Delivering on our promises

Following our successful listing, our focus shifted to delivering on the commitments we have made to investors and other stakeholders.

Our transformation is increasingly reflected in our financial performance. This year, we delivered on our financial guidance, with strong improvements in revenue, up 14% to R12.6 billion, and EBITDA, up > 100% to R5.5 billion. We improved cash generation and liquidity and continued to invest in technology, capabilities and customer experience to support future growth. With an improved net debt ratio of 0.37 times, our post-IPO balance sheet now enables us to invest confidently in the technologies and capabilities that will underpin the next phase of growth.

Our prepaid subscribers grew by 1.3 million, reflecting improved customer acquisition and stronger engagement. Postpaid stabilised during the year, with a cleaner customer base and integration of CEC strengthening our ability to compete more effectively in the segment in the future, with average revenue per user (ARPU) increasing to R242 from R225 as the focus shifted to higher spending customers. Wholesale continued its strong momentum, with revenue increasing by 20%, supported by sustained growth in our MVNO business. At year-end, Cell C supported 5.7 million lines connected via our MVNO partners, reinforcing the strength of our platform and our ability to support differentiated customer propositions at scale.

Looking back and leading forward

Cell C has undergone a profound transformation over the past three years. At the outset of this journey in July 2023, we established a clear set of strategic priorities and remained disciplined in executing against those objectives.

The challenges we identified proved to be the right ones. What we underestimated, however, was their scale and complexity. The liquidity challenges were deeper, the balance sheet weaker, and the network quality was well below what was necessary to compete effectively. Our stakeholder relationships, financial position, network capability and overall operating model all required substantial rebuilding.

The MOCN model, first initiated in 2021, is a cornerstone of our transformation and has yielded significant results. We have moved from being rated the fourth-ranked network in South Africa, effectively last, to achieving industry-leading joint network reliability and best-in-class 4G video and application performance. While every operator continues to position itself as the market leader in network quality, our differentiated MOCN model allows us to confidently state that customers now enjoy access to one of the country’s very best mobile network experiences.

Our MOCN model provides enhanced coverage, resilience and service continuity, particularly for customers who travel frequently, operate in areas with variable network coverage or depend on highly reliable connectivity. It also supports a wide range of enterprise and IoT applications, while reducing duplication of telecommunications infrastructure and the associated environmental footprint.

Ultimately, our greatest competitive advantage lies in our people and the culture we have built together. We regard culture as a critical enabler of long-term performance and sustainable value creation. Our work environment is built on trust, accountability and collaboration, and we believe that when people are trusted and given the flexibility to perform, they are more engaged, innovative and committed to our success. This philosophy is reflected in our work-from-anywhere and unlimited leave policies, our approach to leadership and the way we work together.

Strategic partnerships are central to our operating philosophy and growth strategy. We have established structured processes to evaluate, integrate and scale partnerships across the business, embedding them into the way Cell C operates and creates value. With our MVNO partners, our approach extends well beyond providing wholesale network access; we collaborate to design tailored propositions that support their strategic objectives and enhance value for their customers.

Our partnership philosophy enables us to maintain a deliberately lean organisation and a disciplined capital investment profile. With just over 900 employees and capital intensity of 6.5%, we have built a business designed to compete through agility, partnerships and capital efficiency. This approach supports sustainable growth while maintaining the flexibility to respond to changing market conditions.

Our distribution platform reflects the same partnership approach, combining wholesale reseller partnerships, relationships with leading retail distribution partners, branded stores, digital and telesales channels to provide broad national reach across both formal and informal markets. Through more than 8 000 retail locations operated by distribution partners nationwide, alongside our branded store network and wholesale reseller channels, we serve customers across South Africa through the channels most relevant to them. Our network of 103 branded stores remains an important component of this ecosystem, with 65 operating under a franchise model. We believe this approach combines the strength of the Cell C brand with local ownership and entrepreneurial drive, and we intend to continue increasing franchise participation across the network. Ultimately, the success of any business model is reflected in how it is experienced by customers. For Cell C, that means building a brand that is trusted, relevant and valued by the people and businesses we serve.

A trusted, authentic and proudly South African brand

At Cell C, we aspire to build a brand that people trust, enjoy engaging with and are proud to support. This is grounded in authentic engagement, ethical leadership and lasting relationships with the customers, partners and communities we serve.

Cell C is, and has always been, a proudly South African company. For more than 25 years, we have been a consumer champion and challenger brand, bringing greater competition and innovation to South African customers. Over time, that positioning weakened and rebuilding customer value became a strategic priority over the past three years. When the current leadership team joined in 2023, Cell C was operating predominantly as a prepaid business, with significant work required to restore balance across the portfolio and diversify sources of growth. This included strengthening customer propositions across both prepaid and postpaid, expanding our enterprise capabilities, simplifying customer journeys, enhancing digital channels, and improving customer engagement.

