GROUP INCOME STATEMENT for the year ended 31 May 2026

	Notes	2026 R'000	2025 R'000
Revenue	1.2	12 918 532	13 730 344
Finance revenue	1.2	134 276	319 833
TOTAL REVENUE	1.2	13 052 808	14 050 177
Other income	1.3	979 558	76 675
Direct operating costs*		(9 580 983)	(10 675 174)
Employee compensation and benefit expense	5.2	(1 266 793)	(1 052 704)
Depreciation and amortisation		(460 586)	(192 774)
Impairments of goodwill	1.3	(200 592)	–
Fair value movements	1.3	222 941	174 316
Bad debts and expected credit loss	1.3	(215 525)	(235 524)
Modification/derecognition of financial instruments	1.3	192 662	(52 872)
Other expenses	1.3	(7 949 489)	(680 804)
OPERATING (LOSS)/PROFIT	1.3	(5 225 999)	1 411 316
Finance costs	1.4	(991 319)	(1 090 314)
Finance income	1.4	277 599	803 857
(Impairment)/reversal of impairment of investment in associate	2.1.1	(9 273)	1 555 042
Gain on deemed disposal of associate	2.1.1	841 077	–
Share of profits/(losses) from associates and joint ventures	2.1.1	374 829	(55 376)
(LOSS)/PROFIT BEFORE TAXATION		(4 733 086)	2 624 525
Taxation	7.1	47 426	(143 805)
(LOSS)/PROFIT FOR THE YEAR		(4 685 660)	2 480 720
(LOSS)/PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Equity holders of the parent		(4 882 394)	2 484 243
Non-controlling interest**		196 734	( 3 523)
EARNINGS PER SHARE
– BASIC	1.5	(539.73)	276.52
– DILUTED	1.5	(539.73)	275.24

*	Direct operating costs are the operating expenses directly attributable to the production of goods and services sold by the Group. These include, but are not limited to, the costs associated with the acquisition of airtime and handsets sold by the Group.
**	Of this amount, R163 million relates to the period during which Cell C was consolidated.