JSE-listed Cell C’s maiden interim financial results after its listing show some improvements as the company transitions to its next phase as a financially stronger business following the successful completion of its restructuring.

During the six months ended November 30, 2025, the group’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) contracted 1.1% to R917.4-million, with a 16.1% margin, which Cell C said reflected improving operational momentum and the benefits of a materially strengthened balance sheet.

Cell C’s reported Ebitda surged 442% to R4.21-billion, positively impacted by several one-off, nonrecurring restructuring- and transaction-related items, including debt-to-equity conversions and lease settlements.

“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,” said Cell C Group CEO Jorge Mendes.

“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.”

During the half-year under review, revenue increased 1.8% to R5.68-billion, supported by improving prepaid trends and continued strength in wholesale.

Service revenue increased by 2.1% to R5.62-billion, reflecting improving trends across core segments.

Prepaid net revenue increased 1.6% year-on-year to R2.7-billion, driven by the unwinding of historically elevated airtime discounts and a recovery in subscriber volumes, while postpaid revenue increased by 2.3% to R1.2-billion, supported by continued data demand.

During the first half of the year, total subscribers increased 11% to 8.63-million, with an additional 5.1-million mobile virtual network operator (MVNO) home location register subscribers, representing an increase of 29.6%.

Wholesale continued to be a key growth engine for the group, with revenue increasing 22.5% year-on-year to R840-million, underpinned by strong momentum in the MVNO platform.

“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,” Mendes continued.

“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.”

Cell C will also scale its enterprise business effectively and sharpen its 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,” he concluded.