2025 INTEGRATED ANNUAL REPORT

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About Us

LEVEL UP: EXPANDING THE MAP

About this report Highlights What we do and why we do it Our purpose, vision and mission Our values system Our business model Board of Directors Operating structure Executive Committee Chairman's report Material risks and opportunities Stakeholder relations The RITE strategy

LEVEL UP: EXPANDING THE MAP

Unlocking new opportunities, expanding digital footprints

Expand our distribution channels in banking, retail and independent markets, while investigating new, primarily digital channels.

Add innovative products and services to our portfolio to increase volumes and margins in existing embedded channels.
Strategy and performance

NEW TACTICS, NEW TECH

Joint Chief Executive Officers' report Financial Director's report Ten-year review Value-added statement Operational reviews Leveraging technology Social impact: Human capital Social impact: Customer and supply chain responsibility

NEW TACTICS, NEW TECH

We’ve changed the controller. But we’re still in control.

Deliver world-class customer-centric solutions across our businesses through platform renewal, improvement, innovation and transformation.

Build and improve the competence of our offerings through digitisation and technological innovation.

Maintain agile systems to support our entrepreneurial culture and flexibility that increases our speed to market.
Corporate governance

SECURE SAFE.

Governance philosophy and approach Effective and ethical leadership Board composition, structure and report back King IV functional areas Combined assurance Governance of risk Governance of sustainability Our environmental impact Information and technology governance Compliance report Audit, Risk and Compliance Committee's report Social, Ethics and Transformation Committee's report Remuneration report

SECURE SAFE.

Capitalise on economies of scale with proven technology for accessible, always-on and trusted platforms.

Maintain a customer-centric approach.

Provide exceptional service that is intelligently tailored to the needs of and builds trust with merchants, customers and consumers.
Financial performance

GROUP ANNUAL FINANCIAL STATEMENTS
Non-IFRS information Reasonable assurance report Financial highlights Commentary Prominent notice Statement of Directors’ responsibility Approval of the financial statements Joint Chief Executive Officers and Financial Director responsibility statement on internal financial controls Declaration by the Company Secretary Directors' report Audit, Risk and Compliance Committee's report group Independent auditor's report Group income statement

Group statement of comprehensive income Group statement of financial position Group statement of changes in equity Group statement of cash flows Notes to the Group annual financial statements Annexure A: Shareholder analysis Glossary
COMPANY ANNUAL FINANCIAL STATEMENTS
Directors’ responsibilities and approval Joint Chief Executive Officers and Financial Director responsibility statement on internal financial controls Declaration by the Company Secretary Directors' report

Audit, Risk and Compliance Committee's report company Independent auditor’s report Company statement of financial position Company statement of comprehensive income Company statement of changes in equity Company statement of cash flows Notes to the Company annual financial statements Annexure to the annual financial statements General information
Shareholder info

SPEED BOOST ACTIVATED:

ESG Reporting Index Notice of virtual Annual General Meeting Form of proxy Notes to the form of proxy Glossary Administration

SPEED BOOST ACTIVATED:

Unlocking new territories, expanding digital footprints.

Expand our distribution channels in banking, retail, independent and informal markets, while investigating new, primarily digital channels.

Add innovative products and services to our portfolio to increase volumes and margins in existing embedded channels.

