Cell C Holdings Ltd. · JSE:CCD
Cell C — FY2026 Earnings Presentation
31 slides from Cell C's earnings presentation, Aug 21, 2026
Slide 1: Cell C Holdings Limited Full year results
Cell C Holdings Limited Full year results For the period ending 31 May 2026 21 August 2026
Slide 2: Agenda
Agenda 01 02 03 04 05 2026 Highlights Business Update Financial Performance Outlook and Priorities Q&A
Slide 3: 2026 Highlights
2026 Highlights Jorge Mendes Chief Executive Officer
Slide 4: 2026 Key Messages
2026 Highlights Business Update Financial Performance Outlook and Priorities 2026 Key Messages Prepaid delivering strong growth CEC acquisition and integration Wholesale scaling on the strength of in a tough market restores full postpaid control our MVNO ecosystem Sustained Network and Customer Well
Slide 5: Financial & Operational Highlights 2026
2026 Highlights Business Update Financial Performance Outlook and Priorities Financial & Operational Highlights | 2026 Revenue EBITDA HEPS Service revenue Excluding one off items EPS 2,341 cents 2 ZAR 11 641m ZAR 2 381m ZAR 12 641m ZAR 5 509m 2,338 cents 2 Capex Debt Free Cashflow Total PPE and Inta
Slide 6: Business Update
Business Update Jorge Mendes Chief Executive Officer
Slide 7: Platform-Led Growth: Cell C's Revenue Mix FY26
2026 Highlights Business Update Financial Performance Outlook and Priorities Platform - Led Growth: Cell C’s Revenue Mix | FY26 Prepaid: Growth accelerating Service Revenue Contribution % Postpaid: Positioned for growth (+9,7%) (+1,2%) • Gross prepaid revenue growth improved • Reported growth absorb
Slide 8: FY26 Key Achievements: Listing, Network & Growth
2026 Highlights Business Update Financial Performance Outlook and Priorities FY26 Key Achievements: Listing, Network & Growth Listed & Restructured Network Credibility Proven Platform Growth & Commercial Scale Successfully completed the Network quality leadership is now The commercial model continue
Slide 9: FY26 Key Achievements: Customer, Brand & Reputation
2026 Highlights Business Update Financial Performance Outlook and Priorities FY26 Key Achievements: Customer, Brand & Reputation Customer & Digital Brand & Reputation Transformation Customer advocacy reached record A stronger brand, more engaged levels as digital channels increasingly workforce and
Slide 10: Cell C 2030 | The Next Horizon
2026 Highlights Business Update Financial Performance Outlook and Priorities Cell C 2030 | The Next Horizon A differentiated strategy to drive sustainable growth, scalable returns, and long - term value creation To build South Africa's most agile, capital - efficient connectivity platform Building B
Slide 11: Financial Performance
Financial Performance El Kope Chief Financial Officer
Slide 12: Financial & Operational Highlights 2H26
2026 Highlights Business Update Financial Performance Outlook and Priorities Financial & Operational Highlights | 2H26 Revenue EBITDA HEPS Service revenue Excluding one off items EPS 452 cents 1 ZAR 6 019m ZAR 1 464m ZAR 6 961m ZAR 1 297m 455 cents 1 Capex Debt Free Cashflow Capex intensity Includin
Slide 13: Prepaid
2026 Highlights Business Update Financial Performance Outlook and Priorities Prepaid Strong growth in net revenues as customer revenues grow and historical discounts normalise Net prepaid revenue ( ZARm ) Prepaid subscribers (‘000) 3074 3000 2693 2735 8068 2601 8000 7831 6915 2000 7000 6774 6000 100
Slide 14: Postpaid
2026 Highlights Business Update Financial Performance Outlook and Priorities Postpaid Integration of CEC now complete with improved outlook for postpaid Postpaid revenue ( ZARm ) Postpaid subscribers (‘000) 1600 1 000 1200 42 848 798 785 802 800 800 600 1136 1158 1162 1160 400 400 200 0 0 1H25 2H25
Slide 15: Wholesale
2026 Highlights Business Update Financial Performance Outlook and Priorities Wholesale Strong momentum in wholesale continues Wholesale revenue ( ZARm ) MVNO HLR subscribers (‘000) 1000 6000 920 5713 840 800 780 5106 5000 686 4489 600 3939 4000 400 3000 200 0 2000 1H25 2H25 1H26 2H26 1H25 2H25 1H26
Slide 16: Other Business Segments
2026 Highlights Business Update Financial Performance Outlook and Priorities Other Business Segments Termination rates remain a drag on performance while Enterprise remains key focus area Other revenue ( ZARm ) MTR glide path (cents) 14 13 995 971 1000 12 886 865 800 10 9 9 8 600 7 6 5 5 400 4 4 4 2
