Built for the future.
Ready to scale.
We are proud to present Cell C's maiden Integrated Annual Report.
Cell C listed on the Johannesburg Stock Exchange on 27 November 2025. This report covers the twelve months to 31 May 2026 – our first full reporting period as a listed company, and the year the turnaround stopped being a promise and became a record.
A message from our Chief Executive Officer
Welcome to Cell C's 2026 reporting suite
A year ago, the question about Cell C was whether it would survive. That question has been answered.
We added approximately 1.3 million subscribers, taking our base to 8.9 million. We grew revenue 14% to R12.6 billion and wholesale service revenue around 20% to R1.8 billion. We reduced net debt by 58% to R2 billion. And we completed the acquisition and integration of CEC, restoring full ownership and control of our postpaid base.
The turnaround delivered what it promised. We have built network credibility, rebuilt and grown the customer base, entrenched ourselves as South Africa's leading wholesale platform, and earned back customer trust.
What matters now is what we do with it. FY27 is the first full year of a new, simpler Cell C, and our 2030 strategy builds on what the turnaround created. This report sets out how we intend to create value from here – and is honest about where work remains.
Financial performance
* Comparative HEPS figures are presented in cents per share to ensure consistency and comparability between reporting periods.
How to read our FY26 numbers
Reported EBITDA of R5 509 million includes one-off gains arising from the restructuring transaction completed during the year. Adjusted EBITDA of R2 381 million – 17% above the prior year – is the better guide to underlying trading performance, and the second half, at R1 464 million excluding one-off items, is the most representative period.
The same applies to earnings. Reported EPS of 2 341 cents and HEPS of 2 338 cents are distorted by the weighted average share count before listing. Second-half HEPS of 452 cents is the cleaner reference point.
Beyond the numbers
Trust, rebuilt
Our reputational Trust score improved from 72.7 to 81.5, above the sector average across stakeholder groups. Employee Net Promoter Score moved from -3 to +34. Customer Net Promoter Score improved from 19 to 33. Spontaneous brand awareness reached 80%.
We retained our Level 1 B-BBEE rating and continued investing in digital inclusion, education and youth development.
We know what stakeholders are asking of us next: consistent execution, visible delivery, and measurable ESG outcomes rather than commitments. That expectation shapes this report.
Looking ahead
FY27 guidance
FY27 will be the first full year of a simpler group, shifting from integration to value and margin.
Revenue growth in the upper single digit range, off adjusted FY26 revenue of R13 599 million, which restates FY26 to include a full twelve months of CEC
Capex of R750 million to R850 million, against cash capex of R810 million in FY26
"The business is in a much stronger position, and that gives us confidence going into FY27. The foundations are in place. Now the work is to build on them, consistently, and create lasting value over time."
