Trading Update

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE

8 July 2026

Brave Bison Group plc

("Brave Bison" or the "Company", together with its subsidiaries "the Group") 

Trading Update

97% increase in net revenue and

87% increase in Adj. EBITDA year-on-year

Net cash of £4.7 million (unaudited)

Brave Bison, the next-generation marketing and technology partner for global brands, provides a trading update for the six-month period ended 30 June 2026.

Oliver Green, Executive Chairman, commented:

"As a result of accretive acquisitions and strong organic growth, notably at MiniMBA which grew organically by over 20% cohort-to-cohort, we are pleased to report net revenue growth of 97% year-on-year, and an increase in Adjusted EBITDA of 87%. Despite taking our largest-ever loan in 2025, the Company is now in a net cash position, and we expect further cash generation in the second half of the year, absent any additional acquisitions"

(1) Adj. EBITDA is defined as earnings before interest, taxation, depreciation and amortisation, and after adding back acquisition costs, restructuring costs and share-based payments

(2) Net Cash excludes lease liabilities

· Net revenue for the first half was ahead of budget and Board expectations, with outperformance driven by MiniMBA, performance marketing and Sport & Entertainment activities. This was marginally offset by our insights practice which has seen client budgets negatively impacted by the Middle East crisis

· Profitability in the first half was in line with budget and Board expectations for the full year remain in line with previous guidance. The first cohort of MiniMBA runs April to July, therefore profitability is structurally weighted towards the second half of the year

· Scalable, platform-based solutions delivered 46% of Group divisional EBITDA and 33% of net revenue in H1, reflecting the high-margin, low marginal cost economics of this part of the business

· New business wins in the period include Nestle, a multi-year engagement with Omnicom, ServiceNow, Heineken, Zoopla, McLaren and Nature's Menu

· The financial results for the half-year period do not include any contribution from, or revaluation of, the Group's 28% strategic investment in System1 Group plc, despite strong trading and a substantial increase in market value

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  

Cavendish Capital Markets Tel: +44 (0) 20 7220 0500 

Nominated Adviser & Joint Broker  

Ben Jeynes / Teddy Whiley | Corporate Finance 

Michael Johnson / Sunila de Silva | ECM

Singer Capital Markets Tel: +44 (0) 20 7496 3000

Joint Broker 

Paul Richards

Alex Bond

About Brave Bison

Brave Bison is a next-generation marketing and technology partner to global brands. We sell services, training and media to the largest advertisers in the world. Operating across eight countries, our team of approximately 350 people is based in key hubs in the UK, US, India, Egypt and Australia, with additional remote talent across Europe.

Brave Bison operates through three divisions. Our Consultancy & Marketing Services division deploys insight-led and AI-enabled growth strategies using social and digital media, working on behalf of global brands including New Balance, Primark and Google. Our Sport & Entertainment division works with global rights holders and entertainment companies such as PGA Tour, US Open, Real Madrid and Guiness World Records to monetise content on YouTube and grow fan engagement online. Our Marketing Skills & Capabilities division comprises MiniMBA, an eLearning platform that provides MBA-level marketing education for enterprise brands such as Nestle, Carlsberg and Salesforce

Brave Bison is the largest shareholder in System1 Group plc, a UK-based marketing research platform that helps brands improve the effectiveness of their advertising using behavioural science and proprietary testing tools. Its platform combines consumer insight with data analytics to guide creative development, media planning, and brand strategy for global advertisers including TikTok, Pfizer and Ikea. System1 is listed on the AIM market of the London Stock Exchange and Brave Bison owns a 28% shareholding