Blu Label Unlimited Group Limited (BLU) Earnings Call Transcript & Summary

Good afternoon, everyone, and thank you for joining us for our results presentation for year ending 31 May 2025. This has been a defining year for our business. We have reshaped Blue Label Telecoms into BLU Label Unlimited, a streamlined future-fit digital platform solution business. This transformation reflects our commitment to reimagining value and building an empowered ecosystem that delivers access, connectivity and opportunity for all. Our shift to a more agile and integrated model gives us clarity, scale and focus to unlock new revenue streams and deliver long-term value for our shareholders. For investors, what does it mean? It means clarity through a simplified structure and clear strategic focus. Scalability, a platform designed for real-time high demand growth and to unlock value, whereby it's a repositioned group that is set up to maximize returns. Why did we rebrand? Firstly, to eliminate market confusion about who we are and what we offer; and secondly, to showcase the full breadth and depth of the BLU Label ecosystem. Thirdly, to unite our people, partners and platform under one compelling identity. What this signals for our business is simplification through a clear integrated operating model, a modernized brand aligned with today's digital economy, platform thinking that enables agility, scalability and connected solutions. This is the foundation for our next growth chapter, which we will unpack further for you in a short video. [Presentation]

We have moved from a traditional holding company structure to an integrated ecosystem of 7 buckets. Each solution buckets is powerful on its own, but the real strength lies in the ecosystem effect, the way these solutions connect, scale and unlock value together. And importantly, our new structure gives us flexibility to consolidate, sell or IPO assets like Cell C when the time is right, maximizing value for shareholders. Let me briefly walk you through our 7 solution buckets. BLU Label Platform Solutions, a scalable, secure and adaptable digital backbone powering products, services, payments transport, IoT and beyond. BLU Energy Solutions, streamlining -- BLU Label Energy Solutions, streamlining municipal revenue collections through prepaid vending, arrears recovery and assured bill payments while advancing scalable solar battery projects to unlock cash flows and deliver sustainable risk-free returns. BLU Label Distribution Solutions, physical and virtual access to digital products and services delivered by an unrivaled distribution network. BLU Label Media Solutions, platforms and tools to monetize audiences through advertising content and engagement. BLU Label Data & AI Solutions, turning transaction flows into intelligence, monetization and strategic decision-making tools. BLU Label Training Solutions, skills development and digital upskilling for employment and economic inclusion. BLU Telco solutions, strategic telecoms play to enhance connectivity and financial inclusion. Together, these buckets create an ecosystem designed to scale faster, monetize smarter and capture growth across multiple verticals. We'll now unpack each solution pillar, providing a snapshot of performance and capabilities of each. On the BLU Label platform solution, we have transitioned from a monolithic Aeon platform into our proprietary limitless cloud-based modular platform called BluSky, enabling faster merchant onboarding, more products and improved uptime. It has been a major step for our technology evolution, allowing greater scalability, stability and operational efficiencies across the business. We also are white labeling our platform in order for our clients to market and manage their own products and services. Our BLU Advanced platform using analytics to advance products and services. If you consider what is happening in the market today that 50% of all airtime sold today is to repay in advance, our launch of emergency electricity top-up should bode well to help the industry and the market provide electricity in times of need. Our proprietary transport solution called Smart Tap has been running since late last year in the PUTCO environment. It is an NFC-based solution, which improves efficiencies, reduce fraud and works in an online and offline environment. There are in excess of 500 bus companies in South Africa where this solution could most aptly be fitted. We have 2 in the pipeline, which we hope to announce in the not-too-distant future. Technov8 delivers AI-powered IoT and Extended Reality solutions that tackle real-world challenges in health care, education, training, mining and manufacturing. By blending advanced technologies with practical applications, we transform complexity into opportunity. Moving on to the BLU Energy Solutions bucket. As one of South Africa's largest prepaid electricity vendor, we fuel financial inclusion by streamlining revenue collection. We ensure municipalities receive reliable, predictable cash flows while giving millions of residents seamless and equitable access to essential services. The problem that we're dealing with currently in South Africa is the losses that are incurring between the supply and the distribution of electricity, which we estimate between ZAR 300 million and ZAR 400 billion a year. It is exacerbated by about another ZAR 3 billion of losses every single month. Out of that, we estimate that 30% of all electricity that is bought is lost or stolen in the process, therefore, compounding the already overburdened debt that the municipalities have. The solution we have is to secure prepaid vending and collection models, which plug revenue leakage, safeguards municipality cash flows and builds a bankable pathway to recovery and long-term sustainability. Our revenue assurance model is a no-risk model that we have designed for municipalities, whereby off a single baseline, which we agree upon with the municipality, we will enter into the market looking for lost or stolen tokens of value. Not only does this fill a shortfall of cash flow in the municipality, but we also provide employment and training for people in those regions. BLU Label would then earn additional revenue on the new amount that we find, which is on a no-risk basis to the municipality. The only net loser out of this process is the people or persons that we catch who have stolen electricity. This model is scalable across nearly every municipality in South Africa, not only trains people, but also creates employment. There are major revenue assurance bids currently underway with both municipalities and metro. Cigicell’ also has RT29, which is a transversal to supply smart meters to both metros and municipalities. We are 1 of only 7 companies in South Africa to be appointed with an RT29. On a geographical expansion and breakthrough on our RT29, we completed projects in Bela-Bela and Modimolle, and we have 2 new projects that we have been awarded in the Eastern Cape. Moving on to -- in our renewable energy space. BLU Energy has built a model where we are able to build smaller capacities ranging from 10 to 20 megawatts directly into municipalities. We call it the nodal model, which allows us to build smaller quantities in a more efficient, timeous manner. We also allow for the municipalities in which we supply this electricity to purchase at a cheaper rate than they would from their traditional procurement. And also, what we do, do is allow them to not have so much concentration risk with one supplier. Our intention is to roll out a number of these over the coming years and building a cost-effective green energy solution to the municipalities we supply. Through BLU Build and BLU Energy Solutions and our long-term relationships with them, we will deliver end-to-end renewable projects from development and municipal integrations to operation and maintenance, thereby reducing Eskom reliance and supply stabilizing municipal revenues. Eskom can then re-wheel or wheel that electricity that we're supplying to other desperate needs supply to other municipalities. We have a significant growth pipeline, a robust portfolio of identified municipalities already, which would position BLU to roll out significant renewable capabilities supported by our advanced analytics and spade-ready projects. Our strategic partnerships are already in place, our main one with the Central Energy Fund, CEF, where we have a joint development agreement. We also are backed up by specific funders and technical partners and BLU combines our revenue assurance, our funding muscle and technical expertise to fast-track renewables deployment. Thank you. I now hand you over to Brett to take you through the remaining buckets and our future outlook.

