<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DataTracks Rainbow version 3.5 on 12-March-2026 [08:29:10] {AM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DepreciationExpense" xlink:label="loc_ifrs-full_DepreciationExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_DepreciationExpense" xml:lang="en">Depreciation expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationExpense" xlink:to="lab_ifrs-full_DepreciationExpense" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FeeAndCommissionExpense" xlink:label="loc_ifrs-full_FeeAndCommissionExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_FeeAndCommissionExpense" xml:lang="en">Fee and commission expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FeeAndCommissionExpense" xlink:to="lab_ifrs-full_FeeAndCommissionExpense" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FeeAndCommissionIncomeExpense" xlink:label="loc_ifrs-full_FeeAndCommissionIncomeExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_FeeAndCommissionIncomeExpense" xml:lang="en">Fee and commission income (expense)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FeeAndCommissionIncomeExpense" xlink:to="lab_ifrs-full_FeeAndCommissionIncomeExpense" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ImpairmentLossOnFinancialAssets" xlink:label="loc_ifrs-full_ImpairmentLossOnFinancialAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_ImpairmentLossOnFinancialAssets" xml:lang="en">Impairment loss on financial assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLossOnFinancialAssets" xlink:to="lab_ifrs-full_ImpairmentLossOnFinancialAssets" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en">Tax expense (income)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xlink:label="loc_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xml:lang="en">Interest expense on bank loans and overdrafts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" xlink:to="lab_ifrs-full_InterestExpenseOnBankLoansAndOverdrafts" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestRevenueExpense" xlink:label="loc_ifrs-full_InterestRevenueExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_InterestRevenueExpense" xml:lang="en">Interest income (expense)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestRevenueExpense" xlink:to="lab_ifrs-full_InterestRevenueExpense" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MiscellaneousOtherOperatingIncome" xlink:label="loc_ifrs-full_MiscellaneousOtherOperatingIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_MiscellaneousOtherOperatingIncome" xml:lang="en">Miscellaneous other operating income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MiscellaneousOtherOperatingIncome" xlink:to="lab_ifrs-full_MiscellaneousOtherOperatingIncome" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_NetGainsOnDerivativeFinancialInstrumentsAndHedgeAccounting" xlink:label="loc_shaw_NetGainsOnDerivativeFinancialInstrumentsAndHedgeAccounting" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_NetGainsOnDerivativeFinancialInstrumentsAndHedgeAccounting" xml:lang="en">Net Gains On Derivative Financial Instruments And Hedge Accounting</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_NetGainsOnDerivativeFinancialInstrumentsAndHedgeAccounting" xlink:to="lab_shaw_NetGainsOnDerivativeFinancialInstrumentsAndHedgeAccounting" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_NetGainsOnDerivativeFinancialInstrumentsAndHedgeAccounting" xml:lang="en">Net Gains On Derivative Financial Instruments And Hedge Accounting.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_NetGainsOnLoansAndAdvancesMeasuredAtFvtpl" xlink:label="loc_shaw_NetGainsOnLoansAndAdvancesMeasuredAtFvtpl" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_NetGainsOnLoansAndAdvancesMeasuredAtFvtpl" xml:lang="en">Net Gains On Loans And Advances Measured At FVTPL</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_NetGainsOnLoansAndAdvancesMeasuredAtFvtpl" xml:lang="en">Net Gains On Loans And Advances Measured At FVTPL</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_NetGainsOnLoansAndAdvancesMeasuredAtFvtpl" xlink:to="lab_shaw_NetGainsOnLoansAndAdvancesMeasuredAtFvtpl" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_NetGainsOnLoansAndAdvancesMeasuredAtFvtpl" xml:lang="en">Net gains on loans and advances measured at FVTPL.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_NetGainsOnStructuredAssetSales" xlink:label="loc_shaw_NetGainsOnStructuredAssetSales" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_NetGainsOnStructuredAssetSales" xml:lang="en">Net Gains On Structured Asset Sales</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_NetGainsOnStructuredAssetSales" xlink:to="lab_shaw_NetGainsOnStructuredAssetSales" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_NetGainsOnStructuredAssetSales" xml:lang="en">Net gains on structured asset sales.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_NetOperatingLeaseIncome" xlink:label="loc_shaw_NetOperatingLeaseIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_NetOperatingLeaseIncome" xml:lang="en">Net Operating Lease Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_shaw_NetOperatingLeaseIncome" xml:lang="en">Net Operating Lease Income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_NetOperatingLeaseIncome" xlink:to="lab_shaw_NetOperatingLeaseIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_NetOperatingLeaseIncome" xml:lang="en">Net operating lease income.