Cellnex Telecom S.a. · BME:CLNX
Cellnex Telecom — Cellnex Telecom Sa Ord — Q1 2025 Earnings Presentation
33 slides from Cellnex Telecom's earnings presentation, May 9, 2025
Slide 1: Q1 2025 Results Presentation
Other Relevant Information in compliance with article 227 of Law 6/2023 on the Spanish Securities Market and Investment Services, notified to the Spanish National Securities Market Commission 9th May 2025 Q1 2025 Results Presentation
Slide 2: Agenda
Agenda Marco Patuano CEO Opening Remarks Key Highlights Today’s Raimon Trias Financial Results speakers CFO Q1 2025 Business Performance Juan Gaitan Head of IR 2
Slide 3: Key Highlights
Nr Key Highlights Click to edit Master text styles 3
Slide 4: A story of consistent execution
Key highlights A story of consistent execution Solid performance of key metrics in the quarter Revenues ex-pass throughs €964Mn, +6.3% vs. Q1 2024 organic pro-forma (1) (+1.9% reported) EBITDAaL €566Mn, +8.7% vs. Q1 2024 organic proforma (1) (+5.8% reported) Voluntary redundancy plan in Spain (c.200
Slide 5: Solid execution still to be reflected in the share price
Key highlights Solid execution still to be reflected in the share price 1,839 EBITDAaL (€Mn) 2,386 2,503(1) +36% 2022 – Today 1.9 RLFCF / share (€) 2.5 2.8(2) +46% 2022 – Today Net debt / EBITDA -1.3x 7.7x (IFRS 16) 6.4x 2022 – 2024 Cash shareholder x22 37 return (€Mn) 44 800 2022 – Today Share Pric
Slide 6: Cellnex expects no impact from tariffs
Key highlights Cellnex expects no impact from tariffs The European telecom sector is likely to be more resilient to tariffs increase in a recessionary scenario given its defensive nature and historical ability to withstand economic challenges Cellnex has long-term B2B contracts with clients in place
Slide 7: Share buyback program Update
Key highlights Share buyback program Update SBB execution on track. As of May 2nd, c.22.5 million shares have been acquired at an average price of €33.15 per share Key Figures SBB Characteristics 22.5 million Acquired Number of Shares (3.2% of share capital) Average Acquisition Price Per Share €33.1
Slide 8: Financial outlook reiterated
Key highlights Financial outlook reiterated €Mn Guidance 2025 Guidance 2027 Revenues 3,950 – 4,050 4,320 – 4,520 (ex pass-through) Adjusted 3,275 – 3,375 3,640 – 3,840 EBITDA RLFCF 1,900 – 1,950 2,000 – 2,200 FCF 280 – 380 1,030 – 1,230 Financial and operational metrics on track 8
Slide 9: Q1 2025 Business performance
Q1 2025 Business performance
Slide 10: Reported figures affected by change of perimeter in the period
Q1 2025 business performance Reported figures affected by change of perimeter in the period Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2025 Reported Reported Pro-forma (1) Pro-forma (2) Organic Pro-forma (3) Revenues 946 964 +1.9% 909 954 +4.9% 967 +6.3% Adjusted EBITDA 778 798 +2.6% 746 789 +5.8% 803 +7.7%
Slide 11: Solid performance of all financial and operational metrics
Q1 2025 business performance Solid performance of all financial and operational metrics Q1 2025 Key financial metrics (YoY organic growth) Revenues Adjusted EBITDA EBITDAaL RLFCF FCF (excluding pass-through) (reported) (reported) +6.3% +7.7% +8.7% €351Mn €-66Mn Phasing of cash items Affected by the
Slide 12: Key operational metrics
Q1 2025 business performance Key operational metrics New total PoPs (including BTS) +4.3% Net co-locations +1.8% YoY YoY 2,306 Gross co-locations 1,109 2,048 1,968 Churn +Orange -733 Churn Others -373 1,278 1,238 1,019 849 3 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total PoPs
Slide 13: Organic revenue growth
Q1 2025 business performance Organic revenue growth Organic +c.6.3% +1.9% 30 967 -3 964 946 -37 12 909 15 €Mn Revenues Pro-forma Escalators Co-location BTS Organic FX, Change of Revenues Ireland & Austria Q1 2024 Q1 2024 (1) & CPI Revenues (2) Perimeter & Others Q1 2025 (1) Excluding the contributio
Slide 14: Organic revenue growth – Business lines
Q1 2025 business performance Organic revenue growth – Business lines Towers Organic +c.5.8% +0.3% 22 782 -4 778 776 -37 9 12 739 €Mn Revenues Ireland & Pro-forma Escalators Co-location BTS Organic FX, Change of Revenues Q1 2024 Austria Q1 2024 & CPI Revenues Perimeter & Others Q1 2025 Fiber, Connect
Slide 15: Opex and lease management
Q1 2025 business performance Opex and lease management Excluding Austria & Ireland Operation and maintenance (O&M) -4.5% Q1 24 Q1 25 contracts in Spain to be discontinued as a consequence of the recent redundancy A Staff 71 70 plan announced (c.200 FTEs) headcount €Mn Excluding Austria & Ireland 69
Slide 16: Focus on operating leverage
Q1 2025 business performance Focus on operating leverage Efficiency measures help absorb inflation, offset the incremental cost associated with a growing perimeter, improve margins and generate operating leverage B +8.7% +7.7% A +6.3% A Operational Efficiency B Management of Leases Organic Organic O
Slide 17: Debt maturities