Thank you, Mark. BLU Distribution Solutions. We had a year where we delivered over ZAR 90 billion in process transactions, reduced fraud losses, optimize voucher procurement and restructured around technology and branded vouchers for growth, maintain leadership despite intense competition supported by strong aggregator partnerships. Moving on to BLU Media Solutions. We expanded a fast-growing network of digital media touch points, including transit and outdoor screens. We monetized everyday interactions from prepaid vouchers to commuter routes into measurable media value. We delivered hyper-targeted audience engagement through data-driven ad tech and programmatic platforms. On to our BLU Data & AI solutions. We harnessed one of South Africa's richest data lakes profiling millions of consumers to drive new revenue streams. We leveraged AI for smarter credit risk modeling, behavioral prediction and lead generation. We established market leadership ambitions to be the most trusted data provider and #1 lead supplier. Moving on to BLU Training Solutions. We secured over ZAR 350 million in UIF funding, creating more than 6,600 new jobs in the last 12 months, placed over 3,400 trainees into employment nationwide. We are scaling further with plans for an additional 10,000 positions supported by our world-class Randburg training center. Moving on to our BLU Telco solutions. We improved portfolio quality through refined credit scoring and AI-driven fraud prevention. Franchising underperforming stores with revamped outlets showing double-digit growth in acquisitions and renewals. Strategic priorities include channel expansion, stronger base management and value-added service growth. Cell C. Cell C has completed a successful turnaround, stabilizing operations, transforming to an asset-light model and restoring financial performance. Looking ahead, we are preparing for a potential IPO. This would unlock shareholder value, enhance governance and give Cell C access to growth capital. For BLU Label, it offers multiple benefits, a chance to realize value from our investment at the optimal time, optionality to reinvest proceeds into higher-growth digital solutions, ongoing exposure to Cell C's ecosystem through integration with our platforms and a long-term shareholder position that ensures continuity and strategic influence. Turning to our financials. This year, revenue grew to ZAR 14.1 billion with gross profit up 2% to just under ZAR 3.4 billion. Our EBITDA increased strongly, up 31% to ZAR 1.6 billion, while our gross profit margin expanded from 22.6% to 24% and core headline earnings per share rose sharply to ZAR 4.61, reflecting a year of strong underlying performance and discipline of execution. These results underline the resilience of our core business and the benefits of a leaner, more focused operating model. As we look forward, our focus is clear: accelerate returns, driving revenue and margin growth from our core solution buckets, value creation, capturing integration benefits, both vertically and horizontally, ecosystem engagement, deepening customer and partner relationships to drive stickiness and retention; strategic asset unlock, monetizing assets such as Cell C at the right time; targeted expansion, moving into adjacent growth sectors such as renewables, IoT, data and fintech. We enter FY '26 with strong momentum, a resilient balance sheet and a brand built for growth. In closing, BLU Label is now repositioned to business with a stronger operating model, sharper focus and bigger ambitions. Our goal remains consistent to be the most trusted and comprehensive enabler of digital and financial inclusion, delivering unlimited potential for all stakeholders. We would like to extend our gratitude to the Board of BLU Label as well as our staff, suppliers, customers and business partners for their ongoing support and dedication. I now hand you over to Jorge Mendes and El Kope, CEO and CFO of Cell C, respectively, to share a brief update on the performance of Cell C.

Thank you, Brett. And myself and El, our CFO, will take you through the Cell C presentation. A bit of the agenda that we'll follow today, the FY '25 highlights, an operational review by myself, then a financial review by El and then focus areas looking forward for FY '26. So going straight into the FY '25 highlights. First and foremost, service revenue up 6% year-on-year, sustained momentum there across all of our priority segments. Wholesale revenue up 13% year-on-year. Our MVNO partnerships really scaling the recurring income there, so performing very well. Return to net profit and profit before tax of 200% increase year-on-year. Our network quality is now second overall, and we're #1 on 4G video experience in the country as performed by independent benchmark research. So really good movement taking place in the fiscal. The brand relaunch has been delivered, and we are ranked in Kantar top 30 brands in South Africa, so significantly performing well there. And then public market readiness is on track with all the foundations in place. So we think we're well positioned for that. Robust core performance that's taken us with double-digit growth gains in some of the strategic focus areas. Total net revenue up 4 points, EBIT up 5%, service revenue up a health 6%, prepaid revenue up 2% prepaid broadband revenue 18%, gross income margin is up 5 points, wholesale revenue up 13 points. postpaid revenue up 2 points and mobile data traffic up 31% and blended ARPU down by 2%. So a good set of results underpinning exactly what's happening, and I'll unpack the operational review just to provide a little bit more color. So this is our transformation journey, really building for growth, and that's really the foundation of what we want to do going forward. So first and foremost, the brand repositioning. We've had a successful brand relaunch that's taken place in the period. Our sponsorship momentum continues to bode well. We have the Sharks that's part of the sponsorship properties. We have the South African Rugby Legends as well as the Comrades Marathon Association, and we feel that's a good fit for the brand, the ultimate human race and in a way, resembling Cell C's journey. We are now #2 on out-of-home presence. Our social impact initiatives continue to bode well. We have Girl Code, we have Take A Child To Work, our digital labs, education facilities that we're building across the country, just to give a slight overview of what's happening in that space. The technology investments are boding really well. As I said before, we're now the best 4G video experience in the country, and we're really proud of that achievement given where we've come from. We've been the first in Africa to deploy a cloud-native VoLTE solution, and that's gone really, really well. We've implemented the next-generation billing system for prepaid and convergence. And again, it was done on time and within budget. So we're very proud of that having taken place. And we've now done the successful testing to offer the widest 5G coverage. We have not launched commercially yet, but the integration has been done and the testing has been done. So we're really well positioned for that. On value enhancements, we're making sure that we've got compelling value propositions and product refresh in our total portfolio. So we've launched the MyConnecta platform. And that together with our CVM personalization has ensured that we've gone with a lot more activity below the line and personalization as opposed to above the line and open market pricing and customers are really enjoying the value that we are delivering through those platforms. And our postpaid portfolio has also been fundamentally redone, and we've got Elevate+ propositions that are now boding well and delivering a lot more value to customers. Channel refresh and expansion. We really want to make sure that we've got improved customer touch points here, and we've improved our distribution channels. So on wholesale, we've added a whole bunch of new partners. From a retail perspective, we've added new channels as well, really making sure that we can have presence where our customers need our presence. On the digital front, we've made sure that we've launched now a new Cell C app, and that's gone live and our customers are starting to enjoy the benefits of the app. And we've also revamped 50 stores in our franchise environment. So there's now 50 stores of the footprint that's been completely rebranded that our customers can enjoy the service offering in that new look and feel. On the MVNO leadership position, we want to make sure that we remain the home of MVNOs and continue with that strong positioning with the MVNO category. Old Mutual Connect was launched in this period and is doing really, really well. We're quite pleased with the performance so far. And then we want to make sure that we continue to report on the growth that's coming through from the other MVNO partners as this is a strategic priority for us. On the performance culture, we've always had the ethos that we want to make sure that we've got a high-performance organization, high-performance culture. So this is underpinned by talent bench strength. We've employed a whole bunch of people in all the right areas to make sure that we've got the right skill set. We've deployed a whole bunch of training initiatives and programs to make sure that we retain this top talent, and we continue to operate with great efficiency and really execute very, very well. From a governance and transparency perspective, we've made sure that we continue to increase and strengthen the transparency and the accountability from a rigor perspective, solid, robust governance framework and systems that we've put in place and then a value-driven leadership culture that has gone throughout the organization. And then on the growth momentum, we want to make sure that the positive trajectory with positive EBIT growth of 5% continues. Improved profitability has now been witnessed, and we believe that public market readiness is now a good position for us. I'll now hand over to El.

