 3rd party partnerships Continued strong performance with key partners, with potential for future expansion H1 FY26 Performance (6 months ended 26 September 2025) (1) Source: Management Accounts, Management Information Notes: (1) Prior year performance (H1 FY25) has been adjusted to reflect the liquidation of New Look Ireland in FY25
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31 Unaudited interim results for the six months ended 30 September 2025 15.7 21.1 H1 FY25 H1 FY26 373.1 367.0 H1 FY25 H1 FY26 NEW LOOK 31 REVENUE (£m)EBITDA (£m) – Revenue for H1 FY26 declined by 1.6%, with all the decline attributable to the retail segment, which fell 5.3% compared to H1 FY25 – This was driven in large part by store closures as New Look transitions to a more digitally focused model – New Look Digital (comprising E-commerce, 3PE(2) and 3PM(3)) delivered growth of 7.8% over the prior year – The migration of customers from closed stores to online channels remains strong, with conversion rates progressing in line with management’s plans – The business has clear strategies for ongoing migration, assisted through New Look’s customer loyalty and membership program (“Club New Look”) – New Look Digital’s future growth is supported by the Group’s customer base of over c.10m, comprising a CRM database of c.8m and a social media following of around c.7m. New Look has invested significantly in various technology driven initiatives to increase the “cu stome r lifetime value” of this customer base, which is starting to drive strong online engagement, resulting in a marked increase in traffic as well as demand for the newly launched loyalty program - Club New Look H1 FY26 Performance (1) (1.6%) – Gross profit margin continues to increase (+0.5pts), driven by strategic pricing management to ensure a greater proportion of full price being achieved – Cost “right-sizing” has resulted in positive EBITDA margin improvement, as costs declined overall despite significant inflationary pressures Source: Management Accounts, Management Information Notes: (1) Prior year performance (H1 FY25) has been adjusted to reflect the liquidation of New Look Ireland in FY25 (2) 3rd party e-commerce (3) 3rd party marketplace
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32 Unaudited interim results for the six months ended 30 September 2025 VALUATIONS 32
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33 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE: PEER GROUP MULTIPLES Company Market cap Enterprise Value EV / EBITDA Net Debt / EBITDA CAGR (FY25– FY27) EBITDA margin (€m) (€m) 2025 2026 2025 Revenue EBITDA FY25 Lifetime Group 5 535 6 677 9.7x 8.8x 1.7x 11% 11% 27% SmartFit 2 550 3 048 8.3x 6.5x 1.4x 22% 24% 32% Basic-Fit 1 692 2 718 7.9x 6.7x 3.0x 10% 13% 24% Leejam 1 697 1 795 14.9x 13.3x 0.7x 11% 14% 32% The Gym Group 315 371 6.3x 5.8x 1.0x 10% 9% 21% SATS 651 740 9.9x 9.0x 1.2x 5% 8% 16% Planet Fitness 7 460 8 794 19.1x 17.1x 3.2x 10% 12% 42% Average 10.9x 8.4x 1.7x 11% 13% 28% Median 9.7x 7.8x 1.4x 10% 12% 27% Virgin Active 9.25x Source: Morgan Stanley, Capital IQ 33
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34 Unaudited interim results for the six months ended 30 September 2025 7.00x 8.50x 9.25x 10.00x 120 2.11 2.84 3.21 3.57 140 2.68 3.53 3.96 4.39 160 3.25 4.22 4.71 5.20 VIRGIN ACTIVE: VALUATION Virgin Active carrying value Valuation sensitivity Implied Brai t NAV based on Premier share pri ce and New Look NAV both as at 30 September 2025 £'m 30-Sep-24 31-Mar-25 30-Sep-25 Maintainable EBITDA (incl. Kauai) 123.9 120.0 120.0 EV/EBITDA multiple 9.0x 9.0x 9.25x Enterprise value 1,115 1,080 1,110 Less: actual net third party debt (398) (379) (410) Less: debt adjustment (16) (8) (1) Shareholder value 701 693 699 Less: senior shareholder funding (49) (49) (49) Less: convertible preference shares (CPS) (64) (67) (71) Equity value 588 577 579 Brait’s junior s/h funding participation % 67.4% 67.4% 67.4% Shareholder funding value 33 33 33 Brait’s CPS participation % 11.5% 11.5% 11.5% Shareholder funding value 7 8 8 Brait’s equity participation % 67.6% 67.7% 67.7% Equity value 398 391 392 Carrying value (£m) for Brait’s investment 438 432 433 Closing GBP/ZAR exchange rate R23.09 R23.65 R23.22 Carrying value (Rm) for Brait’s investment 10,126 10,209 10,064 7.00x 42% 8.50x 9.25x 10.00x 14% 0% +14% 251 372 433 494 EBITDA Multiple VA EBITDA Discount to VA NAV 2.11 2.84 3.21 3.57Implied Brait NAV Implied Brait NAV 34
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35 Unaudited interim results for the six months ended 30 September 2025 6.3x 11.5x 11.3x 15.6x 6.2x 6.5x ABF H&M Next Inditex M&S New Look NEW LOOK: VALUATION 35 £'m 30-Sep-24 31-Mar-25 30-Sep-25 Maintainable EBITDA 35 30 30 EV/EBITDA multiple 6.5x 6.5x 6.5x Enterprise value 228 195 195 Less: net third party debt (32) (51) (49) Shareholder value 196 144 146 Less: Senior priority PIK facility - (32) (34) Less: Priority PIK facility (69) (75) (81) Less: Original PIK facility (78) (37) (31) Less: senior shareholder funding (40) - - Equity value 8 - - Brait’s senior priority PIK 0.0% 0.0% 0.0% Senior priority PIK value - - - Brait’s priority & existing PIK facilities 18.3% 18.3% 18.3% Priority & existing PIK facilities value 27 21 20 Shareholder funding 18.3% 18.3% 18.3% Shareholder funding value 7 - - Brait’s equity participation % 17.2% 17.2% 17.2% Equity value 1 - - Carrying value (£m) for Brait’s investment 36 21 20 Closing GBP/ZAR exchange rate R23.09 R23.65 R23.22 Carrying value (Rm) for Brait’s investment 823 485 474 New Look peer multiple evolution New Look carrying value LTM EV / EBITDA (September 2025) (pre IFRS16) Discount to peer average Peer average: 10.2x 31% 10.7x 9.4x 10.2x 6.5x 6.5x 6.5x 30 Sep 2024 31 Mar 2025 30 Sep 2025 Peer average New Look 39% 36%
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36 Unaudited interim results for the six months ended 30 September 2025 STRATEGIC OUTLOOK 36
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37 Unaudited interim results for the six months ended 30 September 2025 STRATEGIC OUTLOOK 37 – Brait’s strategy remains to unlock value through the sale / monetisation of its asset base – The next key step is raise capital in or the listing of Virgin Active by Dec 2027 to enable the unbundling of the business – Work remains ongoing to optimise the outcome including: – Options with respect to the stake in Premier – Refinancing of Virgin Active’s global debt facilities – Assessment of options to raise capital in Virgin Active and / or list the business – The sale of New Look – The optimal capital structure for Brait to facilitate the exit strategy – The recapitalisation in 2024 has provided the flexibility to optimally monetise the asset base – The asset portfolio remains well placed to continue to grow at / above the cost of equity – The increase in growth capex at Virgin Active will allow the company to continue to consolidate and grow its leading position in its key markets and prove out the wellness strategy
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38 Unaudited interim results for the six months ended 30 September 2025 RESULTS PRESENTATION ANNEXURES Six months ended 30 September 2025
