Cell C Holdings on Friday 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.
Key highlights
- The results follow a successful listing, completion of restructuring and balance sheet reset
- Revenue of R5.68-billion, up 1.9% year on year
- Normalised Ebitda of R917-million, delivering a 16.1% margin
- Prepaid revenue growth returning, supported by subscriber recovery and lower discounting
- Wholesale revenue increased by 22.5%, driven by continued MVNO momentum
- Net debt reduced to R2.39-billion, from R5.69-billion at FY25 year-end
- Net debt / Ebitda reduced to 0.57x, reflecting materially improved financial flexibility
Against a highly competitive South African telecommunications market, the group delivered revenue of R5.68-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.
Commenting on the results, Cell C group CEO Jorge Mendes said:
“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.”
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.
Post-paid revenue increased by 2.3% to R1.2-billion, supported by continued data demand. While post-paid 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 post-paid 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 R4.21-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 R5.68-billion (2025: R5.58-billion) while total expenses increased 16.7% to R5.77-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.
Commenting on the outlook, CEO Mendes said:
“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 post-paid 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 partnerships. 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.”
About Cell C Holdings
Launched in 2001, Cell C Holdings Limited is a leading South African connectivity solutions provider listed on the JSE under the ticker “CCD”. Operating on an innovative capex-light network model, Cell C delivers high-quality, affordable mobile, enterprise and wholesale services and is ranked among South Africa’s top-30 brands, joint #1 network reliability and #1 video experience and #1 in customer satisfaction.
Cell C is committed to expanding digital inclusion, providing competitive choice and supporting sustainable growth in South Africa’s digital economy. The company aligns its strategy to the UN Sustainable Development Goals and is progressing towards becoming Africa’s first net‑zero mobile operator through its efficient and environmentally conscious operating model.
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