Cellnex Telecom S.a. · BME:CLNX
Cellnex Telecom — Cellnex Telecom Sa Ord — H1 2025 Earnings Presentation
28 slides from Cellnex Telecom's earnings presentation, Aug 1, 2025
Slide 1: H1 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 H1 2025 Results Presentation
Slide 2: Agenda
Agenda Marco Patuano CEO Opening Remarks Key Highlights Today’s Raimon Trias Financial Results speakers CFO H1 2025 Business Performance Maria Carrapato 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 Strong delivery on key metrics Revenues ex pass-through up 6.0% yoy to €1,942Mn, on an organic pro-forma basis (1) (1.1% reported) EBITDAaL of €1,157Mn, up 8.1% on organic proforma numbers (1) (+3.8% reported) RLFCF per share improving +10.2% Odido’s lo
Slide 5: Cellnex industrial value proposition
Key highlights Cellnex industrial value proposition seeks to maximize value over the years, while being THE partner of choice of its clients Cellnex’s business model underpinned by solid fundamentals, with strong FCF visibility Robustness of our MSA Key technological enabler ✓ Long term initial cont
Slide 6: Adding some perspective to the French market
Key highlights Adding some perspective to the French market Cellnex France Clients & Contracts Ran Sharing Contract Maturity + Extensions Escalator CROZON New Deal Mobile MSA 2039 + 5+ 5 … Fixed 2% 26,259 Sites MSA 2037-2042 + 5 + 5 … Fixed 2% As is 2/3 of the country (57% of Improving coverage qual
Slide 7: Renewal of agreements and new contracts
Key highlights Renewal of agreements and new contracts RAN Sharing agreement Odido agreement with Telefónica: From 1st July, DIGI operates in Spain the spectrum acquired as remedy taker of the MasOrange merger. DIGI and Telefonica Key infrastructure agreements renewed: reinforcing our announced in p
Slide 8: ESG – Key achievements and initiatives
Key highlights ESG – Key achievements and initiatives A leader in sustainability included in major sustainability indexes, with best-in-class ratings and considered one of the most sustainable companies in the world. Included for the 2nd consecutive year among the 20 most sustainable companies in th
Slide 9: H1 2025 Business performance
H1 2025 Business performance
Slide 10: Strong organic performance unlocking operating leverage
H1 2025 business performance Strong organic performance unlocking operating leverage H1 2024 H1 2025 H1 2024 H1 2025 Reported Reported Pro-forma (1) Organic Pro-forma (2) Revenues 1,921 1,942 1.1% 1,846 1,958 6.0% €Mn Adjusted EBITDA 1,578 1,605 1.7% 1,512 1,622 7.3% €Mn EBITDAaL 1,114 1,157 3.8% 1,
Slide 11: Solid performance of all financial and operational metrics
H1 2025 business performance Solid performance of all financial and operational metrics H1 2025 Key financial metrics (YoY organic growth) Revenues Adjusted EBITDA EBITDAaL RLFCF FCF (excluding pass-through) (reported) (reported) 6.0% 7.3% 8.1% €832Mn €19Mn Steady normalization of Expected cash in f
Slide 12: Key operational metrics
H1 2025 business performance Key operational metrics YoY Total PoPs (including BTS). Pro-forma +4.0% YoY 175,847 169,599 Net co-locations +1.5% 1.8% Excluding +Orange YoY YoY withdrawals New PoPs from BTS +2.5% YoY H1 2024 H1 2025 Q2 2025 Growth in total PoPs from co-location and BTS in the quarter
Slide 13: Organic revenue growth
H1 2025 business performance Organic revenue growth +1.1% 57 1,958 -16 1,942 1,921 -75 24 1,846 31 Organic +c.6.0% €Mn Revenues Pro-forma Escalators Co-location BTS Organic FX, Change of Revenues Ireland & Austria H1 2024 H1 2024 (1) & CPI Revenues (2) Perimeter & Others H1 2025 (1) Excluding the co