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39 Unaudited interim results for the six months ended 30 September 2025 Instrument ▪ £133.6 million unsubordinated and unsecured convertible Bonds due 4 December 2027, denominated in tranches of £100,000 each Cash Paydowns ▪ Recapitalisation repurchase of R150m on a pro rata basis and £10m buyback in April 2025 Coupon ▪ 8.0% – 7.25% (cash) and 0.75% (PIK) Conversion price ▪ £0.3523 Call ▪ Callable at any time Debt Incurrence ▪ No ability to incur additional debt in Brait holding company structure other than: – In an amount equal to the face value of the existing Convertible Bonds, BIH Exchangeable Bonds & BML RCF – With bondholder consent Asset Sales / Mandatory Prepayments ▪ Within 180 days, proceeds from asset sales to be applied as follows: – At least 25% to repay and / or repurchase debt – Capex and investments Subject to de minimis threshold of £10m ▪ The amount of net cash proceeds not used per above will be applied to redeem debt at par in accordance with structural senior ity waterfall (first BML RCF, then BIH Exchangeable Bonds, then Convertible Bonds) Related Parties Transactions(2) ▪ Sale of listed shares to related parties would need to be conducted via a marketed process with third parties ▪ Sale of unlisted shares to related parties would need to be conducted via a marketed process with third parties if the result is a sale to a related party, provided that this restriction will only apply if greater than £50m of unlisted shares have been sold (1) to related parties at a discount to NAV of greater than 25% ▪ If a sale process for Virgin Active is commenced where (i) related parties are reasonably expected to be involved in the bidd ing process and (ii) the process does not (or is not reasonably expected to) result in a full repayment of the CB, then Brait will use reasonable endeavours to identify and contact the three largest CB holders and invite them to participate in such a sale process alongside any other potential bidders (subject to confidentiality arrangements being entered into and the various other procedural requirements of such a sale process) Additional Undertakings ▪ Company to consider in good faith any financing proposals from CB in case of an EB acceleration following an Event of Default (right to last 30 days) Covenant ▪ Brait’s “Tangible NAV / Net Debt (3)” ratio shall not be less than 200% BRAIT PLC CONVERTIBLE BONDS – SALIENT TERMS (1) On a cumulative basis from the amendment date and including the contemplated sale (2) These restrictions will not apply where Brait is not in control of the decision making of any portfolio company and / or in circumstances where Brai t chooses not to foll ow its rights in rel ation to a transaction where new capital is being rai sed by portfoli o companies in the form of a pro rata rights issue (3) Per the Terms and Conditions: (i ) Tangi ble NAV based on Brait’s reported NAV; (i i) Net Debt excludes the Convertible and BIH Exchangeable Bonds
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40 Unaudited interim results for the six months ended 30 September 2025 Instrument (1) ▪ R2.1 billion Senior Unsecured Exchangeable Bonds due 3 December 2027, exchangeable into Brait PLC ordinary shares, at the Exchange Price (see below) Cash Paydowns ▪ Recapitalisation repayment of R750m as well as subsequent buybacks and cancellations amounting to R130m. Coupon ▪ 5.75% (cash) and 0.25% (PIK) Exchange Price ▪ R2.21 Share Settlement ▪ Share settlement at option of the issuer any time in final 270 days prior to maturity Permitted Distributions ▪ £10.7m per annum to settle the semi -annual coupons on the Convertible Bonds Additional Undertakings ▪ BIH Exchangeable Bondholders have the right to match Convertible Bond financing proposal in case one is forthcoming following a BIH Exchangeable Bond Event of Default and subsequent acceleration Ranking and priority ▪ BIH Exchangeable Bonds are structurally senior to the Convertible Bonds, but subordinated versus the existing BML RCF ▪ Any BIH cashflows from disposals (“Special Dividends”) first offered to BIH Exchangeable Bondholders BIH EXCHANGEABLE BONDS - SALIENT TERMS (1) The inward listed exchangeable bond on the JSE is classified as ‘foreign’ with the nominal value marked off against the institutional investors’ respective prudenti al limits
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41 Unaudited interim results for the six months ended 30 September 2025 BML RCF FACILITY– SALIENT TERMS Salient terms for BML RCF facility Key Terms as at 30 September 2025 Facility Commitment • R0.6 billion which can be increased to R1 billion • Tenure to 31 March 2028 • All proceeds must be mandatorily prepaid to the facility Margin • 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) Commitment fee • 1.1% Covenants • Covenants are NAV based and set with sufficient headroom for short term volatility Brait’s revolving credit facility held by subsidiary Brait Mauritius Limited (the “BML RCF”) is secured on a senior basis by the assets of BML 41
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42 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE Additional information and summary four -year financials 42
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43 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE Broad geographic diversity of operations and earnings UK At 31 Dec 2024 (6) Change to comparative No. of clubs 31 (1) No. of members 134k 5% Revenue (2) £133m 11% Market position Premium London operator Total Group At 31 Dec 2024 (6) Change to comparative No. of clubs 224 (3) No. of members 1 008k 5% Revenue (2) (7) £576m 13% Italy At 31 Dec 2024 (6) Change to comparative No. of clubs 40 0 No. of members 188k 5% Revenue (2) £152m 17% Market position (1) Market leading operator Southern Africa (5) At 31 Dec 2024 (6) Change to comparative No. of clubs 131 (1) No. of members 631k 5% Revenue (2) £212m 16% Market position (3) Market leading operator Asia Pacific (4) At 31 Dec 2024 (6) Change to comparative No. of clubs 22 (1) No. of members 56k 4% Revenue (2) £79m 20% Market position Premium operator in chosen cities (1) Based on revenues, source: IHRSA; (2) Year ended 31 December 2024 and measured in budget forex rates (ZAR 23.00, EUR 1.17, AUD 1.90, SGD 1.70, THB 43.23); (3) Based on revenues of private health clubs; (4) Asia Pacific includes Australi a, Thailand and Singapore; (5) Southern Africa includes South Africa, N ami bia and Botswana; (6) Presented excluding closed cl ubs. (7) Includes Kauai revenue. 43
