Chairman's report

DEAR SHAREHOLDERS,

In drafting this report, I do so with a profound sense of gratitude, pride and reflection.

This is my final Chairman's Report after serving as Chairman of Blu Label since its listing on the JSE in November 2007. Nineteen years ago, we embarked on an extraordinary journey as a young, entrepreneurial business with an innovative vision and ambitious aspirations. Today, I have the privilege of reflecting on a company that has evolved into one of South Africa's leading technology-enabled distribution, telecommunications and fintech businesses.

Few chairmen are afforded the opportunity to serve a company throughout its entire listed journey. Fewer still are fortunate enough to conclude that journey at a moment as significant and transformative as the one we celebrate this year.

FROM A PREPAID PIONEER TO A DIVERSIFIED TECHNOLOGY PLATFORM

When Blu Label listed in 2007, our business was built on a simple but powerful idea: leveraging technology and distribution to make products and services more accessible to millions of South Africans.

Since then, we have experienced remarkable growth and transformation.

We have expanded our distribution footprint across multiple channels, diversified our product offering, built scalable technology platforms, entered new markets and continuously adapted our business model to meet changing customer needs. Throughout this evolution, the entrepreneurial spirit that characterised Blu Label at listing has remained firmly intact.

Over the years, we have navigated periods of economic uncertainty, regulatory change, rapid technological disruption and unprecedented global events. Through each challenge, the resilience of our people, the quality of our leadership and the strength of our governance framework have enabled the Group to emerge stronger and more relevant.

A DEFINING MOMENT IN OUR HISTORY

This financial year will undoubtedly be remembered as one of the most important in the Company's history.

The successful listing of Cell C represents a landmark strategic achievement for Blu Label, Cell C and our shareholders.

For many years, Cell C has been central to the Group's strategic vision. The journey has required conviction, patience and resilience. It demanded difficult decisions, significant restructuring initiatives and unwavering commitment from management, the Board and our partners.

There were periods when many questioned the strategy. However, the Board remained focused on the long-term opportunity and creating sustainable value for shareholders.

The successful turnaround of Cell C, followed by its public listing, is therefore the culmination of years of strategic execution and, it is, we hope, one of the most significant value-unlocking events in our Company's history.

The Cell C Listing strengthens both organisations, unlocks shareholder value and positions Cell C to pursue its next phase of growth as an independent listed company. It also enables Blu Label to sharpen its strategic focus while retaining exposure to one of South Africa's most important telecommunications businesses.

On a personal level, it has been immensely rewarding to witness Cell C's transformation reach this significant milestone and to see the Group resume its dividend-paying programme during my final year as Chairman. These achievements represent the culmination of many years of strategic focus, resilience and commitment by the Board, management and our employees. Alongside Blu Label's own listing in 2007, it stands as one of the defining achievements of my tenure.

RESILIENCE THROUGH CHALLENGE

As I reflect on nearly two decades as Chairman, several moments stand out.

The global financial crisis, periods of significant market volatility and, most notably, the COVID-19 pandemic tested businesses around the world in unprecedented ways. During these periods, Blu Label demonstrated exceptional resilience, adaptability and discipline.

Our management team responded decisively, protecting our people, supporting our partners and ensuring operational continuity during one of the most disruptive periods in modern economic history.

Similarly, the Cell C restructuring required courage, patience and strategic conviction. It demanded extensive engagement with stakeholders, careful capital allocation and a long-term perspective. The outcome we celebrate today is the result of years of determined effort by many individuals across both organisations.

Through these challenges, Blu Label continued to evolve, strengthen and create value.

GOVERNANCE AS A FOUNDATION FOR GROWTH

Strong governance has always been a cornerstone of sustainable success.

Throughout my tenure, the Board has remained committed to maintaining the highest standards of oversight, accountability and ethical leadership. As the business expanded in scale and complexity, our governance structures evolved alongside it, ensuring that we remained equipped to navigate both risks and opportunities.

I am immensely proud of the calibre, independence and professionalism of the directors who have served on the Board over the years. Their contributions have played a critical role in shaping the organisation we are today.

TRIBUTE TO JOE MTHIMUNYE

We also marked the departure of Joe Mthimunye from the Blu Label Board after many years of distinguished service. Joe joined the Board in 2007 and, like me, has been part of Blu Label's listed journey from the very beginning.

Throughout his tenure, Joe made an invaluable contribution to the Company, particularly through his leadership of the ARCC and his unwavering commitment to sound governance.

His insight, integrity and counsel have been greatly valued by fellow directors and management alike.

While we will miss his presence around the Board table, we are delighted that he has assumed the role of Chairman of Cell C. Given his deep understanding of both businesses and his considerable governance expertise, he is exceptionally well positioned to guide Cell C through its next chapter as a listed entity.

On behalf of the Board, I extend my sincere thanks to Joe for his years of dedicated service and friendship.

BOARD RENEWAL AND SUCCESSION

One of the most important responsibilities of any Board is ensuring orderly succession and continuity of leadership.

I am therefore delighted to welcome Lindsay Ralphs to the Board as Independent Non-Executive Director and Chairman. He succeeds me as Chairman following my retirement.

Lindsay is one of South Africa's most respected business leaders. A Chartered Accountant by profession, he has an extensive track record of leading listed companies and is widely recognised for his expertise in strategy, operations, governance and value creation. His successful leadership of Bidvest and his experience chairing and serving on numerous boards provide him with an exceptional foundation from which to lead Blu Label's next phase of growth.

Over the past five years, the Board has implemented a structured succession and renewal programme, resulting in the rotation of several directors and the appointment of new members to ensure an appropriate balance of skills, experience and diversity. During the current financial year, Khati Mokhobo was appointed to the Board and the Audit and Risk Committee, succeeding Joe Mthimunye. The Board remains fully aligned with the principles of good corporate governance as set out in the King Code of Governance.

I am confident that the Board, management team and shareholders will derive significant benefit from Lindsay's leadership and stewardship, supported by the Board's structured succession and renewal programme, which will continue to strengthen the Company's governance and long-term success in the years ahead.

THANK YOU

No chairman succeeds alone. I would like to thank my fellow directors, past and present, for their support, wisdom and friendship throughout my tenure.

To Brett and Mark Levy, Dean Suntup and the executive leadership team, thank you for your entrepreneurial vision, determination and unwavering commitment to building an exceptional South African company. The success of Blu Label today is a testament to your leadership and the remarkable culture that exists throughout the Group.

To our employees, business partners and stakeholders, thank you for your contribution to our success.

And finally, to our shareholders, thank you for the trust and confidence you have placed in the Board and management team over the years.

LOOKING AHEAD

As I prepare to step down, I do so with tremendous optimism. Blu Label enters this next chapter stronger, more focused and better positioned than at any point in its history. The successful Cell C Listing, the continued strength of the Group's core operations, a robust governance framework and an experienced leadership team provide an exceptional platform for future growth.

The Blu Label story has always been one of entrepreneurship, innovation, resilience and ambition. Those qualities remain as powerful today as they were nineteen years ago.

The future is bright.

30 September 2026