Cell C Flags MVNO Segment as Standout Performer in Maiden JSE Report

Cell C  Holdings Limited (“Cell C” or “the Group”) today reported its financial results for the six months ended 30 November 2025, delivering its maiden results as a JSE-listed company and marking the transition to its next phase as a financially stronger business following the successful completion of its restructuring.

Against a highly competitive South African telecommunications market, the Group delivered revenue of R5.680 billion, supported by improving Prepaid trends and continued strength in Wholesale. Normalised EBITDA amounted to R917 million, representing a 16.1% margin, reflecting improving operational momentum and the benefits of a materially strengthened balance sheet.

“Delivering our first interim results as a listed company is an important milestone for Cell C. Our focus has been on executing with discipline, strengthening the fundamentals of the business, and restoring financial stability. While the market remains highly competitive, we are encouraged by the improved momentum across our core operations, particularly in Prepaid and Wholesale, alongside the considerable progress made in strengthening our balance sheet. Our partner-led approach continues to enable us to scale efficiently and focus capital where it delivers the greatest returns. These results reflect an intentional and sustainable strategy, positioning Cell C to deliver long-term value for shareholders, customers, and partners.”

– Jorge Mendes, Group CEO, Cell C 

Operational performance

Service revenues increased by 2.1% to R5.6 billion, reflecting improving trends across core segments. Prepaid net revenue increased 1.6% year-on-year, driven by the unwinding of historically elevated airtime discounts and a recovery in subscriber volumes. Prepaid subscribers increased by just over one million during the period, positioning the business for an acceleration in revenue growth in the second half of the financial year.

Postpaid revenue increased by 2.3% to R1.2 billion, supported by continued data demand. While Postpaid subscriber numbers declined following a deliberate clean-up of the base, the average revenue per user increased to R230, up from R220, reflecting an improved customer mix. The

integration of the CEC business is expected to support a stronger Postpaid trajectory over the medium term.

Wholesale continued to be a key growth engine for the Group, with revenue increasing 22.5% year-on-year to R840 million, underpinned by strong momentum in the Mobile Virtual Network Operator (MVNO) platform. Cell C now supports over 5.1 million MVNO Home Location Register (HLR) subscribers, reinforcing the scalability and strategic importance of its partner ecosystem.

Financial performance and balance sheet strength

Reported EBITDA of R4.212 billion was positively impacted by several once-off, non-recurring restructuring and transaction-related items, including debt-to-equity conversions and lease settlements. Revenue increased 1.9% to R5.680 billion (2025: R5.580 billion) while total expenses increased 16.7% to R5.771 billion impacted by the once off IPO and restructuring fees.

Cell C operates a focused, partner-led model that reduces capital intensity while enabling scalable growth. This approach continues to support diversification beyond traditional connectivity, with Wholesale, MVNOs and adjacent services forming an increasingly important part of the Group’s growth profile.

“These results reflect the significant progress we have made in the first half, and we are confident the second half will reflect the improving operational momentum and the benefits of recent structural actions. While we expect Prepaid revenues to accelerate in the second half, and Postpaid revenues to continue improving supported by strengthened network perceptions and value-led propositions, we will double down our focus in the coming period on completing the CEC integration, strengthening customer experience, and deepening our MVNO partnership. We will also ensure we scale our Enterprise business effectively and sharpen our channel effectiveness. With a significantly strengthened balance sheet and a differentiated, capital-light operating model, we are well positioned to deliver sustainable growth and long-term value for shareholders, customers, and partners.”

– Jorge Mendes, Group CEO, Cell C