Glossary

ALL

2026

2025

Acronym

Definition

2026

Financial year 2026

2025

Financial year 2025

ACI

African, Coloured or Indian

AGM

Annual General Meeting

AGM

Annual General Meeting

Artificial intelligence

AltBureau

Alternative Bureau for data services

API

Application Programming Interface

APS

Aligned Partnered Solutions

ARCC

Audit Risk and Compliance Committee

ASPU

Average spend per user

Bachelor of Arts

B-BBEE

Broad-based black economic empowerment

B2B

Business to Business

BCompt

Bachelor of Accounting Science

BCM

Business continuity management

BLC

Blue Label Connect

BLD

Blue Label Distribution

BLDS

Blue Label Data Solutions

BLU

Blu Label Unlimited Group Limited

BlueCom

Blue Label Communications Proprietary Limited

Blu Label

Blu Label Unlimited Group Limited

Blu Label Unlimited

Blu Label Unlimited Group Limited

Blu Voucher

Digital voucher system of Blu Label

BluAdvance

Advanced prepaid electricity solution

BluApproved

Blu Label's trust and quality emblem

BluNova

Data and decision science platform of Blu Label

BMF

Black Management Forum

Black-owned

BPO

Business process outsourcing

BProc

Baccalaureus Procurationis

BRM

Business Relationship Management

BWO

Black women-owned

CA (SA)

Chartered Accountant

CEC

Comm Equipment Company

Cell C

Cell C Limited

CEO

Chief Executive Officer

CI/CD

Continuous Integration/Continuous Deployment

CSAT

Customer satisfaction score

CSDP

Central securities depository participant

CSP

Conditional share plan

CTA

College of Accounting Sciences

Data engineering

DRP

Disaster recovery plan

EAP

Employee Assistance Programme

EBITDA

Earnings before interest, taxes, depreciation and amortisation

Employment equity

EME

Exempted Micro Enterprises

EPS

Earnings per share

ERM

Enterprise-wide Risk Management

ERP

Enterprise resource planning

ESG

Environmental, social and governance

EVP

Employee value proposition

Exco

Executive Committee

FAR

Fixed annual remuneration

FCR

First contact resolution

Financial Director

FIC Act

Financial Intelligence Centre Act, 2001

HEPS

Headline earnings per share

Human Resources

ICASA

Independent Communications Authority of South Africa

ICT

Information and Communication Technology

IDP

Individual development plan

IFRS

International Financial Reporting Standards

ILO

International Labour Organization

IoT

Internet of Things

<IR> Framework

The International Integrated Reporting Framework

IRCC

Internal Risk and Compliance Committee

ISMS

Information Management Security System

ISO

International Organization for Standardization

Information technology

JSE

Johannesburg Stock Exchange

King IV

The King IV Report on Corporate Governance for South Africa, 2016

KPI

Key performance indicator

LLB

Bachelor of Laws

LLM

Master of Laws

LTI

Long-term incentive

LTIP

Long-term incentive plan

MBA

Master of Business Administration

Machine learning

MOI

Memorandum of incorporation

MVNE

Mobile virtual network enabler

MVNO

Mobile virtual network operator

NIST

National Institute of Standards and Technology

NPAT

Net profit after tax

OTT

Over-the-top

PAIA

Promotion of Access to Information Act

PIA

POPIA impact assessment

Personal identification number

POPIA

Protection of Personal Information Act

POPI

Protection of personal information

POS

Point of sale

QSE

Qualifying small enterprises

RINGAS

RINGAS product associated with prepaid offerings

RITE

Reach, Innovate, Trust, Efficiency

RNC

Remuneration and Nomination Committee

ROCE

Return on capital employed

RoPA

Record of Processing Activities

SADC

Southern African Development Community

SAICA

The South African Institute of Chartered Accountants

SDG

Sustainable development goals

SED

Socio-economic development

SETC

Social, Ethics and Transformation Committee

SIM

Subscriber Identity Module

SLA

Service-level agreement

SME

Small and medium-sized enterprises

SMME

Small, medium and micro-enterprises

SOC

Security Operations Centre

SOE

State-owned entity

STI

Short-term incentive

STIP

Short-term incentive plan

TicketPro

End-to-end ticketing system

Transaction Junction

TPC

The Prepaid Company Proprietary Limited

U-Belong

U-Belong project

UCT

University of Cape Town

UNGC

United Nations Global Compact

Unisa

University of South Africa

VAS

Value-added service

VCC

Venture Capital Company

VOC

Volatile organic compounds

VRM

Visual Revenue Management

WACC

Weighted average cost of capital

Wits

University of Witwatersrand

YES

Youth Employment Service