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44 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE Summarised financial information Summarised income statement (Results in £m; actual reported currency) Dec-24 Audited Post-IFRS 16 Dec-23 Audited Post-IFRS 16 Dec-22 Audited Post-IFRS 16 Dec-21 Audited Post-IFRS 16 Dec-24 Audited Pre-IFRS 16 Dec-23 Audited Pre-IFRS 16 Dec-22 Audited Pre-IFRS 16 Dec-21 Audited Pre-IFRS 16 Revenue – continuing operations % growth 576 13% 511 17% 436 49% 292 (1%) 576 13% 511 17% 436 49% 292 (1%) Total Revenue 576 511 436 292 576 511 436 292 EBITDA – continuing operations % margin 192 33% 131 26% 93 21% 78 27% 80 14% 22 4% (12) nmf (15) nmf Total EBITDA 192 131 93 78 80 22 (12) (15) Depreciation expense (100) (103) (98) (90) (45) (46) (42) (39) Amortisation expense (5) (5) (5) (5) (5) (5) (5) (5) EBIT % margin 87 15% 23 5% (10) Nmf (17) nmf 30 5% (29) Nmf (59) nmf (59) nmf Net bank debt interest charge (1) (135) (151) (91) (137) (68) (85) (21) (62) Shareholder funding interest (2) - - - - - - - - Exceptional items (3) (30) (19) (46) 152 (24) (8) (38) 7 EBT (78) (147) (147) (2) (62) (122) (118) (114) Tax 20 25 10 5 20 24 10 5 PAT (58) (122) (137) 3 (42) (98) (108) (109) (1) FY24 incl udes £8m exchange losses versus £16m in FY23 and interest on loans to related parties of £6m versus £15m in FY23; (2) Post Brait’s acquisition in July 2015, shareholder funding is now held in a Virgin Active parent company and not included in the operating company’s audited results. Brait’s valuation of Virgin Active takes full consideration of this shareholder funding; and (3) Exceptional items for FY24 post IFRS 16 include impairments (£31m) and non-recurring items (£6m) offset by profi t on disposal of fixed assets £7m. Excepti onal items for FY24 pre IFRS 16 includes impairments (£10m), non-recurring items (£11.0m) and loss on disposal of fixed assets (£2m). Exceptional i tems for FY23 post IFRS 16 i nclude impairments (£13m), non-recurring items (£6m) offset by profit on disposal of fixed assets £1m. Exceptional items for FY23 pre IFRS 16 include an impairment reversal of £1m, non-recurring items of (£6m), non-cash rent adjustment of (£1m) and loss on disposal of fixed assets of (£3m). Exceptional costs for FY22 post IFRS 16 incl ude impai rment of (£42m), non-recurring items (£5m) and profit on disposal of fixed assets £1m. Exceptional items for FY22 pre IFRS 16 include impairment of (£32m), non-recurring items of (£3m), non-cash rent adjustment of (£3m) and loss on disposal of fixed assets of (£1m) Exceptional costs for FY21 post IFRS 16 incl ude impai rment reversal of £82m, non-recurring items (£13m) and profit on disposal of fixed assets £83m. Exceptional items for FY21 pre IFRS 16 i nclude an i mpairment reversal of £8m, non-recurring items credit of £7m, non-cash rent adjustment of (£5m) and loss on disposal of fixed assets of (£4m);
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45 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE Summarised financial information Summarised balance sheet (1) (Results in £m, actual reported currency rates) Dec-24 Audited Post-IFRS 16 Dec-23 Audited Post-IFRS 16 Dec-22 Audited Post-IFRS 16 Dec-21 Audited Post-IFRS 16 Dec-24 Audited Pre-IFRS 16 Dec-23 Audited Pre-IFRS 16 Dec-22 Audited Pre-IFRS 16 Dec-21 Audited Pre-IFRS 16 Total Assets 1,328 1,372 1,490 1,404 740 708 760 685 Property and equipment 886 967 1,035 1,026 296 301 299 302 Goodwill and intangibles 216 228 254 231 217 229 255 232 Current assets 27 26 33 25 28 28 39 29 Cash 78 51 76 46 78 51 76 46 Other 121 100 92 76 121 99 91 76 Total Liabilities 1,595 1,701 1,806 1,716 670 707 755 749 Trade creditors 33 28 36 29 33 28 36 29 Current liabilities 89 87 75 85 94 96 83 93 Interest bearing bank debt 447 475 508 467 447 475 508 467 Finance leases 995 1,070 1,134 1,081 2 2 2 3 Other 31 41 53 54 94 106 126 157 Shareholders’ Equity (267) (329) (316) (312) 70 1 5 (64) (1) The figures are from the Virgin Active operating company’s financial results. The shareholder funding whi ch sits in a Virgin Active parent company is, therefore, not reflected. Brait’s valuation of Virgin Active takes full consideration of thi s shareholder funding, incl uding accrued interest to Brait’s reporting date.
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46 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE Summarised financial information Summarised cash flow statement (1) (Results in £m, actual reported currency) Dec-24 Audited Post-IFRS 16 Dec-23 Audited Post-IFRS 16 Dec-22 Audited Post-IFRS 16 Dec-21 Audited Post-IFRS 16 Dec-24 Audited Pre-IFRS 16 Dec-23 Audited Pre-IFRS 16 Dec-22 Audited Pre-IFRS 16 Dec-21 Audited Pre-IFRS 16 Cash flow from operations 183.4 135.0 71.7 42.8 70.3 25.7 (38.5) (47.7) Maintenance and head office capex (38.2) (47.1) (36.2) (13.2) (38.2) (47.1) (36.2) (13.2) Operating cash flow 145.2 87.9 35.5 29.6 32.1 (21.4) (74.7) (60.9) Investments - new clubs, acquisitions and premiumisation (18.1) (12.8) (7.9) (1.9) (18.1) (12.8) (7.9) (1.9) Net exceptional, one -off items and proceeds on disposal of assets (3.6) (5.7) (2.2) (16.8) (3.6) (5.7) (2.2) (16.8) Operating cash flow post capex 123.5 69.4 25.4 10.9 10.4 (39.9) (84.8) (79.6) Interest paid (115.0) (109.9) (92.7) (110.7) (48.7) (40.4) (19.5) (35.1) Tax paid (1.2) (7.8) (7.0) (5.2) (1.2) (7.8) (7.0) (5.2) Operating cash flow post capex, tax and interest paid 7.3 (48.3) (74.3) (105.0) (39.5) (88.1) (111.3) (119.9) Shareholder funding receipts / (repayments) 97.8 70.7 166.2 63.4 97.8 70.7 166.2 63.4 Operating cash flow post shareholder funding / repayments 105.1 22.4 91.9 (41.6) 58.3 (17.4) 54.9 (56.5) (1) The figures are from the Virgin Active operating company’s financial results. 46
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47 Unaudited interim results for the six months ended 30 September 2025 VIRGIN ACTIVE Currency assumptions – Constant exchange rates, which represent the prior year actual average currency rates, are included to remove the impact of f oreign currency movements during the reporting period – A breakdown of the currency rates vs. Pound Sterling shown in the table below: ZAR EUR AUD SGD THB FY2023 Actual Average Currency Rates 22.95 1.15 1.87 1.67 43.27 FY2024 Constant Currency Rates 23.00 1.17 1.90 1.70 43.23 30 September 2025: Closing Currency Rate used for Brait valuation 23.22 For the twelve-months period to December 2024 ZAR EUR AUD SGD THB Closing rates: • Actual at 31 December 2023 23.30 1.15 1.87 1.68 43.79 • Actual at 31 December 2024 23.64 1.21 2.02 1.71 43.00 Average rates: • Actual for the year ended 31 December 2023 22.95 1.15 1.87 1.67 43.27 • Actual for the year ended 31 December 2024 23.42 1.18 1.94 1.71 45.06 47
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48 Unaudited interim results for the six months ended 30 September 2025 PREMIER Additional information and summary 4 -year financials 48
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49 Unaudited interim results for the six months ended 30 September 2025 PREMIER Summarised income statement (Amounts in R’m) March 2025 Audited March 2024 Audited March 2023 Audited March 2022 Audited March 2021 Audited Net revenue % Growth 19,885 7.0% 18,587 3.6% 17,938 23.4% 14,538 16.1% 12,526 13.4% EBITDA % Margin 2,354 11.8% 2,053 11.0% 1,731 9.6% 1,490 10.2% 1,099 8.8% Depreciation and amortization (445) (420) (439) (483) (414) Adjusted EBIT % Margin 1,909 9.6% 1,633 8.8% 1,292 7.2% 1,007 6.9% 685 5.5% Impairments - - - (130) - EBIT 1,909 1,633 1,292 877 685 Net finance costs (306) (367) (290) (468) (461) Foreign exchange on cash and loans of a funding nature (2) (1) 56 5 (45) Share of net profit in equity-accounted investment 29 - - - - EBT 1,630 1,265 1,058 414 179 PAT 1,207 921 795 278 67 Summarised financial information Source: Premier Group Annual Financial Statements 49