Thank you, Jorge. Hi, everybody, and welcome to today's presentation. I'm just going to take you through the financial review, so you understand how we've performed. Looking at full performance from a revenue perspective, we split this between our gross service revenue and our net total revenue. The only reason being that our total net revenues actually net our discounts and commissions. And our service revenue is then more in line with what industry shows. From a service revenue perspective, there's been good growth, 6% year-on-year. That growth has been driven by diversification of our portfolio with growth throughout the full total base. But in strategic areas, we've seen some accelerated growth from that perspective. Our net revenue following on from total service revenue also grew, but grew by a slightly lower amount by 4% that reduction has been as a result of our reduced equipment revenue. And just a reminder to everybody that for IFRS purposes, at Cell C, we do not report equipment revenue for the postpaid book. So the only item you have here would be the service revenue for just the postpaid book. Our EBITDA performance year-on-year looks fairly stable, and is that sustainable? One thing that we do need to note is that there was a once-off cost recovery in the prior year of about ZAR 218 million, which is why you can see that our EBITDA is looking fairly flat year-on-year. But if you had to adjust that number, there is quite a considerable movement year-on-year. If you then look at EBIT, our EBIT movement has shown growth year-on-year or approximately 5%. Our EBIT margin, a strong 14%. And if you had to normalize the prior year EBIT number, it would be closer to just under ZAR 1.3 billion. This performance from an EBIT perspective has been driven by top line growth. It has also been driven by strong cost management throughout the process and managing our asset category. There has been a reduction year-on-year on our depreciation line. Looking at our net finance costs. Our net finance costs are primarily driven by interest on our shareholder loans and our lease liabilities. In the financial year, there was a reduction in our lease liabilities as we finalized our decommissioning. That has then rolled into this new 2025 year, and you're seeing a full year implication that has led to the reduction in finance costs overall. But when you look at our EBIT and our profit before tax, apologies, you can definitely see that there has been a growth in profit before tax, very aggressive, just over 200% growth, and that has been driven primarily by the good performance top line all the way through our EBIT with sustained momentum from an EBITDA perspective, a reduction in our depreciation and a core reduction in our financing costs year-on-year. Looking now at how that composition of our revenue is made up. Our revenue has grown consistently. So all our revenue categories have grown. You can see from a prepaid perspective, we have grown by 2%, as Jorge mentioned earlier. That growth has been driven by our data-led propositions through us and a continued change in mix that has happened in that portfolio. From a contribution perspective to full revenue, though, prepaid has reduced by circa 3 percentage points year-on-year from 53% to 50%. And that just speaks to our strategic focus areas and the accelerated growth we're seeing in those focus areas. Most of that growth has been -- or contribution has moved into other revenue. Our other revenue has grown by circa 10% year-on-year. And you can see from a contribution perspective that, that has increased by 3 points or 3%. Our other revenue segment is made up of a combination of enterprise revenue, digital revenue and also fiber, and there are other sundry revenues in there like interconnect. If you look at our wholesale. As mentioned, wholesale has grown by 13% as a category in total year-on-year, but the core contribution has increased by 1 percentage point from circa 12% to 13% in the current financial year. Wholesale revenues are a combination of MVNOs, bulk SMSs, A2P and other sundry services. Our MVNO growth continues to drive the growth within this category, and we're quite proud of that movement. From a postpaid perspective, we are seeing resilient growth, 2%. This has been important for us to make sure that we return this full portfolio to growth. And hence, the 2%, we do think has been a good performance overall after some years of having shown consistent declines. If you look at that, that is in part due to the work that we've been doing in integrating the business back into Cell C, and we continue to integrate the CEC business into our core business. The contribution for postpaid has reduced year-on-year from circa 20% in the prior year to circa 19% in the current year as we continue with these optimizations. If you try and understand deeper what has driven the performance in prepaid over the year, you'll see that the growth is a combination of data-led propositions that are showing good growth. You can definitely see that from looking at our data traffic growth, which is averaging 20% for the full portfolio. From a broadband perspective, our growth is sitting at approximately 11%, which is in line with what we expect from that proposition. From an ARPU perspective, you do see a marginal decline of 2% at ZAR 78, but that has been due to the fact that as much as our core base has marginally reduced and our ARPU has reduced, we continue to see some consistent and stable growth in our active core, and you can see that predominantly in our active data subs, which are currently sitting at circa 4.3 million, which is a 4% increase year-on-year. Looking at the drivers of postpaid and what is driving that base. From a traffic perspective, you can definitely see that for this portfolio, our voice traffic, unlike the rest of industry has continued to grow, growing by 1% and our data traffic has accelerated growth as we've diversified that portfolio. That portfolio is now sitting at a data traffic growth of 23%. Our ARPU has done a marginal shift down to ZAR 224, which is circa 2%, but that is driven by an intentional drive to reduce our on-billers in our contribution to the total portfolio. Looking at our core base and how that is constituted, our full base for postpaid is sitting at 798,000 as at the end of the financial period, but that is made up of 2 components, our core base and our on-biller base. The performance that you're seeing in our overall drive and the ARPU numbers is definitely driven by the deliberate drive to then reduce our on-billers. Hence, you continue to see that our ARPU has marginally reduced in line mostly to our core base reduction. If you then look at our MVNOs, we're quite proud of that performance, and you definitely see the industry at large. All our MVNOs continue to announce very good results. They own their own base, so we cannot speak to their base. We can only talk to what we see on our HLR. We continue to see approximately a 28% increase on the HLR year-on-year for all our MVNOs, which have continued to show sustainable growth. Our data traffic for this core component is growing at over 100% at 127% year-on-year, showing the fruitfulness of the data-led strategy that the different MVNOs are following. But also the voice traffic albeit the reduction in traffic usage for voice in the rest of the market. In this segment, voice traffic is growing by 2%, which talks to consistent performance. Looking at our balance sheet, I know Jorge had said some colorful words about our balance sheet before. But I think from a baseline perspective, we have definitely recovered and are showing some good recovery and promised recovery as we messaged before. Our total assets up 22%. We are still following our CapEx-light model. The increase in our assets is not driven by core CapEx only. It is, however, driven by a deferred tax asset that was recognized in the year. If you could look at our liabilities, down 8%, which is a good movement. Despite the increase in our long-term liabilities, which are shareholder loans, there are other core reductions in normal trade and payables and leases in that category that are resulting to a reduction in total liabilities. It is good to note that of our total liabilities, approximately 60% of that amount is made up of shareholder secured or unsecured debt, and that then helps analyze that number. Looking at our equity, driven by the good performance that we've seen at a profit level and also the recognition of the deferred tax asset, you definitely do see a movement in our equity position, which has come in at an improvement of 21%. Overall, we are quite excited about the performance that we've seen in this financial year, and we think we can sustain this and do better as we continue. I'm now going to hand over back to Jorge, so he can take you through the balance of the debt.

