Blu Label Unlimited Group Ltd · JSE:BLU
Blu Label Unlimited — H1 2026 Earnings Presentation
29 slides from Blu Label Unlimited's earnings presentation, 2026
Slide 1: Unlimited Potential: Interim Results
Unlimited Potential Interim Results for the six months ended 30 November 2025
Slide 2: Normalised Financial Highlights
2026 INTERIM RESULTS NORMALISED FINANCIAL HIGHLIGHTS FOR THE 6 MONTHS ENDED 30 NOVEMBER 2025 GROSS INCOME REVENUE R5.0 BILLION* R1.353 BILLION EBITDA NET PROFIT AFTER TAX HEADLINE & CORE HEADLINE EARNINGS R535 R389 R398 MILLION MILLION MILLION CORE HEADLINE EARNINGS INTERIM DIVIDEND * On inclusion o
Slide 3: Normalised Revenue
2026 INTERIM RESULTS NORMALISED REVENUE FOR THE 6 MONTHS ENDED 30 NOVEMBER 2025 On imputing the gross revenue generated from “PINless top-ups”, prepaid electricity, ticketing and universal vouchers, the effective growth in revenue equated to R5 billion (11%), resulting in a total revenue of R50.9 bi
Slide 4: Normalised Financial Results
2026 INTERIM RESULTS NORMALISED FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 30 NOVEMBER 2025 3
Slide 5: Reported Financial Results
2026 INTERIM RESULTS REPORTED FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 30 NOVEMBER 2025 4
Slide 6: Balance Sheet
2026 INTERIM RESULTS BALANCE SHEET AS AT 30 NOVEMBER 2025 Cell C Pre-Listing Restructuring and subsequent listing Simpler and more transparent balance sheet Enhanced financial flexibility 5
Slide 7: Normalised Cash Flow
2026 INTERIM RESULTS NORMALISED CASH FLOW FOR THE 6 MONTHS ENDED 30 NOVEMBER 2025 Cash generation remains a central Normalised EBITDA translated into Net cash generated from operating focus for the Group, and Blu Label operating cash flows, supported by activities on a normalised basis will continue
Slide 8: Simplifying the Group, Sharpening Focus, Unlocking Value
2026 INTERIM RESULTS SIMPLIFYING THE GROUP, SHARPENING FOCUS, UNLOCKING VALUE A MORE FOCUSED, CASH-GENERATIVE GROUP WITH CLEAR GROWTH OPTIONALITY SIMPLIFIED VISIBLE INFLECTION TRANSITIONED STRUCTURE PROGRESS POINT Over the past period, Blu The Group has transitioned Execution progress is now The int
Slide 9: Normalised Financial Highlights
2026 INTERIM RESULTS NORMALISED FINANCIAL HIGHLIGHTS FOR THE 6 MONTHS ENDED 30 NOVEMBER 2025 GROSS INCOME REVENUE R5.0 BILLION* R1.353 BILLION EBITDA NET PROFIT AFTER TAX HEADLINE & CORE HEADLINE EARNINGS R535 R389 R398 MILLION MILLION MILLION CORE HEADLINE EARNINGS INTERIM DIVIDEND * On inclusion o
Slide 10: Cell C: A Milestone Transaction
2026 INTERIM RESULTS CELL C: A MILESTONE TRANSACTION A SUCCESSFUL RESTRUCTURE THAT RESETS THE BUSINESS FOR SUSTAINABLE GROWTH In December, Cell C completed Legacy debt constraints were The transaction positions Cell C This marked the culmination of its restructure and public listing, removed, signif
Slide 11: Cell C: Interim Performance Snapshot
