Blu Label Unlimited Group (BLU) Trading update summary

Financial performance overview

• Basic earnings per share for the six months ended 30 November 2025 are expected to decrease by more than 20% compared to the prior year period.

• Excluding Cell C and CEC, revenue was R5 billion, gross income R1.353 billion, EBITDA R535 million, and net profit after tax R389 million.

• Core headline earnings per share are expected to be between 40.64 and 42.53 cents, a decrease of 10% to 14% from the prior period.

• Headline earnings per share are expected to decrease by 14% to 18%, to a range of 37.68 to 39.52 cents.

Corporate actions and restructuring

• TPC acquired control of Cell C in September 2025, then disposed of a 50.45% shareholding and sold CEC to Cell C at the end of November 2025.

• Blu Label now holds a 49.47% interest in Cell C, which is equity accounted as an associate from November 2025.

• Cell C's results are consolidated for three months and equity accounted for three months in the reporting period.

Significant items impacting results

• A net loss of R5.2 billion related to the investment in Cell C is included in earnings, mainly from a R6 billion loss on disposal, partially offset by an R841 million gain on remeasurement.

• These losses are added back for headline earnings calculations.