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_NetOtherOperatingLeaseIncome" xlink:label="loc_shaw_NetOtherOperatingLeaseIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_NetOtherOperatingLeaseIncome" xml:lang="en">Net Other Operating Lease Income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_NetOtherOperatingLeaseIncome" xlink:to="lab_shaw_NetOtherOperatingLeaseIncome" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_NetOtherOperatingLeaseIncome" xml:lang="en">Net other operating lease income.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OperatingExpense" xlink:label="loc_ifrs-full_OperatingExpense" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_ifrs-full_OperatingExpense" xml:lang="en">Operating expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OperatingExpense" xlink:to="lab_ifrs-full_OperatingExpense" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_Provision" xlink:label="loc_shaw_Provision" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_Provision" xml:lang="en">Provision</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_Provision" xml:lang="en">Provision</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_Provision" xlink:to="lab_shaw_Provision" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_Provision" xml:lang="en">Provision.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_ChangeInLossAllowance" xlink:label="loc_shaw_ChangeInLossAllowance" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_ChangeInLossAllowance" xml:lang="en">Change In Loss Allowance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_ChangeInLossAllowance" xlink:to="lab_shaw_ChangeInLossAllowance" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_ChangeInLossAllowance" xml:lang="en">Change in loss allowance.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_InvestmentSecurities" xlink:label="loc_shaw_InvestmentSecurities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_InvestmentSecurities" xml:lang="en">Investment Securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_InvestmentSecurities" xlink:to="lab_shaw_InvestmentSecurities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_InvestmentSecurities" xml:lang="en">Investment securities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_SubordinatedDebtReceivable" xlink:label="loc_shaw_SubordinatedDebtReceivable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_SubordinatedDebtReceivable" xml:lang="en">Subordinated debt receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_SubordinatedDebtReceivable" xlink:to="lab_shaw_SubordinatedDebtReceivable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_SubordinatedDebtReceivable" xml:lang="en">Subordinated debt receivable.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CapitalContributionReserve" xlink:label="loc_shaw_CapitalContributionReserve" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CapitalContributionReserve" xml:lang="en">Capital Contribution Reserve</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CapitalContributionReserve" xlink:to="lab_shaw_CapitalContributionReserve" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CapitalContributionReserve" xml:lang="en">Capital contribution reserve.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CapitalSecurities" xlink:label="loc_shaw_CapitalSecurities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CapitalSecurities" xml:lang="en">Capital Securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CapitalSecurities" xlink:to="lab_shaw_CapitalSecurities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CapitalSecurities" xml:lang="en">Capital securities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_AmountsDueToBanks" xlink:label="loc_shaw_AmountsDueToBanks" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_AmountsDueToBanks" xml:lang="en">Amounts due to banks</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_AmountsDueToBanks" xlink:to="lab_shaw_AmountsDueToBanks" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_AmountsDueToBanks" xml:lang="en">Amounts due to banks.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CouponPaidOnCapitalSecurities" xlink:label="loc_shaw_CouponPaidOnCapitalSecurities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CouponPaidOnCapitalSecurities" xml:lang="en">Coupon Paid On Capital Securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_CouponPaidOnCapitalSecurities" xml:lang="en">Coupon Paid On Capital Securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CouponPaidOnCapitalSecurities" xlink:to="lab_shaw_CouponPaidOnCapitalSecurities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CouponPaidOnCapitalSecurities" xml:lang="en">Coupon paid on capital securities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:label="loc_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xml:lang="en">Decrease (increase) through tax on share-based payment transactions, equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:to="lab_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShareIssueRelatedCost" xlink:label="loc_ifrs-full_ShareIssueRelatedCost" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_ShareIssueRelatedCost" xml:lang="en">Share issue related cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShareIssueRelatedCost" xlink:to="lab_ifrs-full_ShareIssueRelatedCost" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CapitalContributionReserveMember" xlink:label="loc_shaw_CapitalContributionReserveMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CapitalContributionReserveMember" xml:lang="en">Capital Contribution Reserve [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CapitalContributionReserveMember" xlink:to="lab_shaw_CapitalContributionReserveMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CapitalContributionReserveMember" xml:lang="en">Capital contribution reserve.