Q1 2025 business performance Debt maturities 3,875 4,000 150 Key Highlights 700 Liquidity of c.€4.7Bn: c.€1.5Bn cash and c.€3.2Bn undrawn credit lines 3,000 2,624 33 Fixed rate debt c.80% 850 2,245 2,204 280 280 Gross debt c.€18.3Bn (bonds and other 61 86 instruments) 2,000 1,737 500 1,885 608
Slide 18: Outlook – phasing 2025
Q1 2025 business performance Outlook – phasing 2025 3,275 – 3,375 1,900 – 1,950 All key metrics to increase every quarter due to current operations and profile of cash outflows 280 – 380 On track to meet our 2025 Q1 Q2 Q3 Q4 FY 2025 outlook Adjusted EBITDA RLFCF FCF Payment of leases Interest paid T
Slide 19: Annex
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Slide 20: Satellites in the telecom market
Satellites in the telecom market Satellite data connectivity solutions are a complementary to terrestrial networks Satellites communications challenges The risk to telecom operators from satellite communication services is limited Distance strongly Performance will be very Mobile & Fixed Capacity is
Slide 21: Focus on crystallizing value co-creation opportunities with clients
Focus on crystallizing value co-creation opportunities with clients Agreement with +O mitigating consolidation risk in Spain Cellnex to provide flexibility to the new entity on its network strategy in exchange for a single contract (larger site perimeter), maturity extension (all PoPs now anchor unt
Slide 22: Cellnex expects limited impact from MNO consolidation processes in Europe
Cellnex expects limited impact from MNO consolidation processes in Europe MNOs What happened? Country Management of impact The merger between Wind and 3 Italia occurred in Merger approved with remedies creating a new entrant – Iliad, resulting 2016 after regulatory approval, combining Wind and 3 in
Slide 23: Accelerating shareholder remuneration through a €800Mn share buyback in 2025
Accelerating our shareholder remuneration commitments through a €800Mn share buyback in 2025 Additional capital allocation Progress Update RLFCF per share accretion strategies until 2030 Accelerated €800Mn +16% shareholder Share Buyback 2.4 2.8 remuneration subject to benefitting from current share
Slide 24: Pro-forma – excluding Ireland and Austria perimeter
Pro-forma – excluding Ireland and Austria perimeter Pro-forma Pro-forma Pro-forma Pro-forma CAGR 2023 2024 2025E (1) 2027E (2) 2023-2027 €Mn Revenues (ex pass-through) 3,515 3,790 3,945 – 4,045 4,320 – 4,520 +c.6% Adjusted EBITDA 2,880 3,117 3,265 – 3,365 3,640 – 3,840 +c.7% Adjusted EBITDAaL 2,078
Slide 25: Revenues to FCF
Revenues to FCF €Mn Q1 2024 Q1 2025 Q1 2024 Q1 2025 Towers 776 778 Recurring Levered FCF 384 351 Fiber, Connectivity & Housing Services 47 58 Expansion Capex -92 -66 DAS, Small Cells and RAN 59 62 Tower Expansion Capex -58 -35 Broadcast 64 66 Other Business Expansion Capex -8 -8 +6.3% Revenues 946 9
Slide 26: Balance Sheet
Balance Sheet €Mn Dec 2024 Q1 2025 Dec 2024 Q1 2025 Non Current Assets 40,258 40,296 Shareholders’ Equity 15,324 15,065 Property, plant and equipment 12,451 12,698 Non Current Liabilities 24,545 24,280 Intangible assets 22,916 22,667 Bank borrowings and bond issues 17,037 16,915 Right-of-use assets
Slide 27: Income Statement
Income Statement €Mn Q1 2024 Q1 2025 Revenues 1,037 1,074 Operating Expenses -259 -277 Non-recurring expenses and non-cash items -12 -102 a Reorganization plan in Spain agreed in March 2025 Depreciation & amortization -651 -647 Result from the los of control of consolidated companies 0 67 b Capital
Slide 28: Definitions
Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs Term Definition Adjusted EBITDA Adjusted EBITDA relates to the “Operating profit” before “Depreciation, amortization and results from disposals of fixed assets” and after adding back certain non-r
Slide 29: Definitions
Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs Term Definition EBITDAaL Margin EBITDAaL Margin corresponds to EBITDAaL, divided by "revenues ex pass through". Thus, it excludes elements passed through to customers from both expenses and revenu
Slide 30: Definitions
Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs Term Definition Net Financial Debt The Net Financial Debt corresponds to “Gross Financial Debt” less “Cash and cash equivalents” and "Other financial assets". Together with Gross Financial Debt, t
Slide 31: Non-IFRS and Alternative Performance Measures (APMs)
Non-IFRS and Alternative Performance Measures (APMs) This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”) and derived from our financial statements, alternative performance measures (“APMs”) as defined i
Slide 32: Disclaimer
Disclaimer The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied upon. In this regard, the persons to whom this presentation is delivered are invited to
Slide 33: IR Team & Supplemental Materials
IR Team & Supplemental Materials Contact our Investor Relations team Investor Relations Director Investor Relations Manager Juan José Gaitán Gonzalo García-Carretero Investor Relations Senior Analyst Investor Relations Analyst investor.relations@cellnextelecom.com María Gómez Daniel Pradas Q1 2025 R
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