Cell C Reports $352M Revenue

South African telecommunications operator Cell C Holdings Limited has reported revenue of approximately USD 352 million (R5.680 billion) for the six months ended 30 November 2025, marking its first set of interim results since listing on the JSE and signalling a new chapter following the successful completion of its financial restructuring.

The Group’s maiden results as a listed company reflect what it describes as a transition into a more financially resilient and operationally focused business, operating within an intensely competitive South African telecoms market.

Strengthening fundamentals amid competition

Revenue increased by 1.9% to approximately USD 352 million (R5.680 billion), supported by improving prepaid trends and continued strength in Wholesale. Service revenue rose 2.1% to approximately USD 347 million (R5.6 billion), while normalised EBITDA reached approximately USD 57 million (R917 million), translating to a 16.1% margin, an indication of improving operational momentum and the benefits of a materially strengthened balance sheet.

Group CEO Jorge Mendes said the results represent a significant milestone for the company.

“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.”

Prepaid recovery and Wholesale momentum

Prepaid net revenue increased by 1.6% year-on-year, driven by the unwinding of historically elevated airtime discounts and a recovery in subscriber volumes. The operator added just over one million prepaid subscribers during the period, positioning the segment for stronger revenue growth in the second half of the financial year.

Postpaid revenue rose 2.3% to approximately USD 74 million (R1.2 billion), underpinned by continued data demand. While subscriber numbers declined due to a deliberate clean-up of the base, average revenue per user (ARPU) improved to USD 14.30 (R230) from USD 13.60 (R220), reflecting a higher-value customer mix. The integration of the CEC business is expected to strengthen the Postpaid trajectory over the medium term.

Wholesale continued to serve as a key growth engine, with revenue increasing 22.5% year-on-year to approximately USD 52 million (R840 million). Growth was largely driven by strong momentum within the Mobile Virtual Network Operator (MVNO) platform. Cell C now supports more than 5.1 million MVNO Home Location Register (HLR) subscribers, underscoring the scalability of its partner ecosystem and the strategic importance of its wholesale platform.

Balance sheet reset and capital-light model

Reported EBITDA of approximately USD 261 million (R4.212 billion) was significantly boosted by once-off, non-recurring restructuring and transaction-related items, including debt-to-equity conversions and lease settlements. Total expenses increased 16.7% to approximately USD 358 million (R5.771 billion), largely impacted by one-off IPO and restructuring costs.

The Group’s restructuring has materially strengthened its balance sheet, enabling it to operate a focused, partner-led model that reduces capital intensity while supporting scalable growth. This approach continues to drive diversification beyond traditional connectivity services, with Wholesale, MVNOs and adjacent services forming an increasingly important part of the company’s growth profile.

Outlook: scaling partnerships and enterprise growth

Looking ahead, management expects operational momentum to build further in the second half of the financial year.

“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,” Mendes added.

As Cell C embarks on its next phase as a listed entity, its emphasis on financial discipline, partner-led scalability and diversified revenue streams signals a deliberate shift toward sustainable growth in a dynamic telecommunications landscape.