1.1 Segmental summary

The Group's segment reporting follows the organisational structure as reflected in its internal management reporting systems, which are the basis for assessing the financial performance of the business segments and for allocating resources to these segments. Management's assessment of the Group's organisational structure takes the geographical location of the segments into account.

Operating segments are reported internally to the Chief Operating Decision-maker in a manner consistent with the financial statements. In addition, the Chief Operating Decision-maker uses core headline earnings as a non-IFRS measure in evaluating the Group's performance on a segmental level. The Chief Operating Decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Directors, who are responsible for making strategic decisions on behalf of the Group.

Transactions between reportable segments are conducted on similar terms as other transactions of a similar nature.

The Group’s segment reporting follows the organisational structure as reflected in its internal management reporting systems, which are the basis for assessing the financial performance of the business segments and for allocating resources to these segments. Management’s assessment of the Group’s organisational structure takes the geographical location of the segments into account.

The segment results for the year ended 31 May 2026 are as follows:

	Total			Africa Distribution			International			Solutions			Corporate
	2026 R’000	2025 R’000		2026 R’000	2025 R’000		2026 R’000	2025 R’000		2026 R’000	2025 R’000		2026 R’000	2025 R’000
Total segment revenue	17 068 955	18 651 636		16 552 554	18 111 662		–	–		308 148	259 894		208 253	280 080
Internal revenue	(4 016 147)	(4 601 459)		(3 745 501)	(4 287 107)		–	–		(62 393)	(34 272)		(208 253)	(280 080)
Revenue	13 052 808	14 050 177		12 807 053	13 824 555		–	–		245 755	225 622		–	–
Segment result
Operating profit/(loss) before depreciation, amortisation and the additional items listed below	850 068	1 718 170		996 449	1 872 701		(433)	(276)		4 283	20 602		(150 231)	(174 857)
Gain on effective settlement of pre-existing relationships upon obtaining control of Cell C	480 707	–		480 707	–		–	–		–	–		–	–
Gain on settlement of Cell C leases with Dark Fibre Africa	355 832	–		355 832	–		–	–		–	–		–	–
Transaction costs related to the restructuring, unbundling and the listing of Cell C	(318 992)	–		(318 992)	–		–	–		–	–		–	–
Loss on disposal of subsidiaries	(6 132 514)	–		(6 027 454)	–		–	–		–	–		(105 060)	–
Fair value gain on surety receivable	2 200	2 883		–	–		2 200	2 883		–	–		–	–
Fair value gain on other financial instruments	220 741	171 433		220 741	171 433		–	–		–	–		–	–
Impairments	(200 592)	–		(193 328)	–		–	–		–	–		(7 264)	–
Bad debts and expected credit loss on loans	9 469	284 981		(3 178)	285 206		(467)	(389)		14 084	164		(970)	–
Bad debts and expected credit losses on trade receivables, other receivables and advances to customers	(224 994)	(520 505)		(225 643)	(519 789)		–	–		649	(716)		–	–
Modification/derecognition of financial instruments	192 662	(52 872)		192 662	(52 872)		–	–		–	–		–	–
Depreciation and amortisation	(460 586)	(192 774)		(449 482)	(176 371)		–	–		(657)	(695)		(10 447)	(15 708)
Operating (loss)/profit	(5 225 999)	1 411 316		(4 971 686)	1 580 308		1 300	2 218		18 359	19 355		(273 972)	(190 565)
Finance costs	(991 319)	(1 090 314)		(990 655)	(1 087 912)		–	(2)		(182)	(213)		(482)	(2 187)
Finance income	277 599	803 857		274 980	799 853		57	–		1 810	3 495		752	509
(Impairment)/reversal of impairment of investment in associate	(9 273)	1 555 042		(9 273)	1 558 621		–	(3 579)		–	–		–	–
Gain on deemed disposal of associate – Cell C	841 077	–		841 077	–		–	–		–	–		–	–
Share of profits/(losses) from associates and joint ventures	374 829	(55 376)		336 858	(80 624)		–	–		37 971	25 248		–	–
Taxation	47 426	(143 805)		34 461	(153 136)		(493)	(722)		10 034	6 455		3 424	3 598
(Loss)/profit for the year	(4 685 660)	2 480 720		(4 484 238)	2 617 110		864	(2 085)		67 992	54 340		(270 278)	(188 645)
(Loss)/profit for the year attributable to:
Equity holders of the parent	(4 882 394)	2 484 243		(4 672 257)	2 628 052		864	(2 085)		59 277	46 921		(270 278)	(188 645)
Non-controlling interest	196 734	(3 523)		188 019	(10 942)		–	–		8 715	7 419		–	–
Reconciliation of (loss)/profit for the year to core headline earnings for the year
(Loss)/profit for the year attributable to equity holders of the parent	(4 882 394)	2 484 243		(4 672 257)	2 628 052		864	(2 085)		59 277	46 921		(270 278)	(188 645)
Amortisation of intangibles raised through business combinations net of tax and non-controlling interest	41 774	50 890		41 774	50 890		–	–		–	–		–	–
Headline earnings adjustment	5 638 482	1 612 163		5 525 603	1 601 195		–	3 579		596	6 953		112 283	436
Core headline earnings/(loss) for the year	797 862	4 147 296		895 120	4 280 137		864	1 494		59 873	53 874		(157 995)	(188 209)

The Company is domiciled in the Republic of South Africa. The revenue earned from external customers in South Africa is R13.0 billion (2025: R14.0 billion), and from external customers from other countries is R3.8 million (2025: R4.1 million).

The Africa Distribution segment includes revenue of R2.3 billion from an external customer.

At 31 May 2026, the Group is managed on the basis of four main business segments:

• Africa Distribution includes the distribution of prepaid airtime, starter packs and electricity of the South African network operators and utility suppliers, the distribution of ticketing and universal vouchers, as well as the distribution and financing of handsets, tablets and other devices within South Africa and certain African countries.
• International includes the investment in Oxigen Services India.
• Solutions include marketing of cellular and financial products and services through outbound telemarketing and other channels, provides inbound customer care and technical support, and markets data and analytics services.
• Corporate performs the head office administration function.

Core headline earnings

Core headline earnings is a non-IFRS measure used by the Group in evaluating the Group's performance. This supplements the IFRS Accounting Standards measures. Core net profit is calculated by adjusting net profit for the year with the amortisation of intangible assets net of deferred taxation and non-controlling interests that arise as a consequence of the PPA completed in terms of IFRS 3 - Business Combinations. Core headline earnings is calculated by adjusting core net profit with the headline earnings adjustments required by SAICA circular 1/2023.

Reconciliation of core headline earnings to relevant IFRS Accounting Standards is presented in note 1.5.