Since launching our first traditional linear pay-TV service in 1985, we have provided a window into the world for our viewers and created, developed and shared their stories. From our first broadcast 37 years ago, MultiChoice now reaches 21.8m subscribers across multiple platforms with numerous products and services. Our technology business, Irdeto, has been around for even longer, solving security problems for its clients for the past 52 years.

Sub-Saharan Africa is home to over 1bn people⁽¹⁾, and we have an unrivalled footprint across 50 markets. As electrification, connectivity and digital banking increase, and a growing, urbanising middle class enjoys rising discretionary spend, the continent represents a compelling addressable market. In video entertainment alone, we estimate the opportunity at 58m households by 2027 and we believe that there are several other verticals that could represent equivalent or even larger addressable markets for our group.

⁽¹⁾ Per the United Nations Population Division – World Population Prospects 2019 (2021 value interpolated based on 2020 and 2025 estimates).

We understand our subscribers and their evolving entertainment needs. We create, acquire, license, curate, aggregate and package a unique mix of programming to deliver the best in local and international general entertainment and sports content 'anywhere, anytime'.

Our next-generation connected devices allow us to offer our customers third-party SVOD services to complement our own exceptional line-up.

To accommodate broadening consumer tastes/preferences, we have moved beyond video entertainment into broader areas of interactive entertainment such as sports betting (via KingMakers).

We are looking to expand beyond entertainment by leveraging our scale and reach, trusted brand, technology, unique consumer insights, deep local knowledge and unmatched experience on the continent. We will look to address our customers' desire for innovative solutions to their needs where we believe we have a compelling opportunity to add value.

We have identified select areas of opportunity and are exploring options to pursue them through organic initiatives, strategic partnerships and/or direct investment in underlying businesses. We have a disciplined approach to capital allocation and understand the need to drive scale, growth and value creation for our shareholders in a consistent and responsible way.

We have a management team with deep operational expertise, as well as established brands, a large and growing subscriber base, and a unique operating presence that supports our strategic ambitions.

Our capital allocation process is underpinned by a healthy balance sheet, which is the result of strong operational execution, cost discipline and robust free cash flow generation.