Wrap Text
Unaudited financial results for the six-month period ended 30 November 2025
Cell C Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 2025/688465/06)
Share code: CCD
ISIN: ZAE000354007
("Cell C" or "the Group")
Unaudited financial results for the six-month period ended 30 November 2025
Key messages
- A new chapter as a listed business, underpinned by strengthened governance and a differentiated,
capital-light model.
- A structurally different operator built for scale, disciplined capital allocation and stronger
customer outcomes.
- Platform-led growth is accelerating, with Wholesale driving meaningful diversification.
- Improving network and customer performance, unlocking momentum across segments and channels.
- Balance sheet reset completed, materially reducing risk and enhancing financial flexibility.
- Financials reflect a transition period shaped by late stage restructuring steps.
Financial & operational highlights
- Revenue R5 680 million up 1.8% YoY with Service revenue of R5 622 million
- IFRS EBITDA R4 212 million
- Adjusted EBITDA R917 million down 1.1% YoY
- Headline earnings 20 584 cents EPS 20 652 cents
- Total subscribers 8.63 million with an additional 5.1 million MVNO HLR subscribers.
- Data traffic up 42.7% YoY highlighting data as the primary growth driver.
- Voice traffic (1.8%) YoY decline contained to 1.8%, indicative of a resilient portfolio.
- Total capex R895 million with Technology-related capex of R395 million.
- Net debt R2.4 billion including R1.1 billion in lease liabilities.
Cell C is a JSE-listed, proudly South African mobile network operator, positioned for sustained
growth and industry impact through an asset-light partnership-led model. We have 8.6 million
subscribers with a further 5.1 million Mobile Virtual Network Operator (MVNO) Home Location Register
(HLR) subscribers.
Financial and operational summary
R million 1H26 YOY% 1H25
Revenue 5 680.1 1.8 5 579.5
Service revenue 5 622.6 2.1 5 509.4
EBIDTA 4 211.9 442.0 777.1
EBIDTA adjusted 917.4 (1.1) 927.2
Operating profit 3 932.0 619.9 546.2
Net profit before tax 3 364.3 4 733.7 69.6
Earnings per share (cents) 20 652 -
Headline earnings per share (cents) 20 584 -
Net debt (2 390) 57.9 (5 680)
Capital expenditure (cash) 395 45.8 271
Operating cash flow 353 -
Subscribers (million) 8.632 11.0 7.775
MVNO HLR subscribers (million) 5.106 29.6 3.939
Group CEO Jorge Mendes commented:
The first half of FY26 was a defining period for Cell C. We have emerged as a listed entity with a
differentiated, capital-light business model built for sustainable, long-term value creation.
Delivering our first interim results as a listed company marks the completion of our restructuring
and the start of a new chapter.
Against a highly competitive market, we delivered R5 680 million in revenue and R917 million in
adjusted EBITDA, and deleveraged our balance sheet achieving a 0.6x net debt ratio. Revenue continues
to improve, Prepaid is returning to growth, the Comm Equipment Company (CEC) integration is set to
lift earnings and Wholesale continues to outperform as our MVNO platform scales.
Our platform strategy remains central to our growth. Expanding beyond traditional connectivity into
Wholesale, MVNOs and adjacent opportunities is building diversified, scalable revenue streams. At the
same time, stronger network performance and an enhanced customer experience are accelerating momentum
across segments.
Our operational progress is underpinned by a materially stronger balance sheet. The completed pre-IPO
restructuring has reduced risk, enhanced flexibility and enabled us to execute confidently as a listed
entity.
Cell C is now a more resilient, focused and growth-ready business, positioned to deliver sustainable
value for the long-term.
Segment performance
Our Prepaid business reported revenue of approximately R2.7 billion in a highly competitive market.
Reported net revenue increased by 1.6% year-on-year, driven by the unwinding of historically high
airtime discounts. Prepaid subscribers grew by just over one million, representing a recovery from
the more challenging prior comparative period, supporting our focus on renewed customer growth and
value-led engagement.
