Cell C Hits $352 Million Revenue in Debut JSE-Listed Earnings Report

South African telecom company Cell C Holdings Limited has shared strong first results since joining the Johannesburg Stock Exchange (JSE). For the six months ending November 30, 2025, the company reported revenue of about $352 million, which is R5.68 billion. This marks a big step forward after finishing its financial restructuring. The results show Cell C turning into a stronger business that can handle tough competition in South Africa’s telecom market.

Revenue grew by 1.9% to $352 million (R5.68 billion). This came from better prepaid sales and solid wholesale performance. Service revenue, the main part of earnings, rose 2.1% to $347 million (R5.6 billion). The company also hit normalised EBITDA of $57 million (R917 million), giving a healthy 16.1% margin. These numbers point to better operations and a much stronger balance sheet.

Group CEO Jorge Mendes called the results a key milestone. “Delivering our first interim results as a listed company is an important milestone for Cell C,” he said. “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.”

Mendes highlighted the partner-led approach that helps the company grow without heavy spending. “These results reflect an intentional and sustainable strategy, positioning Cell C to deliver long-term value for shareholders, customers, and partners,” he added.

Prepaid services showed signs of recovery, with net revenue up 1.6% from last year. This happened as the company cut back on big airtime discounts and gained back subscribers. Cell C added over one million prepaid users in this period, setting up for even better growth in the next half of the year.

Postpaid revenue climbed 2.3% to $74 million (R1.2 billion), thanks to steady demand for data. Subscriber numbers dropped a bit because of a planned cleanup of inactive accounts. But average revenue per user (ARPU) improved to $14.30 (R230) from $13.60 (R220). This shows a shift to higher-value customers. The company expects integrating its CEC business to boost postpaid results soon.

Wholesale was a standout, growing 22.5% to $52 million (R840 million). Much of this came from the Mobile Virtual Network Operator (MVNO) platform. Cell C now handles over 5.1 million MVNO Home Location Register (HLR) subscribers. This proves how well its partner network scales and why wholesale matters so much.

The balance sheet got a big reset. Reported EBITDA jumped to $261 million (R4.212 billion), helped by one-time items like debt-to-equity swaps and lease deals. Total expenses rose 16.7% to $358 million (R5.771 billion) due to IPO and restructuring costs. Now, with less debt, Cell C runs a low-capital model focused on partners. This lets it grow in new areas like wholesale, MVNOs, and other services beyond basic connections.

Looking ahead, the company sees more momentum in the second half. Mendes is confident: “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.” Prepaid revenues should speed up, and postpaid will improve with better networks and customer offers. Plans include finishing CEC integration, better customer service, deeper MVNO ties, growing the enterprise business, and sharper sales channels.

With its strong finances and smart, low-cost model, Cell C is ready for steady growth. The focus on partners and diverse income streams shows a clear path in the fast-changing telecom world.

Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.