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CapitalSecuritiesMember" xlink:label="loc_shaw_CapitalSecuritiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CapitalSecuritiesMember" xml:lang="en">Capital Securities [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CapitalSecuritiesMember" xlink:to="lab_shaw_CapitalSecuritiesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CapitalSecuritiesMember" xml:lang="en">Capital securities.[Member]</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CapitalContributionClassifiedAsFinancingActivities" xlink:label="loc_shaw_CapitalContributionClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CapitalContributionClassifiedAsFinancingActivities" xml:lang="en">Capital Contribution Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CapitalContributionClassifiedAsFinancingActivities" xlink:to="lab_shaw_CapitalContributionClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CapitalContributionClassifiedAsFinancingActivities" xml:lang="en">Capital contribution classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xml:lang="en">Cash flows from (used in) financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CostsArisingOnIssueOfSubordinatedDebtClassifiedAsFinancingActivities" xlink:label="loc_shaw_CostsArisingOnIssueOfSubordinatedDebtClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CostsArisingOnIssueOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Costs Arising On Issue Of Subordinated Debt Classified As Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_CostsArisingOnIssueOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Costs Arising On Issue Of Subordinated Debt Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CostsArisingOnIssueOfSubordinatedDebtClassifiedAsFinancingActivities" xlink:to="lab_shaw_CostsArisingOnIssueOfSubordinatedDebtClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CostsArisingOnIssueOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Costs arising on issue of subordinated debt classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_CouponPaidToHoldersOfCapitalSecuritiesClassifiedAsFinancingActivities" xlink:label="loc_shaw_CouponPaidToHoldersOfCapitalSecuritiesClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_CouponPaidToHoldersOfCapitalSecuritiesClassifiedAsFinancingActivities" xml:lang="en">Coupon Paid To Holders Of Capital Securities Classified As Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_CouponPaidToHoldersOfCapitalSecuritiesClassifiedAsFinancingActivities" xml:lang="en">Coupon Paid To Holders Of Capital Securities Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_CouponPaidToHoldersOfCapitalSecuritiesClassifiedAsFinancingActivities" xlink:to="lab_shaw_CouponPaidToHoldersOfCapitalSecuritiesClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_CouponPaidToHoldersOfCapitalSecuritiesClassifiedAsFinancingActivities" xml:lang="en">Coupon paid to holders of capital securities classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_IncreaseDecreaseInAmountsDueToBanksClassifiedAsFinancingActivities" xlink:label="loc_shaw_IncreaseDecreaseInAmountsDueToBanksClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_IncreaseDecreaseInAmountsDueToBanksClassifiedAsFinancingActivities" xml:lang="en">Increase Decrease In Amounts Due To Banks Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_IncreaseDecreaseInAmountsDueToBanksClassifiedAsFinancingActivities" xlink:to="lab_shaw_IncreaseDecreaseInAmountsDueToBanksClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_IncreaseDecreaseInAmountsDueToBanksClassifiedAsFinancingActivities" xml:lang="en">Increase decrease in amounts due to banks classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_IssueOfSubordinatedDebtClassifiedAsFinancingActivities" xlink:label="loc_shaw_IssueOfSubordinatedDebtClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_IssueOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Issue Of Subordinated Debt Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_IssueOfSubordinatedDebtClassifiedAsFinancingActivities" xlink:to="lab_shaw_IssueOfSubordinatedDebtClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_IssueOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Issue of subordinated debt classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsForDebtIssueCosts" xlink:label="loc_ifrs-full_PaymentsForDebtIssueCosts" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PaymentsForDebtIssueCosts" xml:lang="en">Payments for debt issue costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsForDebtIssueCosts" xlink:to="lab_ifrs-full_PaymentsForDebtIssueCosts" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en">Payments of lease liabilities, classified as financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_RedemptionOfSubordinatedDebtClassifiedAsFinancingActivities" xlink:label="loc_shaw_RedemptionOfSubordinatedDebtClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_RedemptionOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Redemption Of Subordinated Debt Classified As Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_RedemptionOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Redemption Of Subordinated Debt Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_RedemptionOfSubordinatedDebtClassifiedAsFinancingActivities" xlink:to="lab_shaw_RedemptionOfSubordinatedDebtClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_RedemptionOfSubordinatedDebtClassifiedAsFinancingActivities" xml:lang="en">Redemption of