Cell C Holdings Ltd. · JSE:CCD
Cell C — Investor Presentation (September 2025)
42 slides from Cell C's investor presentation, September 2025
Slide 1: The South African Network Operator of the Future
The South African Network Operator of the Future September 2025
Slide 2: The Cell C Holdings journey | 2001 to date
The Cell C Holdings journey | 2001 to date A renewed operating model and considered personnel changes have positioned the Group well to reach new heights in the future • Began a major turnaround from 2017, • Turnaround gains momentum, driven by halting debt payments, cutting strong leadership, a ful
Slide 3: Cell C has delivered a robust business turnaround
Cell C has delivered a robust business turnaround The focus of the turnaround allowed the Group to directly address the critical challenges identified in 2023 1 2 3 4 5 Financial Restructuring Network Quality & Governance & Stakeholder & Partnerships & Strategic & Market Performance Customer Percept
Slide 4: Robust financial performance, supporting a platform for growth
Robust financial performance, supporting a platform for growth Cell C’s financial performance will be further strengthened through the restructure Strong revenue base EBITDA ARPU growth over time R13.7 billion R3.1 billion R95 Total net revenue, 2025 Group pro forma Total EBITDA, 2025 Group pro form
Slide 5: South African Competitive Landscape: Cell C is the leading MVNO player
South African Competitive Landscape: Cell C is the leading MVNO player in the market Cell C is well positioned in the MVNO market in particular Local Peer 1 Local Peer 2 Local Peer 3 Operating Model Leading MVNO Enabler Traditional MNO Traditional MNO Traditional MNO Technology 5G and LTE 5G and LTE
Slide 6: Supportive secular tailwinds in the South African market
Supportive secular tailwinds in the South African market The Group is strategically aligned with South Africa’s fastest-growing telecom opportunities Smartphone Penetration and Fast Expanding Data Services Market The MVNO shows amongst the highest growth Economic Growth Fuel Overall Demand rates wit
Slide 7: Setting the scene | Key investment highlights
Setting the scene | Key investment highlights The traditional telecoms sector faces structural pressures that weigh on growth and returns. The Group’s capex-light, partnership-driven model is designed to overcome these constraints and deliver sustainable value Turning sector pressures into Capex-lig
Slide 8: The Company's asset-light model has revolutionised its position as a challenger brand
The Company’s asset-light model has revolutionised its position as a challenger brand Cell C Holding’s virtualised network model unlocks financial agility and seamless scalability for next-generation technologies The fundamental shift in Cell C Holding’s operating model The capex-light model has bee
Slide 9: Pioneering network strategy helps drive strategic flexibility
Pioneering network strategy helps drive strategic flexibility By owning its own spectrum and utilising excess network capacity that other traditional MNOs sell at a healthy margin, Cell C achieves strategic flexibility while avoiding the typical ~ZAR10 bn annual capex burden, maintaining its capex u
Slide 10: Unpacking MOCN and its benefits to Cell C
Unpacking MOCN and its benefits to Cell C Key elements of the MOCN How does MOCN work? 4 3 Core network and traffic routing Seamless switching 1 Cell C Core Shared RAN Network 2 Cell C SIM 3 card Network resilience 1 Shared RAN 2 Cell C SIM card 3 Network resilience 4 Separate core network Cell C do
Slide 11: Cell C's MOCN strategy provides leading network experience
Cell C’s MOCN strategy provides leading network experience Cell C uses MOCN technology to enable a pioneering national dual multi-operator core network, enhancing its available network access and spectrum Cell C retains its own spectrum, with a strategy supported by favourable Virtualised network co
Slide 12: A platform for growth
A platform for growth Cell C Holdings has multiple growth engines across segments, which will catapult the company into its next growth phase KEY: Growth levers The Group’s growth engines Consumer Enterprise Wholesale, including MVNO (12.0%)1 Mobile Prepaid (52.0%)1 and Postpaid (18.8%)1 B2B Fixed A
Slide 13: The MVNO approach and Cell C Holdings differentiation
The MVNO approach and Cell C Holdings differentiation Cell C operates a proven MVNO platform built on strategic evolution and scalable infrastructure • Cell C launched its first MVNO in 2006, making it an early adopter of the model in South Africa • The goal was to diversify revenue streams and leve
