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BLU Label Unlimited Annual Results for the year ended 31 May 2026 A FOCUSED PLATFORM FOR SCALABLE GROWTH
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R2.555 BILLION GROSS INCOME REVENUE R9.4 BILLION* EBITDA NET PROFIT AFTER TAX R923 MILLION R677 MILLION NORMALISED FINANCIAL HIGHLIGHTS R681 MILLION HEADLINE & CORE HEADLINE EARNINGS 2026 ANNUAL RESULTS CORE HEADLINE EARNINGS * On inclusion of the gross amount generated on “PINless top-ups”, prepaid electricity, ticketing and universal vouchers, the effective increase equated to 7% from R93.2 billion to R99.9 billion. TOTAL DIVIDEND 75.33c PER SHARE 53.56c PER SHARE FOR THE YEAR ENDED 31 MAY 2026 1
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NORMALISED REVENUE 2026 ANNUAL RESULTS FOR THE YEAR ENDED 31 MAY 2026 2 On inclusion of the gross amount generated on “PINless top-ups”, prepaid electricity, ticketing and universal vouchers, the effective increase equated to 7% from R93.2 billion to R99.9 billion. Although electricity commissions declined by R40 million (13%), revenue assurance for municipalities and bill payments, included in “Other revenue,” increased by R54 million (22%) in the current financial year.
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2026 ANNUAL RESULTS FOR THE YEAR ENDED 31 MAY 2026 NORMALISED FINANCIAL RESULTS 3
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2026 ANNUAL RESULTS FOR THE YEAR ENDED 31 MAY 2026 REPORTED FINANCIAL RESULTS 4
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2026 ANNUAL RESULTS AS AT 31 MAY 2026 BALANCE SHEET Cell C Pre-Listing Restructuring and subsequent listing Simpler and more transparent balance sheet Enhanced financial flexibility 5
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A SIMPLER BLU LABEL, FOCUSED ON PLATFORMS THAT GENERATE CASH AND COMPOUND VALUE 6
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R2.555 BILLION GROSS INCOME REVENUE R9.4 BILLION* EBITDA NET PROFIT AFTER TAX R923 MILLION R677 MILLION NORMALISED FINANCIAL HIGHLIGHTS R681 MILLION HEADLINE & CORE HEADLINE EARNINGS 2026 ANNUAL RESULTS CORE HEADLINE EARNINGS * On inclusion of the gross amount generated on “PINless top-ups”, prepaid electricity, ticketing and universal vouchers, the effective increase equated to 7% from R93.2 billion to R99.9 billion. TOTAL DIVIDEND 75.33c PER SHARE 53.56c PER SHARE FOR THE YEAR ENDED 31 MAY 2026 7
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A DIFFICULT CONSUMER ENVIRONMENT WITH VISIBLE PRESSURE ON HIGH-FREQUENCY CONSUMPTION The broader consumer backdrop remained constrained, with SA unemployment increasing to 32.7% in Q1 2026, from 31.4% in Q4 2025. From March, trading conditions softened across prepaid, informal and essential-service consumption channels. Pressure was visible in both B2B trader activity and B2C consumer volumes. Lower informal-market activity reduced the number of active consumers and traders purchasing airtime, data, electricity and related services. Blu Label’s scale, procurement capability and diversified platform exposure helped absorb some of this pressure. Household finances also remained stretched, with debt-service costs at 8.4% of disposable income in Q1 2026. 2026 ANNUAL RESULTS HOUSEHOLD DEBT-SERVICE COST AS A PERCENTAGE OF DISPOSABLE INCOME, Q1 2026 8.4% SA UNEMPLOYMENT RATE, Q1 2026 32.7% 8
