Earnings release
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13 January 2026 Brave Bison Group plc ("Brave Bison" or the "Company", together with its subsidiaries "the Group") Trading Update FY25 trading ahead of consensus following strong Q4 in Sport & Entertainment Year end net cash of £4.3m significantly ahead of consensus Brave Bison, the next-generation marketing and technology partner for global brands, is pleased to provide the following trading update for the year ending 31 December 2025 ("FY25") ahead of publication of the Group's audited FY25 results. Financial Highlights Year ending 31 December FY25(1) FY24 Change Net Revenue £33.5m £21.3m +57% Adj. EBITDA(2) £6.5m £4.5m +44% Adj. Profit Before Tax(3) £5.5m £3.9m +41% Net Cash(4) £4.3m £7.5m (42%) Subject to audit, small apparent errors due to rounding Net revenue of not less than £33.5m (FY24: £21.3m), ahead of consensus expectations(5) and growth of 57% year-on-year Adj. EBITDA of not less than £6.5m (FY24: £4.5m) and Adj. Profit Before Tax of not less than £5.5m (FY24: £3.9m), an increase of 44% and 41%, respectively, year-on-year and both ahead of consensus expectations(5) Net cash at year end of £4.3m (FY24: £7.5m), significantly ahead of consensus expectations(5) following strong Q4 trading and an improved working capital position which is expected to partially unwind over the first half of 2026 Outlook As a result of strong trading in the second half of FY25, the Board now expects to be in a position to repay all outstanding bank debt prior to the end of 2026, meaning that debt facilities drawn to fund acquisitions completed in H2 2025 will be repaid ahead of prior expectations. Free cashflow generated in excess of loan repayments will be used to fund further acquisitions, and the payment of dividend(s), in-line with the Company's capital allocation policy. The Board is comfortable with FY26 consensus expectations(5) of £45m of net revenue and £9.4m of Adj. EBITDA. As a result of the timing of MiniMBA courses (running April to July and September to December) the Group's revenue and profit profile is now expected to be more heavily weighted to the second half of each year than has historically been the case. (1) Unaudited, not less than results. (2) Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments. Under IFRS16 most of the costs associated with property leases are classified as depreciation and interest, therefore Adj. EBITDA is stated before deducting these costs. (3) Adj. Profit Before Tax is stated after adding back acquisition costs, restructuring costs, impairments, amortisation of acquired intangibles and share-based payments, and is after the deduction of costs associated with property leases. (4) Net Cash is stated before deducting lease liabilities and deferred consideration (5) Company compiled FY25 consensus expectations immediately prior to this announcement: net revenue of £31.5m / Adj. EBITDA of £6.1m / Adj. PBT of £5.2m / net debt £3.6m For further information please contact: Brave Bison Group plc via Cavendish Oliver Green, Executive Chairman Theo Green, Chief Growth Officer Philippa Norridge, Chief Financial Officer
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Cavendish Capital Markets Tel: +44 (0) 20 7220 0500 Nominated Adviser & Joint Broker Ben Jeynes / Teddy Whiley / Elysia Bough - Corporate Finance Michael Johnson / Sunila de Silva - ECM Singer Capital Markets Tel: +44 (0) 20 7496 3000 Joint Broker Alex Bond / Sara Hale About Brave Bison Brave Bison is a marketing and technology partner for global brands. With operations across eight countries including the UK, India, Australia and Egypt, Brave Bison provides customers with digital services, digital media and marketing skills training. The Group operates through two divisions: Digital Services and Digital Content. Digital Services comprises the Group's digital marketing operations. Trading through dedicated brands including Brave Bison (performance media), SocialChain (social & influencer marketing), Engage (Sport & Entertainment) and MTM (strategy & insight), the Group works with global brands and media rights holders across consultancy and execution. Customers include New Balance, Primark and Google, as well as Formula 1, Real Madrid and New Zealand Rugby. Digital Content comprises the Group's operations to monetise digital content through training and advertising. This division includes the Brave Bison media network of YouTube, Facebook and Snap channels, as well as MiniMBA, a marketing skills and training platform that provides MBA-level education through an online learning portal. Almost 6,000 marketing professionals take MiniMBA courses every year and the platform has trained over 40,000 delegates since inception. MiniMBA sells directly to marketers through its website, as well as to enterprise customers looking to upskill their teams including American Express, McDonald's, Google, British Airways, Nestle and Salesforce.