CELL C HOLDINGS LIMITED - Audited financial results for the year ended 31 May 2026

Audited financial results for the year ended 31 May 2026

Cell C Holdings Limited 
(Incorporated in the Republic of South Africa)
(Registration Number 2025/688465/06)
Share code: CCD
ISIN: ZAE000354007
("Cell C" or "the Company" or "the Group")

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MAY 2026

Key messages
 - Prepaid delivering strong growth in a tough market.
 - CEC acquisition and integration restores full postpaid control.
 - Wholesale scaling on the strength of our MVNO ecosystem.
 - A full year of sustained Network and Customer Experience gains, independently recognised.
 - Well positioned to manage the rapidly evolving regulatory environment.
 - Balance sheet reset now delivering flexibility and reduced risk.

Financial and operational highlights
 - Revenue R12 641 million up 13.5% YoY with Service revenue of R11 138 million.
 - IFRS EBITDA R5 509 million.
 - Adjusted EBITDA R2 381 million up 16.9% YoY.
 - Headline earnings per share 2 338 cents.
 - Earnings per share 2 341 cents.
 - Total subscribers 8.88 million with an additional 5.7 million MVNO HLR subscribers.
 - Data traffic up 47% YoY highlighting data as the primary growth driver.
 - Voice traffic down 4% YoY, decline contained indicative of a resilient portfolio.
 - Total capex R1 147 million with Technology-related capex of R718 million.
 - Net debt R2.0 billion including R802 million in lease liabilities.

Cell C is a JSE-listed, proudly South African mobile network operator, positioned for sustained
growth and industry impact through an asset-light partnership-led model. We have 8.9 million
subscribers with a further 5.7 million Mobile Virtual Network Operator (MVNO) Home Location Register
(HLR) subscribers.

Financial and operational summary

R million, unless stated                             FY26       YoY %             FY25
											   						       
Revenue                                          12 641.3       13.5%         11 138.2
Service revenue                                  11 641.4        5.6%         11 019.4
EBITDA                                            5 508.5      161.8%          2 104.4
Adjusted EBITDA                                   2 381.0       16.9%          2 037.3
Operating profit                                  4 795.3      200.3%          1 596.8
Net profit after tax                              4 160.3       87.6%          2 217.1
Earnings per share (cents)                        2 341.2       57.6%          1 485.4
Headline earnings per share (cents)               2 337.6       57.4%          1 485.1
Net debt                                          (2 020)      (64.5%)         (5 691)
Capital expenditure (cash)                           810         6.2%              763
Operating cash flow                                1 056                        
Subscribers (million)                              8.884        17.1%            7.588
MVNO HLR subscribers (million)                     5.713        27.3%            4.489

Group CEO Jorge Mendes commented:
FY26 was a year of two halves for Cell C. The first half was defined by the successful completion of our 
restructuring and initial public offering, leaving the Group with a significantly stronger balance sheet 
and positioning us to execute our strategy as a newly listed company. The second half was about execution, 
integrating Comm Equipment Company (CEC), operating as a single business, and demonstrating the growth 
potential of our asset-light, partnership-led platform.

The progress made during the year is reflected in our results. We reported R12 641 million in revenue 
(R6 961 million 2H26) and adjusted EBITDA of R2 381 million (R1 464 million 2H26), while our net debt ratio 
improved to 1.56x from 4.29x at the end of the prior year. These outcomes show a business with a stronger 
operating and financial base, from which Cell C can pursue more disciplined growth.

Operationally, the business moved from recovery toward more deliberate growth. Prepaid delivered a stronger
performance, supported by a recovery in the customer base and the normalisation of historical airtime 
discounts. Postpaid stabilised during the year, with a cleaner customer base and the integration of CEC 
strengthening our ability to compete more effectively in the segment. Wholesale remained a standout performer 
and continues to validate our platform strategy, with sustained momentum in our MVNO business demonstrating 
the strength and scalability of Cell C's partner-led model. Revenues from Other Businesses declined as 
expected, primarily due to the regulated reduction in mobile termination rates, while enterprise remains 
an important longer-term growth opportunity.