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50 Unaudited interim results for the six months ended 30 September 2025 PREMIER Summarised cash flow information (Amounts in R’m) March 2025 Audited March 2024 Audited March 2023 Audited March 2022 Audited March 2021 Audited Cash flow from operations before working capital 2,435 2,145 1,819 1,500 1,202 Working capital (44) 246 (274) (85) 220 Cash flow from operations 2,391 2,391 1,545 1,415 1,422 Maintenance capex (196) (342) (325) (148) (203) Taxation paid (442) (326) (172) (237) (115) Purchase of intangible assets (41) (67) (45) (38) (41) Free cash flow % EBITDA 1,712 73% 1,656 81% 1,003 58% 992 67% 1,063 97% Interest paid (304) (370) (336) (376) (451) Dividends and repayment of share capital (287) - (934) - - Repayment of shareholder loan - - - (20) - Expansionary capex (364) (132) (148) (333) (260) Prepayments for capital expenditure (166) (161) - - - Acquisitions (317) (7) (23) (428) - Proceeds from borrowings 200 - 1,040 460 96 Net proceeds from bank overdraft - (210) 201 - - Repayment of borrowings and lease liabilities (545) (782) (446) (327) (254) Net cash from other investing / financing activities (85) 18 42 (22) 25 Net movement (156) 12 399 (54) 219 Effect of exchange rate (13) 29 19 (1) 6 Opening balance 636 595 177 232 7 Closing balance 467 636 595 177 232 Summarised financial information Source: Premier Group Annual Financial Statements 50
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51 Unaudited interim results for the six months ended 30 September 2025 PREMIER Summarised balance sheet (Amounts in R’m) March 2025 Audited March 2024 Audited March 2023 Audited March 2022 Audited March 2021 Audited Property, plant and equipment 4,286 3,968 3,840 3,658 3,345 Right-to-use assets 181 200 251 218 187 Intangibles 1,714 1,723 1,704 1,673 1,707 Other non-current assets 508 72 57 66 56 Current assets 4,311 3,826 4,220 3,086 2,409 Cash and cash equivalents 467 636 596 291 368 Total assets 11,467 10,425 10,668 8,992 8,072 Equity 5,128 4,194 3,210 (5) (303) Redeemable preference shares - - - 1,790 1,700 Loan from shareholder - - - 1,492 1,512 Borrowings - non-current 1,920 2,195 2,927 2,123 1,842 Lease liabilities - non-current 200 224 249 204 190 Deferred income tax 635 619 619 596 639 Other non-current liabilities 41 38 47 83 71 Other current liabilities 3,495 3,094 3,340 2,361 1,986 Borrowings - current - 26 22 179 273 Lease liabilities - current 48 35 53 55 25 Bank overdraft - - 201 114 137 Total equity and liabilities 11,467 10,425 10,668 8,992 8,072 Summarised financial information Source: Premier Group Annual Financial Statements 51
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UNAUDITED INTERIM RESULTS ANNOUNCEMENT for the six month period ended 30 September 2025 52 Unaudited interim results for the six months ended 30 September 2025
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53 Unaudited interim results for the six months ended 30 September 2025 Summary statement of financial position as at 30 September Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 Notes R’m R’m R’m ASSETS Non-current assets 15 145 14 740 14 783 Investment 3 15 145 14 740 14 783 Current assets 5 5 2 Accounts receivable 4 4 – Cash and cash equivalents 4 1 1 2 Total assets 15 150 14 745 14 785 EQUITY AND LIABILITIES Ordinary shareholders equity and reserves 2 12 381 11 970 11 817 Non-current liabilities 2 693 2 682 2 873 Convertible bonds 6 2 693 2 682 2 873 Current liabilities 76 93 95 Accounts payable and other liabilities 7 76 93 95 Total equity and liabilities 15 150 14 745 14 785
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54 Unaudited interim results for the six months ended 30 September 2025 Summary statement of comprehensive income for the period ended 30 September Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 Notes R’m R’m R’m Investment valuation gain 8 700 898 670 Operating expenses 10 (12) (13) (37) Finance costs 11 (220) (241) (480) Profit for the period 468 644 153 Other comprehensive profit Item that may be subsequently reclassified to profit or loss Translation adjustments 96 80 418 Comprehensive profit for the period 564 724 571 Earnings per share (cents) – basic and diluted 12 12 39 5
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55 Unaudited interim results for the six months ended 30 September 2025 Summary statement of changes in equity for the period ended 30 September Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m Ordinary shareholders equity balance at the beginning of the period 11 817 8 609 8 609 Profit for the period 468 644 153 Translation adjustments 96 80 418 Equity reserves raised for the BIH Exchangeable Bonds and Convertible Bonds – 1 197 1 197 Rights Offer – 1 500 1 500 Transaction costs for the Rights Offer – (60) (60) Ordinary shareholders equity balance at the end of the period 12 381 11 970 11 817
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56 Unaudited interim results for the six months ended 30 September 2025 Summary statement of cash flows for the period ended 30 September Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 Notes R’m R’m R’m Cash flows from operating activities: Operating expenses paid (17) (17) (22) Investment in BIH – (1 440) (1 440) Administration fee paid to subsidiary BML (13) – (16) Net cash used in operating activities (30) (1 457) (1 478) Operating cash flow before purchase of investments Proceeds from Rights Offer – 1 500 1 500 Transaction cost for the Rights Offer – (60) (60) Drawdown on loan from subsidiary 13 382 274 423 Convertible Bonds: capital repayment/repurchases (239) (150) (150) Convertible Bonds: coupon payments (114) (105) (231) Net cash generated from financing activities 29 1 459 1 482 Net (decrease)/increase in cash and cash equivalents (1) 2 4 Effects of exchange rate changes on cash and cash equivalents – (3) (4) Cash and cash equivalents at the beginning of the period 2 2 2 Cash and cash equivalents at the end of the period 4 1 1 2
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57 Unaudited interim results for the six months ended 30 September 2025 Notes to the summary financial statements for the period ended 30 September 1. ACCOUNTING POLICIES 1.1 Basis for preparation The summarised financial statements are prepared in accordance with IFRS® Accounting Standards and IAS 34 Interim Financial Reporting on the going concern principle, using the historical cost basis, except where otherwise indicated. The accounting policies and methods of computation are consistent with those applied for the year ended 31 March 2025. The Group has only one operating segment being that of an investment holding company. In accordance with IFRS10, given the investment entity status of wholly owned subsidiary Brait Investment Holdings Limited (“BIH”), the Company is exempted from producing consolidated financial statements. The Company’s financial statements are prepared using SA Rand (R/ZAR) as its presentation currency. The holding company, Brait PLC, and its main wholly owned subsidiaries, BIH and Brait Mauritius Limited (“BML”), use Pound Sterling as their functional currency. The financial statements have been prepared using the following exchange rates: September 2025 September 2024 March 2025 Closing Average Closing Average Closing Average GBP/ZAR 23.2223 24.0911 23.0870 23.3994 23.6460 23.2122 USD/ZAR 17.2735 17.9579 17.2735 18.2703 18.3304 18.1833 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 Notes R’m R’m R’m 2. NET ASSET VALUE PER SHARE Ordinary shareholders equity and reserves 12 381 11 970 11 817 Ordinary shares in issue (m) 5 3 862.7 3 862.7 3 862.7 Net asset value per share (cents) 321 310 306