Postpaid revenue increased by 2.3% to R1.2 billion. Moving forward, as we integrate the CEC business
into the Group and take complete ownership of the Postpaid business, we expect an improved trajectory.
Postpaid subscribers declined by 63 000, reflecting a deliberate clean-up of the base, with average
revenue per user increasing to R230, up from R220,as lower-value customers exited.
Wholesale delivered continued strong growth, with revenue increasing by 22.5%, underpinned by sustained
momentum in our MVNO business. Supporting MVNO and Wholesale partners remains a deliberate strategic
priority for Cell C and a key long-term growth lever, enabling us to scale through partner ecosystems
while stimulating greater competition and customer choice in the South African market. As at the
reporting date, Cell C supported over five million lines connected via our MVNO HLR, reinforcing both
the strength of our platform and our commitment to broadening access to differentiated offerings for
consumers.
Other revenue streams, including roaming, incoming revenue, digital services, fibre and enterprise,
declined during the period, primarily due to the regulated reduction in mobile termination rates.
While Enterprise remains a smaller part of the revenue mix, it represents an important growth opportunity
for Cell C and is currently delivering double-digit growth, partially offsetting pressure in the portfolio.
Strengthened balance sheet
A key achievement in the period was the successful conclusion of Cell C's restructuring and IPO process,
resulting in a materially deleveraged balance sheet. The Group ended the period with only trading-level debt,
significantly enhancing financial flexibility and positioning Cell C to execute with greater resilience,
discipline and strategic optionality.
We remain committed to prudent capital allocation, disciplined execution and transparent engagement with
the market as we continue to build a sustainable and scalable business.
Outlook
As we enter the second half of FY26, our outlook reflects improving operational momentum and the benefits
of recent structural actions.
Prepaid revenues are expected to accelerate supported by strengthened network perceptions and value-led
propositions. Postpaid revenues are expected to continue improving, underpinned by the integration of the
CEC business and more deliberate targeting of higher-value segments. Wholesale performance is expected to
remain strong, sustaining growth above 20% year-on-year, driven by continued momentum in our MVNO and
partner ecosystem. While other revenues will remain under pressure due to the mobile termination rate
glide path, this is expected to be partially offset by continued double-digit growth in Enterprise services.
Equipment revenues are expected to increase materially following the consolidation of CEC into the Group.
Our focus in the coming six-month period will be on completing the CEC integration, strengthening customer
journeys to enable profitable growth, deepening MVNO and Wholesale partnerships, scaling Enterprise with
discipline, sharpening channel effectiveness and navigating regulatory and industry developments.
We thank our shareholders for their support as Cell C begins this new chapter as a listed company. With a
significantly strengthened balance sheet and a differentiated, capital-light operating model, the Group is
well positioned to deliver sustainable growth and long-term value for shareholders, customers and partners.
Certain information presented in this results announcement constitutes pro forma financial information.
This pro forma financial information has not been reviewed or reported on by Cell C's external auditor.
The responsibility for preparing and presenting the pro forma financial information is that of the Company's
directors. The pro forma financial information is presented for illustrative purposes only and, because of
its nature, may not fairly present Cell C's financial position, changes in equity, results of operations or
cash flows. Further details are set out in the Company's full interim financial results for the six months
ended 30 November 2025 (interim results), available as set out below.
This results announcement is the responsibility of the directors and has not been reviewed or reported on
by the Group's external auditor. Any forecast financial information contained in this announcement has not
been reviewed or reported on by the Group's external auditor. This announcement is a summary of the Company's
full interim results and does not contain full or complete details. Any investment decisions by shareholders
and/or investors should be based on the full interim results which are available on the JSE's cloudlink at
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/CCDE/1H26SENS.pdf and on Cell C's website,
https://www.cellc.com/interim-results.
13 February 2026
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 13-02-2026 09:00:00
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