Cellnex Telecom S.a. · BME:CLNX
Cellnex Telecom — Cellnex Telecom Sa Ord — 9M 2025 Earnings Presentation
33 slides from Cellnex Telecom's earnings presentation, Nov 7, 2025
Slide 1: 9M 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 9M 2025 Results Presentation
Slide 2: Agenda
Agenda Marco Patuano CEO MAIN HIGHLIGHTS 9M 2025 RESULTS Raimon Trias Today’s speakers CFO MNO CONSOLIDATION WRAP UP Maria Carrapato Head of IR 2
Slide 3: Main Highlights
Nr Mainto Click Highlights edit Master text styles 3
Slide 4: Main Highlights
Main Highlights Increased shareholder remuneration, consistent execution, delivering on strategy Strong delivery on key financial metrics with organic proforma growth trends intact in 9M25: +5.7% revenues; +6.9% Adj. EBITDA; +7.5% EBITDAaL; +9.4% RLFCF, 13.2% RLFCF per share €1Bn Shareholder remuner
Slide 5: Strong operational leverage driving profitability and cash flow growth
Main Highlights Strong operational leverage driving profitability and cash flow growth 9M 25 13.2% 9.4% 7.5% 6.9% 5.7% Shareholder Value Optimizing Creation Management Capital Operational of Leases Structure Efficiency Organic Organic Organic RLFCF RLFCF per Revenue EBITDA EBITDAaL Growth Share Grow
Slide 6: €1Bn Shareholder remuneration by the end of 2026, c.5.4% total yield
Main Highlights STRICTLY CONFIDENTIAL €1Bn Shareholder remuneration by the end of 2026, c.5.4% total yield ✓ Updated Commitment €500Mn ordinary dividend payment starting in 2026 growing at 7.5% per annum until 2030 €1Bn Semi-annual dividend payment in January €250Mn and July €500Mn €250Mn 2026 Share
Slide 7: Financial outlook reiterated
9M 2025 Results Financial outlook reiterated €Mn Guidance 2025 (1) Guidance 2027 (2) 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 All public targets confirmed (1) Includes: Ireland c.2 months
Slide 8: 9M 2025 Results
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Slide 9: Solid performance of all financial and operational metrics
9M 2025 Results Solid performance of all financial and operational metrics 9M 2025 Key financial metrics (YoY organic proforma growth) (1) Revenues Adjusted EBITDA EBITDAaL RLFCF FCF (excluding pass-through) (reported) (reported) +5.7% +6.9% +7.5% €1,300Mn €187Mn Well on-track to meet 2025 target 9M
Slide 10: Revenue performance
9M 2025 Results Revenue performance Consistent growth driven by CPI and escalators, alongside robust execution in new PoPs rollouts Consolidated Revenue Growth Tower Revenue Growth +1.2% +0.0% 85 2,951 -14 2,937 2,903 -112 46 29 2,376 -112 63 2,380 -3 2,377 2,791 16 2,264 38 Organic Organic +c.5.7%
Slide 11: Revenue performance
9M 2025 Results Revenue performance Fiber, Connectivity & Housing Services DAS & Small Cells & RANaaS Broadcasting YoY +20.2% YoY 0.8% YoY +1.5% +6.2% adjusting for O&M 197 194 186 188 176 146 9M 24 9M 25 9M 24 9M 25 9M 24 9M 25 Strong growth in Fiber Slower DAS & SC & RAN growth revenues due to con
Slide 12: PoPs Evolution
9M 2025 Results PoPs Evolution YoY Strong PoPs growth reflecting higher densification and despite consolidation in key markets +4.1% YoY (1) Consolidated PoPs EOP YoY +4.1% YoY +9.4% YoY +1.9% YoY +2.2% 171K 178k 29K 32K 49K 50k 19K 20K 1.21x 1.21x 2.17x 2.20x 1.44x 1.46x Q324 Q424 Q125 Q225 Q325 Q3
Slide 13: Operational Efficiency & Industrial Focus
9M 2025 Results Operational Efficiency & Industrial Focus 9M 2025 - YoY Driving a scalable, data-driven, and cost-efficient operating model driving +1.8% Pro-forma excluding contribution to EBITDAaL margin Austria & Ireland Key Levers of Efficiency Impact Process automation and operational efficienc
Slide 14: Efficient capital deployment driving strong cash generation
9M 2025 Results Efficient capital deployment driving strong cash generation Reported FCF bridge €(Mn) 1,787 3 -68 -327 1,300 -69 -25 Strong RLFCF generation driven by operational -281 performance, efficient capital structure and tax shield benefits 77 187 -910 EBITDA Maint. Working Interest Tax Div.