Thank you very much for that, El. And now looking ahead, I think first and foremost, we want to maintain the transformation momentum that we've enjoyed so far and really reinforce the operational and financial discipline that's required. Secondly, is to conclude the postpaid business integration, so the CEC full integration to capture the full synergies of both businesses and make sure we're ready to scale. Thirdly, leverage the MVNO leadership position that we enjoy today and really accelerate wholesale growth, strategic lever for us. Fourth, we want to make sure that we grow and scale. The enterprise business is a key driver of diversification. I think we've enjoyed some success so far but really want to scale up on this. Fifth, we'd like to sustain a high-performance, value-driven culture to support consistent delivery. And last but not least, we want to make sure that we continue building sustainably to unlock future growth. And now I'm going to hand over to Dean.

Good afternoon, ladies and gentlemen. The highlights for the year ended 31st of May 2025 were as follows: revenue of ZAR 14.1 billion. On inclusion of the gross amount generated on PINless top-ups, prepaid electricity, ticketing and universal vouchers, the effective increase equated to 7% from ZAR 89.3 billion to ZAR 96 billion. Gross profit increased by 2% to ZAR 1.38 billion. Increase in gross profit margin from 22.57% to 24.02%. EBITDA increased by 31% to ZAR 1.6 billion. Core headline earnings for the period was ZAR 4.6163 per share. With reference to group revenue, revenue generated on prepaid airtime and PINless top-up declined by ZAR 381 million, from ZAR 30.8 billion to ZAR 30.5 billion, in line with expectations. Electricity revenue generated on behalf of the utilities increased by ZAR 8.1 billion, 22% from ZAR 36.2 billion to ZAR 44.2 billion. Net commission earnings, primarily calculated based on kilowatt hour consumption increased by ZAR 30 million, 12% from ZAR 263 million to ZAR 293 million. The growth in commissions were driven by inflationary increases linked to kilowatt hour usage and higher electricity consumption. However, this was offset by margin compression despite an overall increase in gross electricity revenue supported by NERSA-approved tariff adjustments. Gross revenue from universal vouchers declined by ZAR 601 million, 4% to ZAR 15.3 billion, compared to ZAR 15.9 billion in the prior year. The decrease resulted from the termination, at the end of the previous year, of voucher sales that contributed ZAR 5.2 billion in the comparative year but carried negligible margin. Excluding this once-off impact, underlying growth amounted to ZAR 4.6 billion, 42%, underpinned by the continued expansion of BluVoucher sales through financial institution channels. Despite the decline in gross ticketing revenue of ZAR 143 million, 9%, commission earned increased by ZAR 2 million, 2%. The improvement was driven by growth in commuter bus channel revenues, offset by a reduction in sales from music festivals and concerts, which have historically generated lower margins. Gross profit increased by ZAR 80 million, 2%, from ZAR 3.295 billion to ZAR 3.375 billion, corresponding to an increase in margins from 22.57% to 24.02%. Excluding the positive extraneous contributions of ZAR 176 million in the current year attributable to fair value gains on the Gramercy and SPV1 derivative instruments, partially offset by a fair value loss on the Class B Preference Shares. EBITDA increased by ZAR 202 million, 17%, from ZAR 1.225 billion to ZAR 1.428 billion. This increase reflected a ZAR 288 million decline in Comm Equipment Company, offset by a ZAR 490 million increase across the remaining group entities compared to the prior year. The decline in Comm Equipment Company's EBITDA was primarily attributable to a reduction in the subscriber base and a decrease in average revenue per user. Included in the Group's share of losses from associates of ZAR 55 million is the recognition of the Group's share of Cell C's accumulated net losses from 1 June 2019 to the 31st of May 2024, which amounted to ZAR 1.607 billion. This was partially offset by the Group's recognizing its share of Cell C's net profits of ZAR 1.508 billion in the current year, primarily attributable to the recognition of a portion of Cell C's deferred tax asset, as well as ZAR 43 million in profits from other associates. As at the 31st of May 2025, the Group has fully recognized its share of all previous unrecognized historical losses associated with Cell C. Excluding the net positive extraneous contribution of ZAR 1.713 billion, arising primarily from the reversal of the Cell C impairment, the subsequent recognition of the Group's share of previous unrecognized losses and related headline earnings adjustments, core headline earnings increased by ZAR 1.755 billion, 258%, from ZAR 679 million to ZAR 2.434 billion. This increase reflected a ZAR 347 million decline in Comm Equipment Company, offset by a ZAR 2.10 billion increase across the remaining group entities compared to the prior year. Core headline earnings per share, excluding the extraneous contributions, increased by 256% from ZAR 0.7608 in the prior year to ZAR 2.7095. Moving on to the balance sheet. Total assets increased by ZAR 4.6 billion to ZAR 19.8 billion, comprising a growth of ZAR 1.2 billion in noncurrent assets and ZAR 3.4 billion in current assets. The increase in noncurrent assets included a ZAR 1.711 billion increase in investments in associates, ZAR 168 million increase in advances to customers, a ZAR 44 million increase in intangible assets and a ZAR 61 million increase in deferred taxation assets. These increases were partially offset by a ZAR 664 million decline in loans to associates and joint ventures, a ZAR 55 million decrease in property, plants and equipment and a ZAR 28 million decline in financial assets measured at fair value through profit and loss. The net