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58 Unaudited interim results for the six months ended 30 September 2025 Notes to the summary financial statements for the period ended 30 September 3. INVESTMENT Through its main operating subsidiary BML, which holds its portfolio of investments, the Company designates the majority of its financial asset investments as at Fair Value Through Profit and Loss (“FVTPL”), with any resultant gain or loss recognised in investment valuation gain/loss. Fair value is determined in accordance with IFRS 13. Statement of financial position items carried at fair value include investments in equity instruments and shareholder funding instruments. Where applicable, listed investments are held at closing share prices at period end. The primary valuation model utilised for valuing the unlisted portfolio of investments held by BML is the maintainable earnings multiple model. Maintainable earnings are generally determined with reference to the mix of prior year audited numbers and forecasts for future periods after adjusting both for non-recurring income/expenditure or abnormal economic conditions if applicable. If the forecasts are higher than the prior year earnings, as the year progresses the weighting is increased towards the portfolio company’s forecast. If the forecasts are lower, the forecasted future earnings will usually be used as the maintainable earnings for valuation purposes. For portfolio companies that have been significantly impacted by the Covid pandemic, maintainable earnings are based on a post Covid sustainable level. The Directors decide on an appropriate group of comparable quoted companies from which to base the EV/EBITDA valuation multiple. Pursuant to Brait’s strategy focused on maximising value through the realisation and/or unbundling of its existing portfolio companies, the primary reference measure generally considered at reporting date is the average spot multiple of the comparable quoted companies included as peers, which is adjusted for points of difference, where required, to the portfolio company being valued. Where maintainable earnings are based on a post Covid sustainable level, peer average forward multiples for the corresponding forward period are used as the reference measure. Peer multiples are calculated based on the latest available financial information which may be adjusted based on subsequent macro or company specific information publicly known if appropriate. Adjustments for points of difference are assessed by reference to the two key variables of risk and earnings growth prospects and include the nature of operations, type of market exposure, competitive position, quality of management, capital structure and differences between the liquidity of the shares being valued and those on a quoted exchange. The resulting valuation multiple is applied to the maintainable EBITDA to calculate the Enterprise Value (“EV”) for the portfolio investment. That EV is then adjusted by net cash/debt to calculate net EV to which the Company’s percentage holding is applied to calculate the Company’s carrying value. Net cash/debt may be adjusted for the estimated effect of working capital and cost deferrals, where applicable.
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59 Unaudited interim results for the six months ended 30 September 2025 Notes to the summary financial statements for the period ended 30 September 3. INVESTMENT CONTINUED Valuation metrics (note 1) 30 September 2025 30 September 2024 31 March 2025 EBITDA Multiple 3rd Party Net Debt EBITDA Multiple 3rd Party Net Debt EBITDA Multiple 3rd Party Net Debt Virgin Active (£’m) (note 2) 120.0 9.25x 411.0 123.9 9.0x 413.5 120.0 9.0x 386.6 Premier (R’m) (note 3) Listed on the JSE Listed on the JSE Listed on the JSE New Look (£’m) (note 4) 30.0 6.5x 49.1 35.0 6.5x 32.0 30.0 6.5x 51.0 Note 1 Consistent with the prior year, Brait has valued its unlisted investment portfolio on a pre-IFRS16 basis, adjusting financial data for the impact of IFRS16, as appropriate to ensure consistency. Note 2 In line with FY25, Virgin Active’s maintainable EBITDA is based on a look-through to a sustainable level. The primary reference measure considered is the peer group average forward multiple of 10.9x (FY25: 10.2x). Net third party debt has been increased by £1.0 million (FY25: £7.9 million) for the estimated effect of working capital and costs deferred. Brait’s equity participation and shareholder funding participation remained unchanged at 67.7% and 67.4% respectively. Note 3 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. Note 4 New Look’s valuation is based on LTM actual EBITDA applied to an unchanged multiple of 6.5x which represents a 36% (FY25: 31%) discount to its peer average multiple of 10.2x (FY25: 9.4x). No normalisation adjustments were considered in net third party debt of £49.1 million (FY25: £51.0 million). 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 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.
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60 Unaudited interim results for the six months ended 30 September 2025 Notes to the summary financial statements for the period ended 30 September 3. INVESTMENT CONTINUED Fair value hierarchy IFRS13 provides a hierarchy that classifies inputs employed to determine fair value. Investments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 Inputs for the assets or liability that are not based on observable market data. The Group’s investment is held by subsidiary BML, a wholly-owned subsidiary of BIH, and therefore classified as Level 3. To enhance disclosure, a breakdown of the fair value of the investment in BIH is provided. Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 Notes R’m R’m R’m BIH Investment in BML 16 960 16 543 16 526 Virgin Active 10 064 10 126 10 209 Premier 6 350 4 609 5 382 New Look 474 822 485 Other investments 7 11 7 BML net working capital 65 975 443 Borrowings (BML RCF) 3.1 – – – BIH net working capital (45) (39) (42) BIH Exchangeable Bonds 3.2 (1 770) (1 764) (1 701) Level 3 fair value investment in BIH 15 145 14 740 14 783
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61 Unaudited interim results for the six months ended 30 September 2025 Notes to the summary financial statements for the period ended 30 September Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 3. INVESTMENT CONTINUED 3.1 Borrowings Opening balance – 109 109 Interest accrual 2 3 3 Net repayments of borrowings – (109) (109) Drawdowns 73 342 342 Capital repayments (73) (451) (451) Interest repayments (2) (3) (3) Closing balance – – – BML’s committed revolving credit facility, which is secured by the assets of BML (the “BML RCF”) has a facility limit of R0.6 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.
