Notes to the Company Annual Financial Statements | Note 2

2. INVESTMENTS IN SUBSIDIARIES

Investments in subsidiaries are carried at cost less any accumulated impairment losses. Cost includes directly attributable costs of investments and, where applicable, is adjusted for changes in consideration arising from contingent consideration amendments.

Subsidiaries are all entities over which BLU has control. BLU controls an entity when BLU is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.

NAME OF COMPANY %
holding
2026		 %
holding
2025		 Carrying 
amount 
2026 
R’000 		 Carrying 
amount 
2025 
R’000 
Blu Nova Proprietary Limited 100.00 100.00 –* –*
Blu Label AltBureau Proprietary Limited2 100.00 100.00 –* –*
Blu Label Company Proprietary Limited2 100.00 100.00 –* –*
Blu Label Distribution Proprietary Limited2# 0.00 100.00 –  194 000 
Blu Label Media Proprietary Limited1 100.00 100.00 40 000  40 000 
Blu Label Ventures Proprietary Limited2 100.00 100.00 –* –*
Budding Trade 1170 Proprietary Limited 100.00 100.00 6 000  6 000 
Cigicell Proprietary Limited 74.00 74.00 295  295 
Datacel Direct Proprietary Limited 100.00 100.00 150 000  150 000 
Glocell Retail Solutions Proprietary Limited 100.00 100.00 –* –*
Gold Label Investments Proprietary Limited 100.00 100.00 –  –*
One World Telecoms Proprietary Limited 100.00 100.00 –* –*
Tech Nov8 Proprietary Limited 66.67 66.67 –* –*
The Prepaid Company Proprietary Limited## 100.00 100.00 4 807 049  2 433 048 
TicketPro Proprietary Limited### 0.00 100.00 –  14 700 
Transaction Junction Proprietary Limited 60.00 60.00 4 200  4 200 
Ventury Group Proprietary Limited 100.00 100.00 98 406  98 406 
WiConnect Proprietary Limited##### 0.00 100.00 –  – 
5 105 950  2 940 649 

All subsidiaries listed above are incorporated in South Africa.

* Less than R1 000.
# Investment in Blu Label Distribution Proprietary Limited amounting to R194 million was disposed of on 31 May 2026 to The Prepaid Company Proprietary Limited at cost. Refer to note 5.
## On 23 March 2026, Blu Label Unlimited and The Prepaid Company concluded a debt-for-equity transaction, through which Blu Label Unlimited increased its investment in The Prepaid Company by R2.374 billion. Refer to note 5.
### Investment in TicketPro was sold on 31 May 2026 for R5 million.
##### Deregistered on 30 June 2025.
1 Formerly Blue Label One Proprietary Limited.
2 During the year, these subsidiaries changed their names from “Blue …” to “Blu …”.

THE PREPAID COMPANY PROPRIETARY LIMITED (“TPC”)

As at 31 May 2026, there was no indicator of an impairment, and as such, the Company did not estimate the recoverable amount of the investment in TPC. There was no indicator identified in the prior year.