Slide 14: H1 2025 Performance: Organic revenue growth – Towers
H1 2025 business performance H1 2025 Performance Organic revenue growth – Towers -0.3% 1,573 -75 42 1,576 -9 1,568 12 25 1,498 Organic +c.5.2% €Mn Revenues Ireland & Pro-forma Escalators Co-location BTS Organic FX, Change of Revenues H1 2024 Austria H1 2024 (1) & CPI Revenues (2) Perimeter & Others
Slide 15: H1 2025 Performance: Organic revenue growth – Other business lines
H1 2025 business performance H1 2025 Performance Organic revenue growth – Other business lines Other business lines revenues Fiber, Connectivity & Housing Services DAS, Small Cells and RAN Broadcast 129 132 +c.2.0% 126 +c.2.8% 116 +c.20.8% 123 96 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Stron
Slide 16: Opex and lease management
H1 2025 business performance Opex and lease management As reported numbers Pro-forma excluding Austria & Ireland Operation and maintenance (O&M) H1 24 H1 25 contracts in Spain to be discontinued as a -6.5% consequence of the recent redundancy Staff 140 140 €Mn FTEs plan announced H1 24 H1 25 Repair
Slide 17: Debt maturities
H1 2025 business performance Debt maturities As of August 1st 3,985 4,000 108 150 Key highlights 700 ✓ Liquidity of c.€4.9Bn: c.€1.6Bn cash and c.€3.3Bn undrawn credit lines 3,000 2,625 34 ✓ Fixed rate debt c.78% 850 2,183 2,208 280 280 2,290 ✓ Gross debt c.€18.7Bn (bonds and other 61 86 1,915 instr
Slide 18: Financial outlook reiterated
H1 2025 business performance Financial outlook reiterated €Mn Guidance 2025 (1) Revenues 3,950 –4,050 (ex pass-through) Adjusted 3,275 –3,375 EBITDA RLFCF 1,900 –1,950 FCF 280 –380 All public targets confirmed (1) Includes: Ireland c.2 months impact and interest expense associated with incremental d
Slide 19: Annex
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Slide 20: Revenues to FCF
Revenues to FCF €Mn Jan-Jun Jan-Jun Jan-Jun Jan-Jun 2024 2025 2024 2025 Towers 1,573 1,568 Recurring Levered FCF 781 832 Fiber, Connectivity & Housing Services 96 116 Expansion Capex -198 -154 DAS, Small Cells and RAN 123 126 Tower Expansion Capex -128 -85 Broadcast 129 132 Other Business Expansion
Slide 21: Balance Sheet
Balance Sheet €Mn Dec 2024 Jun 2025 Dec 2024 Jun 2025 Non Current Assets 40,258 40,067 Shareholders’ Equity 15,324 14,288 Property, plant and equipment 12,451 12,824 Non Current Liabilities 24,545 24,704 Intangible assets 22,916 22,251 Bank borrowings and bond issues 17,037 17,257 Right-of-use asset
Slide 22: Income Statement
Income Statement €Mn Jan-Jun Jan-Jun 2024 2025 Revenues 2,119 2,149 Operating Expenses -542 -545 Non-recurring expenses and non-cash items -28 -96 a Reorganization plan in Spain agreed in March 2025 Depreciation & amortization -1,344 -1,323 Result from the loss of control of consolidated companies -
Slide 23: 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 24: 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 25: 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 26: Non-IFRS and Alternative Performance Measures
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 27: 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 28: IR Team & Supplemental Materials
IR Team & Supplemental Materials Investor Relations Director Investor Relations Manager Contact our Investor Relations team Maria Carrapato Gonzalo García-Carretero Investor Relations Senior Analyst Investor Relations Analyst investor.relations@cellnextelecom.com María Gómez Daniel Pradas H1 2025 Re
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