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62 Unaudited interim results for the six months ended 30 September 2025 Notes to the summary financial statements for the period ended 30 September 3. INVESTMENT CONTINUED 3.2 BIH Exchangeable Bonds During FY25, Brait concluded a R3 billion capital raise during December 2021 (“December 2021 Capital Raise”) by way of renounceable Rights Offer to its shareholders, or their renounces, to subscribe for 5.00 per cent senior unsecured BIH Exchangeable Bonds due 3 December 2024 issued by BIH (“BIH Exchangeable Bonds”). 3 000 000 BIH Exchangeable Bonds with a denomination of ZAR1 000 each were listed on the Main Board of the JSE Limited on 14 December 2021. Pursuant to the recapitalisation announced to the market on 3 June 2024 (the “Recapitalisation”), with effect from 13 August 2024 the term and the fixed coupon payable semi annually of the BIH Exchangeable Bonds were amended to 3 December 2027 and 6.0% (including 0.25% PIK) from 3 December 2024 and 5.0%, respectively. Furthermore, the partial repayment of R750 million (plus any associated accrued interest) by way of reduction of the nominal value of each Exchangeable Bond from R1 000 to R750, resulted in the Exchange Price reducing from R4.37 to R3.28 (which was further reduced to R2.21 post the Rights Offer in accordance with the existing Terms and Conditions). During FY25, 172 607 BIH Exchangeable Bonds were repurchased at a cost of R125.8 million and subsequently cancelled. As at 30 September 2025, there are 2 825 997 BIH Exchangeable Bonds outstanding, with a par value of R2.1 billion. At maturity, BIH may redeem the BIH Exchangeable Bonds at par (together with accrued and unpaid interest) or by delivery of the Exchange Shares (at prevailing market value) and cash totalling the Principal amount in value. Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m Reconciliation of the movements for the period: Opening balance 1 701 2 820 2 820 Increase of liability component in terms of IAS 32 over term of BIH Exchangeable Bonds 69 119 185 Partial capital repayment – (750) (750) IFRS Equity component allocated to BIH Exchangeable Bond reserve – (507) (507) Adjustment for term extension – 82 82 Repurchase in October 2024 – – (30) Repurchase in January 2025 through a tender offer – – (99) Closing balance 1 770 1 764 1 701
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63 Unaudited interim results for the six months ended 30 September 2025 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 4. CASH AND CASH EQUIVALENTS (1) Balances with banks 1 1 2 – ZAR cash * 1 * – USD cash * * * – GBP cash 1 * 2 (1) Reported cash of R1 million (FY25: R2 million) relates to the Company. Cash held by subsidiaries namely BML and BIH, is presented within BML and BIH net working capital in investment (refer note 3). * Less than R1 million. Notes to the summary financial statements for the period ended 30 September
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64 Unaudited interim results for the six months ended 30 September 2025 5. STATED CAPITAL At 30 September 2025, the Company had 3 862 685 135 issued and fully paid ordinary shares of no par value. At the Extraordinary General Meeting held on 22 December 2021, Shareholder approval was obtained for the allocation and issuance of Brait PLC ordinary shares arising from the exchange rights of the BIH Exchangeable Bonds. Following the exchange of 1 396 BIH Exchangeable Bonds in February 2022, 686 179 405 ordinary shares could be issued in terms of its obligations to the holders of the BIH Exchangeable Bonds. Pursuant to the Recapitalisation announced to the market on 3 June 2024, the Exchange Price for the BIH Exchangeable Bonds has reduced to R2.21 post the Rights Offer which has increased the potential issue of ordinary shares from the exchange rights of the BIH Exchangeable Bonds to 1 017 625 792. Following the repurchases set out in note 3.2 the potential issue of ordinary shares from the exchange rights of the BIH Exchangeable Bonds has been reduced to 959 048 756. At the Extraordinary General Meeting held on 2 July 2024, Shareholder approval was obtained for the allocation and potential issue from conversion on maturity of the Convertible Bonds of 407 558 515 ordinary shares in terms of its obligations to the holders of the Convertible Bonds. Number of shares in issue R’m Issued ordinary share capital 31 March 2025 3 862 685 135 13 630 Stated capital 13 630 30 September 2025 3 862 685 135 13 630 Stated capital 13 630 3 862 685 135 Notes to the summary financial statements for the period ended 30 September
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65 Unaudited interim results for the six months ended 30 September 2025 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 6. CONVERTIBLE BONDS On 4 December 2019 Brait received £150 million from the issuance of its unsubordinated, unsecured convertible bonds (“Convertible Bonds”) with a maturity date of 4 December 2024 (“Initial Term Date”). The Convertible Bonds listed on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange on 29 January 2020. Pursuant to the Recapitalisation with effect from 13 August 2024 the term and the fixed coupon per annum payable semi-annually in arrears of the Convertible Bonds were amended to 4 December 2027 and 8.0% (including 0.75% PIK) from 4 December 2024 and 6.50%, respectively. While the partial pro rata redemption of R150 million (plus any associated accrued interest) has no impact on the Conversion Price, it was adjusted post the Rights Offer to £0.3523 in accordance with the existing Terms and Conditions. Using this conversion price, the Convertible Bonds would be entitled to convert into a maximum of 407.558 million ordinary shares (subject to rounding provisions) on exercise of bondholder conversion rights. In the event that the bondholders have not exercised their conversion rights in accordance with the Terms and Conditions of the Convertible Bonds, the Convertible Bonds will be settled at par value in cash on maturity. 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. Reconciliation of the movements for the period: Opening balance 2 873 3 504 3 504 Increase of liability component in terms of IAS32 over the bond term 106 88 211 Repurchase in April 2025 (239) – – Partial redemption of Convertible Bonds – (150) (150) IFRS Equity component allocated to Convertible Bond reserve – (690) (690) Adjustment for term extension – 34 34 Foreign currency translation reserve (47) (104) (36) Closing balance 2 693 2 682 2 873 Notes to the summary financial statements for the period ended 30 September
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66 Unaudited interim results for the six months ended 30 September 2025 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 7. ACCOUNTS PAYABLE AND OTHER LIABILITIES Accounts payable at reporting date includes the £3.1 million coupon accrual on the Convertible Bonds 76 93 95 8. INVESTMENT VALUATION GAIN BML 871 1 179 1 038 Finance income (note 9) 3 133 49 Dividend income 102 – 101 Administration fee income from Brait PLC – – 14 Operating expenses (note 10) (41) (60) (110) Finance cost (note 11) (5) (12) (10) Investment valuation gain 812 1 118 994 BIH (102) (162) (183) Operating expenses (note 10) (1) (1) (3) Finance cost (note 11) (61) (81) (143) Foreign exchange loss (40) (80) (37) BIH Exchangeable Bond: liability component in terms of IAS 32 (note 11) (69) (119) (185) Investment valuation gain 700 898 670 9. FINANCE INCOME Premier dividend income – 101 – Other interest income 3 32 49 Total finance income earned for the period 3 133 49 Amounts recognised in investment valuation gain (refer note 8) (3) (133) (49) – – – Notes to the summary financial statements for the period ended 30 September
