REINFORCING TRUST THROUGH CONSISTENT AND TRANSPARENT DIALOGUE
Cultivating and preserving robust, trusted relationships
with all our stakeholders remains a cornerstone of
Blu Label’s long-term value creation strategy. In 2026,
this principle continued to guide the Group as we
advanced our strategic repositioning, simplified our
structure and entered a new phase following the
successful restructuring and subsequent listing of
Cell C.
We continue to view engagement as a two-way
process, not simply to inform, but to listen, involve
and respond. Our stakeholder approach is rooted in
openness, accountability and partnership, ensuring
that we remain aligned with the expectations and
interests of the parties who influence or are affected
by our business.
During the year, stakeholder engagement increasingly
reflected Blu Label’s evolution beyond its historic
telecommunications association toward a broader
digital distribution, fintech, energy and technology-enabled
platform. Engagement with investors,
media and broader market participants focused on
improving understanding of the Group’s simplified
structure, cash-generative core operations, Cell C
value unlock and emerging growth opportunities
across adjacent verticals.
Stakeholder identification and engagement remain
guided by our Group Stakeholder Engagement Policy
and are decentralised across Blu Label’s business units,
each responsible for managing their key stakeholder
relationships and reporting to executive leadership
and the Board.
We maintain our commitment to:
frequent, consistent and transparent communication;
two-way dialogue to strengthen mutual
understanding;
regular reassessment of stakeholder materiality
and priorities;
responsible management of stakeholder risks and
opportunities through our enterprise-wide risk
framework; and
accessible, narrative-led engagement that improves
understanding of Blu Label’s strategy across
institutional, retail and other stakeholder audiences.
WHY WE ENGAGE
EMPLOYEES
Our people are the drivers of our strategy and the foundation of our
culture. We engage to foster a values-based, inclusive and high-performance
environment where every employee is empowered,
recognised and supported.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Clear alignment to Group strategy
and individual performance goals.
Career development, mentoring
and promotion pathways.
A healthy, inclusive and engaging
workplace culture.
Support for mental wellbeing,
financial wellness and work-life
integration.
Opportunities for recognition and
participation in the Company
culture.
Clear internal communication as
the Group evolves and repositioning
messages are embedded.
Intranet, e-mail and employee
engagement campaigns.
Wellness initiatives and employee
support programmes.
Leadership town halls, teambuilding
events and internal surveys.
Birthday breakfasts and employee
recognition programmes.
Internal communication updates
aligned to key Group developments.
STRATEGIC OUTCOMES AND RESPONSES
Continued reinforcement of Blu Label's values and culture across the Group.
Ongoing focus on wellness, inclusion and employee engagement.
Continued alignment of employees to the Group's strategic direction and refreshed positioning.
Ongoing development of performance, career and retention interventions in key business areas.
WHY WE ENGAGE
INVESTORS
Capital providers are essential to our growth trajectory. Through
transparent and consistent engagement, we build confidence, ensure
our strategic direction is understood and maintain trust during periods
of significant change.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Timely and accurate financial and
operational performance updates.
Clarity on the Cell C restructuring,
listing, value unlock and Blu Label’s
future economic exposure.
Insights into free cash flow generation,
governance, capital allocation and
dividend policy.
Clear separation of once-off
restructuring impacts from the
underlying performance of the core
business.
Better understanding of Blu Label’s
evolution from a complex
telco-linked investment case
to a diversified digital distribution,
fintech, energy and
technology-enabled platform.
Accessible engagement for both
institutional and retail investors.
Annual and interim results
announcements and roadshows.
Virtual meetings and investor
calls.
Annual General Meeting.
Integrated annual report.
Meetings with executive and
senior management.
Institutional investor forums and
targeted engagements.
Digital-first retail investor
engagement, including
webinars, educational content
and post-event recaps.
Content-led engagement
through blogs, social media and
on-demand video.
STRATEGIC OUTCOMES AND RESPONSES
Improved investor understanding of the Group’s simplified structure
following the Cell C restructuring and listing.
Continued institutional dialogue around capital allocation, earnings visibility
and value realisation.
Increased retail investor engagement through accessible, narrative-led
formats.
Stronger appreciation of Blu Label’s repositioning beyond telecoms toward
fintech, digital distribution, energy and adjacent technology-enabled
opportunities.
Continued focus on building confidence in the Group’s cash generation,
dividend capacity and long-term value creation prospects.
WHY WE ENGAGE
MEDIA
The media is critical in shaping Blu Label’s public narrative and reputation. We aim to proactively manage coverage, provide accurate information and ensure our strategic progress is communicated clearly and credibly.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Timely access to accurate and relevant information.
Clarity on financial results, Group simplification, Cell C developments and emerging growth verticals.
Responsive media relations and access to key spokespeople.
Storytelling around innovation, strategy, governance and leadership.
Clear articulation of Blu Label’s repositioning post rebrand.
Pre-briefings with financial and technology media during results cycles.
Interviews and commentary from executive leadership.
Media packs, press releases and co-ordinated content.
Ad hoc responses to enquiries and story development.
Long-form leadership interviews and narrative-led media opportunities.
Amplification of strategic messages through digital and social platforms.
STRATEGIC OUTCOMES AND RESPONSES
Broader and more narrative-rich media coverage of Blu Label’s strategic repositioning.
Enhanced public understanding of the Group’s simplified structure and Cell C value unlock.
Stronger articulation of Blu Label’s growth pillars, including fintech, integrated vouchers, data, AI and energy.
Positive contribution to reputation rebuilding and market confidence.
