Ten-year review | Blu Label Unlimited | Integrated Annual Report 2025

2025 INTEGRATED ANNUAL REPORT

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About Us

LEVEL UP: EXPANDING THE MAP

About this report Highlights What we do and why we do it Our purpose, vision and mission Our values system Our business model Board of Directors Operating structure Executive Committee Chairman's report Material risks and opportunities Stakeholder relations The RITE strategy

LEVEL UP: EXPANDING THE MAP

Unlocking new opportunities, expanding digital footprints

Expand our distribution channels in banking, retail and independent markets, while investigating new, primarily digital channels.

Add innovative products and services to our portfolio to increase volumes and margins in existing embedded channels.
Strategy and performance

NEW TACTICS, NEW TECH

Joint Chief Executive Officers' report Financial Director's report Ten-year review Value-added statement Operational reviews Leveraging technology Social impact: Human capital Social impact: Customer and supply chain responsibility

NEW TACTICS, NEW TECH

We’ve changed the controller. But we’re still in control.

Deliver world-class customer-centric solutions across our businesses through platform renewal, improvement, innovation and transformation.

Build and improve the competence of our offerings through digitisation and technological innovation.

Maintain agile systems to support our entrepreneurial culture and flexibility that increases our speed to market.
Corporate governance

SECURE SAFE.

Governance philosophy and approach Effective and ethical leadership Board composition, structure and report back King IV functional areas Combined assurance Governance of risk Governance of sustainability Our environmental impact Information and technology governance Compliance report Audit, Risk and Compliance Committee's report Social, Ethics and Transformation Committee's report Remuneration report

SECURE SAFE.

Capitalise on economies of scale with proven technology for accessible, always-on and trusted platforms.

Maintain a customer-centric approach.

Provide exceptional service that is intelligently tailored to the needs of and builds trust with merchants, customers and consumers.
Financial performance

GROUP ANNUAL FINANCIAL STATEMENTS
Non-IFRS information Reasonable assurance report Financial highlights Commentary Prominent notice Statement of Directors’ responsibility Approval of the financial statements Joint Chief Executive Officers and Financial Director responsibility statement on internal financial controls Declaration by the Company Secretary Directors' report Audit, Risk and Compliance Committee's report group Independent auditor's report Group income statement

Group statement of comprehensive income Group statement of financial position Group statement of changes in equity Group statement of cash flows Notes to the Group annual financial statements Annexure A: Shareholder analysis Glossary
COMPANY ANNUAL FINANCIAL STATEMENTS
Directors’ responsibilities and approval Joint Chief Executive Officers and Financial Director responsibility statement on internal financial controls Declaration by the Company Secretary Directors' report

Audit, Risk and Compliance Committee's report company Independent auditor’s report Company statement of financial position Company statement of comprehensive income Company statement of changes in equity Company statement of cash flows Notes to the Company annual financial statements Annexure to the annual financial statements General information
Shareholder info

SPEED BOOST ACTIVATED:

ESG Reporting Index Notice of virtual Annual General Meeting Form of proxy Notes to the form of proxy Glossary Administration

SPEED BOOST ACTIVATED:

Unlocking new territories, expanding digital footprints.

Expand our distribution channels in banking, retail, independent and informal markets, while investigating new, primarily digital channels.

Add innovative products and services to our portfolio to increase volumes and margins in existing embedded channels.

	2025 R'000	2024 R'000	2023 R'000	2022 R'000	2021 R'000	2020 R'000	2019 R'000	2018 R'000	2017 R'000	2016 R'000
Line chart Column chart Revenue	14 050 177	14 598 444	18 918 263	17 806 262	18 821 290	21 135 326	23 602 264	26 734 249	26 469 581	26 204 722
Line chart Column chart Gross profit	3 375 003	3 295 038	3 483 075	2 930 974	2 383 254	2 124 611	2 173 686	2 282 092	2 129 000	1 829 694
Line chart Column chart GP (%)	24.02	22.57	18.41	16.46	12.66	10.05	9.21	8.54	8.04	6.98
Line chart Column chart EBIT	1 411 316¹	1 061 596	1 126 486	1 524 449	1 171 390	636 050	86 845	1 097 549	1 174 890	1 142 376
Line chart Column chart EBITDA	1 604 090¹	1 225 475	1 316 926	1 698 494	1 360 273	825 364	257 300	1 340 153	1 287 741	1 240 559
Net profit from continuing operations
Line chart Column chart attributable to the parent	2 484 243¹	647 386	268 966	1 027 079	805 286	226 786	(6 672 923)	1 122 085	781 254	691 590
Cash (utilised in)/generated from
Line chart Column chart operating activities	(466 467)	(300 607)	(501 843)	648 769	1 468 042	1 256 825	(80 514)	3 188 144	1 361 959	432 942
Line chart Column chart Cash and cash equivalents	821 273	896 147	1 302 767	2 723 528	2 417 207	2 014 725	1 377 753	947 888	1 350 666	589 027
Line chart Column chart Capital expenditure	491 879	370 364	1 055 307	1 091 147	107 918	170 523	209 959	102 823	113 280	127 131
Ratios
Line chart Column chart EPS (cents)	276.52	72.49	30.48	117.13	94.55	13.89	(727.81)	131.13	114.13	103.85
Line chart Column chart HEPS (cents)	455.96	73.64	41.97	117.34	86.16	58.16	(312.49)	130.44	114.19	100.35
Line chart Column chart Core HEPS (cents)	461.63	76.08	45.55	121.01	89.65	62.71	(304.77)	135.62	116.24	102.85
Line chart Column chart NAV per share (cents)	827.49	548.31	473.69	447.41	350.05	267.13	259.31	988.70	730.63	662.32
Line chart Column chart Dividends declared per share (cents)	—	—	—	—	—	—	—	—	40*	36*
Line chart Column chart Dividend cover on headline earnings (cents)	—	—	—	—	—	—	—	—	2.23*	2.75*
Line chart Column chart Weighted average number of shares (R'000)	898 408	893 117	882 530	876 857	878 463	896 409	913 208	855 687	684 508	665 950
Line chart Column chart Number of employees at year-end	1 119	1 171	1 412	1 566	2 505	922	1 111	874	796	776

^*	Gross ordinary dividend.
¹	Refer to the Financial Director’s report for extraneous contributions in FY25 included in EBITDA, EBIT and net profit attributable to the parent.