Slide 14: Platform Growth: Unlocking scalable opportunities across segment
Platform Growth: Unlocking scalable opportunities across segment Cell C has multiple growth engines across high value segments, which will catapult the company into its next growth phase Prepaid Postpaid reintegration Enterprise Prepaid remains at the heart of Cell C Holding’s growth Cell C is under
Slide 15: A distribution platform fit for purpose
A distribution platform fit for purpose Cell C has a consumer distribution platform established across wholesale resellers, retail distribution partners, branded stores and telesales Informal distribution through partner wholesale resellers Alongside an expansive footprint through its retail distrib
Slide 16: A key element to Cell C's success story is our leaders and our people
A key element to Cell C’s success story is our leaders and our people Our experienced Leadership Team drives long-term success leading a family of disruptive innovators, connectors, challengers and doers EXCO Years at Cell C Jorge Mendes Years of relevant experience Chief Executive Officer 2+ 31+ El
Slide 17: Commitment to Best Practice Governance Structures, Led by an Independent Board
Commitment to Best Practice Governance Structures, Led by an Independent Board Strong governance is a key priority for Cell C Board of Directors Governance Objectives Committee Structure Review Board composition to ensure a governance structure aligns with JSE Listings Requirements and King IV Joe M
Slide 18: Building a resilient, relevant, and trusted brand for the future
Building a resilient, relevant, and trusted brand for the future The shift from just a challenger to ally with a clear provocation that “Nothing Should Stop You” Marketing with clear goals Reflected through its strong, memorable campaigns Nothing Drive brand consideration and improve Should Stop vis
Slide 19: Well-positioned for public markets
Well-positioned for public markets Significant progress has been made in relation to the pre-IPO restructuring with the details expected to be published through the BLU circular later in September 2025 Debt-to-equity conversion / Airtime vault conversion legacy liability settlement CEC transfer SPV
Slide 20: Sustainable strategic moats safeguarding our model
Sustainable strategic moats safeguarding our model Our capex-light model, reinforced by scale and regulation, is difficult to replicate and designed to sustain returns over time Contracts built for stability & growth Scale advantage embedded in the market Regulatory Safeguards • Anchored by unique r
Slide 21: Financial performance
Financial performance
Slide 22: Financial performance highlights | A platform for growth
Financial performance highlights | A platform for growth May 2025 May 2025 A compelling financial profile combining scale and dynamic growth Cell C actual1 Group pro forma2 1 Net revenue 2 Earnings Service revenue R11.0bn R11.6bn EBITDA R2.1bn R3.1bn YoY growth 2.5% 7.7% YoY growth 6.1% 57.4% Margin
Slide 23: Revenue diversification strengthened by CEC combination
Revenue diversification strengthened by CEC combination The combination of CEC expected to add scale and a higher contribution of Equipment revenue to a stabilised base of Service revenue Cell C net revenue (R’m) Bridge to pro forma Group net revenue (R’m) Revenue contribution by segment (%)6 120 .0
Slide 24: Strategic shift to optimise value from Cell C's subscriber base
Strategic shift to optimise value from Cell C’s subscriber base Core focus on customer base management and MVNO partnerships Subscriber numbers1,2 (‘m) and subscriber growth (%) on a quarterly basis QoQ 20.0 ▪ The MVNO strategy has demonstrated its success to date through Growth MVNO 1.4% 2.5% 2.6%
Slide 25: Steady growth in ARPU performance
Steady growth in ARPU performance ARPU is a healthy comparative against the local market, following consistent ARPU growth across the prepaid and postpaid customer base Postpaid, prepaid and blended ARPU (R) and ARPU growth (%)2 Peers (quarter ended June 2025)3 On a blended basis, Cell C is in line
Slide 26: Pro forma EBITDA underscores improving profitability
Pro forma EBITDA underscores improving profitability Historic growth in the Cell C EBITDA base, strengthened through the restructure and the combination of CEC Cell C EBITDA (R’m) Bridge to pro forma Group EBITDA (R’m) YoY 53.6% 6.1% 57.4%2 Growth 3,500 3,500 Excludes 487 3,121 187 3,000 extraordina
Slide 27: Capex-light business model delivers growing EBIT
