Brave Bison Group Plc · LSE:BBSN
Brave Bison — FY2025 Earnings Presentation
40 slides from Brave Bison's earnings presentation, May 2026
Slide 1: Annual Results 2025
1 Annual Results 2025 May 2026 © 2026 BraveBison 1
Slide 2: Disclaimer
2 Disclaimer [ This presentation has been prepared by Brave Bison Group plc (the “Company”) solely for information and does not purport to c ont ain all the information that may be necessary or desirable to fully and accurately evaluate the Company or its business prospects. For the purposes of this
Slide 3: Agenda
3 01 Executive Summary Agenda 02 FY25 Financial Review 03 Strategic Review a MiniMBA with Mark Ritson b AI at Brave Bison c Acquisition & Integration Strategy 04 Summary
Slide 4: Management Team
4 Management Team The Brave Bison executive team has the skillset and incentive to succeed alongside shareholders Theo Green Oliver Green Philippa Norridge Chief Growth Officer Executive Chairman Chief Financial Officer • Private equity & technology • Digital media, marketing & • 20 years+ digital m
Slide 5: Management Team
5 Management Team The Brave Bison executive team has the skillset and incentive to succeed alongside shareholders Mark Ritson Tim Plyming Founder, MiniMBA CEO, MiniMBA • Marketing, branding & strategy • Digital media, education & cultural expertise leadership experience • PhD in Marketing from Lanca
Slide 6: Next-generation marketing and technology partner to global brands
6 is a next-generation marketing and technology partner to global brands We sell services, training and media to the largest advertisers in the world © 2026 BraveBison A different Beast
Slide 7: Trading through three divisions
Trading through three divisions Consultancy & Marketing Services Sport & Entertainment Marketing Skills & Capability © 2026 BraveBison
Slide 8: FY25 Highlights
8 FY25 Highlights Five Acquisitions 1 Adj. Profit Before Tax is defined as profit before tax after adding back acquisition costs, restructuring costs, impairme nts , amortisation of acquired intangibles and share -based payments. 2 Adj. Basic EPS is equal to Adj. Profit After Tax, (being Adj. Profit
Slide 9: Six Year Record
9 Six Year Record Since 2020, net revenue has increased by over 12x, Adj. EBITDA margins have grown from zero to 20% and Adj. Basic EPS has grown at a CAGR of 18% over 5 years Consensus expectations as at 30 April 2026: FY26e net revenue £49.0m, adj. EBITDA £10.3m, Adj. Basic EPS 8.1p © 2026 BraveBi
Slide 10: FY25 Financial Review
10 FY25 Financial Review © 2026 BraveBison
Slide 11: FY25 Income Statement
11 FY25 Income Statement Strong performance driven by acquisitions and organic growth Audited FY25 FY24 Var. FY23 60% growth in net revenue driven by 5 Turnover / Billings (1) £54.3m £32.8m +65% £35.7m acquisitions as well as organic growth Net Revenue £34.1m £21.3m +60% £20.9m Adj. EBITDA (2) £6.8m
Slide 12: Adjusting Items
12 Adjusting Items Adjusting items driven by acquisition -related expenses 8,000 7,000 6,793 341 6,000 830 5,622 925 5,000 2,282 £'000 4,000 3,000 2,000 1,579 1,000 154 682 0 Adj. EBITDA Net Finance Depreciation Adj. Profit Restructuring Acquisition Amortisation Share-based Profit Before Tax Costs B
Slide 13: FY25 Cashflow
13 FY25 Cashflow Cash used to drive growth through acquisitions £16.4m cash inflow from share issuance following oversubscribed fundraising FY25 FY24 Adjusted EBITDA £6.8m £4.5m Restructuring (£0.9m) (£0.9m) Main cash outflows were on acquisition Acquisition costs (£2.3m) (£0.3m) payments and associ
Slide 14: FY25 Balance Sheet
14 FY25 Balance Sheet Net assets increased to £39.1 million Significant increase in non -current assets FY25 FY24 driven by intangible assets associated Non -current assets £53.7m £16.7m with the acquisitions Trade and other receivables £12.5m £8.4m Cash and cash equivalents £10.4m £7.6m £23.0m £16.