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67 Unaudited interim results for the six months ended 30 September 2025 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 10. OPERATING EXPENSES Directors’ fees 9 9 19 Corporate advisory fees(1) 25 25 50 Advisor LTIP provision(2) 6 22 40 Insurance 3 4 8 Administration fee paid to BML – – 14 Professional fees(3) 4 5 6 Travel and accommodation 1 3 3 Other operating expenses 3 3 3 External audit fees 3 3 7 Total operating expenses incurred for the period 54 74 150 Amounts recognised in investment valuation gain (refer note 8) (42) (61) (113) 12 13 37 (1) Up to 31 March 2023, Ethos Private Equity Proprietary Limited (“EPE”) had served as the contracted investment advisor to Brait since 1 March 2020. As of 1 April 2023, EPE had merged its operations into those of The Rohatyn Group’s (“TRG”) subsidiary Rohatyn Management South Africa Proprietary Limited (“TRG Africa”). With effect from 11 October 2025, TRG Africa has been acquired by its partners from TRG and it will operate under the EPE brand going forward. (2) As set out in note 15.2, this relates to the Advisor Long-Term Incentive Plan (“LTIP”). In the current period a top up provision of R5.9 million was raised bringing the total provision to R46.1 million (FY25: R40.2 million). (3) Largely made up of legal fees, as well as comprising fees relating to internal audit, administration and fees paid/payable to external auditor in relation to non-audit services. Notes to the summary financial statements for the period ended 30 September
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68 Unaudited interim results for the six months ended 30 September 2025 Notes to the summary financial statements for the period ended 30 September Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 11. FINANCE COST BML RCF – Interest expense 2 3 3 – Raising and commitment fees 3 9 7 Convertible Bonds – Coupon 114 153 269 – Increase of liability component in terms of IAS32 106 88 211 BIH Exchangeable Bonds – Coupon 61 81 143 – Increase of liability component in terms of IAS32 69 119 185 Total finance cost 355 453 818 Amounts recognised in investment valuation gain (refer note 8) (135) (212) (338) 220 241 480 12. HEADLINE EARNINGS RECONCILIATION Profit and headline profit 471 644 153 Weighted average ordinary shares in issue (m) – basic 3 863 1 655 2 922 Earnings and headline earnings per share (cents) – basic and diluted(1) 12 39 5 (1) The £0.3523 conversion price of the Convertible Bonds as well as the R2.21 exchange price of the BIH Exchangeable Bonds are anti-dilutive, based on the reported NAV.
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69 Unaudited interim results for the six months ended 30 September 2025 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 13. DRAWDOWN ON LOAN FROM SUBSIDIARY (1) BML cash flow 62 (500) (610) Investment proceeds received(2) 102 279 698 Investment in portfolio(3) – (624) (1 112) BML Administration fee received from holding company 13 – 16 BML Operating and other expenses (51) (38) (100) BML Withholding taxes – (5) – BML RCF: Net capital repayments (refer note 3.1) – (109) (109) BML RCF: interest repayments (refer note 3.1) (2) (3) (3) BIH cash flow (62) (831) (1 022) BIH Operating costs (1) – (3) BIH Exchangeable Bonds: Coupon paid (61) (81) (143) BIH Exchangeable Bonds: Capital repayment – (750) (750) BIH Exchangeable Bonds: Repurchases – – (126) Decrease in cash held by BML due to BIH investment Entity status 382 1 605 2 055 Investment related cash flows 382 274 423 (1) The Company is funded by its subsidiary BIH. The loan that arises is settled annually by way of return of investment in accordance with section 62 of the Mauritian Companies Act. (2) HY26 includes dividend income from Premier received in July 2025. FY25 includes (i) proceeds from a market placement of 4.0m Premier shares which raised R444m; (ii) the residual proceeds from the March 2024 placement of 15m Premier shares; and (iii) R100m dividend income from Premier received in August 2024. (3) FY25 relates to Brait’s subscriptions of £2.9 million (FY24: R66.9 million), £24.0 million (FY24: R557.5 million) and £21.0 million (FY24: R487.2 million) in Virgin Active’s Convertible Preference Shares issued in June 2024, its £34 million capital raise in September 2024 and its £30 million capital raise in November 2024, respectively. Notes to the summary financial statements for the period ended 30 September
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70 Unaudited interim results for the six months ended 30 September 2025 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 14. RELATED PARTY BALANCES Profit for the period includes: Directors’ fees(1) (9) (9) (19) Corporate advisory fees(2) (25) (25) (50) Advisor LTIP provision(3) (6) (22) (40) (1) Fees paid to directors include the Company, BIH and BML Boards. (2) Up to 31 March 2023, EPE had served as the contracted investment advisor to Brait since 1 March 2020. As of 1 April 2023, EPE had merged its operations into those of TRG subsidiary TRG Africa. With effect from 11 October 2025, TRG Africa has been acquired by its partners from TRG and it will operate under the EPE brand going forward. (3) As set out in note 15.2, this relates to the Advisor Long-Term Incentive Plan (“LTIP”) provision of R46.1 million (FY25: R40.2 million). Notes to the summary financial statements for the period ended 30 September
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71 Unaudited interim results for the six months ended 30 September 2025 Unaudited Unaudited Audited 30 September 30 September 31 March 2025 2024 2025 R’m R’m R’m 15. CONTINGENT LIABILITIES AND COMMITMENTS 15.1 Commitments (1) Convertible and Exchangeable Bond commitments – Convertible Bond coupon payment due within one year(2) 227 235 230 – BIH Exchangeable Bonds coupon payments due within one year(3) 122 126 122 – Convertible Bond coupon payment due between one and three years(2) 343 609 465 – BIH Exchangeable Bonds coupon payments due between one and three years(3) 184 325 245 – Convertible Bond principal settlement due within one year – – – – BIH Exchangeable Bonds principal settlement due within one year – – – – Convertible Bond principal settlement due within three years(4) 3 181 3 398 3 481 – BIH Exchangeable Bonds principal settlement due within three years(5) 94 753 237 Total commitments 4 151 5 446 4 780 (1) Commitments include those of Brait PLC (in respect of its issued Convertible Bonds) as well as those of its wholly owned subsidiary, BIH (the BIH Exchangeable Bonds), for which Brait PLC will issue the Exchange Shares. With effect from 13 August 2024, the maturities and terms of the Convertible and BIH Exchangeable Bonds have been extended to 3 December 2027 and 4 December 2027, respectively. (2) The coupon payments reflect the semi-annual coupons payable in arrears over the remaining term of the Convertible Bonds. (3) The coupon payments reflect the semi-annual coupons payable in arrears over the remaining term of the BIH Exchangeable Bonds. (4) The PIK adjusted principal cash settlement amount for the Convertible Bonds payable at maturity in the event that the bondholders have not exercised their conversion rights. The Company repurchased £10 million of the Convertible Bonds in April 2025. (5) The PIK adjusted principal cash settlement amount for the BIH Exchangeable Bonds is only payable at the maturity date to the extent the prevailing share price of the Brait shares delivered at such redemption date is less than the exchange price. The cash settlement amount reflected applies the respective reporting date closing share price of R2.13 (FY25: R1.98) to the Brait PLC Exchange Shares. Notes to the summary financial statements for the period ended 30 September