Capex-light business model delivers growing EBIT Improving EBIT representative the Group’s capex-light operating model with meaningfully lower depreciation and amortisation Cell C EBIT (R’m) Bridge to pro forma Group EBIT2 (R’m) YoY 684.2% 13.4% 68.4%3 Growth 3,000 487 2,371 2,500 2,500 187 403 2,00
Slide 28: Capex-light business model yields EBIT margins comparable to peers
Capex-light business model yields EBIT margins comparable to peers Margins are enhanced through the restructure and combination of CEC EBITDA margin relative to peers2,3 Cell C Local peers International peers 45. 0% 39.7% 37.3% 40. 0% 36.7% 36.6% 35.1% 35. 0% 32.8% 37.4% 30. 0% 22.8% 25.2% 25. 0% 18
Slide 29: Unique operating model propelling growth and returns
Unique operating model propelling growth and returns Pioneering network strategy translates to a notably lower capex intensity relative to sector peers Capex (R’m) Total invested capital R3.7bn ROIC1 69.2% (2025 Group pro forma) Period ended 31 December Period ended 31 May 1,200 1,000 ▪ In July 2021
Slide 30: Debt evolution to position the business for long-term growth
Debt evolution to position the business for long-term growth The pre-listing restructuring of the business materially strengthens the financial position, with a material reduction in interest bearing and lease liabilities Gross debt: interest bearing borrowings and lease liabilities (current and non
Slide 31: Progression of Equity to a positive balance
Progression of Equity to a positive balance The Group pre-IPO restructure complemented by the combination of CEC, ensures a robust balance sheet ahead of a potential IPO Equity (R’m) 4,000 4 1 3,194 2,732 Updated valuation of pre-existing 3 6 5 (221) contracts under the business combination of CEC a
Slide 32: Sustainable free cash flow the result of the operating model
Sustainable free cash flow the result of the operating model Cell C has enhanced its ability to deliver free cash flow over the period Cell C free cash flow conversion (R’m) Bridge to free cash flow from cash from operations for the period ended 31 May 2025 (R’m) 2,000 Period ended Period ended 31 D
Slide 33: Other financial items for consideration
Other financial items for consideration Intercompany ▪ Blu Label will remain a significant shareholder and trusted partner of the Group going forward transactions with ▪ All transactions between the Group and Blu Label are currently and will going forward be conducted on an arm’s length basis Blu La
Slide 34: Annexure
Annexure 34
Slide 35: Capital expenditure focused on strategic growth
Capital expenditure focused on strategic growth Cell C Holdings is committed to directing the majority of its Capex towards expansionary initiatives, ensuring sustainable growth for the future Capex allocation (FY2025) Capital deployment Other 13% ▪ New billing platform Business Expansionary support
Slide 36: The pre-IPO restructure to ensure that Cell C is positioned for success
The pre-IPO restructure to ensure that Cell C is positioned for success Summarised group structure prior to the pre-IPO restructuring Summarised group structure post the listing • The intention of the pre-IPO restructuring is to ensure that the legacy instruments and • Due to various historical chal
Slide 37: Basis of preparation
Basis of preparation Financial reporting framework Basis of preparation1 • Consolidated financial statements prepared under IFRS on a going concern basis • All financial information shown for the reporting period begins on 1 June and ends on 31 May, unless stated otherwise 1. Reporting period inform
Slide 38: Ongoing financial disclosure
Ongoing financial disclosure Disclosure strategy going forward, including financial metrics and KPIs on an IFRS and non-IFRS basis Ongoing financial disclosure KPIs Financial Metrics Service1 Equipment Group Operational KPIs Service1 Equipment Group Net revenue ✓ ✓ ✓ Subscriber numbers and growth ✓
Slide 39: Detail on the 2025 Group pro forma bridge
Detail on the 2025 Group pro forma bridge 1 2 2 3 4 5 Conversion of Discontinuation Total 2025 Cell C 2025 CEC CEC business Intercompany Management Transaction 2025 Group Pro-forma income statement Units standalone standalone unearned combination elimination structure fees of TPC airtime restructuri
Slide 40: 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 41: Legal Disclaimer
Legal Disclaimer Financial information The Information is subject to updating, revision, amendment, verification, correction, completion and change without notice. In providing access to the Information, none of BLU, the Cell C Group, the Banks or any of their respective Representatives or any other
Slide 42: Thank you!
Thank you! 42
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