Blu Label Unlimited Group Ltd · JSE:BLU
Blu Label Unlimited — FY2026 Earnings Presentation
32 slides from Blu Label Unlimited's earnings presentation, May 31, 2026
Slide 1: A Focused Platform for Scalable Growth
A FOCUSED PLATFORM FOR SCALABLE GROWTH BLU Label Unlimited Annual Results for the year ended 31 May 2026
Slide 2: Normalised Financial Highlights
2026 ANNUAL RESULTS NORMALISED FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 31 MAY 2026 GROSS INCOME REVENUE R9.4 BILLION* R2.555 BILLION EBITDA NET PROFIT AFTER TAX HEADLINE & CORE HEADLINE EARNINGS R923 R677 R681 MILLION MILLION MILLION CORE HEADLINE EARNINGS TOTAL DIVIDEND * On inclusion of the gross
Slide 3: Normalised Revenue
2026 ANNUAL RESULTS NORMALISED REVENUE FOR THE YEAR ENDED 31 MAY 2026 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 dec
Slide 4: Normalised Financial Results
2026 ANNUAL RESULTS NORMALISED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MAY 2026 3
Slide 5: Reported Financial Results
2026 ANNUAL RESULTS REPORTED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MAY 2026 4
Slide 6: Balance Sheet
2026 ANNUAL RESULTS BALANCE SHEET AS AT 31 MAY 2026 Cell C Pre-Listing Restructuring and subsequent listing Simpler and more transparent balance sheet Enhanced financial flexibility 5
Slide 7: A Simpler Blu Label, Focused on Platforms That Generate Cash and Compound Value
A SIMPLER BLU LABEL, FOCUSED ON PLATFORMS THAT GENERATE CASH AND COMPOUND VALUE 6
Slide 8: Normalised Financial Highlights
2026 ANNUAL RESULTS NORMALISED FINANCIAL HIGHLIGHTS FOR THE YEAR ENDED 31 MAY 2026 GROSS INCOME REVENUE R9.4 BILLION* R2.555 BILLION EBITDA NET PROFIT AFTER TAX HEADLINE & CORE HEADLINE EARNINGS R923 R677 R681 MILLION MILLION MILLION CORE HEADLINE EARNINGS TOTAL DIVIDEND * On inclusion of the gross
Slide 9: A Difficult Consumer Environment with Visible Pressure on High-Frequency Consumption
2026 ANNUAL RESULTS A DIFFICULT CONSUMER ENVIRONMENT WITH VISIBLE PRESSURE ON HIGH-FREQUENCY CONSUMPTION HOUSEHOLD DEBT-SERVICE From March, trading Pressure was visible in The broader consumer COST AS A PERCENTAGE OF conditions softened across both B2B trader activity backdrop remained 8.4% DISPOSAB
Slide 10: Consumer Pressure Also Visible Across Parts of the Prepaid Ecosystem
2026 ANNUAL RESULTS CONSUMER PRESSURE WAS ALSO VISIBLE ACROSS PARTS OF THE PREPAID ECOSYSTEM Public telco results provide evidence that MTN South Africa reported continued Vodacom had also experienced prepaid Blu Label was not alone in experiencing pressure in prepaid in Q1 2026, with softness befor
Slide 11: Simplifying the Group: Sharpening Focus, Unlocking Value
2026 ANNUAL RESULTS SIMPLIFYING THE GROUP: SHARPENING FOCUS, UNLOCKING VALUE A MORE FOCUSED, CASH-GENERATIVE GROUP WITH CLEAR GROWTH OPTIONALITY Focus on core cash-generative platforms Cleaner group structure Nascent businesses moving from development to execution Cell C independent, with Blu retain
Slide 12: Progress in the Year: Focus, Cash and Optionality
2026 ANNUAL RESULTS PROGRESS IN THE YEAR: FOCUS, CASH AND OPTIONALITY Core business Blu Label BluAdvance BluNova’s data Cigicell and Cell C now remained Distribution scaled through capability BluEnergy operates resilient delivered a more channels became more advanced the independently, despite secto
Slide 13: An Integrated, Cash-Generative Ecosystem
2026 ANNUAL 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: Distribution and Payments: Core Earnings Engine
2026 ANNUAL RESULTS DISTRIBUTION AND PAYMENTS: CORE EARNINGS ENGINE BLD had an Resilient high-volume Product mix matters: Robtronics added as exceptional year platform despite industry airtime, data, electricity, a growth contributor in pressure vouchers, ticketing, devices hardware and handsets EAC
Slide 15: Data Is Now a Commercial Asset
2026 ANNUAL RESULTS DATA IS NOW A COMMERCIAL ASSET, NOT JUST AN INTERNAL CAPABILITY. DATA HAS EVOLVED INTO A STRATEGIC ASSET FOR BLU LABEL Better risk Better Better margin and selection customer targeting retention outcomes 14
Slide 16: Turning Data into Margin, Retention and Growth
2026 ANNUAL RESULTS TURNING DATA INTO MARGIN, RETENTION AND GROWTH DATA CAPABILITY DIRECTLY ENHANCES MARGINS AND GROWTH BLUNOVA MONETISES Tangible value delivered Over time, data becomes a DATA THROUGH across Cell C, BluAdvance horizontal growth lever and Distribution. across the Group. Credit scori
Slide 17: BluAdvance: From Product to Platform
2026 ANNUAL RESULTS BLUADVANCE: FROM PRODUCT TO PLATFORM 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 meaningful s
Slide 18: Treasury and Procurement: Margin Discipline in a Low-Growth Market
