Slide 1: The South African Network Operator of the Future
The South African Network Operator of the Future November 2025 Update
Slide 2: Financial performance highlights | A platform for growth
Financial performance highlights | A platform for growth May 2025 May 2025 The earnings figures have been updated to account for the additional pro forma adjustments as outlined on pages 3-4 Cell C actual1 Group pro forma2 1 Net revenue 2 Earnings Service revenue R11.0bn R11.6bn EBITDA R2.1bn R3.7bn
Slide 3: 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% 84.2%2 Growth 1 566 2 3 3,500 Excludes 187 487 566 3,000 extraordi
Slide 4: 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 106.0%3 684.2% 13.4% Growth 565 2,901 2,500 187 487 2,371 (33) (1)
Slide 5: 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 debt1 (R’m) 1 1,699 1 Elimination of intercompany interest- 2 bearing lo
Slide 6: 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) 1 2 3 4 1 565 272 Waiver of balance owing in relation to the 3,194 settlement of lease provider / sundry (2) creditor
Slide 7: Recap of Cell C's financial outlook
Recap of Cell C’s financial outlook New capital structure aligned to support Cell C’s business model Detail Near term Medium term • Increased subscriber growth across mobile Net revenue • Improved ARPU, driven by a high-value customer model across prepaid and postpaid • Low to mid single digits • Mi
Slide 8: Legal Disclaimer
Legal Disclaimer IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. This presentation (this “Presentation”) has been prepared by Blu Label Unlimited Group Limited (“BLU”) and Cell C Limited (“the Company”), strictly for discussion purposes in relation to the Company, its subsidiaries, any new
Slide 9: Legal Disclaimer
Legal Disclaimer Certain financial and statistical information in this Presentation has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. The Company uses several key operating measures to track the performance of the portfolio and