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CONSUMER PRESSURE WAS ALSO VISIBLE ACROSS PARTS OF THE PREPAID ECOSYSTEM Vodacom had also experienced prepaid softness before reporting a subsequent return to growth following pricing and proposition interventions. Public telco results provide evidence that Blu Label was not alone in experiencing pressure in prepaid and value-sensitive customer segments. MTN South Africa reported continued pressure in prepaid in Q1 2026, with service revenue growth of only 0.7%, despite data traffic increasing strongly. This suggests a market characterised by high consumer price sensitivity, changing purchasing behaviour and operator- specific performance, rather than a uniform structural decline. Against this backdrop, Blu Label’s distribution reach, procurement strength and breadth across airtime, data, electricity and adjacent services remain important competitive advantages. Performance was not uniform across the sector: Telkom continued to report comparatively strong prepaid growth. 2026 ANNUAL RESULTS +0.7% MTN SA SERVICE REVENUE GROWTH, Q1 2026 MANAGEMENT CITED CONTINUED PRESSURE IN PREPAID 9
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SIMPLIFYING THE GROUP: SHARPENING FOCUS, UNLOCKING VALUE 2026 ANNUAL RESULTS A MORE FOCUSED, CASH-GENERATIVE GROUP WITH CLEAR GROWTH OPTIONALITY Cell C independent, with Blu retaining optionality Focus on core cash-generative platforms Nascent businesses moving from development to execution Cleaner group structure 10
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PROGRESS IN THE YEAR: FOCUS, CASH AND OPTIONALITY 2026 ANNUAL RESULTS Core business remained resilient despite sector headwinds Blu Label Distribution delivered a standout year BluAdvance scaled through more channels and products BluNova’s data capability became more central to earnings Cigicell and BluEnergy advanced the municipal energy and revenue assurance opportunity Cell C now operates independently, reducing group complexity 11
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BLU LABEL UNLIMITED GROUP: AN INTEGRATED, CASH-GENERATIVE ECOSYSTEM 2026 ANNUAL RESULTS DATA CAPABILITY DIRECTLY ENHANCES MARGINS AND GROWTH Centralised analytics and AI capability enhancing margins, reducing risk and enabling monetisation. Consumer finance and digital platforms leveraging data and distribution for scalable growth. Exposure to structural energy demand with near- and medium- term earnings potential. EACH PILLAR IS INDEPENDENTLY VIABLE, HOWEVER TOGETHER THEY COMPOUND VALUE. High-volume, cash-generative platforms with deep consumer and merchant reach. DISTRIBUTION & PAYMENTS DATA INTELLIGENCE EMBEDDED FINANCIAL & DIGITAL SERVICES INFRASTRUCTURE & ENERGY 12
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DISTRIBUTION AND PAYMENTS: CORE EARNINGS ENGINE 2026 ANNUAL RESULTS EACH PILLAR IS INDEPENDENTLY VIABLE, HOWEVER TOGETHER THEY COMPOUND VALUE. Resilient high-volume platform despite industry pressure Product mix matters: airtime, data, electricity, vouchers, ticketing, devices Robtronics added as a growth contributor in hardware and handsets 13 BLD had an exceptional year
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DATA IS NOW A COMMERCIAL ASSET, NOT JUST AN INTERNAL CAPABILITY. 2026 ANNUAL RESULTS DATA HAS EVOLVED INTO A STRATEGIC ASSET FOR BLU LABEL Better risk selection Better customer targeting 14 Better margin and retention outcomes
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TURNING DATA INTO MARGIN, RETENTION AND GROWTH 2026 ANNUAL RESULTS DATA CAPABILITY DIRECTLY ENHANCES MARGINS AND GROWTH Tangible value delivered across Cell C, BluAdvance and Distribution. Over time, data becomes a horizontal growth lever across the Group. 15 Credit scoring and risk management. Fraud prevention and customer retention. Lead generation and campaign optimisation. BLUNOVA MONETISES DATA THROUGH
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BLUADVANCE: FROM PRODUCT TO PLATFORM 2026 ANNUAL RESULTS ADDRESSING REAL CONSUMER NEEDS THROUGH DISCIPLINED GROWTH Strong integration with Distribution materially enhances reach and margins. The platform has achieved meaningful scale with a growing consumer base. 16 Core products include our first-to-market electricity advances, airtime advances and voucher- based solutions. BluAdvance continues to perform well despite challenging market conditions.