subordinated debt classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_RepurchaseAndRedemptionOfDebtSecuritiesClassifiedAsFinancingActivities" xlink:label="loc_shaw_RepurchaseAndRedemptionOfDebtSecuritiesClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_RepurchaseAndRedemptionOfDebtSecuritiesClassifiedAsFinancingActivities" xml:lang="en">Repurchase And Redemption Of Debt Securities Classified As Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_RepurchaseAndRedemptionOfDebtSecuritiesClassifiedAsFinancingActivities" xml:lang="en">Repurchase And Redemption Of Debt Securities Classified As Financing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_RepurchaseAndRedemptionOfDebtSecuritiesClassifiedAsFinancingActivities" xlink:to="lab_shaw_RepurchaseAndRedemptionOfDebtSecuritiesClassifiedAsFinancingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_RepurchaseAndRedemptionOfDebtSecuritiesClassifiedAsFinancingActivities" xml:lang="en">Repurchase and redemption of debt securities classified as financing activities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="en">Cash flows from (used in) investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xml:lang="en">Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DisposalsAndMaturitiesOfInvestmentSecuritiesClassifiedAsInvestingActivities" xlink:label="loc_shaw_DisposalsAndMaturitiesOfInvestmentSecuritiesClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DisposalsAndMaturitiesOfInvestmentSecuritiesClassifiedAsInvestingActivities" xml:lang="en">Disposals And Maturities Of Investment Securities Classified As Investing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DisposalsAndMaturitiesOfInvestmentSecuritiesClassifiedAsInvestingActivities" xlink:to="lab_shaw_DisposalsAndMaturitiesOfInvestmentSecuritiesClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DisposalsAndMaturitiesOfInvestmentSecuritiesClassifiedAsInvestingActivities" xml:lang="en">Disposals and maturities of investment securities classified as investing activities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_InvestmentInRightOfUseAssetClassifiedAsInvestingActivities" xlink:label="loc_shaw_InvestmentInRightOfUseAssetClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_InvestmentInRightOfUseAssetClassifiedAsInvestingActivities" xml:lang="en">Investment In Right Of Use Asset Classified As Investing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_InvestmentInRightOfUseAssetClassifiedAsInvestingActivities" xlink:to="lab_shaw_InvestmentInRightOfUseAssetClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_InvestmentInRightOfUseAssetClassifiedAsInvestingActivities" xml:lang="en">Investment in right of use asset classified as investing activities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_OtherMovementsInIntangibleAssets" xlink:label="loc_shaw_OtherMovementsInIntangibleAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_OtherMovementsInIntangibleAssets" xml:lang="en">Other Movements In Intangible Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_OtherMovementsInIntangibleAssets" xlink:to="lab_shaw_OtherMovementsInIntangibleAssets" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_OtherMovementsInIntangibleAssets" xml:lang="en">Other movements in intangible assets.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xml:lang="en">Purchase of intangible assets, classified as investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_PurchaseOfInvestmentSecuritiesClassifiedAsInvestingActivities" xlink:label="loc_shaw_PurchaseOfInvestmentSecuritiesClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_PurchaseOfInvestmentSecuritiesClassifiedAsInvestingActivities" xml:lang="en">Purchase Of Investment Securities Classified As Investing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_PurchaseOfInvestmentSecuritiesClassifiedAsInvestingActivities" xml:lang="en">Purchase Of Investment Securities Classified As Investing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_PurchaseOfInvestmentSecuritiesClassifiedAsInvestingActivities" xlink:to="lab_shaw_PurchaseOfInvestmentSecuritiesClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_PurchaseOfInvestmentSecuritiesClassifiedAsInvestingActivities" xml:lang="en">Purchase of investment securities classified as investing activities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en">Purchase of property, plant and equipment, classified as investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_PurchaseOfSubordinatedDebtClassifiedAsInvestingActivities" xlink:label="loc_shaw_PurchaseOfSubordinatedDebtClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_PurchaseOfSubordinatedDebtClassifiedAsInvestingActivities" xml:lang="en">Purchase Of Subordinated Debt Classified As Investing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_shaw_PurchaseOfSubordinatedDebtClassifiedAsInvestingActivities" xml:lang="en">Purchase Of Subordinated Debt Classified As Investing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_PurchaseOfSubordinatedDebtClassifiedAsInvestingActivities" xlink:to="lab_shaw_PurchaseOfSubordinatedDebtClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_PurchaseOfSubordinatedDebtClassifiedAsInvestingActivities" xml:lang="en">Purchase of subordinated debt classified as investing activities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_RedemptionOfSubordinatedDebtReceivableClassifiedAsInvestingActivities" xlink:label="loc_shaw_RedemptionOfSubordinatedDebtReceivableClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_RedemptionOfSubordinatedDebtReceivableClassifiedAsInvestingActivities" xml:lang="en">Redemption