Brait reports net asset value of 264 cents per share after value holds steady since March
Key Facts
On 11 November, Brait reported unaudited results for the first half of its 2027 financial year, ended 30 September 2026, recording net asset value of 264 cents per share. The company said the value was unchanged from the end of March 2026, but rose 2% year on year on a comparable basis after adjusting for the rights issue. The figures present a more balanced picture than outright growth in asset value over the six months: the annual improvement was limited, while the measure remained stable since the end of the previous financial year. The announcement came as several portfolio companies recorded growth in operating profits, while group liquidity shifted following a subsequent capital contribution. In trading on the day of the announcement, Brait shares fell on the Johannesburg Stock Exchange, adding a market move to the period’s results.
According to figures reported by Brait, net asset value was 327 cents per share on 31 March 2026 and 321 cents on 30 September 2025, compared with 264 cents on 30 September 2026. The company said the comparable year-on-year comparison, adjusted for the rights issue, showed an increase of 2%, while the value remained unchanged from March. This means a direct comparison of the published figures alone does not capture the comparison basis used by the company, as the rights issue affects the year-on-year comparison. The results therefore do not show a half-year increase in net asset value per share, but stability since March and a limited annual rise on a comparable basis. At the same time, differing performance among the core companies featured in the period’s results, without changing the stability of net asset value per share during the period.
Virgin Active, the portfolio’s fitness company, recorded 10% growth in earnings before interest, taxes, depreciation and amortisation for the last 12 months to September 2026, according to The National’s report on the company’s results. Premier’s headline earnings per share also rose 27% in the six months ended 30 September, following its merger with RFG. Brait said Premier’s strong growth continued and linked the increase in headline earnings per share to the merger. These indicators provide two different measures of the companies’ performance: last-12-month operating earnings growth at Virgin Active and an increase in Premier’s headline earnings per share over the half-year. The figures formed part of results in which developments varied among companies, rather than following a uniform trend across all portfolio assets.
At New Look, underlying earnings before interest, taxes, depreciation and amortisation rose 32% year on year in the first half of its 2027 financial year. Directors described the period’s performance as “encouraging”, according to The National’s report on Brait’s results. The figure relates to the company’s underlying earnings measure over half of its financial year, not Brait’s net asset value or its earnings per share. Alongside growth at Virgin Active and Premier, New Look’s performance highlights another aspect of portfolio-company results, with each company reporting a different measure over a different period. Strong results at some companies provide an operating context for the announcement, while asset value per share remained stable since March according to Brait’s aggregate measure.
Brait’s available liquidity, including cash balances, stood at 3.5 billion rand on the reporting date, 30 September 2026. It then fell to 1.1 billion rand after the company contributed to a Virgin Active capital increase during October, according to The National. This sequence distinguishes the liquidity balance at the end of the reporting period from the level after funding the contribution the following month. The results also showed that the unrealised book value of Brait’s investment in Virgin Active was 9.17 billion rand on 30 September, compared with 9.39 billion rand on 31 March 2026. The investment represented 51% of Brait’s total assets on the reporting date, showing its scale within the asset base, while its unrealised book value remains distinct from available cash liquidity.
In the market, Brait shares fell 2.6% to 187 cents in Johannesburg Stock Exchange trading on 11 November, according to The National. The shares were at 215 cents a year earlier, according to the comparison in the report. The day’s decline coincided with the half-year results announcement, while net asset value per share was stable since March and up 2% year on year on a comparable basis. The information provided does not explain the share move or link it to a specific cause, so the figures remain an indicator of trading performance on the announcement day and a comparison with its level a year earlier. The results thus track two distinct strands: portfolio-company performance and operating measures on one hand, and the market’s valuation of Brait shares in the announcement session on the other.
The next portfolio development is the expected Holmes Place Germany deal by mid-December, according to details included in the company’s results. The deal is linked to Virgin Active’s plans to expand outside South Africa, according to the company’s stated rationale for the transaction. The timeline follows Brait’s contribution to Virgin Active’s capital increase in October, which reduced available liquidity from 3.5 billion rand on the reporting date to 1.1 billion rand. These steps place liquidity and the Virgin Active investment among the key elements in monitoring the group’s results, as the investment represented 51% of its total assets at the end of September. The deal and related expansion remain part of announced future developments, while the half-year results to September reflect the position of assets and liquidity on their specified dates.