Cell C delivered its inaugural interim results as a Johannesburg Stock Exchange-listed entity, recording revenue growth of 1.8% to R5.68 billion for the six months ended November 2025.
Operating profit increased sharply to R3.93 billion from R546.2 million in the prior period, reflecting benefits from the Prepaid segment and ongoing restructuring. Adjusted EBITDA declined marginally by 1.1% to R917.4 million, while headline earnings per share stood at 20,584 cents.
The results mark the completion of Cell C’s transformation into a capital-light model following its listing in November 2025 and the acquisition of Comm Equipment Company (CEC) from Blue Label Telecoms. CEC integration, which internalises contract customer operations including marketing, supply chain, billing, and collections, is expected to enhance efficiency and earnings in the second half.
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Prepaid revenue rose 1.6% to approximately R2.7 billion in a competitive market, driven by the reversal of historically high airtime discounts. Prepaid subscribers increased by more than one million, signalling a return to growth after previous declines. Postpaid revenue advanced 2.3% to R1.2 billion, with average revenue per user improving to R230 from R220 as the company deliberately reduced lower-value subscribers by 63,000 through base clean-up.
Wholesale operations recorded the strongest performance, with revenue climbing 22.5% on sustained expansion of the Mobile Virtual Network Operator platform. This segment continues to scale and generate diversified income streams beyond traditional connectivity.
The company’s leadership described the first half of the 2026 financial year as a defining period, with improved network performance and customer experience supporting momentum across segments. The focus for the second half includes finalising CEC integration, refining customer journeys for profitable expansion, and deepening partnerships in MVNO and Wholesale channels.
South Africa’s mobile market remains intensely competitive, with total subscribers exceeding 110 million according to ICASA data for 2025, and prepaid accounting for roughly 85% of connections. Cell C’s strategy of platform-based growth and internalisation aligns with industry trends toward capital efficiency and service diversification amid pressure on traditional voice and data revenues. The results indicate a shift toward sustainable value creation following years of financial restructuring.
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