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TREASURY AND PROCUREMENT: MARGIN DISCIPLINE IN A LOW-GROWTH MARKET 2026 ANNUAL RESULTS ADDRESSING REAL CONSUMER NEEDS THROUGH DISCIPLINED GROWTH Treasury and procurement are core strategic enablers within the Group. Better supplier and network terms Lower financing costs Increased negotiating leverage Strong integration with Distribution materially enhances reach and margins. IMPROVED CASH POSITIONING ENABLES 17
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18 CIGICELL: AN INTEGRATED ELECTRICITY ECOSYSTEM FOR MUNICIPALITIES 2026 ANNUAL RESULTS SELL RIGHT KNOW THE CUSTOMER BILL CORRECTLY COLLECT PROPERLY BUY RIGHT
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COMPLEMENTARY ENERGY SOLUTIONS ACROSS THE VALUE CHAIN 2026 ANNUAL RESULTS COMPLEMENTARY TO ESKOM’S IPPS AND MUNICIPAL SUPPLY, WITH A DIFFERENTIATED MUNICIPAL ROUTE TO MARKET Power aggregation from independent power producers. Trading power from independent power producers to Municipalities and corporate and industrial consumers. Embedded renewable energy generation at nodes on the municipal grid. The model is designed to deliver energy security to municipalities and commercial & industrial customers. BLU ENERGY PROVIDES ENERGY SOLUTIONS ACROSS THE VALUE CHAIN, COMBINING: Blu Energy focuses on contracted offtake, improving earnings visibility and limiting volume risk. The platform leverages Blu Label’s capabilities in payments, billing, onboarding and risk management. Blu Energy represents a natural adjacency to the Group’s existing infrastructure and public-sector relationships. 19
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20 COMPLEMENTARY ENERGY SOLUTIONS ACROSS THE VALUE CHAIN 2026 ANNUAL RESULTS AROUND 65% OF SA’S ENERGY CONSUMPTION IS DOMINATED BY COMMERCIAL AND INDUSTRIAL SECTORS AND WE ESTIMATE CLOSE ON 40% OF THAT DEMAND SITS WITHIN THE MUNICIPAL GRID Trading Energy trading activity — buying and selling power, distinct from the physical generation and wheeling business. Wheeling Leverages BluEnergy's LPU network to wheel energy from generation sites to multiple off-takers — the nodal model's advantage over conventional wheeling. Nodal generation Physical generation assets within the Municipal grid, under signed PPAs, split into rooftop (built first, faster to market) and ground mount (larger, longer lead time). Batteries Rooftop or ground-mount generation paired with batteries. The hybrid product widens the time-of-use window over which power is delivered to the grid.
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21 BLU ENERGY: AN UPDATE ON NODAL STATUS 2026 ANNUAL RESULTS Ready to execute Phase 1 – rooftop 28 MW Contracted Construction: Q4 2026 / Q1 2027 Committed Phase 2 – ground mount 82 MW In execution Construction: Q3 2027 / Q4 2027 Near-term pipeline Phase 3 – ground mount 70 MW In feasibility / named site pipeline Construction: Q4 2027/ Q1 2028 Future pipeline 220 MW Targeting & origination stage Construction: TBC Named portfolio total (Phase 1 - 3) 180 MW Stage 1 – current road map opportunity (1–3 year) 400 MW + Stage 2, 3…
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22 BLU ENERGY: NODAL PORTFOLIO 2026 ANNUAL RESULTS CURRENT PROJECT COMPOSITION BY PHASE 180MW named portfolio built from 7 individual projects across three delivery phases Phase 1 – Ready to execute 28 MW Rooftop 1 9 MW Rooftop 2 19 MW Phase 2 – Committed 82 MW Ground Mount 1 50 MW Ground Mount 2 20 MW Ground Mount 3 12 MW Phase 3 – Near-term pipeline 70 MW Ground Mount 4 40 MW Ground Mount 5 30 MW Named portfolio total (7 projects, Phase 1 - 3) 180 MW Contracted PPAs with sites and grid connection secured.
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23 CIGICELL: TREASURY-FUNDED PROJECTS 2026 ANNUAL RESULTS 50,000 Deployed in excess of Meters to date These deployments support improved billing accuracy, stronger revenue collection and National Treasury’s broader objective of improving municipal financial sustainability with real results being seen – we have seen approximately 10% improvement in revenue after the NERSA applied increases across our deployments – which shows a tangible benefit for the Municipalities on the program. New phase of approximately 10,000 - 15,000 meters commencing imminently. Revenue for these projects are on a three- year basis, and GP is approximately 16% Y1, 6% Y2, and 6% Y3. We are steadily making progress on non-treasury-funded projects – with orders increasing – the lack of Municipal funding available for smart metering deployments continues to dampen this momentum.
