About this report

BLUPRINT FOR SUCCESS

Blu Label Group's ("Blu Label") integrated annual report offers a comprehensive overview of the Company's unique sustainable value creation model and its integrated approach to strategy implementation across the Group.

The report covers Blu Label's business segments and financial and operational performance for the financial year ended 31 May 2026. It aims to enable stakeholders to assess the Company's ability to create and sustain value in the short, medium and long term.

By linking material information to strategy, governance, performance, remuneration, risk, opportunities and prospects, Blu Label provides stakeholders with a holistic understanding of the commercial, social and environmental context in which it operates.

REPORTING STANDARDS AND COMPREHENSIVE DISCLOSURE

This report has been compiled in line with prominent local and international frameworks, including:

the King V Report on Corporate Governance for South Africa, 2025 ("King V^TM*");
JSE Listings Requirements; and
the International Integrated Reporting Framework ("<IR> Framework").

*	Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved.

The report offers a balanced view of the material matters the Company is addressing and how these are managed in accordance with the six capitals defined by the <IR> Framework. Material matters are those that significantly impact the Company's ability to create shared value over the short, medium and long term.

To determine the report's material content, Blu Label applies a risk-based model that considers risks, opportunities and stakeholder issues.

The annual financial statements are prepared in accordance with:

IFRS Accounting Standards as issued by the International Accounting Standards Board;
JSE Listings Requirements; and
the Companies Act of South Africa.

Furthermore, Blu Label aligns its environmental, social and governance ("ESG") disclosures with the JSE Sustainability Disclosure Guidelines. This ensures the report keeps pace with evolving international reporting trends and stakeholder disclosure requirements.

TRANSPARENCY AND ACCOUNTABILITY

Blu Label is committed to the highest disclosure standards and providing meaningful, accurate, complete, transparent and balanced information to its stakeholders.

Blu Label's external auditor independently assures the annual financial statements. The Board of Directors acknowledges its responsibility for the integrity of this integrated annual report, with the Audit, Risk and Compliance Committee ("ARCC") providing oversight.

The integrated annual report was approved by the Board on 30 September 2026, reflecting its collective commitment to transparent and accountable reporting.

DISCLAIMER

This document contains certain statements that are "forward looking" with respect to certain of the Group's plans, goals and expectations relating to its future performance, results, strategies and objectives. Words such as "may", "could", "will", "expect", "intend", "estimate", "anticipate", "aim", "outlook", "believe", "plan", "seek", "predict" or similar expressions typically identify forward looking statements. These forward looking statements are not statements of fact or guarantees of future performance, results, strategies and objectives and by their nature involve risk and uncertainty because they relate to future events and circumstances which are difficult to predict and are beyond the Group's control, including but not limited to, domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of changes in domestic and global legislation and regulations in the jurisdictions in which the Group and its affiliates operate.

The Group's actual future performance, results, strategies and objectives may differ materially from the plans, goals and expectations expressed or implied in the forward looking statements. The Group makes no representations or warranty, express or implied, that these forward looking statements will be achieved and undue reliance should not be placed on such statements. The forward looking statements in this document have not been reviewed and reported on by the Group's external assurance providers. The Group undertakes no obligation to update the historical information or forward looking statements in this document. It does not assume responsibility for any loss or damage arising as a result of the reliance by any party thereon.

LP RALPHS
Chairman, 30 September 2026