Cell C Holdings Ltd. · JSE:CCD
Cell C — H1 2026 Earnings Presentation
31 slides from Cell C's earnings presentation, Feb 13, 2026
Slide 1: Interim results for the period ending 30 November 2025
Cell C Holdings Limited Interim results For the period ending 30 November 2025 13 February 2026
Slide 2: Disclaimer
Disclaimer Strictly private and confidential This presentation has been prepared by Cell C Holdings Limited (“Cell C”). The information contained in this presentation is confidential and intended solely for the use of the recipient. This presentation may contain information proprietary to Cell C and
Slide 3: Agenda
Agenda H1 Highlights Business Update Financial Outlook and Q&A Performance Priorities
Slide 4: H1 Highlights
H1 Highlights Jorge Mendes Chief Executive Officer
Slide 5: H1 2026 Key Messages
H1 Highlights Business Update Financial Performance Outlook and Priorities H1 2026 Key Messages A new listed chapter, A structurally different Operator built Platform expansion is a core engine underpinned by strengthened for scale of growth governance Network and customer experience Balance sheet r
Slide 6: Financial & Operational Highlights
H1 Highlights Business Update Financial Performance Outlook and Priorities Financial & Operational Highlights Revenue EBITDA HEPS Service revenue Excluding one off items EPS 20,652 ZAR 5,622m ZAR 917m ZAR 5,680m ZAR 4,212m 20,584 cents Capex Debt Free Cashflow +Right of use assets Including lease li
Slide 7: Business Update
Business Update Jorge Mendes Chief Executive Officer
Slide 8: The Telco of The Future: A Differentiated Model Designed to Scale
H1 Highlights Business Update Financial Performance Outlook and Priorities The Telco of The Future A Differentiated Model Designed to Scale Execution priorities delivering momentum in H1 • Pioneering dual Multi-Operator Core Network strategy Network • Joint #1 for Video, Voice & Reliability1 Quality
Slide 9: Balance Sheet Reset: A Defining Milestone for Cell C
H1 Highlights Business Update Financial Performance Outlook and Priorities Balance Sheet Reset: A Defining Milestone for Cell C 2017 Key Transactions Behind the Balance Sheet Reset Initial recapitalisation to stabilize the Business Cell C Holdings: A simplified entity with trading-level debt only 20
Slide 10: Platform-Led Growth: Diversifying Cell C's Revenue Mix
H1 Highlights Business Update Financial Performance Outlook and Priorities Platform-Led Growth: Diversifying Cell C’s Revenue Mix Prepaid: Resilient Performance Service Revenue Contribution % Postpaid: Solid Growth (+1.6%) (+2.3%) • Resilient growth delivered in a highly • Steady performance, with f
Slide 11: Stronger Brand, Happier Customers and Rapid Digital Uptake
H1 Highlights Business Update Financial Performance Outlook and Priorities Stronger Brand, Happier Customers and Rapid Digital Uptake Fueling Value Creation Brand Momentum & Market Customer Experience (CX) & Social Impact & Stakeholder Positioning Digital Adoption Trust • Brand momentum strengthenin
Slide 12: Financial Performance
Financial Performance El Kope Chief Financial Officer
Slide 13: Financial & Operational Highlights
H1 Highlights Business Update Financial Performance Outlook and Priorities Financial & Operational Highlights Net Revenue EBITDA HEPS +1,8% vs PY Excluding one off items EPS 20,652 ZAR 917m ZAR 5,680m ZAR 4,212m 20,584 cents Capex Interest-bearing Debt Free Cashflow Capex intensity Leverage Free cas
Slide 14: Prepaid
H1 Highlights Business Update Financial Performance Outlook and Priorities Prepaid Upside in net revenue and margins as historical discounts unwind Net prepaid revenue (ZARm) Prepaid subscribers (‘000) 3000 8000 7831 2693 2735 2601 7000 6915 6774 2000 6000 1000 5000 0 4000 1H25 2H25 1H26 1H25 2H25 1
Slide 15: Postpaid
H1 Highlights Business Update Financial Performance Outlook and Priorities Postpaid Postpaid segment set to accelerate as CEC integrated into group Postpaid revenue (ZARm) Postpaid subscribers (‘000) 1600 1 000 1200 1136 1158 1162 848 798 785 800 800 600 400 400 200 0 0 1H25 2H25 1H26 1H25 2H25 1H26
Slide 16: Wholesale
H1 Highlights Business Update Financial Performance Outlook and Priorities Wholesale Wholesale delivers another standout performance Wholesale revenue (ZARm) MVNO HLR subscribers (‘000) 1000 6000 840 800 780 5106 5000 686 4489 600 3939 4000 400 3000 200 0 2000 1H25 2H25 1H26 1H25 2H25 1H26 1. The re
