Notes to the Group Annual Financial Statements | Note 6.1

6. EQUITY
6.1 SHARE CAPITAL

Ordinary shares are classified as equity and the shares are fully paid up.

Shares acquired by Blu Label Unlimited Group Limited for its own employees’ equity compensation benefit scheme, as well as the shares procured by the subsidiaries in terms of this scheme, are accounted for as treasury shares in the Group statement of financial position.

2026 
Number 
of shares 		 2025 
Number 
of shares 
AUTHORISED
Total authorised share capital of ordinary shares (no par value) 2 000 000 000  2 000 000 000 
ISSUED
BALANCE AT THE BEGINNING OF THE YEAR 899 156 506  896 332 570 
Shares acquired during the year  (9 057) (190 765)
Shares vested during the year  8 782 239  3 014 702 
Balance at the end of the year  907 929 688  899 156 506 
Total number of shares in issue  913 655 873  913 655 873 
Treasury shares  (5 726 185) (14 499 367)

The Group acquired 9 057 shares from associate companies for R57k in the current year that were forfeited in terms of the equity-settled conditional share plan, at which point the shares became treasury shares of the Group. In the prior year, the Group acquired 190 765 shares from associate companies for R1.2 million that were forfeited in terms of the equity-settled conditional share plan, at which point the shares became treasury shares of the Group.

Refer to note 5.1 for details on the conditional shares.