Slide 1: The South African Network Operator of the Future
The South African Network Operator of the Future May 2025
Slide 2: Renewed Cell C Business Snapshot
Renewed Cell C Business Snapshot Renewed focus on investing in delivering value to customers by leveraging strategic partnerships Cell C today, a telco of the future… A scalable and cost-efficient network • Long-term roaming agreements established with MTN and Vodacom • Cell C is a dynamic South Afr
Slide 3: History & Turnaround
History & Turnaround Through considered personnel changes and a renewed operating model, Cell C is well positioned to reach new heights • Began a major turnaround, halting • Turnaround gaining momentum, driven by In 2020, Cell C entered into an debt payments, cutting unprofitable strong leadership,
Slide 4: Key Investment Highlights
Key Investment Highlights Spectrum-sharing and cutting-edge network virtualisation. Long-term agreements Capex-light in place Strong financial improvement in margins, debt reduction, and cost base over 18 Turnaround delivered months Well-positioned for public markets Governance upgrades and simplifi
Slide 5: Sector Context & Opportunities
Sector Context & Opportunities
Slide 6: Cell C's Winning Strategy Addresses Current Market Realities
Cell C’s Winning Strategy Addresses Current Market Realities A focused, asset-light model built for today’s telecoms landscape delivering results through flexibility, strategic partnership, and disciplined execution Our winning strategic formula enables us to effectively overcome the realities and c
Slide 7: Cell C's Unique Business Model
Cell C’s Unique Business Model Capex- Light Pioneering Network By owning its own spectrum and utilising excess network capacity that other mobile network operators (MNOs) sell at a healthy margin, Cell C achieves strategic flexibility while avoiding the typical ~ZAR10 bn annual capex burden, maintai
Slide 8: Our Strategic Differentiators
Our Strategic Differentiators 8
Slide 9: Pioneering Network Strategy and Infrastructure Modernisation
Pioneering Network Strategy and Infrastructure Modernisation, Delivering Capex- Light Pioneering Network Unmatched Customer Experience Unique network strategy has been pivotal in re-shaping Cell C’s business model for further success - positioned for scalable growth without scaling capex Cell C’s pi
Slide 10: Established, Resilient Brand, Ranked in the Top 30 South African Brands
Established, Resilient Brand, Ranked in the Top 30 South African Brands Resilient Brand Cell C’s formidable brand has a long-standing respected presence in the South African market. It is a customer-centric service model with clear strategic momentum toward becoming a top-three connectivity solution
Slide 11: Growth Engine: Platform & Partnerships
Growth Engine: Platform & Partnerships
Slide 12: Diversified and Scalable Revenue Model
Diversified and Scalable Revenue Model Platform Growth Multiple growth engines across segments, built to scale with demand Cell C’s growth engines Personal Digital Products Wholesale & B2B Mobile Prepaid and Postpaid Mobile Advertising Wholesale Fixed Content Services Integrated MVNOs and MVNEs Valu
Slide 13: Our unique MVNO enablement capabilities
Our unique MVNO enablement capabilities Platform Growth Cell C was the first mobile operator in South Africa to host MVNOs and has since developed a reputation as the ‘Home of MVNOs’ with several successful brands launched, the most comprehensive wholesale offering, and several competitive operating
Slide 14: MVNO Economics Maintain Cell C's Margins
MVNO Economics Maintain Cell C’s Margins Platform Growth The MVNO model broadly maintains Cell C’s margin due to cost savings from retail-related costs Illustrative Economics(1) Cell C: Own Brand (Retail) + Partner MVNO (Wholesale) Traditional MNO 1 2 MNOs monetise unused MNO Cell C Own Brand - + Ce
Slide 15: Turnaround Performance & Financial Trajectory
Turnaround Performance & Financial Trajectory
Slide 16: Diversified Revenue Growth Propelling Sustained Margin Expansion
Diversified Revenue Growth Propelling Sustained Margin Expansion Turn- around delivered Improving revenue diversification and growth, leading to margin expansion on cost containment Stable blended ARPU and subscriber growth1 Increasingly diverse service revenue split2 12,000 Total subscribers MVNO H
Slide 17: Attractive Financial Profile, Driven by a Unique Capex-light Operating Model
Attractive Financial Profile, Driven by a Unique Capex-light Operating Model Capex- Light The capex-light, asset-light model allows the business to invest more strategically in customer experience, digital capabilities and partnerships that deliver real value, without compromise Significantly lower
Slide 18: Governance, Management & IPO Readiness
Governance, Management & IPO Readiness 18
Slide 19: Governance, Management & IPO Readiness
Governance, Management & IPO Readiness Public-Market A fit-for-purpose structure to support scale, transparency and future capital market access Ready Simplified the ownership structure Strengthened board and audit/risk and debt functions Creating a cleaner, more transparent platform New board appoi
Slide 20: Mission-driven and People-centric Team
Mission-driven and People-centric Team Strong management Turnaround Delivered Since July 2023, under the leadership of the new CEO, Cell C has built a formidable executive team, blending experienced industry leaders with institutional knowledge, and established a strong execution culture that contin
Slide 21: Post Restructuring Organisational Structure
Post Restructuring Organisational Structure A simplified organisational and capital structure to facilitate a public offering Rationale for restructuring Cell C prior to a potential future listing • Pre-listing restructure will ensure that the legacy funding instruments and associated complexities a
Slide 22: Additional Materials
Additional Materials
Slide 23: Cell C's Sustainable Mission is Aligned with UN Sustainable Development Goals
Cell C’s Sustainable Mission is Aligned with UN Sustainable Development Goals Positioned to Become the First Mobile Network Operator in (South) Africa to Commit to a Net-zero Carbon Footprint, Reinforcing Its Commitment to Sustainable Growth and Long-term Environmental Responsibility 4 5 8 9 10 11 1
Slide 24: Legal Disclaimer
Legal Disclaimer Confidentiality Notice: THIS PRESENTATION AND ITS CONTENTS ARE STRICTLY CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES (EXCEPT TO A LIMITED NUMBER OF QIBS (AS DEFINED BELOW)), AUSTR
Slide 25: Legal Disclaimer (continued)
Legal Disclaimer (continued) Forward-looking statements & liability disclaimer: This presentation may contain forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followe
Slide 26: Thank you!
Thank you!