Slide 1: 2021 Full Year Results
Q4 2021 2021 Full Year Results Consistent delivery with fundamentals unchanged February 25, 2022 Results January – December 2021
Slide 2: Key takeaways
Key takeaways Strong operational and financial performance exceeding all key metrics in 2021 RLFCF growth >60% vs. guidance 50% Consistent and sustainable organic growth Steady progress on ESG CDP “A list” for the 3rd year running and CDP +6.2% new PoPs vs. FY 2020 Strong financial performance Suppl
Slide 3: FY 2021 outlook and actual performance
FY 2021 outlook and actual performance RLFCF growth >60% vs. guidance +c.50% despite Hivory contributing for 2 months only (1) Actual 2021 Guidance 2021 (Hivory 2 months only) Revenues (€Mn) 2,535 - 2,555 2,536 ✓ c.2,562 Key metrics significantly above guidance had Hivory contributed Adjusted EBITDA
Slide 4: Outlook 2022 & 2025
Outlook 2022 & 2025 What are management’s expectations regarding Cellnex’s guidance? Considering ALL impacts, Cellnex reiterates its 2025 outlook and confirms 2022 will perform in line with market consensus 4,100 – 4,300 2,536 3,460 – 3,510 1,608 +c.13% Revenues (€Mn) CAGR 21-25 1 2020A 2 2021A 3 (1
Slide 5: Status of integration processes
Status of integration processes More than 25 successful integrations completed since 2015, of which 15 in 2021 (1) All outstanding integration processes on track Bouygues Cyfrowy Project Omtel Arqiva NOS CKH IE CKH AT CKH DK CKH SW Play T-Mobile CKH IT SFR CKH UK FTTT Polsat H1 22E Closing ON TRACK
Slide 6: Progress on ESG
Progress on ESG E S G Growing with a long-term sustainable Boosting our talent, being diverse and inclusive Showing what we are, acting with integrity environmental approach Dec 2021 Target Dec 2021 Target Dec 2021 Target 2021 2025 2022 2025 2022 Sourcing of renewable Employee engagement (3) 77% ≥75
Slide 7: FY 2021 Business Performance
FY 2021 Business Performance Spain Wanda Metropolitano stadium Results January – December 2021 7
Slide 8: FY 2021 performance: consistent and solid organic growth
FY 2021 performance Consistent and solid organic growth, with a significant contribution from BTS programs Total PoPs Organic PoPs 134,813 84,094 79,173 79,173 FY9M2020 2019 FY9M2021 2020 FY H1 2020 2020 FY H1 2021 2021 >5% organic CAGR 21-25 guidance unchanged Revenues (€Mn) 2,536 RLFCF (€Mn) 1,608
Slide 9: Revenues, Adjusted EBITDA and RLFCF
FY 2021 performance Revenues, Adjusted EBITDA and RLFCF Revenues +58%, Adjusted EBITDA +63% and RLFCF +61% Acceleration of key metrics compared to previous year Jan-Dec Jan-Dec RLFCF (€Mn) 2020 2021 • Telecom Infrastructure Services (TIS Revenues) up mainly due to organic growth, BTS programs and ac
Slide 10: Recurring Levered Free Cash Flow (RLFCF)
FY 2021 performance Recurring Levered Free Cash Flow (RLFCF) Organic growth impact on RLFCF + c.20% + 629 +61% c.20% 981 + 125 610 BTS programs (1): €58Mn Escalators/inflation: €18Mn (2) Efficiencies/synergies: c.€15Mn (3) New colocations and associated revenues: €34Mn (4) FY 2020 Organic growth (5)
Slide 11: Optimization of leases and network synergies on track
FY 2021 performance 2021-2025 plan: optimization of leases and network synergies on track Cellnex confirms plan will generate c.€90Mn-€100Mn efficiencies by 2025 Site actions Efficiencies/synergies 3,125 2,278 €90Mn-€100Mn 1,480 €30Mn-€35Mn 728 €15Mn 1 Q1 2 H1 3 9M 4 FY 2021 FY 2021 FY 2022E 2022 FY