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72 Unaudited interim results for the six months ended 30 September 2025 15. CONTINGENT LIABILITIES AND COMMITMENTS CONTINUED 15.2 Provisions Pursuant to the Recapitalisation, the Board approved an incentive mechanism for the Investment Advisor, capped, at the Board’s discretion at R50 million (the equivalent of one year’s management fee), and which is based on sharing value uplift of the growth in market capitalisation on a diminishing scale from 1.50% to 1.10% as Brait’s market capitalisation increases. This was referenced to a starting market capitalisation of R3.6 billion (reference share price of R1.80 applied to 2.006 billion shares in issue, which assumes the BIH Exchangeable Bonds have been exchanged into their 686.2 million shares). The parameters will be adjusted for corporate events such as the declaration of ordinary and special dividends, share buybacks, rights issues and asset unbundlings. The incentive fee will be based on the value of the assets upon the wind down of Brait and once the quantum of the incentive has been determined by the Board, such amount will be cash settled by BML. Following the Recapitalisation, the reference share price was adjusted to R1.05 to cater for the following: • 2.542 billion shares were issued from the Rights Offer resulting in proceeds amounting to R1.5 billion; and • The Exchange Price for the BIH Exchangeable Bonds has been adjusted to R2.21. The fair value of the liability recognised as at 30 September 2025 is R46.1 million (March 2025: R40.2 million). Until it is settled, the fair value of the liability will be remeasured at each reporting date. 16. NON-ADJUSTING POST BALANCE SHEET EVENTS Premier announced in October 2025 its firm intention to acquire all of the issued ordinary shares in RFG Holdings Limited (“RFG”), excluding treasury shares, by way of a scheme of arrangement, and the proposed delisting of RFG shares from the exchange operated by the JSE Limited. Notes to the summary financial statements for the period ended 30 September
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73 Unaudited interim results for the six months ended 30 September 2025 Review of operations The Board of Directors (“Board”) hereby reports to Brait’s shareholders (“Shareholders”) on the Group’s audited 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 £58 million in 2024 to £96 million in 2025) due to the refurbishment programme and new club development. º LTM EBITDA to 30 September 2025 grew 45% to £112 million. • 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 programme. • 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 £21 million. 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).
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74 Unaudited interim results for the six months ended 30 September 2025 The NAV breakdown at reporting date is presented below. Unaudited(1) Unaudited(1) Audited(1) 30 September 30 September 31 March 2025 2024 2025 % R’m R’m R’m Investments 99 16 895 15 568 16 083 Virgin Active 59 10 064 10 126 10 209 Premier 37 6 350 4 609 5 382 New Look 3 474 822 485 Other investments – 7 11 7 Current assets 1 119 1 003 483 Cash and receivables 119 1 003 483 Total assets 100 17 014 16 571 16 566 Non-current liabilities 4 463 4 446 4 574 Convertible Bonds 2 693 2 682 2 873 BIH Exchangeable Bonds 1 770 1 764 1 701 Current liabilities 170 155 175 Accounts payable 170 155 175 NAV 12 381 11 970 11 817 Net issued ordinary shares (million) 3,862.7 3,862.7 3,862.7 NAV per share (cents) 321 310 306 (1) In accordance with IFRS10, given the investment entity status of BIH, the Company is exempted from producing consolidated financial statements. The results shown above apply the look-through consolidation basis. Review of operations continued
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75 Unaudited interim results for the six months ended 30 September 2025 HIGHLIGHTS FOR THE GROUP’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 programme. – 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. Review of operations continued
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76 Unaudited interim results for the six months ended 30 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. Review of operations continued
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77 Unaudited interim results for the six months ended 30 September 2025 • 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 reported Adjusted 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. Review of operations continued
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78 Unaudited interim results for the six months ended 30 September 2025 GROUP 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. DIVIDEND POLICY Brait’s ability to return capital to Shareholders pursuant to its realisation strategy will depend upon its receiving realisations on loans and investments, dividends, other distributions or payments from its portfolio companies (which are under no obligation to pay dividends or make any other distributions to Brait). In addition, Brait’s ability to pay any dividends will depend upon distribution allowances under the terms of the BML RCF. To the extent that surplus cash becomes available at a future date for distribution, the Board will consider the potential for the distribution of such surplus cash by way of special dividend. Pursuant to the terms of the Convertible Bonds, before Brait is able to pay a special dividend to Shareholders, it will have to first make an offer to the holders of the Convertible Bonds to tender for repurchase an aggregate principal amount of the Convertible Bonds for an amount equal to such proposed special dividend at a price per Convertible Bond equal to its principal amount together with accrued interest. Prior to the offer to the holders of the Convertible Bonds, Brait will have to make an offer to the holders of the BIH Exchangeable Bonds to redeem the BIH Exchangeable Bonds. For and on behalf of the Board RA Nelson Non-Executive Chairman 13 November 2025 Review of operations continued
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79 Unaudited interim results for the six months ended 30 September 2025 Directors (all non-executive) RA Nelson (Chairman)#, MP Dabrowski**, JM Grant#, Y Jekwa*, PG Joubert**, PJ Roelofse*, HRW Troskie^, Dr CH Wiese* #British ^Dutch *South African **Resident in Mauritius Brait’s Ordinary Shares are primary listed and admitted to trading on the Luxembourg Stock Exchange (“LuxSE”) and its secondary listing is on the exchange operated by the 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 Review of operations continued
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Administration and contact details REGISTERED OFFICE C/o Stonehage Fleming (Mauritius) Limited 1st Floor, Les Fascines Block B Vivea Business Park Moka, Mauritius Tel: +230 210 9334 ADVISOR Ethos Management Company Proprietary Limited 3rd Floor, Rosebank Towers, 15 Biermann Avenue Rosebank, Johannesburg, 2196, South Africa Tel: +27 11 328 7400 INVESTOR RELATIONS www.brait.com Email: invest@brait.com Tel: +27 11 328 7400 SOUTH AFRICAN TRANSFER SECRETARIES Computershare Investor Services Pty Ltd Rosebank Towers, 15 Biermann Avenue Rosebank, Johannesburg, 2196, South Africa Tel: +27 11 370 5000 JSE SPONSOR Rand Merchant Bank (A division of FirstRand Bank Limited) 1 Merchant Place, Corner Fredman Drive and Rivonia Road, Sandton, 2196, South Africa INDEPENDENT AUDITOR PricewaterhouseCoopers BRAIT PLC Registration No: 183309 GBC ISSUER NAME AND CODE Issuer long name – BRAIT PLC Issuer code – BRAIT Share code: BAT – ISIN: LU0011857645 Bond code: WKN: A2SBSU ISIN: XS2088760157 LEI: 549300VB8GBX4UO7WG59 COMPANY SECRETARY Stonehage Fleming (Mauritius) Limited 1st Floor, Les Fascines Block B Vivea Business Park Moka, Mauritius LUXSE LISTING AGENT Harney Westwood & Riegels SARL 56, rue Charles Martel L-2134 Luxembourg Tel: +352 2786 7102