Director Matthew Quinn has sold out of his entire stake of 200k shares to net $588k.

He has done well given he was buying when this name was still on the mat. Is he indicating that the upside is about done?

Upgraded guidance from Bravura. Market seems to have been anticipating it given the price run up in recent weeks.

Bravura Solutions Limited

ASX Release

1 October 2025

Guidance Update

Bravura Solutions Limited (ASX: BVS) (Bravura) is updating its FY26 guidance as follows:

• Revenue expected to be between $265m and $275m (previously in-line with FY25 revenues1).

• Cash EBITDA2 expected to be between $55m and $65m (previously at least $50m).

This guidance assumes an average GBP/AUD exchange rate of 2.05 for FY26.

The key drivers of the updated forecast are:

• Continued strength of the GBP.

• A higher level of project revenues, particularly with our Wealth customers in EMEA.

• A continued focus on operational efficiency.

Group CEO Appointment

Bravura Solutions Limited (ASX: BVS) (Bravura) announces that Colin Greenhill will be appointed as

Group CEO commencing on 1 January 2026 and will be based in our London office.

The Board has undertaken an extensive global search through an executive search agency to recruit a

Group CEO.

Mr Greenhill has over 15 years’ experience operating as a Chief Executive with wide-ranging experience

leading software businesses serving the financial services and insurance sectors. He recently served as

Chief Executive Officer at SSP Worldwide, a global supplier of software to the insurance industry, and

led an international portfolio of banking, wealth management and insurance software businesses.

Bravura Chair Matthew Quinn said “We are delighted to welcome Colin as our next Group CEO.

Following an extensive search process, the Board unanimously agreed that Colin is the best candidate

to take Bravura forward.”

Mr Greenhill said “I am excited to be joining Bravura at this important stage. With 1,000 talented

colleagues worldwide and a strong portfolio of critical systems supporting leading financial institutions,

we have a solid foundation for the future. I look forward to working with our customers and our teams

to deliver long-term value.”

Shezad Okhai will remain as interim CEO until Mr Greenhill commences as Group CEO, at which time Mr

Okhai will return to his role as Non-Executive Director of Bravura and will assist Mr Greenhill to ensure

a smooth transition.

Another sizable set of purchases from Damien Leonard of L6/PineTree, committing over $3m on market at close to $2.15/share.

The market has responded in kind, sending the shares up 6.5% today.

Damien Leonard is at it again, buying ~1.9m shares at between $2.24-2.30/share.

I guess he doesn't think it is too late to buy more.

Forager's Alex Shevlev covers BVS here - https://www.livewiremarkets.com/wires/the-asx-stock-whose-turnaround-story-may-have-more-to-come

FY25 upgraded guidance and intention to recommence dividend payments

Bravura Solutions Limited (ASX:BVS) (Bravura or the Company) is upgrading its FY25 guidance as follows:

• Cash EBITDA1 to a range of $33m - $36m (previously $28m to $32m)

• EBITDA1 to a range of $41m - $44m (previously $36m - $40m)

• Revenue1 to a range of $240m - $245m (previously $235m - $240m)

The upgraded FY25 guidance follows the successful transformation and execution of the business strategy over

the past 18 months.

Dividend update

As a result of the Company’s return to profitability and cash generation, Bravura intends to recommence the

declaration of dividends in February 2025 when the 1H25 results are announced, with payment in March 2025.

This is in addition to the capital return of at least $0.163 per share to be paid on 30 January 2025, reflecting the

Company’s improved financial performance and strong balance sheet.

Bravura’s Group CEO Andrew Russell said:

“We are pleased to inform shareholders that our Cash EBITDA, EBITDA and revenue performance is anticipated to

be ahead of the guidance previously provided. This is further confirmation of the execution progress of our

strategy to reset and energise the Bravura business. We have returned to profitability and have a healthy balance

sheet. As a result, we intend to recommence the payment of dividends which will be announced as part of our half

year results.”

Damien Leonard (son of Mark Leonard of Constellation Software) has bought a large dollop of shares (~ 1.75m) between $1.39 and $1.46 on-market. That is significant insider activity, especially with the shares hovering near 52w highs after a very good run already.

Pinetree Capital has spent another ~$5m acquiring shares on market, taking their stake to ~21 %.

They are a Candian value-oriented investment firm focused on enterprise technology companies.

I get the feeling they are angling for some sort of exit here (a takeover?).

New CEO Andrew Russell has stepped up to the plate and purchased $100k worth on market. Nothing earth-shattering, but continues the trend of insider buying in recent months.

Matt Quinn is at it again, with another ~$126k purchased on market.

The last time he dipped into his pockets to buy shares (see my previous straw), it worked out great with a 50%+ gain in a few months.

Director Matthew Quinn has purchased 350k shares on-market for a total consideration of ~ $157k.

Good to see, especially if it is followed up with more director purchases.

BVS has come out of the trading halt, and it is every bit the disaster that you would expect it to be.

Not sure how the management team can salvage the situation, but the miniscule glimmer of hope is they have managed to raise $43m of fresh institutional capital to attempt what looks like a difficult turnaround.

Yet another poor performer in a Trading Halt, ahead of releasing their 1H result.

I think we all know how this story is likely to end...