growth in current assets included increases of ZAR 1.501 billion in loans to associates and joint ventures, ZAR 1.064 billion in trade and other receivables, ZAR 410 million in financial assets at fair value through profit and loss, ZAR 240 million in advances to customers and ZAR 256 million in inventory. The increase in investments in associates of ZAR 1.711 billion included the reversal of ZAR 1.559 billion relating to the initial payment of ZAR 2.5 billion in BLU Label's investment in Cell C and additional investment of ZAR 241 million relating to SPV5's funding obligations to Dark Fibre Africa and the Group's share of Cell C earnings for the current year amounting to ZAR 1.508 billion, offset by the recognition of the Group's share of Cell C's accumulated net losses for the period 1 June 2019 to the 31st of May 2024, amounting to ZAR 1.607 billion. The increase in financial assets at fair value through profit and loss of ZAR 382 million related primarily to the Group's right to acquire an equity interest in Cell C from SPV1 and Gramercy. These rights are accounted for as derivative instruments measured at fair value. The net increase of ZAR 837 million in current and noncurrent loans to associates and joint ventures primarily related to the Cell C debt-funding and reinvestment instruments, the CEC deferral loan and the acquisition of a new loan from Gramercy of ZAR 408 million. Total interest accrued on these instruments amounted to ZAR 709 million, reversal of expected credit losses totaled ZAR 308 million, partially offset by repayments of ZAR 538 million. Loans receivable also decreased by ZAR 23 million following the reclassification of iTalk loans to third-party loans following the disposal thereof. Net profit attributable to equity holders amounted to ZAR 2.5 billion, resulting in accumulated capital and reserves of ZAR 7.6 billion. Noncurrent liabilities decreased by ZAR 105 million, reflecting a reduction in noncurrent borrowings of ZAR 166 million, deferred tax liabilities of ZAR 133 million, partially offset by an increase of ZAR 185 million in financial liabilities at fair value through profit and loss relating to the Class B preference shares. Current liabilities increased by ZAR 2.2 billion, primarily due to an increase in current borrowings of ZAR 1.5 billion and an increase of ZAR 640 million in trade and other payables. The total increase of ZAR 1.3 billion in current and noncurrent borrowings mainly reflected higher utilization of short-term working capital facilities for bulk inventory purchases. Moving on to the cash flow statement. Cash generated from trading operations amounted to ZAR 488 million. Working capital movements included an increase in inventory of ZAR 264 million, trade and other receivables of ZAR 1.1 billion and advances to customers of ZAR 479 million, offset by an increase in accounts payable of ZAR 694 million. After incurring net finance costs of ZAR 633 million and taxation of ZAR 321 million, net cash utilized in operating activities amounted to ZAR 466 million. On a normalized basis, cash generated from operating activities would have been positive, excluding adverse working capital movements relating to Cell C, lower trade receivable collections resulting from the year-end falling on a Saturday and excess inventory purchases. Net cash flow utilized in investing activities amounted to ZAR 301 million, primarily attributable to the purchase of intangible assets amounting to ZAR 443 million, property, plant and equipment of ZAR 48 million and the additional investment in Cell C through SPV5 of ZAR 100 million. These outflows were partially offset by the repayments of loans by associates and joint ventures of ZAR 245 million. Included in the loan repayments by associates and joint ventures of ZAR 245 million are capital repayments by Cell C of ZAR 231 million and capital payments by other associates and joint ventures of ZAR 14 million. Cash flows generated from financing activities amounted to ZAR 692 million, of which ZAR 750 million related to a net increase in interest-bearing borrowings. These inflows were partially offset by dividend payments of ZAR 26 million to minority shareholders of subsidiary companies and lease repayments of ZAR 30 million. Cash and cash equivalents accumulated to ZAR 821 million at the 31st of May 2025. We'd like to extend our gratitude to the BLU Label Board of Directors, the staff, suppliers, customers and business partners for their ongoing support and dedication to the group. Thank you. The floor is now open to questions.

Good afternoon, everybody, and welcome to our results presentation for May 2025. We'll open it up first to questions online. Can I go online to see if there's any questions online?

There are currently no questions, sir.

Thank you. Okay. So moving on to the questions that were sent through to us, starting with Howard Lowenthal. First question, what is the value per BLU share of the Cell C holding? Over to you, Dean.

Thank you, Howard. If we look at it from a summarized group income statement perspective, you would see that the core headline earnings, excluding the extraneous contribution amounted to ZAR 2.7095. Of that amount included in the group share of income from associates and joint ventures is the profits made or -- are Group's share of the profits made for Cell C that amounted to ZAR 1.507 billion. So from an income statement perspective, that would equate to ZAR 1.6784. I think if we look at it from a valuation perspective, you would see in our annual financial statements that we have valued Cell C at ZAR 4.7 billion. I think it's important to emphasize that the valuation did not incorporate the impact of any restructure yet. So our share, we have a 70% economic interest in Cell C. So if you take 70% of the ZAR 4.7 billion, that would amount to ZAR 3.29 billion. We have 913 million shares in issue, so it would equate to approximately ZAR 3.60 per share.