Delivering meaningful value to customers remains central to our strategy and long-term growth ambitions. As customer needs continue to evolve, we remain focused on ensuring that Cell C is relevant, competitive and easy to do business with.

We remain firmly anchored in serving South African customers and businesses. We seek to reinforce Cell C’s purpose as an ally to those we serve, while earning the confidence of customers, partners, shareholders and other stakeholders through integrity, transparency and consistent delivery.

I am confident that Cell C will continue to embody the South African spirit: resilient, optimistic, approachable and willing to challenge convention. We are also serious about delivering on our commitments. Whether through our products or the way we express our uniquely local character, Cell C must remain relevant, relatable and deeply connected to the communities we serve.

Built to challenge, positioned to grow

As a listed company, we recognise that delivering strong financial performance is essential, but we will never sacrifice long-term sustainability for short-term results. We believe that if we build and operate the business well, shareholder value will follow naturally.

A long-term mindset underpins our culture, our values and the way we lead. We hold ourselves to exceptionally high standards of accountability. Every decision must be deliberate, every investment carefully considered and every commitment executed with discipline. We will continue to strengthen our market position, deepen our partnerships, invest in technology and customer experience, and execute against our 2030 strategy with the same discipline and focus.

We remain confident in our long-term growth ambitions, which will come from diversified revenue streams: consumer, wholesale, MVNO, enterprise and adjacent services. The structural changes we have made to the business, together with our asset-light operating model, expanding wholesale and MVNO platforms, strengthened enterprise capabilities, and improved retail performance, provide a strong foundation for future growth. While some areas of the business are already performing exceptionally well, others remain on a clear path to improvement.

Our ambition is to build South Africa’s most agile, trusted and capitalefficient connectivity platform, competing through innovation, partnerships and customer value. Maintaining this focus means questioning traditional ways of working and embracing new technologies. There are still significant opportunities to improve efficiency, simplify our operations and enhance the customer experience. This will not be driven by cost reduction, but by a commitment to operating more intelligently.

Automation and AI will play an increasingly important role in our technology strategy. We see significant opportunities to automate routine activities, allowing our people to focus on higher-value work. Technology will also influence how we approach future workforce planning. Before creating additional roles, we first consider whether technology, automation or redesigned processes can deliver the required outcome.

Our asset-light operating model does not diminish the strategic importance of our network capabilities. Cell C remains a fully-fledged mobile network operator, with ownership and control of the core network capabilities required to serve customers and support future growth. Infrastructure-sharing arrangements provide access to tower infrastructure and radio equipment, enabling a more efficient deployment of capital while maintaining network quality and resilience. Continued investment in technology remains a priority as we modernise legacy systems, strengthen digital platforms and build the foundations required for future innovation.

We operate in a constantly evolving environment. Economic pressures, intense competition, rapid technological change, cybersecurity threats and evolving regulatory requirements will continue to shape our industry. While these developments present risks, they also create opportunities for companies that can adapt quickly and execute with discipline. Our assetlight operating model, strengthened balance sheet and partnership-led approach position us well to navigate this environment. Together with continued investment in our network, technology, people and governance, they provide a strong foundation for sustainable long-term growth and value creation.

This transformation would not have been possible without the unwavering support and commitment of those who embraced our vision for a stronger, more resilient Cell C.

Thank you

The support of our shareholders, employees, customers, partners, regulators and suppliers has been invaluable. Strong, enduring relationships have played a critical role in Cell C’s journey and will remain fundamental to our future success.

I thank our employees for their exceptional work and unwavering commitment during significant change. Their willingness to stay the course, challenge convention and deliver with excellence was instrumental to our turnaround. Our successful listing was achieved while our leadership and operational teams continued to manage the day-to-day business, often under significant resource constraints and demanding execution requirements. This speaks to the resilience, depth, and accountability within the company.

I am deeply appreciative of our Board for their stewardship. Their willingness to engage deeply with our strategy, ask the right questions and provide healthy, independent challenge has strengthened our decision-making. Our Board is highly engaged, commercially astute and united in its commitment to building a sustainable, high-performing business.

I am grateful for our shareholders’ continued confidence throughout this period. I also thank our many partners for their integral role in our success.

I also thank our customers for the trust they place in us every day. We remain committed to delivering simpler, more reliable and more customercentric experiences. While we are proud of what we have achieved, we are even more excited about what lies ahead. We have built a strong foundation; we will continue to grow with discipline, innovate with purpose and deliver on the promises we make.