Cell C Reports ZAR 4.16 Billion Profit as Turnaround Gains Strengthen FY26 Performance

South African mobile operator Cell C Holdings Limited  has reported a strong financial and operational performance for the year ended May 31, 2026, marking further progress in its turnaround following its listing on the Johannesburg Stock Exchange (JSE) in November 2025.

The company recorded total revenue of ZAR 12.64 billion and service revenue of ZAR 11.64 billion during the financial year. Its asset-light operating model, debt reduction and balance sheet restructuring supported a profit after tax of ZAR 4.16 billion.

Cell C reported earnings per share of 2,338 cents and headline earnings per share of 2,341 cents.

Growth was driven mainly by the company’s prepaid and wholesale businesses. Prepaid service revenue increased 9.7% year-on-year to ZAR 5.51 billion, supported by improvements in network quality and the normalisation of airtime discounts. The prepaid subscriber base also surpassed 8 million.

Wholesale revenue grew 20% to ZAR 1.65 billion, driven by the expansion of Cell C’s mobile virtual network operator (MVNO) ecosystem. The segment added 1.2 million Home Location Register subscribers, taking the overall MVNO subscriber base to 5.71 million.

Postpaid revenue increased modestly to ZAR 2.32 billion following the acquisition and integration of CommVel Commercial, which consolidated postpaid operations under Cell C’s direct control.

Cell C also maintained a disciplined approach to capital expenditure despite regulatory pressures, including reductions in mobile termination rates that affected some auxiliary business lines. The company spent ZAR 810 million on cash capital expenditure and ZAR 390 million on technology investments during the second half of the year.

Full-year free cash flow stood at ZAR 1.06 billion after accounting for restructuring transaction costs.

Improved network quality also translated into stronger customer sentiment, with Cell C’s Net Promoter Score rising from 19 to 33. The company additionally recorded significant year-on-year growth in app users and app-generated revenue.

For FY27, Cell C expects adjusted top-line revenue growth of between 5% and 10%, while targeting total EBITDA of approximately ZAR 3 billion. Capital expenditure is projected to remain disciplined at between ZAR 750 million and ZAR 850 million.

Management said its priorities for the coming financial year include growing prepaid and postpaid market share, monetising its platform capabilities, responding effectively to regulatory changes and maintaining strong financial governance to support sustainable long-term value creation.