Year

ANNUAL RESULTS

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UNLIMITED

POTENTIAL

COMMENTARY

KEY MESSAGES

The year ended 31 May 2026 was characterised by disciplined execution in a challenging consumer environment and continued progress in building a simpler, more focused Blu Label. The Group's core platforms remained cashgenerative, supported by disciplined cost management, improved liquidity and a sharper focus on earnings quality and returns on invested capital.

The defining milestone of the period was the successful restructuring and subsequent listing of Cell C Holdings Limited ("Cell C").

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