2026 ANNUAL RESULTS TREASURY AND PROCUREMENT: MARGIN DISCIPLINE IN A LOW-GROWTH MARKET ADDRESSING REAL CONSUMER NEEDS THROUGH DISCIPLINED GROWTH IMPROVED CASH POSITIONING ENABLES Better supplier and network terms Treasury and procurement Strong integration with Lower financing costs are core strateg
Slide 19: Cigicell: An Integrated Electricity Ecosystem for Municipalities
2026 ANNUAL RESULTS CIGICELL: AN INTEGRATED ELECTRICITY ECOSYSTEM FOR MUNICIPALITIES BUY SELL KNOW THE BILL COLLECT RIGHT RIGHT CUSTOMER CORRECTLY PROPERLY 18
Slide 20: Complementary Energy Solutions Across the Value Chain
2026 ANNUAL RESULTS COMPLEMENTARY ENERGY SOLUTIONS ACROSS THE VALUE CHAIN COMPLEMENTARY TO ESKOM’S IPPS AND MUNICIPAL SUPPLY, WITH A DIFFERENTIATED MUNICIPAL ROUTE TO MARKET BLU ENERGY PROVIDES ENERGY SOLUTIONS ACROSS THE VALUE CHAIN, COMBINING: Power Trading power from Embedded The model is Blu Ene
Slide 21: Complementary Energy Solutions Across the Value Chain
2026 ANNUAL RESULTS COMPLEMENTARY ENERGY SOLUTIONS ACROSS THE VALUE CHAIN 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 Wheeling Nodal Batteries generation Energy trading acti
Slide 22: Blu Energy: An Update on Nodal Status
2026 ANNUAL RESULTS BLU ENERGY: AN UPDATE ON NODAL STATUS Ready to execute Committed Near-term pipeline Future pipeline Phase 1 – rooftop Phase 2 – ground mount Phase 3 – ground mount 28 MW 82 MW 70 MW 220 MW Contracted In execution In feasibility / named site pipeline Targeting & origination stage
Slide 23: Blu Energy: Nodal Portfolio
2026 ANNUAL RESULTS BLU ENERGY: NODAL PORTFOLIO 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 Rooftop 2 Contracted PPAs with 9 MW 19 MW sites and grid connection Phase 2 – Committed
Slide 24: Cigicell: Treasury-Funded Projects
2026 ANNUAL RESULTS CIGICELL: TREASURY-FUNDED PROJECTS New phase of approximately 10,000 - 15,000 meters commencing imminently. These deployments support Revenue for these projects are on a three- improved billing accuracy, stronger year basis, and GP is approximately 16% revenue collection and Nati
Slide 25: Cigicell: Revenue Assurance Projects
2026 ANNUAL RESULTS CIGICELL: REVENUE ASSURANCE PROJECTS Cigicell continues to expand and grow These include Credit Control, Data We are proud of model for the creation of in terms of a number of traditional, pay Cleansing and Verification, Meter Audits and local economic value. Each revenue per act
Slide 26: Cigicell: Large Power User Projects
2026 ANNUAL RESULTS CIGICELL: LARGE POWER USER PROJECTS THE TIME TO EXECUTE LARGE AND COMPLEX PROJECTS IS CHALLENGING, HOWEVER, WE HAVE MADE GOOD PROGRESS TO DATE: City of Tshwane City of Ekurhuleni Additional Municipalities • POC phase is complete • Pilot phase has commenced • SLAs being signed and
Slide 27: Cell C Performance: Disciplined Execution and Clear Strategic Priorities
2026 ANNUAL RESULTS CELL C PERFORMANCE: DISCIPLINED EXECUTION, AND CLEAR STRATEGIC PRIORITIES OPTIONALITY Service revenue ZAR 11 641M Excluding one off items ZAR 2 381M EPS 2,341 Cents2 R12.641 MILLION R5.509 MILLION R2,338 CENTS2 REVENUE EBITDA HEPS Total PPE and intangibles Including lease liabili
Slide 28: Cell C Shareholding: Responsible Optionality and Liquidity Support
2026 ANNUAL RESULTS CELL C SHAREHOLDING: RESPONSIBLE OPTIONALITY AND LIQUIDITY SUPPORT Long-term objective: reduce to a more Any reduction in shareholding will be strategic position, potentially c.25% to responsible, staged and value-sensitive 30%, subject to market conditions, B- BBEE consideration
Slide 29: Blu Label Capital Allocation: Disciplined, Flexible and Value-Led
2026 ANNUAL RESULTS BLU LABEL CAPITAL ALLOCATION: DISCIPLINED, FLEXIBLE AND VALUE-LED Priority 1 Priority 2 Priority 3 Priority 4 Support core cash- Maintain balance Fund high-conviction Return surplus capital generative sheet flexibility growth platforms where value-accretive platforms Blu Label ha
Slide 30: Outlook: Focused Approach to Cash Generation
2026 ANNUAL RESULTS OUTLOOK: FOCUSED APPROACH TO CASH GENERATION IN A CHALLENGING ENVIRONMENT Consumer and trader environment BluAdvance, BluNova, Robtronics, Cigicell remains difficult and BluEnergy provide growth optionality Core platforms remain cash-generative Group is more focused and liquid FY
Slide 31: Board Transition
2026 ANNUAL RESULTS BOARD TRANSITION LARRY NESTADT LINDSAY RALPHS We thank Larry Nestadt for We warmly welcome Lindsay his incredible contribution Ralphs as he steps into the and leadership since 2007 Chairman role 30
Slide 32: Thank You
THANK YOU
Blu Label Unlimited Group — FY2026 Earnings Presentation on 6ix