1.5 Earnings per share

Core headline

Core headline earnings per share are calculated by adding back to headline earnings, the amortisation of intangible assets net of deferred taxation and non-controlling interests as a consequence of the PPA completed in terms of IFRS 3 – Business Combinations.

Use of adjusted measures

The measures listed below are presented as management believes it to be relevant to the understanding of the Group’s financial performance. These measures are used for internal performance analysis and provide additional useful information on underlying trends to equity holders. These measures are not defined terms under IFRS Accounting Standards and may therefore not be comparable with similarly titled measures reported by other entities. It is not intended to be a substitute for, or superior to, measures as required by IFRS Accounting Standards.

(a) Headline earnings, earnings and core headline earnings per share

	Attributable earnings		Cents per share
	2026 R’000	2025 R’000	2026	2025
Headline earnings per share
Basic	756 088	4 096 406	83.58	455.96
Diluted	756 088	4 096 406	83.39	453.86
Core	797 862	4 147 296	88.20	461.63
Earnings attributable to ordinary equity holders
Basic	(4 882 394)	2 484 243	(539.73)	276.52
Diluted	(4 882 394)	2 484 243	(539.73)*	275.24
(b) Weighted average number of shares
Weighted average number of shares			2026 R’000	2025 R’000
Weighted average number of ordinary shares			904 599	898 408
Adjusted for weighted average conditional shares			2 125	4 154
Weighted average number of ordinary shares for diluted headline earnings			906 724	902 562

* The conditional shares are not included in the weighted average number of ordinary shares for diluted earnings per share because they are anti-dilutive.

(c) Analysis of headline earnings

	(Loss)/profit before tax and non- controlling interest R’000	Tax R’000	Non- controlling interest R’000	Headline earnings R’000
2026
Loss attributable to equity holders of the parent	(4 733 086)	47 426	(196 734)	(4 882 394)
Net loss on disposal of property, plant and equipment	3 163	(854)	22	2 331
Net loss on disposal of intangible assets	37 092	(10 015)	–	27 077
Impairment of property, plant and equipment	14 248	(3 078)	–	11 170
Impairment of intangible assets	144 381	(38 983)	–	105 398
Impairment of goodwill	200 592	–	–	200 592
Impairment of investment in associate	9 273	–	–	9 273
Net gain on sale of associates and joint venture	(842 171)	–	–	(842 171)
Net loss on disposal of subsidiaries	6 132 514	–	–	6 132 514
Net gain on disposal of property, plant and equipment in associate/joint venture	(7 702)	–	–	(7 702)
Headline earnings				756 088
2025
Profit attributable to equity holders of the parent	2 624 525	(143 805)	3 523	2 484 243
Net loss on disposal of property, plant and equipment	1 998	(424)	(747)	827
Impairment of property, plant and equipment	22 150	(5 981)	–	16 169
Net loss on disposal of property, plant and equipment in associate/joint venture2	17 755	–	–	17 755
Net loss on sale of joint venture	7 902	683	(1 631)	6 954
Reversal of impairment of investment in associate	(1 555 042)	–	–	(1 555 042)
Impairment of property, plant and equipment in associate2	804 387	–	–	804 387
Impairment of intangible assets in associate2	1 638 571	–	–	1 638 571
Impairment of leased assets in associate2	682 542	–	–	682 542
Headline earnings				4 096 406
2 With reference to note 2.2.1, during the prior year all of the previously unrecognised Group's share of cumulative losses in Cell C of R1.6 billion were recognised, which included these capital items.

(d) Analysis of core headline earnings

	2026 R’000	2025 R’000
Reconciliation between net profit and core headline earnings for the year:
Net (loss)/profit for the year attributable to equity holders of the parent	(4 882 394)	2 484 243
Amortisation of intangibles raised through business combinations net of tax and non-controlling interest	41 774	50 890
Core net (loss)/profit for the year	(4 840 620)	2 535 133
Headline earnings adjustments	5 638 482	1 612 163
Core headline earnings	797 862	4 147 296