Notes to the Group Annual Financial Statements | Note 9

9. RELATED PARTIES

TRANSACTIONS AND BALANCES WITH RELATED PARTIES

All entities are associates/joint ventures of BLU, except for Trust Blu Foundation. For further details in this regard, refer to note 2.1.

Certain related party disclosure is required as a result of common directorships.

For details of emoluments to Directors, refer to note 5.3. For details of equity compensation benefit expense in respect of Directors, refer to note 5.1. The Executive Directors of the Company are regarded as key management of the Group.

For details of Directors interests in the Company, refer to the Directors' report.

Sales to related parties Purchases from related parties
2026     
R'000     		 2025   
R'000   		 2026     
R'000     		 2025   
R'000   
Blu Train Proprietary Limited   13 318      12 310    51 393      57 719   
Blu Label Communications Proprietary Limited   7 747      1 582    5 287      1 331   
Comm Equipment Company Proprietary Limited   46 268*    –** 152 371*    –**
Cell C Limited   19 570*** 31 267    –*** –   
Cell C Service Provider Proprietary Limited   892 114*** 3 933 175    2 885 055*** 4 699 129   
T3 Telecoms SA Proprietary Limited   79 582      52 608    26 727      29 654   
Utilities World Proprietary Limited   1 664      4 248    18 499      29 037   
1 060 263      4 035 191    3 139 332      4 816 870   

Income received from related parties 2026     
R'000     		 2025   
R'000   
OTHER INCOME RECEIVED FROM RELATED PARTIES
Cell C Limited   3 500*** –   
T3 Telecoms SA Proprietary Limited   1      11 350   
Trust Blu Foundation   –      162   
DIVIDENDS RECEIVED FROM RELATED PARTIES
Blu Train Proprietary Limited   2 780      –   
Blu Label Communications Proprietary Limited   5 062      –   
Datacision Proprietary Limited   186      –   
Utilities World Proprietary Limited   –      13 372   
INTEREST RECEIVED FROM RELATED PARTIES
Blu Train Proprietary Limited   –      489   
Cell C Service Provider Proprietary Limited#   223 607*** 756 789   
Mobile Macs Proprietary Limited   –      79   
T3 Telecoms SA Proprietary Limited   –      601   
MANAGEMENT FEES RECEIVED FROM RELATED PARTIES
Blu Train Proprietary Limited   10 636      2 729   
Blu Label Communications Proprietary Limited   3 738      30   
Comm Equipment Company Proprietary Limited   5 378*     –**
T3 Telecoms SA Proprietary Limited   6 142      1 543   
RENT RECEIVED FROM RELATED PARTIES
Blu Label Communications Proprietary Limited   698      129   
T3 Telecoms SA Proprietary Limited   –      2 698   
261 728     789 971   
Expenses paid to related parties
INTEREST PAID TO RELATED PARTIES
Blu Train Proprietary Limited   932      427   
Blu Label Communications Proprietary Limited   1 224      272   
T3 Telecoms SA Proprietary Limited   244      56   
MANAGEMENT FEES PAID TO RELATED PARTIES
Comm Equipment Company Proprietary Limited   831*     –**
SOCIAL ECONOMIC DEVELOPMENT
Trust Blu Foundation   11 802      5 736   
15 033      6 491   
* These transactions occurred during the periods 1 December 2025 to 31 May 2026 while CEC was equity-accounted as an associate.
** CEC was a subsidiary of BLU in prior periods.
*** These transactions occurred during the periods 1 June 2025 to 31 August 2025 and 1 December 2025 to 31 May 2026 while Cell C was equity-accounted as an associate.
# Includes interest received on loans receivable and trade accounts.

Once-off transactions relating to Cell C before obtaining control

Note 2026
R'000
Gain on effective settlement of pre-existing relationships upon obtaining control of Cell C 2.2.1 480 707

Loans to related parties
2026 
R'000 		 2025 
R'000 
LOANS TO ASSOCIATES AND JOINT VENTURES
Cell C Service Provider Proprietary Limited  –  3 118 907 
Loss allowance on loans to Cell C  –  127 002 
Mobii Systems Proprietary Limited and its related entities  3 995  4 206 
Total loss allowance on loans to related parties (excluding Cell C) (527) (347)
SURETY LOANS
Brett Levy1 57 495  67 377 
Mark Levy1 57 495  67 377 
118 458  3 384 522 
1 Refer to note 3.5 for details on the surety loans.

Amounts due from related parties
included in trade receivables		 Amounts due to related parties
included in trade payables
2026  
R'000  		 2025   
R'000   		 2026  
R'000  		 2025   
R'000   
Blu Train Proprietary Limited   40 064   12 661    2 951   8 464   
Blu Label Communications Proprietary Limited   2 985   8 118    73 483   22 345   
Comm Equipment Company Proprietary Limited   18 180* –** 40* –**
Cell C Limited   4 783   7 999    –   –   
Cell C Service Provider Proprietary Limited   501   734 325    302 016   129 730   
T3 Telecoms SA Proprietary Limited   16 626   5 736    4 650   3 190   
Utilities World Proprietary Limited   687   819    3 678   1 867   
Total loss allowance on trade receivables to related parties   (1 059) (216)  
82 767   769 442    386 818   165 596   

Amounts due from related parties
included in trade receivables		 Amounts due to related parties
included in trade payables
2026 
R'000 		 2025 
R'000 		 2026 
R'000 		 2025 
R'000 
Cell C Service Provider Proprietary Limited  – –  – 15 064 
TPC trade claim (included in sundry receivables)# – 53 375  – – 
Total loss allowance on other receivables to related parties  – (53 375) – – 
– –  – 15 064 
# This amount has been fully provided for both in the current and prior year and is included as part of the total loss allowance.
* These transactions occurred during the periods 1 December 2025 to 31 May 2026 while CEC was equity accounted as an associate.
** CEC was a subsidiary of BLU in prior periods.