Johannesburg: TECHz – News Desk
In its first financial report since listing on the Johannesburg Stock Exchange (JSE) on November 27, 2025, Cell C has identified its Mobile Virtual Network Operator (MVNO) business as a primary engine for growth. The company’s overall results for the six-month period ended November 30, 2025, reflect a transition phase following major restructuring. However, the Wholesale segment, which houses its MVNO operations, delivered exceptional performance during this period.
The MVNO business has become a central pillar of Cell C’s “asset-light, partnership-led” model, designed to scale through partner ecosystems. Wholesale revenue surged by 22.5% year-on-year, reaching R840 million, while the number of MVNO Home Location Register (HLR) subscribers increased to 5.1 million, representing a gain of approximately 617,000 lines. Data usage per MVNO user also grew substantially, with an 86% year-on-year increase in traffic. As a result, the Wholesale segment’s contribution to Cell C’s total service revenue mix rose by three percentage points, now representing 15% of the total.
Looking ahead, Cell C management views the MVNO platform as a key long-term growth lever. CEO Jorge Mendes emphasized that the Wholesale business continues to “outperform” as the platform scales, enabling the company to diversify revenue beyond traditional connectivity services. The company expects the segment to maintain strong momentum in the second half of the 2026 financial year, with projected growth remaining above 20% year-on-year.
