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").
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").