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24 In terms of Credit Control interventions – we have assisted Municipalities with Cash Collections in excess of R450 million for the past financial year. This is based on a number of interventions to drive payments on accounts throughout a number of customers. Cigicell continues to expand and grow in terms of a number of traditional, pay per action, Revenue Assurance program for a number of Municipalities throughout the country. These include Credit Control, Data Cleansing and Verification, Meter Audits and Installations, Indigent Management and Vetting Cigicell has been particularly successful in rolling out Smart Prepaid Water meters and in some cases have seen our customers realising a 93% improvement in revenue from a water perspective. We are proud of model for the creation of local economic value. Each revenue assurance project includes local employment, skills transfer and community-level delivery capability 2026 ANNUAL RESULTS CIGICELL: REVENUE ASSURANCE PROJECTS Indigent Registration is a critical element for municipalities to comply with. Our digitised indigent management solutions support credible beneficiary registers, equitable share optimisation and fraud prevention.
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25 CIGICELL: LARGE POWER USER PROJECTS 2026 ANNUAL RESULTS City of Tshwane THE TIME TO EXECUTE LARGE AND COMPLEX PROJECTS IS CHALLENGING, HOWEVER, WE HAVE MADE GOOD PROGRESS TO DATE: • POC phase is complete • Started with a small ring-fenced client base of approximately 300 customers • Revenue leakage of ~R380 million identified • Revenue improvements ~30% have been identified based on impacted customers • Project continues to move into execution phases and we are excited at the prospects City of Ekurhuleni • Pilot phase has commenced • Impacting approximately 2,250 customers • Anticipate there to be approximately R80 million upside improvement for the City • Revenue improvements of 18% following intervention in the early stages Additional Municipalities • SLAs being signed and projects in initiation phases. • The municipalities purport approximately R8 billion in billing and collection shortages throughout our targeted area of operation.
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CELL C PERFORMANCE: DISCIPLINED EXECUTION, AND CLEAR STRATEGIC PRIORITIES OPTIONALITY 26 Service revenue ZAR 11 641M Excluding one off items ZAR 2 381M R5.509 MILLION EBITDA EPS 2,341 Cents2 HEPS R2,338 CENTS2 Total PPE and intangibles ZAR 1147m1 R12.641 MILLION REVENUE CAPEX R810 MILLION Including lease liabilities ZAR 2 153M DEBT R1 351 MILLION FREE CASH FLOW R1 056 MILLION Excludes MVNO HLR subs of 5.713m SUBSCRIBERS 8.884 MILLION DATA TRAFFIC +47% YoY VOICE TRAFFIC -4% YoY 2026 ANNUAL RESULTS Note 1. PPE and intangibles include right -of-use assets of R337m | Note 2. HEPS and EPS are based on 177m weighted average number of shares
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CELL C SHAREHOLDING: RESPONSIBLE OPTIONALITY AND LIQUIDITY SUPPORT 27 Blu Label remains a meaningful shareholder Long-term objective: reduce to a more strategic position, potentially c.25% to 30%, subject to market conditions, B- BBEE considerations and approvals Improving Cell C liquidity is important for all stakeholders Any reduction in shareholding will be responsible, staged and value-sensitive Blu Label remains aligned with Cell C’s long-term value creation 2026 ANNUAL RESULTS
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BLU LABEL CAPITAL ALLOCATION: DISCIPLINED, FLEXIBLE AND VALUE-LED 2026 ANNUAL RESULTS 28 Priority 1 Support core cash- generative platforms Priority 2 Maintain balance sheet flexibility Priority 3 Fund high-conviction growth platforms Priority 4 Return surplus capital where value-accretive Blu Label has announced a share repurchase programme which is intended to deliver incremental value to Blu Label shareholders over the long -term. The programme provides Blu Label with additional flexibility to allocate surplus capital efficiently.
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OUTLOOK: FOCUSED APPROACH TO CASH GENERATION IN A CHALLENGING ENVIRONMENT 29 Core platforms remain cash-generative Consumer and trader environment remains difficult Group is more focused and liquid BluAdvance, BluNova, Robtronics, Cigicell and BluEnergy provide growth optionality FY2027 focus: cash generation, liquidity, execution and disciplined capital allocation 2026 ANNUAL RESULTS
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LARRY NESTADT BOARD TRANSITION 2026 ANNUAL RESULTS 30 We thank Larry Nestadt for his incredible contribution and leadership since 2007 LINDSAY RALPHS We warmly welcome Lindsay Ralphs as he steps into the Chairman role
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THANK YOU