Slide 12: Balance sheet and consolidated income statement
FY 2021 performance Balance sheet and consolidated income statement Balance Sheet (€Mn) Dec Dec Non Current Assets 2020 18,942 2021 36,712 Prudent PPA (1) process leads to allocation to fixed assets Goodwill Fixed Assets 2,734 13,527 5,980 26,666 Goodwill not linked to cash paid over the course of M
Slide 13: Debt maturity profile
Debt maturity profile Financial structure as of 31 December 2021 – Excluding IFRS 16 liabilities Cellnex took advantage of strong bond markets. Currently bank financing is the appropriate source of funding c.87% of our debt is fully hedged and our 2022 bond (3.1% coupon) is expected to be refinanced
Slide 14: Tailor-made growth deals
Tailor-made growth deals In 2021, Cellnex has been able to successfully close c.€18.8Bn of M&A deals Cellnex has additionally agreed deals for c.€1.9Bn (1) for the roll-out of new sites • New BTS program of up to 2,850 sites until 2028 • Sites: c.10,500 • Agreement for the acquisition of up to 2 add
Slide 15: Frequently Asked Questions
Frequently Asked Questions Switzerland Rural Site Results January – December 2021 15
Slide 16: Progress on ESG – 2021 ratings performance
Frequently Asked Questions Progress on ESG – 2021 ratings performance DJSI MSCI FTSE4Good 100 AA 5 4,4 4,2 4,4 73 A 3,8 80 66 3,6 57 60 4 53 AA 60 A A 3 +11% BBB +22% 40 2 BBB +38% BB BB 20 BB 1 B 0 B 0 2017 2018 2019 2020 2021 CCC 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 CDP – Climate chan
Slide 17: Progress on ESG
Frequently Asked Questions Progress on ESG NEW Dow Jones 73 MSCI A Bloomberg 73.4 Sustainability Index Max: 100 ESG Rating Max: AAA Gender-Equality Max: 100 Min: 0 Min: CCC Index Min: 0 The Economic/Governance and Environment scores have increased in such a way that Cellnex stands out for its leader
Slide 18: Focus on the Environmental dimension
Frequently Asked Questions Focus on the Environmental dimension As part of our commitment to the fight against climate change, we have established and approved science-based targets aligned with the ‘Business Ambition for 1.5°C’ Cellnex has designed a Sustainability-Linked Financing Framework to rei
Slide 19: Key ESG initiatives
Frequently Asked Questions Key ESG initiatives Cellnex’s strong commitment with ESG continues to be reflected in ESG ratings and initiatives aiming at helping our communities Cellnex has signed an agreement with UNICEF Spain designed to facilitate equitable access to the COVID-19 vaccine in low- and
Slide 20: Change of perimeter 2022 – Relevant transactions
Frequently Asked Questions Change of perimeter 2022 – Relevant transactions Expected Adjusted EBITDA contribution in 2022 from recent M&A deals Closed / Expected 2022 Expected Adjusted Market Deal EBITDA contribution closing 1 additional month vs. 2021 Closed Feb 2021 c.€3Mn 3 additional months vs.
Slide 21: What are management's expectations regarding Cellnex's guidance?
Frequently Asked Questions What are management’s expectations regarding Cellnex’s guidance? Considering ALL impacts on Cellnex, our 2022 guidance reflects short term effects while our 2025 guidance is reiterated and our Adjusted EBITDA run rate increases Industrial rationale EBITDA evolution Capex e
Slide 22: How are our BTS programs progressing?