Of Subordinated Debt Receivable Classified As Investing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_RedemptionOfSubordinatedDebtReceivableClassifiedAsInvestingActivities" xlink:to="lab_shaw_RedemptionOfSubordinatedDebtReceivableClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_RedemptionOfSubordinatedDebtReceivableClassifiedAsInvestingActivities" xml:lang="en">Redemption of subordinated debt receivable classified as investing activities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en">Cash flows from (used in) operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xml:lang="en">Income taxes paid (refund), classified as operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="loc_ifrs-full_InterestPaidClassifiedAsOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xml:lang="en">Interest paid, classified as operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_InterestPaidClassifiedAsOperatingActivities" />
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DescriptionOfAccountingPolicyForCapitalSecuritiesTextBlock" xlink:label="loc_shaw_DescriptionOfAccountingPolicyForCapitalSecuritiesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForCapitalSecuritiesTextBlock" xml:lang="en">Description Of Accounting Policy For Capital Securities [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DescriptionOfAccountingPolicyForCapitalSecuritiesTextBlock" xlink:to="lab_shaw_DescriptionOfAccountingPolicyForCapitalSecuritiesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForCapitalSecuritiesTextBlock" xml:lang="en">Description of accounting policy for capital securities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DescriptionOfAccountingPolicyForCustomerDepositsTextBlock" xlink:label="loc_shaw_DescriptionOfAccountingPolicyForCustomerDepositsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForCustomerDepositsTextBlock" xml:lang="en">Description Of Accounting Policy For Customer Deposits [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DescriptionOfAccountingPolicyForCustomerDepositsTextBlock" xlink:to="lab_shaw_DescriptionOfAccountingPolicyForCustomerDepositsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForCustomerDepositsTextBlock" xml:lang="en">Description of accounting policy for customer deposits.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DescriptionOfAccountingPolicyForLoanCommitmentsTextBlock" xlink:label="loc_shaw_DescriptionOfAccountingPolicyForLoanCommitmentsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForLoanCommitmentsTextBlock" xml:lang="en">Description Of Accounting Policy For Loan Commitments [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DescriptionOfAccountingPolicyForLoanCommitmentsTextBlock" xlink:to="lab_shaw_DescriptionOfAccountingPolicyForLoanCommitmentsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForLoanCommitmentsTextBlock" xml:lang="en">Description of accounting policy for loan commitments.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DescriptionOfAccountingPolicyForSecuritisationTransactionsTextBlock" xlink:label="loc_shaw_DescriptionOfAccountingPolicyForSecuritisationTransactionsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForSecuritisationTransactionsTextBlock" xml:lang="en">Description Of Accounting Policy For Securitisation Transactions [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DescriptionOfAccountingPolicyForSecuritisationTransactionsTextBlock" xlink:to="lab_shaw_DescriptionOfAccountingPolicyForSecuritisationTransactionsTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForSecuritisationTransactionsTextBlock" xml:lang="en">Description of accounting policy for securitisation transactions.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DescriptionOfAccountingPolicyForSubordinatedDebtTextBlock" xlink:label="loc_shaw_DescriptionOfAccountingPolicyForSubordinatedDebtTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForSubordinatedDebtTextBlock" xml:lang="en">Description Of Accounting Policy For Subordinated Debt [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DescriptionOfAccountingPolicyForSubordinatedDebtTextBlock" xlink:to="lab_shaw_DescriptionOfAccountingPolicyForSubordinatedDebtTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DescriptionOfAccountingPolicyForSubordinatedDebtTextBlock" xml:lang="en">Description of accounting policy for subordinated debt.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DisclosureOfCapitalSecuritiesTextBlock" xlink:label="loc_shaw_DisclosureOfCapitalSecuritiesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DisclosureOfCapitalSecuritiesTextBlock" xml:lang="en">Disclosure Of Capital Securities [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DisclosureOfCapitalSecuritiesTextBlock" xlink:to="lab_shaw_DisclosureOfCapitalSecuritiesTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DisclosureOfCapitalSecuritiesTextBlock" xml:lang="en">Disclosure Of Capital Securities.</label>
<loc xlink:type="locator" xlink:href="21380071539WSMTM4410-2025-12-31.xsd#shaw_DisclosureOfUltimateParentCompanyTextBlock" xlink:label="loc_shaw_DisclosureOfUltimateParentCompanyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_shaw_DisclosureOfUltimateParentCompanyTextBlock" xml:lang="en">Disclosure Of Ultimate Parent Company [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_shaw_DisclosureOfUltimateParentCompanyTextBlock" xlink:to="lab_shaw_DisclosureOfUltimateParentCompanyTextBlock" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_shaw_DisclosureOfUltimateParentCompanyTextBlock" xml:lang="en">Disclosure of ultimate parent company.</label>
</labelLink>
</linkbase>