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Cell C Holdings Limited has reported its first set of interim results as a JSE-listed company, marking the completion of its restructuring.<\/p>\n
The group, which was listed in late November 2025, reported revenue of R5.68 billion for the six months to 30 November \u2013 up 1.8% with service revenue accounting for R5.62 billion.<\/p>\n
Listen: Cell C needs to prove its business model\u00a0
Read:\u00a0Cell C opens flat in muted JSE debut<\/p>\n
Cell C shares closed almost 3% down on Friday.<\/p>\n
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.<\/p>\n
Headline earnings per share were reported at 20 584 cents, with earnings per share of 20 652 cents.<\/p>\n
Cell C ended the period with net debt of R2.4 billion, including R1.1 billion in lease liabilities.<\/p>\n
Chief executive Jorge Mendes said the interim period was a \u201cdefining\u201d one for the group, as it delivered its first results as a listed business.<\/p>\n
\u201cWe have emerged as a listed entity with a differentiated, capital-light business model built for sustainable, long-term value creation,\u201d Mendes noted, adding that the group is now more resilient and better positioned to execute its strategy with greater financial flexibility.<\/p>\n
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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.<\/p>\n
Data traffic \u2013 up 42.7% \u2013 continued to be the primary growth driver, while voice traffic declined modestly, reflecting broader industry trends.<\/p>\n
Total capital expenditure for the period amounted to R895 million, of which R395 million was technology-related.<\/p>\n
Net operating cash flow was R353 million.<\/p>\n
Segment performance<\/strong><\/p>\n 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.<\/p>\n Postpaid revenue increased to R1.2 billion, although subscriber numbers declined 63\u00a0000 as the group undertook a deliberate clean-up of lower-value accounts.<\/p>\n Average revenue per user increased to R230 from R220 previously, as the base shifted towards higher-value customers.<\/p>\n Wholesale remained a key growth area, underpinned by continued momentum in the MVNO segment.<\/p>\n ADVERTISEMENT:<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Other revenue streams, including roaming, fibre, digital services and enterprise, declined during the period, largely due to regulated reductions in mobile termination rates.<\/p>\n The group noted, however, that enterprise services continued to show solid growth off a smaller base.<\/p>\n Outlook<\/strong><\/p>\n Looking ahead to the second half of the financial year, the group said it expects improved operational momentum across its core segments.<\/p>\n Prepaid and postpaid revenues are expected to strengthen further as network performance improves and the integration of the Comm Equipment Company (CEC) business progresses.<\/p>\n 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.<\/p>\n 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.<\/p>\n Listen: Telcos quietly having a great year\u00a0<\/p>\n Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n