Slide 15: Efficient capital deployment driving strong cash generation
9M 2025 Results Efficient capital deployment driving strong cash generation FCF (€Mn) adjusted for remedies 322 Cash flow generation accelerating 187 Cash flow generation accelerating, supported 357 77 by lower capital intensity Remedies cashed-in 109 FCF adjusted for remedies -35 9M 24 9M 25 Increa
Slide 16: Debt maturities and ratios
9M 2025 Results Debt maturities and ratios 3,950 Key highlights 4,000 108 ✓ Liquidity of c.€4.8Bn: c.€1.4Bn cash and c.€3.3Bn undrawn 150 700 credit lines 2,633 3,000 42 ✓ Fixed rate debt c.78% 2,208 850 2,184 2,290 280 ✓ Gross debt c.€18.7Bn (bonds and other instruments) 61 86 1,915 2,000 1,740 500
Slide 17: MNO Consolidation: Cellnex an enabler of WIN-WIN outcomes
MNO Consolidation Cellnex an enabler of WIN-WIN outcomes
Slide 18: MNO Consolidation
MNO Consolidation MNO Consolidation MNO consolidations and network sharing present both opportunities and risks Industry dynamics pressuring Consolidation & Net Sharing Implications for Cellnex MNOs TowerCos Existing protections Market Repair Opportunities Executed • Consent needed, Cellnex will be
Slide 19: Consolidation and Regulation Shaping Europe’s Telecom Investment Outlook
MNO Consolidation Consolidation and Regulation Shaping Europe’s Telecom Investment Outlook Growing consensus among MNOs: scale, simplified regulation, and network sharing are essential to sustain long-term investment Vodafone – Press Release “VodafoneThree signs “VodafoneThree’s £11bn investment wil
Slide 20: MNO Consolidation in Key Markets – Spain and the UK
MNO Consolidation MNO Consolidation in Key Markets – Spain and the UK Consolidation dynamics in both Spain and the UK reinforce Cellnex’s strategic positioning and visibility, with a healthier MNO ecosystem driving additional market investments Stronger strategic partnerships with better capitalized
Slide 21: MNO Consolidation in Key Markets – France
MNO Consolidation MNO Consolidation in Key Markets – France Cellnex operates around 32k Pops in France, of which over 80% under “all or nothing” contracts and c.57% outside dense areas Limited potential for churn based on detailed analysis of dense areas, according to traffic intensity and inter sit
Slide 22: Wrap Up
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Slide 23: Enhanced shareholder remuneration, executing on our strategy, reinforcing the resilience of our business model
Wrap Up Enhanced shareholder remuneration, executing on our strategy, reinforcing the resilience of our business model Strong Operating and Financial delivery across the board, on track to achieve all targets Reinforced commitment to shareholder returns reflecting our deep conviction in the fundamen
Slide 24: Annex
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Slide 25: Revenues to FCF
Revenues to FCF €Mn Jan-Sep Pro- Jan-Sep Pro- Jan-Sep Pro- Jan-Sep Pro- 2024 forma 2025 forma 2024 forma 2025 forma Jan-Sep Jan-Sep Jan-Sep Jan-Sep 2024 (1) 2025 (1) 2024(1) 2025 (1) Towers 2,376 2,264 2,377 2,366 Recurring Levered FCF 1,256 1,181 1,300 1,292 Fiber, Connectivity & Housing Services 1
Slide 26: Balance Sheet
Balance Sheet December September December September €Mn €Mn 2024 2025 2024 2025 Non Current Assets 40,258 39,353 Shareholders’ Equity 15,324 14,004 Property, plant and equipment 12,451 12,465 Non Current Liabilities 24,545 24,750 Intangible assets 22,916 21,866 Bank borrowings and bond issues 17,037
Slide 27: Income Statement
Income Statement €Mn Jan-Sep Jan-Sep 2024 2025 Revenues 3,202 3,252 Operating Expenses -816 -816 Non-recurring expenses and non-cash items -45 -99 a Depreciation & amortization -1,951 -1,976 Reorganization plan in Spain agreed in March 2025 a Results from the loss of control of consolidated companie
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 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 Q3 2025 Re
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