Our rebrand was a strategic
repositioning grounded in clarity
and alignment reflecting our evolution
from a legacy telecommunications
distribution group into a dynamic,
multi-dimensional digital solutions
platform.
MARK LEVY
Co-Chief Executive Officer
BRETT LEVY
Co-Chief Executive Officer
FY25 marks a defining chapter in the Blu Label story. Over the past year, our transformation has been substantive, strategic, and future-facing. With the launch of our refreshed brand identity, now simply Blu Label Unlimited, we've moved from a diverse telco business to a unified ecosystem of digital enablement that is easier to understand, engage with, and invest in.
Our rebrand was a strategic repositioning grounded in clarity and alignment reflecting our evolution from a legacy telecommunications distribution group into a dynamic, multi-dimensional digital solutions platform. Through this lens, our purpose is more apparent than ever: to bridge the digital divide by creating an empowered ecosystem of digital enablement. This is the promise at the heart of every business unit, every innovation, and every stakeholder interaction.
We now go to market through seven clearly defined solution buckets:
Each of these is underpinned by shared values, a common purpose, and a distinctive entrepreneurial DNA, one that embraces bold thinking, celebrates innovation, and delivers real-world impact for individuals, businesses, and communities across South Africa and beyond.
A significant focus for the year was the continued optimisation of our operating model and group structure - designed to enhance focus, enable scalability, and sharpen execution. This included the consolidation of key subsidiaries under the BLU master brand and progressing with simplifying our portfolio through operational rationalisation and renewed discipline in capital allocation.
Central to this strategy is our relationship with Cell C, a business we have worked tirelessly to reposition for sustainability and future growth. Over the past 18 months, Cell C has undergone a far-reaching financial and operational turnaround, supported by an asset-light operating model, aggressive cost containment, and renewed management focus. The result is a leaner, more agile mobile operator well positioned to compete in a capital-intensive telco industry without replicating infrastructure costs.
In line with our strategic intent to realise value for shareholders, Blu Label is exploring a potential listing of Cell C. Should this initial public offering (IPO) proceed, it would be a seminal event, unlocking value both for Cell C and the broader Blu Group. For Cell C, it would create access to direct capital markets participation, enhance governance structures, and provide a platform for long-term capital formation and growth. For BLU, it would crystallise value, provide optionality in capital deployment, and affirm the success of our turnaround-led investment thesis.
While market conditions will ultimately determine timing, we are confident in the long-term fundamentals underpinning Cell C and its ability to deliver sustainable returns, either as a listed entity or within the private domain.
Our core Distribution business continues to perform robustly, maintaining its market-leading position in physical and virtual airtime, electricity and digital vouchers, products and services. Growth was supported by ongoing improvements in channel execution and retail partnerships.
Our Platform and Data and AI businesses demonstrated meaningful traction during the year. We are particularly encouraged by the early results from our data-driven fintech solutions and our investment in AI-powered lead generation capabilities. These are scalable platforms with significant cross-sell potential into our merchant, consumer and enterprise bases.
Our entry into the Energy and Training verticals represents a natural adjacency to our core ecosystem. Both divisions are aligned to national priorities: enabling energy resilience and creating pathways to employment through skills development. While still in early stages, they hold long-term potential to drive inclusive growth and deepen our societal impact.
Importantly, we continued to embed sustainability and governance into every facet of our operations, linking non-financial metrics to performance, risk and incentive structures.
The year ahead is about deepening the gains we have made. We focus on executional excellence, profitable growth, and unlocking latent value across the group. The clarity afforded by our new brand architecture enables each solution bucket to operate with strategic focus while benefiting from the collective strength of the BLU ecosystem.
We will continue to pursue strategic partnerships, explore adjacencies that align with our digital enablement thesis, and, where appropriate, unlock value through monetisation of underlying assets.
To our employees, thank you for believing in the vision and living the BLU values daily. To our Board and shareholders, thank you for your continued support as we transition into this next era. And to all our stakeholders, we remain committed to building a resilient, inclusive, and relevant business, now and into the future.
Because at BLU, we don't believe the sky is the limit, as there are footprints on the moon. It's only the beginning.
MARK LEVY
Joint Chief Executive Officer
BRETT LEVY
Joint Chief Executive Officer
30 September 2025
BLU Label Unlimited Integrated Annual Report 2025
