BLU LABEL UNLIMITED GROUP LIMITED - Trading statement for the six-month period ended 30 November 2025

Trading statement for the six-month period ended 30 November 2025

Blu Label Unlimited Group Limited
(Previously Blue Label Telecoms Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2006/022679/06)
JSE Share code: BLU
ISIN: ZAE000109088
("Blu Label", "BLU", "the Company" or "Group")


Trading statement for the six-month period ended 30 November 2025

In accordance with paragraph 6.26(a) and 6.30 of the Listings Requirements of the JSE Limited, shareholders are
advised that the Company expects basic earnings per share for the six-month period ended 30 November 2025 to
decrease by more than 20% compared to the six-month period ended 30 November 2024 ("comparative period").

Excluding Cell C Limited's ("Cell C") and Comm Equipment Company's ("CEC") financial results for the six-month
period, all extraneous items relating to the pre-listing restructuring of Cell C and a goodwill impairment, BLU would
have reported revenue of R5 billion, gross income of R1.353 billion, EBITDA of R535 million and net profit after tax
of R389 million. Core headline earnings would have totalled R398 million, equating to core headline earnings per
share of 44.19 cents. As only the gross profit earned on PINless top-ups, prepaid electricity, ticketing and universal
vouchers are recognised as revenue, the imputed gross revenue generated from these sources amounted to R50.9
billion. These metrics provide a more meaningful indication of BLU's underlying operational performance and
earnings base going forward.

The Prepaid Company ("TPC"), a wholly owned subsidiary of Blu Label, obtained Competition Commission approval
on 3 September 2025 to acquire control of Cell C, which became a subsidiary from that date. At the end of
November 2025, pursuant to the listing of Cell C, TPC disposed of a 50.45% shareholding and sold CEC to Cell C.
Consequently, Blu Label relinquished control of Cell C while retaining a 49.47% interest, resulting in Cell C being
equity accounted as an associate from that date.

BLU's results accordingly include Cell C's equity-accounted contribution for the three months ended 31 August
2025, its consolidated results for the three months ended 30 November 2025, and CEC's financial results for the
full six-month period, as the disposal became effective only at the end of November 2025.


The table below illustrates the Company's ranges anticipated against the comparative period:


                                                                                Range
                                                       Nov 2024               Nov 2025              Percentage
                                                    cents per share        cents per share            Decrease

Earnings per share                                       43.98            (556.44) – (554.68)         > (100%)
Headline earnings per share                              46.01              37.68 – 39.52          (18%) – (14%)
Core headline earnings per share                         47.20              40.64 – 42.53          (14%) – (10%)

Included in earnings for the six months ended 30 November 2025 is a net loss of R5.2 billion relating to the Group's
investment in Cell C, which is added back for headline earnings. The loss comprises R6 billion recognised on the
disposal of TPC's investment in Cell C and CEC following Cell C's listing at a market value of R9 billion, partially 
offset by a gain of R841 million on the remeasurement of the previously held interest when TPC acquired control of Cell
C in September 2025.

The financial information on which this trading statement is based has not been reviewed or audited by the
Company's external auditors.

The Company's financial results for the reporting period will be released on SENS on 25 February 2026.

Sandton
19 February 2026
Sponsor: Investec Bank Limited

Date: 19-02-2026 01:34:00
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