Cell C adds 1.3 million subscribers as debt falls 64%
Subscriber and wholesale growth
The operator's customer base increased 19% year-on-year to 8.884 million in the year ended 31 May 2026, while net debt fell to R2.02bn from R5.69bn.
Wholesale service revenue increased approximately 20% to R1.76bn. Cell C estimates it holds between 80% and 85% of South Africa's MVNO market and added 1.2 million MVNO customers to its Home Location Register during the year.
Revenue and earnings
Group revenue increased 14% to R12.64bn, with service revenue up 6% to R11.64bn.
Reported EBITDA was R5.51bn, although this included one-off gains related to the restructuring. Adjusted EBITDA was R2.38bn, with CEC consolidated for only six months of the financial year.
Headline earnings per share rose to R23.38 from R14.85, while cash capital expenditure was R810m.
Network and customer experience
Cell C reported improvements in network performance and customer experience, with data traffic increasing 47% year-on-year and its Net Promoter Score rising from 19 to 33.
OpenSignal ranked Cell C joint first nationally for network reliability and video experience, while the company said its network-quality net sentiment was the highest in the sector according to DataEQ.
Outlook
Cell C completed the acquisition and integration of CEC during the period, making FY27 the first full financial year reflecting the simplified group.
The operator expects revenue growth in the upper-single-digit range in FY27, based on adjusted FY26 revenue of R13.60bn. Capital expenditure is forecast at between R750m and R850m.
CEO Jorge Mendes said the turnaround had rebuilt Cell C's network credibility, customer base and wholesale position, while the balance sheet restructuring had reduced financial risk.