2026 INTERIM RESULTS CELL C: INTERIM PERFORMANCE SNAPSHOT A STABILISED BUSINESS WITH IMPROVING FINANCIAL QUALITY Delivered R5.68bn in Successfully completed service revenue and restructuring and IPO, R917m in adjusted emerging as a listed, capital- NET DEBT REDUCED light challenger with net debt red
Slide 12: Cell C: Optionality Without Dependency
2026 INTERIM RESULTS CELL C: OPTIONALITY WITHOUT DEPENDENCY MULTIPLE VALUE PATHWAYS, WITHOUT RELIANCE ON ANY SINGLE OUTCOME POTENTIAL FUTURE SCENARIOS INCLUDE: Blu Label retains meaningful Continued value accretion as Blu Label retains meaningful optionality through its Cell C executes its strategy
Slide 13: An Integrated, Cash-Generative Ecosystem
2026 INTERIM RESULTS BLU LABEL UNLIMITED GROUP: AN INTEGRATED, CASH-GENERATIVE ECOSYSTEM DATA CAPABILITY DIRECTLY ENHANCES MARGINS AND GROWTH EMBEDDED DISTRIBUTION & DATA FINANCIAL & DIGITAL INFRASTRUCTURE PAYMENTS INTELLIGENCE SERVICES & ENERGY High-volume, cash-generative Centralised analytics and
Slide 14: BluNova: Data at the Centre of the Group
2026 INTERIM RESULTS BLUNOVA: DATA AT THE CENTRE OF THE GROUP DATA HAS EVOLVED INTO A STRATEGIC ASSET FOR BLU LABEL BluNova is the Group’s Secure, POPIA-compliant BluNova supports decision- Data is increasingly a value central data, analytics and AI data lakes aggregate making, risk management and d
Slide 15: Turning Data into Earnings
2026 INTERIM RESULTS TURNING DATA INTO EARNINGS DATA CAPABILITY DIRECTLY ENHANCES MARGINS AND GROWTH BLUNOVA MONETISES DATA THROUGH Credit scoring Fraud Lead generation Tangible value delivered Over time, data becomes a and risk prevention and and campaign across Cell C, BluAdvance and horizontal gr
Slide 16: Blu Advance: Embedded Finance at Scale
2026 INTERIM RESULTS BLU ADVANCE: EMBEDDED FINANCE AT SCALE ADDRESSING REAL CONSUMER NEEDS THROUGH DISCIPLINED GROWTH BluAdvance continues to Core products include our Strong integration with The platform has achieved perform well despite first-to-market electricity Distribution materially meaningfu
Slide 17: Treasury and Procurement: Margin Before Volume
2026 INTERIM RESULTS TREASURY AND PROCUREMENT: MARGIN BEFORE VOLUME A STRATEGIC LEVER FOR EARNINGS ENHANCEMENT IMPROVED CASH POSITIONING ENABLES Treasury and procurement Better supplier and network Margin improvement is are core strategic enablers terms achievable even without within the Group. reve
Slide 18: Blue Label Distribution: Scale, Resilience and Performance
2026 INTERIM RESULTS BLUE LABEL DISTRIBUTION: SCALE, RESILIENCE AND PERFORMANCE A CORE EARNINGS ENGINE DELIVERING CONSISTENT GROWTH Distribution continues to Growth driven by Blu The platform remains Operational scale and deliver strong face-value Voucher, prepaid electricity mission-critical infras
Slide 19: Cigicell: Defensive Cash Generation with Growth Upside
2026 INTERIM RESULTS CIGICELL: DEFENSIVE CASH GENERATION WITH GROWTH UPSIDE A RESILIENT PLATFORM WITH EXPANDING OPPORTUNITY SET. Cigicell remains anchored by Revenue assurance contracts Increasing alignment with Blu Focus remains on client electricity vending as a and municipal projects are Energy c
Slide 20: Blu Energy: An Integrated Energy Platform