WHY WE ENGAGE
REGULATORS
We engage with regulators to ensure compliance, preserve our operating licences and maintain transparent relationships that support transformation, market integrity and responsible growth.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Compliance with legislation, licensing and competition requirements.
Clarity on ownership, operational structures and governance.
Transparent reporting of material transactions, listing-related matters and regulatory approvals.
Responsible conduct in the public interest.
Continued engagement on regulated growth areas, including telecommunications, competition matters, financial services and energy.
Formal submissions and filings with relevant regulators, including ICASA, the Competition Commission and Tribunal, the JSE and other applicable authorities.
Direct meetings with regulatory officials and legal advisers.
Participation in industry forums and consultations.
Collaboration with policy stakeholders where relevant.
Ongoing licence and compliance-related engagement across regulated business areas.
STRATEGIC OUTCOMES AND RESPONSES
Continued regulatory engagement through the Cell C restructuring and listing process.
Sustained regulatory trust during complex transactions and ownership related matters.
Demonstrated compliance and open dialogue across regulatory engagements.
Expanded regulatory engagement linked to energy-sector opportunities, including Blu Energy’s licensed participation in South Africa’s evolving energy market
Reinforced commitment to responsible growth, transformation and public-interest outcomes.
WHY WE ENGAGE
CUSTOMERS AND CONSUMERS
Our customers are at the heart of our purpose and business model.
Engagement enables us to deliver relevant, affordable and accessible
solutions tailored to diverse consumer needs across South Africa.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Simple, secure and cost-effective prepaid and value-added services.
Responsive customer support and issue resolution.
Innovative and evolving product offerings.
Greater access to essential services across informal and formal markets.
Reliable access to services that support daily life, including airtime, data, electricity, vouchers and otherdigital products.
Customer contact centres and field agents.
Face-to-face engagement and community activations.
In-app support and social media channels.
Customer feedback surveys and issue escalation protocols.
Merchant and channel feed backloops to identify consumer needs and service gaps.
STRATEGIC OUTCOMES AND RESPONSES
Continued reinforcement of Blu Label's values and culture across the Group.
Ongoing focus on wellness, inclusion and employee engagement.
Continued alignment of employees to the Group's strategic direction and refreshed positioning.
Ongoing development of performance, career and retention interventions in key business areas.
WHY WE ENGAGE
GOVERNMENT
Government remains a key partner in driving national development, digital inclusion, reliable access to essential services and employment. Engagement supports shared value creation, alignment with national goals and the sustainability of our licence to operate.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Job creation and transformation impact.
Contribution to the digital economy and access to telecommunications and related essential services.
Support for public-sector initiatives.
Responsible corporate behaviour and compliance.
Practical solutions that support service delivery, revenue assurance and community-level access.
Direct engagement with national, provincial and local government stakeholders.
Collaboration on job creation and inclusion initiatives, including the YES Programme.
Participation in development forums.
Ad hoc consultations on public-private sector alignment.
Engagement with municipalities and public-sector stakeholders where Blu Label solutions can support access, efficiency and revenue assurance.
STRATEGIC OUTCOMES AND RESPONSES
Youth employment and digital inclusion advanced through YES and informal market engagement.
Consistent contribution to transformation and enterprise development.
Reinforced position as a responsible and compliant corporate citizen.
Sustained alignment with public-sector development priorities.
Increased relevance of Blu Label’s energy, utility and revenue-assurance capabilities in supporting municipal and community needs.
WHY WE ENGAGE
BUSINESS PARTNERS, MERCHANTS AND SUPPLIERS
Our partners, merchants and suppliers enable the seamless delivery of our products and services. Engagement ensures continuity, operational alignment and shared responsibility for quality, performance and innovation.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Efficient procurement and transparent processes.
Training, product knowledge and access to support.
Commercial reliability and equitable partnership.
Digital tools to improve operations.
Access to additional products and services that can be distributed through existing channels.
Responsiveness to changing merchant and consumer needs.
Supplier education, trade shows and one-on-one negotiations.
Integration into service planning and innovation forums.
Contractual reviews and performance feedback loops.
Technical assistance and product training.
Ongoing support for merchants and channel partners across formal, informal and digital environments.
STRATEGIC OUTCOMES AND RESPONSES
Strengthened collaboration across the value chain
Continued support of informal merchants and local distribution networks.
Reduced friction in procurement and supply.
Aligned expectations on performance and delivery.
Expanded opportunities for partners and merchants to participate in Blu Label’s broader digital, fintech, voucher and energy ecosystem.
WHY WE ENGAGE
SOCIETY AND COMMUNITIES
We are committed to making a tangible contribution to the communities in which we operate. Our engagement focuses on inclusion, wellness and upliftment, aligned with our broader social licence to operate.
NEEDS AND EXPECTATIONS
METHODS OF ENGAGEMENT
Access to economic opportunity, skills and wellness support.
Active participation in social upliftment and national causes.
Corporate accountability and ESG leadership.
Meaningful, authentic engagement at grassroots level.
Access to affordable, practical and reliable digital services that support everyday needs.
Community programmes and awareness campaigns.
Trust Blu Foundation partnerships.
Employee volunteerism and giving drives.
Participation in national campaigns and wellness initiatives.
Engagement through merchant networks and community-facing channels.
STRATEGIC OUTCOMES AND RESPONSES
Broadened reach of wellness, inclusion and community-focused programming.
Employee-led activations across subsidiaries and community platforms.
Increased alignment with SDG themes and ESG impact.
Expanded wellness and inclusion efforts across the Group.
Continued contribution to financial inclusion, digital participation and access to essential services in underserved communities.