Thank you, Dean. The next question from Howard is good day. What is -- sorry, not that one, it's a similar one. From Martin Lowenthal. Please explain the metrics for the Cell C listing. At this stage, Martin, we're going to keep that pretty generic. There are a lot of questions around the Cell C listing. I'll touch on a few of them. So we don't have to go through each of them individually. But when is it taking place, obviously, how it will look, what is our plan to do with the listing and how, of course, BLU Label will look afterwards and of course, how Cell C will look afterwards. These are all extremely good questions, nothing wrong with the questions at all. However, for now, we're going to keep it more generic. As we've told the market, we are moving potentially to a separate listing of Cell C. We're working very hard towards it. I can't tell you an exact time frame on it as, there's a lot of moving parts. And of course, as we get closer to being able to release things, we will. That will give you a great indication of the timing. And more importantly, of course, when we release the things, it will spell out clearly exactly what our intention is to do, what the listing will look like, what Cell C will look like post the listing and of course, what BLU Label would look like post the listing. So it is our intention to do it, and we'll update you as we go along. The next question is from Philip Short. I'm trying to see our core BLU Label operations did. Reported EBITDA grew 17%. But if I take out the negative growth of CEC, which is potentially being sold to Cell C, EBITDA grew 38%. First of all, is this correct? And second of all, what is driving this growth? I'll answer the second part of the question, and Dean will answer the first part.

Thanks, Low. So with regards to that comment, it is correct. As you would have seen in the presentation, we said CEC had a negative effect of ZAR 288 million on our EBITDA if we separate it from the remainder of the businesses within the BLU Label Group. So the increase in EBITDA would have been higher from that perspective, both at an EBITDA and a core HEPS level. Just maybe on that point, if I can just try and reiterate because from a perspective of core HEPS, what we attempted to illustrate in the financials was -- in the Group's summarized financials, you would see if we exclude the extraneous contribution, the Group made ZAR 2.4 billion. As we said, the Group's share of Cell C profits was ZAR 1.507 billion of that amount. So if we take that out of the ZAR 2.4 billion, it would have left us as BLU Label, excluding Cell C with ZAR 926 million. Our weighted average number of shares is 898 million shares, which would equate to approximately ZAR 1.03. So that would summarize the growth of 36% compared to the ZAR 679 million that was recorded in last year's results.

Thank you, Dean. I think just there's lots of questions that are similar. So I'm just going to pass it over to Jorge to give us a nice update on the Cell C, CEC position and CompCom.

Thank you, Brett. So I think it's always been the intention first and foremost to bring, let's call it the postpaid business into Cell C. I think that's a natural fit. So that application has been processed, and we've got unconditional support from CompCom. So that will be one of the steps obviously as one of the legs in the potential listing. I think the way that we are structured is postpaid business, prepaid business, consumer enterprise fixed as well as wholesale from MVNO. So it's complementary to what we already do and leverages the benefits of both businesses. So what CEC brings to the table, what Cell C brings to the table and the combined asset, then we'll look substantially better and set us up for the future. So I think it's a natural move hopefully that process is very much underway, and we'll update the market in the next steps as time unfolds.

Thank you, Jorge. Next question is on operating cash flow. I appreciate the many moving parts, but what is the more normalized number? Over to you, Dean.

Thanks. So if we looked at our cash flow, you'll see that the net cash utilized in operating activities amounted to negative ZAR 466 million. As we've said before, we need to look at primarily the 2 largest items that impacted this amount was the net effect of the movement in working capital relating to Cell C. That amounted to ZAR 1.3 billion. If we look at that, that relates to prepayments made for additional inventory for Cell C. And I think with regards to that amount, this will form part of the debt-to-equity conversion on the potential restructure of Cell C. So if you add back ZAR 1.3 billion to that amount, together with -- because the financial results fell on a Saturday, our year-end being the 31st of May fell on a Saturday, this resulted in a reduction in cash collections of approximately ZAR 184 million. So if you include those 2 together, you would see normal cash generated from operations would be in excess of ZAR 1 billion.

Thank you, Dean. The next one, Paul Whitburn. How is it Paul? I read it out. The first part we've answered, but can you provide a timeline for the listing of Cell C? When do you expect to get all the permissions from the CompCom? There was a hearing on the 6th of August 2025 on the prepaid company and Cell C mergers, followed by a few days later by hearing on CEC. The CEC outcome is published, but still no info on the Cell C merger. Can you provide some guidance on what is happening? Paul, correctly, it went to the tribunal, as you say, in August of '25. We received 1 or 2 small questions after that. We are expecting and hoping that we will get the answer very shortly in the next, call it, 7 to 10 days. And of course, as soon as we get it, and of course, we're hoping for it to be favorable. We don't foresee why it shouldn't be. We will obviously release a sense on it as soon as we get it, but -- it's imminent. Okay. The next one is from David Abero. Congrats on the new brand in. With respect to core EBITDA, you mentioned a ZAR 516 million increase in the remaining group entities. CEC offset some of that. Could you please unpack what the ZAR 500 million came from? Is it accounting related or something else? Dean, you're very popular today.

So thanks. So if we look at the ZAR 500 million, we've separated CEC from the results. CEC contributed a negative amount to core headline earnings. This is part of the restructure where -- I think to Philip's question, the restructure will result in CEC potentially being sold to Cell C. So as Philip mentioned, that negative movement in CEC would result in the overall profit that I mentioned of the ZAR 926 million would have been after the losses from CEC from that perspective.

Thank you, Dean. Next one, Paul again. Cell C EBITDA of ZAR 2.1 billion exceeds EBIT of ZAR 1.6 billion by ZAR 500 million. What is the depreciation charge in Cell C? Can you provide some guidance on the expected depreciation charge for 2026? Over to you, El.

Thanks, Brett. And thanks for the question. So from a depreciation perspective, we're averaging around ZAR 500 million, ZAR 550 million, and that's what you're seeing as the core move from EBITDA into EBIT. We do expect that, that depreciation will remain fairly flat over the next couple of years because we've done our biggest investments to date. So it should normalize in and around that ZAR 550 million mark.

Thank you, El. Next question is from Junior Smith. Will there be a resumption in dividends and when? Junior, absolutely, it is our intention as both BLU Label and Cell C to pay dividends and to resume it. We obviously have announced corporate action. We have obviously announced certain restructuring that we are about to go under. All things being equal, we really believe as soon as this listing or this potential listing of Cell C and, let's call it, the demerger of Cell C and BLU Label takes place, we're really hoping that dividends will then resume on both ends of it. But of course, that happens at the time. There's things to it. There's obviously Boards, but it is the intention. And of course, we'll update as we go along. The next one is -- thank you. That's a nice one. The next one is from John Schenk. Hi, everyone. Congrats on a solid set of results. Apologies for the small basic question, but just on the Energy Solutions side and specifically the way in which you identify lost or stolen prepaid tokens. Without obviously divulging too much, how does it work in broad terms? Is there law enforcement present or is municipal officials? Thank you and regards.