2026 INTERIM RESULTS BLU ENERGY: AN INTEGRATED ENERGY PLATFORM A SCALABLE ENERGY PLATFORM ALIGNED TO SOUTH AFRICA’S STRUCTURAL POWER NEEDS. BLU ENERGY PROVIDES ENERGY SOLUTIONS ACROSS THE VALUE CHAIN, COMBINING: Power aggregation Trading power from Embedded The model is Blu Energy The platform Blu E
Slide 21: Blu Energy: The Nodal Selection
2026 INTERIM RESULTS BLU ENERGY: THE NODAL SELECTION KEY BENEFITS OF THE NODAL SELECTION 1 2 3 4 5 6 DEVELOP SPEED TO NO DEVELOP CASHFLOW ANALYSE PLANTS MARKET RISK PLANTS SECURITY GRID Develop PV and Speed to market- 9 No concentration Build 20MW for Cash flow security Analyse municipality BESS pla
Slide 22: Blu Energy: Project Development
2026 INTERIM RESULTS BLU ENERGY: PROJECT DEVELOPMENT 4 5 IDENTIFY SUITABLE PREPARE GRID CONFIRM AND SUBSTATIONS STUDY RESERVE THE CAPACITY AT SUBSTATIONS. 1 3 6 ACQUIRE 30-MIN 2 SITE IDENTIFICATION GRID ACCESS 7 REZONING AND LOAD AND MUNICIPAL/PRIVATE APPROVAL PERMITTING SITES TO DEMAND DATA FOR (1.
Slide 23: Near-Term Contribution, Medium-Term Earnings Engine
2026 INTERIM RESULTS NEAR-TERM CONTRIBUTION, MEDIUM-TERM EARNINGS ENGINE PROGRESSING FROM DEVELOPMENT INTO EARNINGS DELIVERY MEDIUM-TERM EARNINGS POTENTIAL IS MATERIALLY LARGER, SUPPORTED BY: Blu Energy is In the near term, A growing municipal Wheeled energy and Structural demand The business transi
Slide 24: Circle of Life: Unlocking Municipal Value
2026 INTERIM RESULTS CIRCLE OF LIFE: UNLOCKING IMMEDIATE AND SUSTAINABLE MUNICIPAL VALUE REVENUE ENHANCEMENT AND CASH FLOW SUPPORT WITH NO UPFRONT CAPITAL BURDEN. The Circle of Life model identifies and enables recovery of lost revenue for municipalities with the ability to back-bill up to 36 months
Slide 25: Circle of Life: Case Study – Real Life Application
2026 INTERIM RESULTS CIRCLE OF LIFE: CASE STUDY – REAL LIFE APPLICATION 100MW MODEL ASSUMPTIONS – TYPICAL MID-SIZED MUNICIPALITY REVENUE ASSURANCE MODEL YEAR 1 DESCRIPTION AMOUNT Collections % (YoY) 70% REVENUE ASSURANCE ASSUMPTIONS 1 Average Eskom Billing (Monthly) R1,291,666,667 Total Eskom Billin
Slide 26: Scenario Summary – Over 10 Years
2026 INTERIM RESULTS SCENARIO SUMMARY – OVER 10 YEARS 25
Slide 27: Dividend Policy and Interim Declaration
2026 INTERIM RESULTS DIVIDEND POLICY AND INTERIM DECLARATION DISCIPLINED CAPITAL ALLOCATION AND SHAREHOLDER RETURNS. Blu Label remains Improved cash generation An interim dividend committed to a sustainable supports shareholder of 44 cents per and disciplined dividend returns share is declared polic
Slide 28: Outlook: Focused, Cash-Generative, Positioned for Growth
2026 INTERIM RESULTS OUTLOOK: FOCUSED, CASH-GENERATIVE, POSITIONED FOR GROWTH A SIMPLER GROUP WITH CLEARER UPSIDE The Group has emerged Core platforms Data, energy and Management remains more focused and continue to deliver embedded finance disciplined, execution- operationally resilient. dependable
Slide 29: Thank You
THANK YOU Interim Results 2026
Blu Label Unlimited Group — H1 2026 Earnings Presentation on 6ix