Frequently Asked Questions How are our BTS programs progressing? BTS execution has significantly accelerated, showing a trend that should persist in 2022 BTS sites deployed (k’000) BTS Capex (€Mn) 3.2 1,346 1.2 559 0.4 0.3 230 94 2018 2019 2020 2021 2018 2019 2020 2021 France and Italy to remain key
Slide 23: Is MNO consolidation a risk or an opportunity? (I/II)
Frequently Asked Questions Is MNO consolidation a risk or an opportunity? (I/II) Challenges for the tower industry Opportunities • Consolidation deals are usually subject to regulatory restrictions, such as divesting some of the assets or giving back spectrum, which • The consolidation process among
Slide 24: Is MNO consolidation a risk or an opportunity? (II/II)
Frequently Asked Questions Is MNO consolidation a risk or an opportunity? (II/II) Experience shows us that MNO consolidation brings new opportunities due to network rollouts and Cellnex is well positioned to capture this organic growth opportunity 2016: From 4 to 3 2014: From 4 to 3 Wind Tre merger
Slide 25: Cellnex and asset rotation due to interest rates (I/III)
Frequently Asked Questions The Cellnex Cellnex and asset rotation due to interest rates (I/III) Paradox i) Cellnex’s debt is 87% fixed and 13% linked to Euribor… ii) …which is at its lowest level 106% €15.8Bn 104% 13% variable debt (linked to Euribor) 102% 100% 98% 87% fixed debt 96% 94% 92% 90% Tot
Slide 26: Cellnex and asset rotation due to interest rates (II/III)
Frequently Asked Questions The Cellnex Cellnex and asset rotation due to interest rates (II/III) Paradox Cellnex’s deleveraging capacity has gradually increased and would be able to repay all of its debt (i) considering the initial period of its contracted revenues and (ii) even without any addition
Slide 27: Cellnex and asset rotation due to interest rates (III/III)
Frequently Asked Questions The Cellnex Cellnex and asset rotation due to interest rates (III/III) Paradox Rates have increased due to inflationary pressures Cellnex´s revenues (1) have inflation indexation and cash flows are protected from interest rates hikes Starting date Initial term + renewals I
Slide 28: What are Cellnex's Engineering Services?
Frequently Asked Questions What are Cellnex’s Engineering Services? Cellnex carries out certain works and studies such as adaptation, engineering and design services on Cellnex’s network (“Engineering Services”) “Works and studies” “Installation services” When a new PoP is installed, the following I
Slide 29: Innovative 5G projects
Frequently Asked Questions Innovative 5G projects Cellnex is leading innovation projects to provide disruptive solutions based on 5G technology 5G Pilot in Algeciras Port 5G solutions in Barcelona metropolitan area (1) Virtual Reality, Augmented Reality, video processing and edge computing services
Slide 30: What is Cellnex's firepower?
Frequently Asked Questions What is Cellnex’s firepower? Targeted pipeline of up to c.€18Bn (1), of which c.€10.2Bn (2) already committed Crystallization of Identified Opportunities TRANSACTION c.€18Bn CONSIDERATION STRUCTURE FLEXIBILITY FLEXIBILITY Trans- formational The Additional Tower Deals(4) Au
Slide 31: Definitions
Definitions Term Definition Profit from operations before D&A and after adding back certain non-recurring and non-cash items (such as advances to customers and prepaid expenses). Adjusted Adjusted EBITDA EBITDA is an APM. Please see slide 34 for certain information on the limitations of APMs Adjuste
Slide 32: Definitions
Definitions Term Definition MNO Mobile Network Operator Net Debt Excludes PROFIT grants and loans Includes new third party colocations as well as further initiatives carried out in the period such as special connectivity projects (please see slide 8 Q320 Results New colocations and Associated Presen
Slide 33: 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 34: Non-IFRS and alternative performance measures
Non-IFRS and alternative performance measures 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 in the G
Slide 35: Essential information available on the Investor Relations section
Essential information available on the Investor Relations section of Cellnex’s website for further details on key items Q4 2021 Results Backup Excel File https://www.cellnextelecom.com/en/investor-relations/quaterly-results/ FY 2021 Integrated Annual Report https://www.cellnextelecom.com/en/investor