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Key Points
- Brait’s revenue rose 7% to $1.1 billion, with a profit turnaround driven by stronger Virgin Active and Premier performance and robust cost and capital management.
- The group cut $77.2 million in debt through recapitalization, including a $84.06 million rights offer, boosting its NAV per share by 6% to R3.06 ($0.171).
- Assets climbed 21% to $829.29 million, while retained losses narrowed 10.3%, reinforcing operational resilience and improving financial health.
Brait SE, the South African investment holding firm linked to billionaire Christo Wiese, has delivered a notable turnaround in fiscal 2025, posting a single-digit revenue growth and reversing a prior-year loss, aided by the completion of a major recapitalization and robust operating results from key portfolio companies.
For the year ended March 31, 2025, the private equity firm, Brait, reported a 7 percent increase in revenue of R19.89 billion ($1.10 billion), up from R18.59 billion ($1.04 million) a year earlier. The company reversed a R171 million ($9.58 million) loss into a R153 million ($8.58 million) profit, underscoring strong execution of its shareholder value strategy.
NAV per share climbs after recap effort
Brait’s Net Asset Value (NAV) per share rose 6 percent year on year to R3.06 ($0.171) on a like-for-like basis, reflecting the benefits of its August 2024 recapitalization. The restructuring included a fully underwritten R1.5 billion ($84.06 million) rights offer, debt refinancing, and bond repurchases.
The firm retired R1.38 billion ($77.22 million) in debt through these actions.
Available cash and undrawn facilities stood at R1.1 billion ($61.65 million) at the reporting date, reducing to R838 million ($46.96 million) subsequent to the balance sheet date following the repurchase of £10 million ($13.55 million) in convertible bonds.
Virgin Active, Premier anchor gains amid UK retail slowdown
Virgin Active grew revenue 13 percent, lifted by 2 percent more members and 8 percent higher yields, with all regions contributing—UK up 10 percent, South Africa 16 percent, Italy 11 percent, and Asia-Pacific 16 percent. Premier’s revenue rose 7 percent, led by MillBake, with R726 million ($40.7 million) invested mainly in bakery upgrades.
New Look faced a 4 percent sales drop and 3 percent lower gross profit amid UK retail pressure. Brait skipped its £30 million ($40.65 million) capital increase but kept most rights. The brand is cutting costs and shifting further online.
Wiese-backed Brait sharpens investment focus
Founded in 1976, Brait has consistently focused on delivering value through a hands-on investment approach. Its portfolio spans Premier Group, Virgin Active, and Consol. Wiese, whose wealth is estimated at $1.7 billion, holds a 28.5 percent stake and remains a central figure in Brait’s strategy to drive stronger returns.
Following its balance sheet overhaul, Brait says it remains focused on long-term value creation through its unlisted consumer portfolio. The group’s strategy is underpinned by a resilient asset base, with total assets increasing 21.13 percent from R12.21 billion ($684.36 million) to R14.79 billion ($829.29 million).
At the same time, retained losses narrowed from R11.52 billion ($646.01 million) to R10.33 billion ($579.32 million), reflecting improved profitability and stronger operational performance. With NAV climbing and debt burden easing, Brait is poised for continued momentum across its investment portfolio.