Yes. Thanks for the question. It's a pretty simple way of analyzing. A lot of the fraud or a lot of the miscalculations happen more in the large power users. So 65% of the expenditure spend in electricity comes from large power users, which are a much smaller base in any municipality ranging from a couple of hundred to probably 15,000 being the largest. So that's who we intend auditing. If there are fraud on tokens, it happens within the environment, not in the BLU Label environment where people are forging those tokens and then redeeming it against the system. I think the bigger problem, the bigger issue that we have is the incorrect or fraudulent transactions that happen within the large power users, whereby what we intend doing is, as I explained, on a no-risk model. So unless we go and collect more than they have been collecting on an average base, then there's no need to pay us. We think roughly about 30% of all electricity that is bought is lost or stolen in this process. So it's probably a ZAR 20 billion to ZAR 40 billion size of the prize in the industry that is being lost. If you consider -- if we pick a number of 20, you're talking about SARS potentially losing about ZAR 3.5 billion of ratable revenue. If you find that money, it goes straight into municipalities, straight back into Eskom, straight back into treasury. So there's a lot of upside in terms of us finding and blocking or stopping these leakages. And I think also paramount to this is our ability to train and employ and deploy people in those environments where we're doing these audits and stuff. So a lot of opportunity in that space. Bear in mind, there's 200-odd municipalities out there all facing very similar crisis.

Thank you, Mark. Two questions for Cell C. First one, could you please give us a sense of what the CapEx will be next year? And any news on the franchising of your stores? Over to you, Jorge now.

Yes. Thank you. So currently, we have 105 stores. We've rebranded 50 already. We have 40 company-owned stores, and that process is underway. It's at the very beginning phases where we're franchising those 40. So staff will then be catered for as per the labor law for a 12-month period once it's franchised. And then thereafter, they come off our books from a payroll point of view. And the reason, just to reiterate again, is we believe the success of a franchise environment is much better than corporate-owned stores, and we've seen that in the results so far. And particularly the ones that we've revamped, they're also up in terms of performance. So that's very much the direction of travel for better success. So that's where we are with the franchising of the stores. And then on CapEx, we've always said that we're coming from an environment where we've had to fix quite a bit of the past. And to El's question that was answered just a short while ago around the depreciation with the big CapEx projects that we've done, i.e., prepaid billing systems, et cetera. We have one more to do, which is our postpaid billing system, and that's one of significant size. But we'll land up at between ZAR 650 million, ZAR 850 million kind of number on CapEx depending on the kind of projects that we have. And that largely will go to customer-facing activities. So the franchising of the stores when we do the rebuilds, et cetera. We've just launched a new Cell C app. So that's got digital focus. We've redone our USSD channel. We've also implemented a personalization platform called MyConnecta platform. So we're investing into customer-facing tech, and that's what's yielding the results. So somewhere in that range is what we're looking at in the future.

Thank you, Jorge. The next question to you. MVNO business outperforms the market. Are you not worried about the quality of the network as you continue to add more MVNOs? How much power do MNOs have the power to price the wholesale contracts you have with them on a yearly basis?

Yes. Thank you, Brett. It's a great question. I think just to create a bit of color as well around that is the capacity that we buy from largely the 2 bigger network operators, it's a good partnership. It's a good agreement. The long-term agreement is of high margin to them. It's a good quality deal. And so it's largely excess capacity that is purchased. So that's why the high-quality margin to the 2 network operators in particular. And the route that we've chosen is to go and address this market segment through these brands and partnerships in the MVNO space. You'll see a lot in food retail as well as banking. So we believe that the partnerships we have are very good ones, and we've priced our business to make sure that they are very competitive in the market. We believe the margins are acceptable. We've approached it in a real partnership model. So dovetailing where there's an opportunity to address that market segment either through the bank or the retailer, which perhaps we wouldn't be able to address with our own direct brand in the form of Cell C. So we do believe that there's got some runway. It's a very small percentage. It's about 5% of our traffic at the moment. So it's got significant upside. It's growing disproportionate to the market because it's been deliberate and intentional from our side to make sure that, that sector is very well priced and is set up for sustainable growth. So we've made sure that we didn't hang on to very high margins and get a huge amount of profitability and then you have challenges. We want to make sure that it's really sustainable for a number of years to come. So we're quite confident that this will remain. If you look at the other part of the question around network quality, we have the best 4G video experience in the country. And overall, we're #2 in terms of all the metrics that you measure network quality by. So it's a fundamentally different Cell C from a network technology perspective that you've seen from years ago. And we've actually called that as a call to action and a test from a value point of view to our customers and nothing should stop you and switch to see is the slogan that we've gone out with for people to actually have a look and see what our network is really about. So we're quite confident about the network quality as well.

Thank you, Jorge. Another question to you -- to El. The assets on the Cell C balance sheet seem very low at ZAR 5 billion. How is spectrum valued on the Cell C balance sheet? Is this a fair reflection of its market value?

Thank you. That's a great question, and thanks, Brett. Because we are CapEx light, we do not hold big CapEx balances on our books. And even the assets that we do hold because they are customer-facing and more system, it's more intangibles that we have on our books at the moment. From a spectrum perspective, our spectrum is held at cost. So we do not revalue the spectrum on our books at the moment. And most of our spectrum assets are already fully depreciated. So do I think you could get a bigger asset value if you revalued our spectrum assets? Definitely. But are the spectrum -- are the assets as we reflect them on our balance sheet in line with IFRS and policies and procedures? Yes, that they are. But from that perspective, it's always good to remember. We do not have towers, so we do not have a big asset base. What we have in there is literally the operational assets only. And as of this year, we then have the deferred tax asset as well.

Thank you, El. Next question to Mark. I see on the presentation, there is mention of Technov8. Kindly share more on that.

Thanks. Yes. One would be remiss in today's time not to focus on data, the Internet of Things, IoT and augmented reality. Technov8 is designed really around taking data, taking technology and trying to implement it in everyday environments where problems exist that technology can solve. We have partnered with Cell C in this on the RT15, which allows us then to go deploy technologies in health care, in mining, in industries whereby remote monitoring and digitization of what happens in those environments can occur in real time. So from an IoT perspective, I know it's a little word with lots of meanings. We have found some applications to directly deploy into the market. And then with our data Cell C on the connectivity and know-how and our implementation, there's lots of opportunities within the market.