Slide 15: FY26 Outlook
FY26 Outlook 15 • The Board expects net revenue and Adj. EBITDA to exceed current consensus expectations for FY26. Net revenue in Q1 FY26 is expected to increase 58% year -on- year, an encouraging performance despite the conflict in the Middle East causing some clients to review spending • Continued
Slide 16: Strategic Review
16 Strategic Review © 2026 BraveBison A different Beast
Slide 17: Introduction to Mark Ritson
Introduction to Mark Ritson Brands I’ve consulted for © 2026 BraveBison 17
Slide 18: Introduction to MiniMBA: Clients and Learners
Introduction to Clients Our Learners 43% 10% 13% 17% Marcomms 29% Pharma FMCG 12% Telcos Agency 17% Professional Services 4% 9% Retail Consumer Goods 4% Financial Services 4% 5% 6% Manufacturing 21% 5% 6% Consultancy Other © 2026 BraveBison 18
Slide 19: Introduction to MiniMBA
Introduction to 40,000+ 78NPS+ 95% marketers have done it. Ask One of the highest scores of alumni feel more confident any of them if it was worth it. in professional education. after The MiniMBA . Because it works. The other 5% were already insufferabl e © 2026 BraveBison 19
Slide 20: The context
The context The marketing course against which all marketing courses should be judged and will surely fall short. Do it. Do it now. Two -thirds of marketers fail a basic marketing capability test, yet those with formal training are over 4x more likely to perform effectively — highlighting a signific
Slide 21: Introduction to Tim Plyming
Introduction to Tim Plyming © 2026 BraveBison 21
Slide 22: Growing MiniMBA
22 Growing MiniMBA Growth opportunities across product, markets and operations Elective Programme Resources Required Territory expansion Platform Upgrades AI Tutor US Launch Strategic partnerships Enterprise Sales GTM Skills & Capability Tool Publisher Partnerships Expand Sales Team AI Language Tran
Slide 23: Growing MiniMBA
23 Growing MiniMBA Growth opportunities across product, markets and operations Elective Programme Resources Required Territory expansion Platform Upgrades AI Tutor US Launch Strategic partnerships Enterprise Sales GTM Skills & Capability Tool Publisher Partnerships Expand Sales Team AI Language Tran
Slide 24: H1 success
H1 success Publishing Partnerships 18% growth YoY for the first cohort of 2026 €1.3m 10x weekly reach agreement with a large global FMCG group to deliver a bespoke version of the MiniMBA in Brand Management programme to thousands of their employees across the Asia -Pacific region in 2026 Distributio
Slide 25: Future Plans
Future Plans Elective Portfolio AI Learning Functionality AI planning tool © 2026 BraveBison 25
Slide 26: AI at Brave Bison
AI at Brave Bison © 2026 BraveBison 26
Slide 27: The marketing landscape is changing rapidly
27 The marketing landscape is changing rapidly Selling time Selling outcomes Outputs Orchestration © 2026 BraveBison
Slide 28: Our focus is three-fold
28 Our focus is three -fold: Efficiency Effectiveness Evolution Do the same work faster Do the work better Do work that wasn’t possible before Automate repetitive tasks. Improve quality of outputs. Build new capabilities, products and Reduce friction in existing workflows. Bring AI into our creative
Slide 29: Our vision
Our vision What is it: © 2026 BraveBison A different Beast
Slide 30: One connected ecosystem, compounding innovation for our clients
One connected ecosystem, compounding innovation for our clients © 2026 BraveBison 30
Slide 31: Proprietary AI-enabled insight tool
Our proprietary AI -enabled insight tool, designed to embed audience intelligence at the core of our key workflows: RESEARCH: Audience segmentation VIDEO HERE PLANNING: Media and creative planning DELIVERY: Pre -flighting creative, and personalising ad copy OPTIMISATION: Ingesting performance data t
Slide 32: Efficiency: helping LinkedIn track influencer activity
Efficiency Helping Linkedin track the impact of influencer activity in real time VIDEO HERE The outcome: Our influencer content across TikTok and Instagram drives a new audience of GenZ career starters to Linkedin’s platform PLAY DEMO © 2026 BraveBison | 32
Slide 33: Effectiveness: tracking a UK insurer's visibility in AI search
Effectiveness Tracking a major UK insurer’s visibility in AI search with live dashboarding The outcome: LLMs are more likely to cite our client when users input questions such as “what is the best insurance for EVs” PLAY DEMO © 2026 BraveBison | 33
Slide 34: Evolution: repositioning a global travel product
Evolution Repositioning a global travel product with a 360 degree AI - generated social campaign turned around in record time VIDEO HERE The outcome: Compounded efficiency and effectiveness of this campaign contributed to a $5.28 incremental return on the client’s ad spend within just two months PLA
Slide 35: Acquisition & Integration Strategy
39 Acquisition & Integration Strategy © 2026 BraveBison A different Beast
Slide 36: Targeting growth from 3 distinct strategies
40 is targeting growth (1) Net Revenue Medium -term targets from 3 distinct in £100m strategies • Organic growth underpinned by AI: winning new clients and Net Revenue expanding into new markets £49m • Bolt on acquisitions : rapid payback through cost savings and EBITDA cross -selling £25m • Platfor
Slide 37: Value Creation in Acquisition
41 Value Creation in Acquisition Tiered approach to integration © 2026 BraveBison
Slide 38: 28% strategic investment in System1
42 AIM -listed marketing & creative effectiveness platform • 28% strategic investment acquired in March 2026. Brave Bison is now the largest shareholder in System1 • Consensus forecasts for FY27 show a year of substantial growth in profitability: revenue £38.5m (FY26: £37.0m), Adj. EBITDA £5.5m (FY2
Slide 39: Investment Case
43 FY25 ahead of expectations, a year of 01. transformational growth FY26 outlook upgraded, despite macro 02. disruption MiniMBA showing 18%+ growth Investment 03. year -on-year Case Brave Bison is AI -enabled with a clear 04. strategy for rolling out across customers System1 investment has strong p
Slide 40: Brave Bison
Brave Bison