Slide 17: Other Business Segments
H1 Highlights Business Update Financial Performance Outlook and Priorities Other Business Segments Revenues impacted by mobile termination rates, Enterprise remains strong Other revenue (ZARm) MTR glide path (cents) 14 13 995 971 1000 12 886 900 800 10 9 9 700 8 7 600 500 6 5 5 400 4 4 4 300 200 2 1
Slide 18: EBITDA
H1 Highlights Business Update Financial Performance Outlook and Priorities EBITDA Material items impacting EBITDA, underlying momentum remains strong • Reported IFRS EBITDA over the past three periods was 1H25 2H25 1H26 materially impacted by non-recurring restructure and IFRS EBITDA 777 1,327 4,212
Slide 19: EBITDA
H1 Highlights Business Update Financial Performance Outlook and Priorities EBITDA EBITDA impacted by a number of once off items related to the restructuring -1.1% YoY 5000 5000 4500 4500 4212 4000 4000 3500 3500 3000 3000 2500 2500 2000 2000 1500 1500 1000 150 927 1000 917 777 -3295 500 500 0 0 1H25
Slide 20: Capex
H1 Highlights Business Update Financial Performance Outlook and Priorities Capex Competitive, Asset Light Tech Capex Driving Customer Experience Capex (ZARm) Technology Capex (ZARm) 500 1000 895 450 400 800 347 350 329 600 300 502 250 240 443 400 200 335 59 150 78 200 100 347 329 240 50 0 0 1H25 2H2
Slide 21: Revenue & EBITDA
H1 Highlights Business Update Financial Performance Outlook and Priorities Revenue & EBITDA In 2H26 the group will report revenues & EBITDA including CEC Revenue EBITDA Adjusted (ZARm) 958 307 5,580 5,559 5,680 1,110 927 917 1H25 2H25 1H26 1H25 2H25 1H26 Cell C CEC 1. The results have not been revie
Slide 22: Equipment Revenue
H1 Highlights Business Update Financial Performance Outlook and Priorities Equipment Revenue Equipment sales to jump following CEC acquisition Equipment revenue (ZARm) Devices sold 131,695 120,934 103,818 916 70 49 58 1H25 2H25 1H26 1H25 2H25 1H26 Cell C CEC 1. The results have not been reviewed by
Slide 23: Revenue
H1 Highlights Business Update Financial Performance Outlook and Priorities Revenue Wholesale key driver of revenue growth in the period 5850 154 5800 5750 5700 -109 5680 -13 5650 26 42 5600 5580 5550 5500 Prepaid Postpaid Wholesale Other Equipment Service revenue 1. The results have not been reviewe
Slide 24: Free Cashflow
H1 Highlights Business Update Financial Performance Outlook and Priorities Free Cashflow Cashflow in the first half remained in line with historical performance 2500 2000 1050 1500 -395 1000 917 -779 -47 500 353 -393 0 1. The results have not been reviewed by the auditors
Slide 25: Summary Statement of Comprehensive Income
H1 Highlights Business Update Financial Performance Outlook and Priorities Summary Statement of Comprehensive Income Material impact from the group restructuring Revenue 5,680 Other Income 4,302 • Other income includes the ZAR3,531m loan concession converted to equity and a ZAR356m profit on lease t
Slide 26: Summary Statement of Financial Position
H1 Highlights Business Update Financial Performance Outlook and Priorities Summary Statement of Financial Position Notable improvement in net debt Non-current assets 6,720 Deferred Tax Asset 2,025 • The deferred tax asset of R2.0bn is only related to Cell C. Intangible 3,394 Other 1,301 • The R3.4bn
Slide 27: Summary cashflow statement
H1 Highlights Business Update Financial Performance Outlook and Priorities Summary cashflow statement Cash position reflects timing of transaction flows 1H26 • Consolidated cash flow statement including CEC Net cash flows from operations 1 068 • Cash from operations incorporates inflows linked to th
Slide 28: Outlook and Priorities
Outlook and Priorities Jorge Mendes Chief Executive Officer
Slide 29: Outlook for H2 2026
H1 Highlights Business Update Financial Performance Outlook and Priorities Outlook for H2 2026 Outlook reflects improving operational momentum and the benefits of recent structural actions Prepaid revenue to Postpaid revenue Wholesale growth to Other revenues to Equipment revenues accelerate in seco
Slide 30: Focus areas for coming period
H1 Highlights Business Update Financial Performance Outlook and Priorities Focus areas for coming period Priorities aligned to sustaining momentum and strengthening returns Complete CEC integration to unlock Strengthen customer journeys to Deepen MVNO & wholesale device-led growth enable profitable
Slide 31: Thank you
Thank you