Thank you, Mark. Okay. Over to Rory. How is it Rory? How are you? Okay. I'm going to try and break this question up a bit. But putting aside the potential IPO of Cell C, what is the anticipated flow of cash between Cell C and BLU Label for the 2026 financial year and beyond? Please break it up between servicing debt, capital repayments on the debt, if any, airtime net between BLU and Cell C and other flows of cash. Okay. I'll answer this one. So if there is no IPO of Cell C, the cash is already flowing. So Cell C have been up to date since October of last year with all interest payments. So interest is flowing on the debt inside Cell C. There is over and above that, a mechanism to destock a small amount of BLU Label stock on a monthly basis. That's also been taking place. So on the first 2 parts, there is no new cash flowing into Cell C, meaning Cell C does not require any more cash since October. We actually announced that in February, and that has remained. So we're really happy about that, and I think it's a major step for Cell C. And with that, obviously, the flow of Cell C's interest to us has been, which has continued. As I said, a small destocking position of around ZAR 15 million to ZAR 20 million a month. That has continued. So everything on that basis is good. The bullet payment that you're referring to is in March of 2026, which is ZAR 1 billion of our ZAR 3 billion bullet payment to BLU Label. Obviously, we're on schedule for that. We'll deal with it as soon as we see what's happening either with the delisting on or a listing or not a listing. But those are the flow of cash that has to flow from Cell C to BLU Label. And as I said, no cash flowing from BLU Label to Cell C, which is good. Do you want to add anything to that, El or Jorge?

No, comfortable.

Okay. Good. We can give more cash, if you like. Okay. Then moving on to the next question, Cell C. Cell C did ZAR 2.1 billion EBITDA for 2025, implying then ZAR 1.3 billion in the second half. If we assume no growth on H2 2025 full year EBITDA, would we be correct in expecting approximately ZAR 2.6 billion for 2026?

Thank you, Brett. So expectations for the coming year, there are elements that have changed in the market, in general, one of them being the likes of termination rates. So termination rates have stepped down. So you do have to make those adjustments into the book. And there were some items that have been repriced. So from extrapolating it into the future, I wouldn't do a straight-line extrapolation. I would always stick within the ambit of 10% to 15% increase on a normalized basis from an EBITDA growth perspective. This is excluding anything that would happen post IPO if that does happen. So from a guidance perspective, I would follow that guidance. But from a straightlining, please do not straight line the performance. There are elements that have to change. As Jorge mentioned, from an MVNOs perspective, we are competitively priced. We have looked at different elements and have repriced even to our end customers. So our revenue is definitely stepping down a little bit, but our costs will not step down at the same rate.

Thank you, El. Okay. Last question here for now is, why was CEC loss-making this year? So just to repeat what we said in February -- not repeat, but rather refresh. So the first, it's broken into 3 parts. The first part is that we used a large portion of CEC's book or balance sheet to fund the last element of Cell C, which was required prior to this year, which was the last ZAR 1.2 billion, of which we used approximately ZAR 900 million. That obviously has a net effect of them going downwards. So we obviously saw it as a group. That's really a once-off, and we understood what we're doing. It was either doing it via BLU Label itself or via CEC. The more important part is the second and third. We've obviously been looking at this deal with Cell C. CEC did a lot of things good from the back end, if I can put it that way. Cell C can do a far better job -- well, as they should as a network on the postpaid on the front end, on the actual stores, on the actual tariffing, on the actual ranging and so on. So there's been a transition period, obviously, waiting for CompCom to come through so that we could actually move it now that CompCom is through. We're just waiting to finalize a few things. So we have no doubt that we've seen the worst, if I can put that of CEC. If you add just back in what the cost of what we actually cost them, if I could say it as a group, it actually wasn't as bad. It actually was a lot better than what you've seen, but it's a cost for the group. So when it goes back into Cell C, it's much more of a fresh look. It's obviously clean. It doesn't have the cost that BLU Label bore for it. So we have no doubt that back in Cell C, it will do well straight away, and it will be back to probably where it was and if not better in Cell C's hands. So we are aware of it. We are on top of it, but I do think we're at the end of the cycle of it. And then another question has come through. Do Cell C plan to keep CEC on the balance sheet? Or will it fill the book to the banks in order to keep Cell C assets light?

Thank you. It's a good question. There's a preference to have an off-balance sheet structure going forward, but those are options that have not been exercised yet. So today, it is where it is, that facility when we assume the CEC business is full assets and liability, which will come with a loan that today is with African Bank. So that will remain. And then we'll look at the options going forward. So there's many ways to do it. We're exploring all options and we want to see what's the most efficient way to do it. I think from a skill set point of view, we have that capability and talent. We've run postpaid businesses before. So I don't want to say it's second nature, but it will come quite naturally in the way that we operate that business. So these are choices that are being explored at the moment, and we'll select the best option going forward.

Thank you, Jorge. Just moving back to the line. Is there any questions online?

At the current moment, there are no questions, sir.

Thank you very much. Okay. Then to just wrap it up from our side. I think, as a whole, and we understand that the numbers are, of course, confusing again. I think we did lead towards that in February that -- and tried to explain that they would be what they are. We're obviously going to go on a roadshow where we will give everyone the time they're required to unpack it. Obviously, if there's anything directly that you'd like to deal with the accountants of Cell C and BLU Label, we always have an open door for that. So please use it, and we're happy to unpack it. I think when you do, you're going to see that BLU Label and Cell C have really had a good year. May '25 was -- I'm actually going to use the word great year. It was a great year for Cell C. It was a great year for BLU Label. And I think more importantly, we already past May '25. We're 3 months into the new year. And things are really looking good on both ends, on the Cell C and then the BLU Label. So we actually look forward to unpacking it for you to take you through the new branding of BLU Label to show you the new strategy, the simplification of what we're doing. And then we're in agreement with all of you as we look forward to where we can separate these 2 companies, so we give everyone the opportunity to value Cell C for what it is, to value BLU Label for what it is and of course, give value to the shareholders, which we believe we will. So thank you all for your support. And to Cell C and your team, thank you for a really sterling great year and to BLU Label and our management, well done. And to both respective Boards of Cell C and BLU Label, thank you, and hope to see you all soon.