Slide 1: The next chapter of Cellnex's equity story has taken off
Other Relevant information in compliance with article 227 of the Consolidated Text of the Spanish Securities Markets Law, notified to the Spanish National Securities Market Commission The next chapter of Cellnex’s equity story has taken off Full Year Results January – December 2022 March 1st, 2023 R
Slide 2: Key highlights
Key highlights • FCF trending to neutral by the end of 2023 • Committed to securing BBB- by S&P (by 2024 the latest) and maintaining BBB- by Fitch, with On track to meet the “Next generation of organic growth and efficiencies plan on track 1 Chapter” targets • Open to assess opening the capital of s
Slide 3: FY 2022 Business Performance
FY 2022 Business Performance
Slide 4: FY 2022 performance vs. guidance and 2023 outlook
FY 2022 performance vs. guidance and 2023 outlook 2022 financial performance in line with guidance and 2023 guidance implying a double-digit growth in key metrics Guidance 2022 Actual 2022 Guidance 2023 Revenues (€Mn) 3,405 – 3,455 3,499 ✓ 4,100 – 4,300 Adjusted EBITDA (€Mn) 2,610 – 2,660 €2,630 ✓ 2
Slide 5: FY 2022 performance: consistent and solid organic growth
FY 2022 performance Consistent and solid organic growth generation, with a significant contribution from BTS PoPs – Total PoPs – Organic Growth 147,581 142,950 134,813 134,813 FYFY2021 2021 FYFY2022 2022 FY FY 2021 2021 FY 2022 FY 2022 Revenues (€Mn) RLFCF (€Mn) 3,499 1,368 2,536 981 FYFY2021 2021 F
Slide 6: Revenues, Adjusted EBITDA and RLFCF
FY 2022 performance Revenues, Adjusted EBITDA and RLFCF Revenues +38%, Adjusted EBITDA +37% and RLFCF +39% Metrics evidence continued strong performance Jan-Dec Jan-Dec RLFCF (€Mn) 2021 2022 Telecom Infrastructure Services 2,214 3,163 • Telecom Infrastructure Services up mainly due to organic growth
Slide 7: Recurring Levered Free Cash Flow (RLFCF)
FY 2022 performance Recurring Levered Free Cash Flow (RLFCF) Organic growth impact on RLFCF +21% +39% +525 1,368 +21% 981 +204 (1) BTS programs (2): €84Mn Escalators/inflation: €57Mn Efficiencies/synergies: c.€20Mn New colocations and associated revenues: €44Mn FY 2021 Organic growth Change of Mainl
Slide 8: 2021–2025 plan: optimization of leases on track
FY 2022 performance 2021 – 2025 plan: optimization of leases on track Cellnex’s 2021-2025 efficiencies/synergies plan well on track Expected to generate c.€90Mn-€100Mn efficiencies by 2025 Site actions Efficiencies/synergies 3,349 c.€90Mn-€100Mn 2,866 Strong control on leases ensuring an excellent p
Slide 9: Balance sheet and consolidated income statement
FY 2022 performance Balance sheet and consolidated income statement Dec Dec Balance Sheet (€Mn) Non Current Assets 2021 36,765 2022 41,997 Prudent PPA (1) process leads to maximization of the allocation to Goodwill 5,953 6,718 Fixed Assets Right of Use 26,682 3,346 30,818 3,438 a fixed assets, whils
Slide 10: Financial structure as of February 2023
FY 2022 performance Financial structure as of February 2023 Total available and fully contracted liquidity of c.€4.4Bn 280 152 700 (3) Key highlights 800 56 500 ✓ Liquidity of c.€4.4Bn: c.€1.1Bn cash and 102 c.€3.3Bn undrawn credit lines 850 90 188 80 61 500 ✓ Fixed rate debt c.77% 450 91 330 750 65
Slide 11: Frequently Asked Questions
Frequently Asked Questions Results January – December 2022 11
Slide 12: How does inflation impact Cellnex's 2025 guidance?
Frequently Asked Questions How does inflation impact Cellnex’s 2025 guidance? If current high inflation levels are sustained, Cellnex’s 2025 guidance will trend to the upper end of the range Net impact from Opex and leases to grow disposals and new + +/- Resulting Outlook Top line growth @c.3% as a
Slide 13: What is the ground lease payment profile throughout the year?
Frequently Asked Questions What is the ground lease payment profile throughout the year? Lease payments are more intense in H1, particularly during the first quarter as some contracts require payment for the whole period at the beginning of the year 2022 lease cash-out profile 28% 26% 24% 22% Q1 Q2
Slide 14: What is the status of integration processes?
Frequently Asked Questions What is the status of integration processes? The integration process is reaching its final stage Project Deutsche Cyfrowy Remedies Remedies CKH DK CKH SW Play CKH IT Polsat SFR CKH UK Telekom Closing On track Pre-closing Assessment Integration Transition Control (3 months)
Slide 15: How should Cellnex's EBITDAaL be calculated?
Frequently Asked Questions How should Cellnex’s EBITDAaL be calculated? We recommend the use of Payments of lease instalments (cash impact) when calculating EBITDAaL (EBITDAaL = Adjusted EBITDA – Payments of lease instalments) Illustrative example: 10-year ground lease contract, €1k annual payment C
Slide 16: What benefits do BTS programs represent for Cellnex?
Frequently Asked Questions What benefits do BTS programs represent for Cellnex? Contracted growth • Cellnex’s BTS programs represent contracted growth at signing of the M&A deal 1 • Return metrics such as ROIC should be analysed along with the initial M&A deal, as value between the initial upfront c
Slide 17: Evolution of main ESG targets and KPIs
Frequently Asked Questions Evolution of main ESG targets and KPIs ESG Master Plan in 2022: 100% of progress in actions planning and 93% of progress in implementation E S G Growing with a long-term sustainable Boosting our talent, being diverse and inclusive Showing what we are, acting with integrity
Slide 18: Sustainability ratings
Frequently Asked Questions Sustainability ratings S&P Global CSA 81 MSCI A Sustainalytics 14.0 Dow Jones Sustainability Index Max: 100 ESG Rating Max: AAA ESG Risk Rating Max: 0 Min: 0 Min: CCC Min: +40 Cellnex has improved in the Governance (+8p) and Social (+15p) dimensions, upgrading its Cellnex
Slide 19: Sustainability ratings
Frequently Asked Questions Sustainability ratings S&P Global MSCI FTSE4Good Corporate Sustainability Assessment (CSA) ESG Rating Max: 5 Max: 100 Min: 0 Max: AAA Min: 0 100 Min: CCC 81 AAA 5 4.4 4.2 4.4 4.3 73 3.6 3.8 80 66 AA 4 60 A A 53 57 60 A +11% BBB 3 BBB +20% 40 BB BB 2 +53% BB 20 1 B 0 CCC 0
Slide 20: Definitions
Definitions Please see the Integrated Annual Report for a comprehensive explanation of APMs 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 EBITDA is an Adjusted EBITDA APM
Slide 21: Definitions
Definitions Please see the Integrated Annual Report for a comprehensive explanation of APMs Term Definition Investments in existing tangible or intangible assets, such as investment in infrastructure, equipment and information technology systems, and are primarily linked to keeping infrastructures,
Slide 22: 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 23: 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 24: Essential information available on the Investor Relations section of Cellnex's website
Essential information available on the Investor Relations section of Cellnex’s website for further details on key items Q4 2022 Results Backup Excel File https://www.cellnex.com/investor-relations/financial-information/#shareholders-investors-quarterly-results FY 2022 Integrated Annual Report https: