Slide 1: 2023 Results Presentation January – December 2023
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 2023 Results Presentation January – December 2023 29th February
Slide 2: Disclaimer
Disclaimer This presentation contains a brief summary of the information disclosed in the Condensed Consolidated Financial Statements and Consolidated Management’ Report for the 12-month period ended on 31 December 2023 (prepared in accordance with IAS 34 “financial reporting”). Therefore, for a com
Slide 3: Key developments in the year
Key developments in the year A new organizational model fully aligned with our Next Chapter objectives De-leveraging targets unchanged and committed to securing Investment Grade rating by S&P (by 2024 the latest), as well as to maintain our Investment Grade status by Fitch c.€730Mn cash proceeds fro
Slide 4: Solid performance of key metrics in the year
Solid performance of key metrics in the year Revenues excluding pass throughs €3,659Mn, +c.15% vs. FY 2022 – of which c.€275Mn organic Adjusted EBITDA €3,008Mn, +c.14% vs. FY 2022, showing a disciplined approach to Opex management RLFCF €1,545Mn, +13% vs. FY 2022; FCF +€150Mn vs. -€1,115Mn FY 2022 +
Slide 5: Business Performance
Business Performance
Slide 6: 2023 Outlook
2023 Outlook 2023 financial outlook met – delivery of all key metrics consistent with guidance €Mn Guidance 2023 Actual 2023 Revenues ex pass-through 3,600 – 3,700 3,659 ✓ Pass-through c.400 394 Revenues including pass-through 4,000 – 4,100 4,053 Adjusted EBITDA 2,950 – 3,050 3,008 ✓ Payment of leas
Slide 7: FY 2023 Key Highlights
FY 2023 Key Highlights 1 2 3 4 5 6 New Sites New Organic Growth Site Actions RLFCF Growth FCF Co-locations 4,473 4,688 c.€275Mn 3,099 +13% €150Mn Mainly in France, Remarkable Strong organic Cumulative savings Solid control on Opex Backed by Italy and Poland performance in revenues growth of €54Mn si
Slide 8: FY 2023 Performance: Key financial metrics
FY 2023 Performance Key financial metrics Revenues Adjusted EBITDA (excluding pass-through) 3,659 3,180 +15% +14% (1) 3,008 2,630 83% (2) 82% (1)(2) €Mn €Mn FY 2022 FY 2023 FY 2022 FY 2023 EBITDAaL RLFCF 2,157 1,839 +17% +13% (3) 1,545 1,368 59% (2) 58% (2) 42% (2) 43% (2) €Mn €Mn FY 2022 FY 2023 FY
Slide 9: FY 2023 Performance: Key operational metrics
FY 2023 Performance Key operational metrics New Total PoPs (including BTS) +6.4% New co-locations +3.2% YoY YoY 3,100 3,003 2,594 2,367 1,774 1,524 1,486 1,255 1,365 582 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 PoPs from co-location and BTS in the quarter New B
Slide 10: FY 2023 Performance: Free Cash Flow
FY 2023 Performance Free Cash Flow Organic RLFCF growth +c.19% and positive FCF +13% 144 -221 254 1,545 -937 1,368 +631 Remedies Positive FCF +19% BTS programs (1) €104Mn Escalators/inflation €67Mn -1,568 Efficiencies/synergies €20Mn BTS Capex New co-locations and associated revenues €63Mn -458 150
Slide 11: FY 2023 Performance: 2021-2025 efficiencies plan
FY 2023 Performance 2021-2025 efficiencies 2021–2025 efficiencies plan plan -–Optimization Optimizationofofground groundleases leaseson ontrack track Expected to generate c.€90Mn-€100Mn efficiencies by 2025 Site actions Efficiencies/synergies 3,099 c.€90Mn-€100Mn 2,324 c.€74-76Mn 1,546 €54Mn 776 Q1
Slide 12: Annex
Annex
Slide 13: Free Cash Flow
Free Cash Flow €Mn Jan-Dec Jan-Dec 2022 2023 Telecom Infrastructure Services 3,163 3,685 Key metrics growing steadily Broadcasting Infrastructure 224 230 Other Network Services 112 138 Revenues 3,499 4,053 +c.15% (1) Staff costs -254 -282 Revenues Repair and maintenance -92 -111 Telecom Infrastructu
Slide 14: Balance Sheet
Balance Sheet €Mn Dec Dec 2022 2023 Non Current Assets 41,723 40,623 Goodwill 6,950 6,653 Fixed Assets 30,397 29,714 Right of Use 3,348 3,101 a Financial Investments & Other Fin. Assets 1,029 1,155 Prudent PPA (1) process leads to maximization of the allocation to Current Assets 2,222 2,480 fixed as
Slide 15: Income Statement
Income Statement €Mn Jan-Dec Jan-Dec 2022 2023 Revenues 3,499 4,053 Operating Expenses ---868 --1,045 Non-recurring expenses -79 -82 Depreciation & amortization -2,321 -2,553 Operating Profit 230 374 Net financial profit -729 -808 Profit of Companies Accounted for Using the Equity Method -4 -3 Incom
Slide 16: Evolution of main ESG targets
Evolution of main ESG targets 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 Climate change (1) People Corporate Governance 2025 2025 2025 100% 30% 40% Sourcing of renewable Women in manage
Slide 17: Sustainability indexes and ratings
Sustainability indexes and ratings Evolutions o Dow Jones 79 MSCI AA Bloomberg NEW 78 Sustainability Index Max: 100 ESG Rating Max: AAA Gender-Equality Max: 100 Min: 0 Min: CCC Min: 0 Index In 2023, Cellnex was included in the DJSI Europe, scored Cellnex has upgraded its rating from A to AA, where
Slide 18: ESG Ratings
ESG Ratings Evolutions o 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 4.3 79 AA 73 3.6 3.8 80 66 AA 4 60 A A 53 57 60 A BBB 3 BBB +20% 40 BB BB 2 +49% BB 20 1 B 0 CCC 0 2017 2018 2019 2020
Slide 19: Definitions
Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs Term Definition Adjusted EBITDA 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 EBIT
Slide 20: Definitions
Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs Term Definition Greenfield projects Organic growth projects regarding new telecom infrastructure which are gradually deployed such as new telecom sites, optic fiber, edge computing or DAS, mainly
Slide 21: 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 22: FY 2023 Results
FY 2023 Results Supplemental Materials (XLS) https://www.cellnex.com/investor-relations/financial-information/#shareholders-investors-quarterly-results Essential information available on the Investor Relations section of Cellnex’s website