Clarification

Brave Bison corrects System1 FY27E consensus estimates; mean forecasts remain unchanged.

What the company is saying

Brave Bison Group PLC is issuing a clarification to correct clerical errors in a previously published data table of consensus financial forecasts for System1, specifically in Appendix 3 of the 'Increased Fourth Offer' announcement dated 14 September 2026. The company states that the high and low estimates for FY27E revenue, adjusted EBITDA, adjusted operating profit, adjusted PBT, adjusted PAT, and net cash were not correctly extracted from source materials, but emphasizes that the arithmetic mean of consensus as of 21 April 2026 is unchanged. The corrected figures are attributed to Canaccord Genuity Limited and Singer Capital Markets Limited, with the Takeover Panel confirming these consensus forecasts can be included despite both advisers being connected to the offer. Brave Bison highlights that, except for revenue and adjusted PBT, the consensus market expectations are not endorsed by System1 and have not been reviewed under Rule 28.1(a) of the Takeover Code. The company provides explicit details on the calculation of the high estimate for adjusted PAT, noting it was derived from adjusted PBT less tax, as Canaccord did not provide a PAT estimate. The tone is procedural and factual, with no promotional language or forward-looking operational claims. Theo Green, Chief Growth Officer, is named as the person responsible for the release.

What the data suggests

The announcement discloses consensus analyst forecasts for System1's FY27E financials as of 21 April 2026: revenue mean £38.8m (high £39.1m, low £38.5m), adjusted EBITDA mean £5.8m (high £6.0m, low £5.5m), adjusted operating profit mean £4.2m (high £4.5m, low £3.9m), adjusted PBT mean £4.2m (high £4.5m, low £3.9m), adjusted PAT mean £2.9m (high £3.1m, low £2.7m), and net cash mean £14.3m (high £14.2m, low £14.4m). The high estimate for adjusted PAT is explicitly calculated as adjusted PBT of £4.5m less tax of £1.4m. These figures are forward-looking and based on analyst projections, not actual results, and there is no period-over-period comparison or historical context. The data is transparent about sources and calculation methods, but the absence of actuals limits insight into System1's financial trajectory. The mean forecasts are tightly clustered, suggesting limited divergence between analyst views at the time. The announcement does not provide any new operational, strategic, or financial developments beyond the correction.

Analysis

The announcement is a factual clarification of previously published consensus financial estimates for System1 in the context of a takeover offer. All disclosed figures are forward-looking analyst forecasts for FY27E, with no realised operational or financial results presented. The language is strictly procedural, focused on correcting clerical errors and ensuring compliance with Takeover Code requirements. There is no promotional or exaggerated tone, and no claims are made about imminent benefits, synergies, or strategic upside. No capital outlay or investment program is discussed, and the only forward-looking statement relates to regulatory compliance for share offerings. The gap between narrative and evidence is nonexistent; the company is transparent about the nature and limitations of the disclosed data.

Risk flags

• ●Reliance on forward-looking analyst estimates introduces uncertainty, as these projections may not reflect actual future results and are subject to revision as market conditions or company performance changes.
• ●The consensus figures, except for revenue and adjusted PBT, are not endorsed by System1 and have not been reviewed under Rule 28.1(a) of the Takeover Code, which limits their reliability and may expose investors to model or extraction errors.
• ●The correction highlights prior clerical errors in extracting data, raising concerns about the robustness of Brave Bison's disclosure processes and the potential for further errors in future communications.

Bottom line

This announcement is a procedural correction of previously published consensus analyst forecasts for System1's FY27E financials, with the mean estimates for revenue, profit, and cash unchanged but high and low estimates updated for accuracy. All figures are forward-looking and based on external analyst models, not on actual company performance, and most are not endorsed by System1. The disclosure is transparent about the sources and calculation methods but does not provide new operational or strategic information. Investors should treat these numbers as indicative only, with the main takeaway being that the consensus mean remains stable despite prior extraction errors. The most actionable point is the narrow range of analyst estimates, but the absence of actuals or new developments means this update is informational rather than a catalyst.

Announcement summary

(LSE:BBSN) Brave Bison Group PLC issued a clarification regarding clerical errors in a data table contained in Appendix 3 of its announcement titled “Increased Fourth Offer” published on 14 September 2026. The company states that the high and low estimates in the data table were not correctly extracted from source materials, but the arithmetic mean of consensus at 21 April 2026 remains unchanged. The corrected Appendix 3 provides updated high and low estimates for System1’s FY27E financial metrics, including revenue, adjusted EBITDA, adjusted operating profit, adjusted profit before tax (PBT), adjusted profit after tax (PAT), and net cash. At 21 April 2026, Canaccord Genuity Limited and Singer Capital Markets Limited published forecasts in respect of System1. Canaccord Genuity Limited is acting as financial adviser, Rule 3 adviser, nominated adviser, and broker to System1, while Singer Capital Markets Limited is joint broker to both System1 and Brave Bison. The Takeover Panel has confirmed that the consensus at 21 April 2026 from both advisers can be included in this announcement. The arithmetic mean of consensus at 21 April 2026 for FY27E is: revenue £38.8m, adjusted EBITDA £5.8m, adjusted operating profit £4.2m, adjusted PBT £4.2m, adjusted PAT £2.9m, and net cash £14.3m. The high estimate (Canaccord Genuity Limited at 21 April 2026) is: revenue £39.1m, adjusted EBITDA £6.0m, adjusted operating profit £4.5m, adjusted PBT £4.5m, adjusted PAT £3.1m (calculated as adjusted PBT of £4.5m less tax of £1.4m), and net cash £14.2m. The low estimate (Singer Capital Markets Limited at 17 March 2026) is: revenue £38.5m, adjusted EBITDA £5.5m, adjusted operating profit £3.9m, adjusted PBT £3.9m, adjusted PAT £2.7m, and net cash £14.4m. Brave Bison confirms that, except for revenue and adjusted PBT, the consensus market expectations for FY27E as at 21 April 2026 are not endorsed by System1 and have not been reviewed or reported on in accordance with Rule 28.1(a) of the Takeover Code. The consensus market expectations have been compiled and published by Brave Bison in accordance with Rule 27.8 of the Takeover Code. A copy of these expectations is available on Brave Bison’s website. The person responsible for arranging the release of this announcement on behalf of Brave Bison is Theo Green, Chief Growth Officer. The LEI of Brave Bison is 213800BEII7EWIN8X308 and the LEI of System1 is 213800TDLR42C3Q9ZB74.

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