Segment performance
Our Prepaid business delivered a strong performance in a highly competitive market, with net revenue 
increasing by 9.7% year on year to approximately R5.8 billion. Growth was supported by the normalisation 
of historical airtime discounts and a meaningful recovery in the customer base, with Prepaid subscribers 
increasing by 1.3 million during the year.

Postpaid service revenue increased marginally by 1.2% to R2.3 billion, reflecting the deliberate clean-up of 
the subscriber base and the alignment of churn reporting with industry standards. Encouragingly, customer 
trends improved during the second half of the year and average revenue per user increased to R242 from R225, 
reflecting a higher quality customer base.

Wholesale continued to deliver strong growth, with revenue increasing by 20% year on year, supported by 
sustained momentum in our MVNO business. At year end, Cell C supported more than 5.7 million subscriber lines 
connected through its MVNO HLR platform, reinforcing the strength of our partner-led growth strategy.

The Other revenue segment, which includes roaming and incoming revenues, digital services, fibre and enterprise,
declined during the period, primarily due to the regulated reduction in mobile termination rates. Enterprise 
remains an important long term growth opportunity for Cell C.

Strengthened balance sheet
Following the successful conclusion of Cell C's restructuring and IPO process in November we saw continued 
progress in the second half period with further improvement in key balance sheet metrics. The Group ended the 
year with total debt of R 2 153 million, which includes R802 million in lease liabilities. Together with the 
improvement in leverage noted above, the stronger capital structure reduces financial risk and supports 
disciplined capital allocation, liquidity management and sustainable value creation as the Group enters FY27.

Outlook
As we enter FY27, we remain mindful of the broader environment in which we operate. Consumer spending remains
constrained, competition across the sector is intense and the regulatory landscape continues to evolve. 
At the same time, demand for data and digital connectivity continues to grow, creating opportunities for 
operators that can deliver value, flexibility and innovation efficiently.

Against this backdrop, our outlook reflects continued operational momentum. We expect Prepaid to remain a key
contributor to growth, supported by further market gains, while Postpaid is anticipated to show encouraging 
year on year improvement as we benefit from a full year of CEC integration and enhanced commercial execution. 
Wholesale remains a key growth driver and we expect we expect double digit revenue growth to continue supported 
by the continued strong performance of our MVNO business. The Other revenue segment will continue to be 
impacted by lower interconnect tariffs, while revenue growth in the second half of the year will be affected 
by the implementation of the data rollover regulation in January 2027.

With our restructuring complete, CEC integrated and balance sheet materially strengthened, we believe Cell C 
is well positioned to benefit from these market trends through its asset light, partnership led model. 
Notwithstanding the regulatory headwinds from both the data rollover regulations and the termination rate 
glide path, we expect full year revenue growth in the upper single digit range.

The Group's asset-light, partnership-led model continues to support profitable growth, capital efficiency and 
strong cash generation, enabling Cell C to compete effectively while maintaining disciplined investment levels.

Dividend
In line with our guidance at IPO, the Board did not approve any dividend for the year ended 31 May 2026.

This results announcement is the responsibility of the directors. Any forecast financial information contained 
herein has not been reviewed or reported on by the Group's external auditor.

This results announcement is a summary of the information contained in the Group's audited annual financial 
statements for the year ended 31 May 2026 ("audited AFS") and does not contain full or complete details. 
Any investment decisions by shareholders and/or investors should be based on a consideration of the audited 
AFS which are available on the JSE's cloudlink, together with the financial results booklet, at
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/CCDE/FY26SENS.pdf and on Cell C's website,
https://cellc.com/annual-results.

The financial information included herein has been extracted from the audited AFS which have been audited 
by the Group's independent auditors, SNG Grant Thornton Inc., who expressed an unmodified audit opinion thereon.

This results announcement has been prepared in accordance with the JSE Limited Listings Requirements.

Sandton
21 August 2026

Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)




Date: 21/08/2026 07:19:00
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