Cell C Holdings Limited Integrated Annual Report

for the year ended 31 May 2026

Our strategy

Setting the strategic direction for 2023

Cell C’s ambition is to build South Africa’s most agile, capital-efficient connectivity platform through differentiated execution that drives sustainable growth, scalable returns and long-term value creation across financial, operational, human and societal dimensions.

Cell C now faces a different set of strategic challenges, shaped by platform economics, evolving industry structures and a changing regulatory landscape. The prior strategy provided the stability and simplification required to reset the business. The focus now shifts to how the organisation compounds the structural advantages it has built. This carries forward what has been established over the past three years and sharpens it toward sustainable growth, disciplined execution, and long-term value creation.

The 2030 pillars are the expression of this direction. Anchored in Cell C’s distinctive strengths and structural advantages, and informed by the evolving competitive, regulatory and market context, they focus the organisation on areas where it can scale advantage rather than replicate incumbent models. Together, they position Cell C as a lean, customer-aligned, partner-powered challenger that competes on simplicity and commercial agility.

Building brand momentum and trust is the overarching outcome of this strategy. It will be earned through consistent execution across all five strategic pillars. Stronger commercial performance, reliable connectivity, simpler customer experiences, responsible conduct and transparent engagement will reinforce confidence among customers, employees, partners, investors, regulators and communities. In turn, greater trust and brand relevance will support customer acquisition and retention, deepen stakeholder relationships and strengthen Cell C’s capacity to grow sustainably.

Our strategy considers our material matters (page 28), and all 10 material matters are addressed across our five pillars, while the effective management of our risks (page 42) remains essential to successful execution.

Our 2030 strategy pillars (2027–2030)

1

Grow profitably in core consumer segments

Expand share in priority consumer segments through compelling value propositions, digital-led acquisitions, and deeper customer relationships.

2

Monetise our platform beyond core connectivity

Scale high margin revenue across wholesale, MVNO, enterprise and selected adjacent services through our digital platform and partner ecosystem.

3

Scale through capital-efficient connectivity

Deliver resilient, high-quality connectivity through our asset light Network-of-Networks model, leverage diversified access and spectrum stewardship.

4

Operate with discipline and future-fit efficiency

Build a lean, scalable and well-governed operating model that strengthens returns and supports sustainable value creation.

5

Transformative customer experience

Strengthen loyalty and brand preference through seamless, digital journeys, proactive service and simplified engagement.

Enablers

People, culture & skills

Enhancing the future-fit skills, leadership depth and high performance culture required to execute our platform-led growth strategy at scale.

Intelligent automation

Building an enterprise-wide intelligent automation capability that enables the business to learn, adapt, and compound its advantage over time.

Partner-ready platform

Externalising our core capabilities so that partners can integrate, configure and launch services independently, propelling our capital-efficient growth.

From strategy to execution

Our 2030 strategy is deliberately ambitious, yet grounded in the structural advantages we have built. Execution has already begun, supported by clear accountabilities, disciplined governance and a culture that has consistently translated strategic intent into delivery. We will track progress through regular strategic reviews, ensuring the business remains focused, adaptable and accountable as we build sustainable, long-term value for all our stakeholders.