Slide 17: Equipment Revenue
2026 Highlights Business Update Financial Performance Outlook and Priorities Equipment Revenue Equipment sales to improve in 2027 following CEC integration Equipment revenue ( ZARm ) Devices sold 1000 140 131.695 120.934 120 800 103.818 106.459 100 600 80 916 942 60 400 40 200 20 70 49 58 0 0 1H25 2
Slide 18: EBITDA
2026 Highlights Business Update Financial Performance Outlook and Priorities EBITDA EBITDA in 2H26 period more reflective of underlying performance 1H25 2H25 1H26 2H26 IFRS EBITDA 777 1 327 4 212 1 297 Items impacting EBITDA Transaction costs 233 - TPC costs 20 28 40 - Airtime breakage - 20 - 36 44
Slide 19: Capex
2026 Highlights Business Update Financial Performance Outlook and Priorities Capex Continued investment in technology capex benefiting from asset light operating model Capex ( ZARm ) Technology Capex ( ZARm ) 1000 500 895 800 400 390 347 329 600 502 300 477 240 443 400 59 200 335 59 78 200 390 100 3
Slide 20: EBITDA
2026 Highlights Business Update Financial Performance Outlook and Priorities EBITDA EBITDA supported by the inclusion of CEC into the 2H26 period 31.9% YoY 2000 2000 1800 1800 1600 1600 167 1464 1400 1327 1400 1297 1200 1200 1110 - 217 1000 1000 800 800 600 600 400 400 200 200 0 0 2H25 Adjustments A
Slide 21: Revenue & EBITDA
2026 Highlights Business Update Financial Performance Outlook and Priorities Revenue & EBITDA Normalised performance in 2H26 period with the inclusion of CEC Revenue EBITDA Adjusted ( ZARm ) 8000 1800 7000 1600 958 1400 6000 1200 5000 307 1000 4000 6961 800 1464 3000 5680 5580 5559 600 1110 2000 927
Slide 22: Revenue
2026 Highlights Business Update Financial Performance Outlook and Priorities Revenue Revenues supported by CEC integration, discount normalisation and strong wholesale performance 14000 13000 881 12641 293 12000 515 29 - 215 11138 11000 10000 9000 8000 FY25 Prepaid Postpaid Wholesale Other Equipment
Slide 23: Free Cashflow (FY)
2026 Highlights Business Update Financial Performance Outlook and Priorities Free Cashflow | (FY) Full year Cashflow impacted by restructuring transaction 4000 3500 1050 3000 2500 2381 - 810 2000 - 820 - 60 1500 1056 1000 - 685 500 0
Slide 24: Free Cashflow (H2)
2026 Highlights Business Update Financial Performance Outlook and Priorities Free Cashflow | (H2) Cashflow improved in second half period 1600 1464 0 1400 1200 1000 - 415 - 41 - 13 800 703 - 292 600 400 200 0
Slide 25: Summary Statement of Comprehensive Income
2026 Highlights Business Update Financial Performance Outlook and Priorities Summary Statement of Comprehensive Income Resilient Financial performance 1H26 2H26 2026 Revenue 5 680 6 961 12 641 Other Income 4 302 573 4 875 Direct expenses - 3 717 - 3 990 - 7 707 Employee benefits expense - 492 - 500
Slide 26: Summary Statement of Financial Position
2026 Highlights Business Update Financial Performance Outlook and Priorities Summary Statement of Financial Position Material YoY improvement in balance sheet 2025 2026 Non - current assets 3 857 6 844 Deferred Tax Asset 2 025 2 025 Intangible 1 339 2 594 Other 493 2 225 Current assets 1 217 3 395 T
Slide 27: Summary cashflow statement
2026 Highlights Business Update Financial Performance Outlook and Priorities Summary cashflow statement Cash from operating activities to accelerate 2025 2026 Net cash flows from operations 1 886 1 707 Finance costs paid - 25 - 43 Income taxes paid -6 - 59 Net cash flows from operating activities 1
Slide 28: Outlook and Priorities
Outlook and Priorities Jorge Mendes Chief Executive Officer
Slide 29: Guidance for 2027
2026 Highlights Business Update Financial Performance Outlook and Priorities Guidance for 2027 Guidance reflects improving operational momentum and the benefits of recent structural actions Adjusted Revenue 2026 Adjusted EBITDA 2026 Cash capex 2026 13 599m 2 688m 1 810m Revenue growth 2027 EBITDA 20
Slide 30: Focus areas for coming period
2026 Highlights Business Update Financial Performance Outlook and Priorities Focus areas for coming period Priorities aligned to sustaining momentum and strengthening returns Drive profitable growth in Compound and diversify our Prepaid and Postpaid platform - led growth Effective management of Cont
Slide 31: Thank you
Thank you