Cell C reports $355.8 million revenue in first interim results after JSE listing

Cell C Holdings Ltd., the South African mobile operator spun off from Blue Label Telecoms led by Brett and Mark Levy, reported R5.68 billion ($355.8 million) in revenue in its first interim results after listing on the Johannesburg Stock Exchange, marking a renewed growth phase following years of restructuring.

The South African telecom operator delivered growth across prepaid, postpaid, wholesale and mobile virtual network operator (MVNO) segments, underscoring early progress in its capital-light, partner-led strategy.

Revenue and subscriber growth
According to its latest report, service revenue increased 2.1 percent to R5.6 billion ($350.62 million), supported by a 1.6 percent rise in prepaid net revenue. The growth reflects the unwinding of historically elevated airtime discounts and a recovery in subscriber volumes, with prepaid users rising by more than one million during the period.

Postpaid revenue climbed 2.3 percent to R1.2 billion ($75.16 million). Although postpaid subscriber numbers declined due to a deliberate base clean-up, average revenue per user improved to R230 ($14.40) from R220 ($13.77), reflecting improved customer quality and higher data usage.

EBITDA improves despite higher costs

Normalized EBITDA reached R917 million ($57.43 million), delivering a margin of 16.1 percent, an indication of strengthening cost discipline and operational efficiency. Reported EBITDA rose sharply to R4.212 billion ($263.72 million), largely due to once-off restructuring gains, including debt-to-equity conversions and lease settlements.

Total expenses increased 16.7 percent to R5.771 billion ($361.4 million), mainly driven by IPO-related and restructuring costs following the company’s public listing.

MVNO platform drives growth

MVNO revenue surged 22.5 percent year-on-year to R840 million ($52.6 million), making it one of the fastest-growing segments in the group. Cell C now supports more than 5.1 million MVNO Home Location Register subscribers, reinforcing the scalability of its wholesale-driven model.

Chief Executive Jorge Mendes described the interim performance as a milestone in Cell C’s transition to financial stability.

“With structural reforms largely complete, our focus remains on disciplined execution and accelerating prepaid and postpaid growth in the second half,” Mendes said.

With a strengthened balance sheet and diversified revenue streams, Cell C is positioning itself for sustainable expansion in South Africa’s competitive telecommunications market.