FY25 marked a turning point in
Blu Label's journey – a year defined by
our strategic repositioning that sets the
foundation for long-term value creation
through our focus on scalable,
asset-light technologies that serve
the mass market precisely and
efficiently.
LARRY NESTADT
Chairman
FY25 was a defining year for Blu Label – a period of strategic repositioning and resilience, laying the foundation for long-term shareholder value creation. Amid ongoing macroeconomic challenges, we remained focused, agile, and disciplined in our execution.
A key highlight of the year was significant progress towards the potential listing of Cell C. This would be a milestone event, unlocking value for Cell C and Blu Label, and marking the culmination of years of stabilisation, investment, and governance-led transformation.
This pending transaction is not just a financial event –it's a strategic inflection point that positions Blu Label for the next phase of its evolution: a focused, capital-light, high-margin business with strong fundamentals and scalable platforms.
The operating environment remained difficult across South Africa and many emerging markets. Inflationary pressures, high interest rates and structural unemployment continued to affect consumer spending, particularly in the lower-income segments we serve. Additional macro challenges in the first three-quarters of the financial year further disrupted economic activity and dampened demand.
Nevertheless, Blu Label remained steadfast. The general suspension of loadshedding in the year is a hopeful sign for the economy, and a welcome development for our partners, vendors and consumers. Throughout, we continued to prioritise stability, customer relevance and platform innovation.
Over the past several years, we've laid the groundwork for a leaner, more focused Blu Label – and FY25 was the year in which that vision began to materialise. As Cell C stabilises and charts its own course under an experienced and revitalised executive team, Blu Label is increasingly well positioned to thrive as a standalone digital platform business.
We have sharpened our focus on scalable, asset-light technologies that serve the mass market precisely and efficiently. Our proprietary platforms – spanning fintech, value-added services, and merchant enablement – are delivering growing transaction volumes and deepening partner engagement. The capital released from the reduced funding requirements of Cell C will allow us to accelerate our investment into these digital capabilities, while maintaining a strong and liquid balance sheet.
Looking ahead, our focus is clear:
We will continue to serve the mass market with integrity, innovation and reliability – delivering value for our customers, partners and shareholders through every transaction.
Corporate governance remains a cornerstone of our business. This year, we strengthened our governance and risk frameworks to ensure alignment with our evolving business model. Cybersecurity remains a strategic priority, and our ISO 27001 certification reflects our continued commitment to data protection and system integrity.
We also continued to benefit from active, engaged oversight from our Board of Directors, whose input and stewardship has been invaluable during this period of strategic transformation.
Blu Label's mission has always been rooted in inclusion – connecting people to services, opportunities and livelihoods. We continue to play a critical role in enabling small and informal businesses to grow their operations, access digital tools, and transact securely. Our platforms support thousands of township-based entrepreneurs, mobile vendors and informal traders.
Our internal culture, too, has been a source of strength. In FY24 we introduced #AsBluWeBelong – a unifying commitment to belonging, collaboration and shared purpose. Our updated corporate values – accountability, collaboration, inclusion, customer centricity and partnership – emerged from a company-wide process reflecting who we are and want to be.
We also remain committed to inclusive procurement, transformation and enterprise development, with a focus on enabling black- and female-owned businesses to thrive.
The potential Cell C listing will unlock significant value: freeing up capital, reducing debt, and enabling sharper strategic focus for both businesses. For Blu Label, it represents the acceleration of our evolution into a platform-led growth business, underpinned by sound governance and financial discipline.
We confidently enter the next chapter – ready to unlock new growth opportunities and extend our impact across South Africa's digital economy.
On behalf of the Board, I would like to thank our shareholders for your continued trust and support.
A special word of thanks goes to Mr Joe Mthimunye, who stepped down after year-end to focus on his role as Independent Chairman of Cell C. His departure forms part of the managed Board renewal process we previously communicated – a deliberate effort to rotate and refresh long-serving members in alignment with evolving governance best practices. Joe has been an invaluable contributor to Blu Label for over a decade, playing a key role in shaping our strategy and governance frameworks. The Board is actively considering new appointments to ensure continued diversity, independence, and depth of expertise as we enter our next growth phase.
Finally, thank you to my fellow Board members, our executive team, and all Blu Label employees for your dedication, resilience, and belief in our shared vision.
Chairman
30 September 2025
BLU Label Unlimited Integrated Annual Report 2025
