Cell C posts R5.7bn revenue in first interim as listed group

Cell C Holdings Limited has reported its first set of interim results as a JSE-listed company, marking the completion of its restructuring.

The group, which was listed in late November 2025, reported revenue of R5.68 billion for the six months to 30 November – up 1.8% with service revenue accounting for R5.62 billion.

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Cell C shares closed almost 3% down on Friday.

Adjusted Ebitda came in at R917 million, slightly lower year on year. At the same time, IFRS Ebitda amounted to R4.21 billion, reflecting the impact of once-off restructuring and accounting adjustments during the transition period.

Headline earnings per share were reported at 20 584 cents, with earnings per share of 20 652 cents.

Cell C ended the period with net debt of R2.4 billion, including R1.1 billion in lease liabilities.

Chief executive Jorge Mendes said the interim period was a “defining” one for the group, as it delivered its first results as a listed business.

“We have emerged as a listed entity with a differentiated, capital-light business model built for sustainable, long-term value creation,” Mendes noted, adding that the group is now more resilient and better positioned to execute its strategy with greater financial flexibility.

Operationally, Cell C reported total subscribers of 8.63 million (1H2025: 7.76 million), supported by a further 5.1 million (H12025: 3.93 million) mobile virtual network operator home location register subscribers on its platform.

Data traffic – up 42.7% – continued to be the primary growth driver, while voice traffic declined modestly, reflecting broader industry trends.

Total capital expenditure for the period amounted to R895 million, of which R395 million was technology-related.

Net operating cash flow was R353 million.

Segment performance

The prepaid business generated revenue of about R2.7 billion in a highly competitive market. Management said the segment benefited from improved pricing discipline and a recovery in subscriber numbers following a weaker comparative period.

Postpaid revenue increased to R1.2 billion, although subscriber numbers declined 63 000 as the group undertook a deliberate clean-up of lower-value accounts.

Average revenue per user increased to R230 from R220 previously, as the base shifted towards higher-value customers.

Wholesale remained a key growth area, underpinned by continued momentum in the MVNO segment.

Other revenue streams, including roaming, fibre, digital services and enterprise, declined during the period, largely due to regulated reductions in mobile termination rates.

The group noted, however, that enterprise services continued to show solid growth off a smaller base.

Outlook

Looking ahead to the second half of the financial year, the group said it expects improved operational momentum across its core segments.

Prepaid and postpaid revenues are expected to strengthen further as network performance improves and the integration of the Comm Equipment Company (CEC) business progresses.

Wholesale performance is expected to remain a key contributor, supported by ongoing growth in MVNO partnerships. At the same time, equipment revenues are anticipated to increase following the consolidation of CEC into the group.

Cell C said its focus for the remainder of the year will be on completing integration initiatives and maintaining disciplined capital allocation as it settles into life as a listed company.

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