Cellnex Telecom S.a. · BME:CLNX
Cellnex Telecom — Cellnex Telecom Sa Ord — Q1 2026 Earnings Presentation
39 slides from Cellnex Telecom's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Results
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 Q1 2026 Results
Slide 2: Agenda
Agenda Marco Patuano CEO MAIN HIGHLIGHTS Q1 2026 RESULTS Today’s Raimon Trias APPENDIX speakers CFO FAQs Maria Carrapato Head of IR 2
Slide 3: Main Highlights
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Slide 4: Main Highlights
Main Highlights Solid start of the year: Free Cash Flow, a clear turning point • Organic PoPs growth +4.7% vs Q1 2025 • Strong pro-forma organic growth vs Q1 2025 • + 4.7% Revenues; • + 6.4% Adj. EBITDA; Robust and consistent 1 financial performance • + 7.2% EBITDAaL; • + 12.2% RLFCF; • + 18.0% RLFC
Slide 5: Cellnex's macro protection framework
Main Highlights Cellnex’s macro protection framework Revenue Cost Rates Liquidity Inflation Tailwind Energy: Full Pass-Through Fixed-Rate Debt Structure Liquidity & Funding Flexibility 65% of revenues linked to Energy costs are largely Majority of debt at fixed rates 2026 maturities fully funded: in
Slide 6: Sustained EBITDA and EBITDAaL margin expansion
Main Highlights Sustained EBITDA and EBITDAaL margin expansion 60.6% 84.7% EBITDA Margin expansion EBITDAaL Margin expansion Pro-forma (1) Pro-forma (1) 58.4% 57.1% 82.8% 82.7% Nr 82.6% 55.3% Click to edit Master Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2023 Q1 2024 Q1 2025 Q1 2026 text styles 6 (1) Pro-
Slide 7: MNO consolidation in key markets – France
Main Highlights MNO consolidation in key markets – France Contract First maturity Subsequent Extensions Price Indexation • Contractual c.33k PoPs / c. 27k sites in France Protection MSA 2039 +5+5+5+ Fixed escalator • Cellnex consent required for changes in MSAs, including transfer or contract Cellne
Slide 8: Q1 2026 Results
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Slide 9: Accelerating returns through predictable growth and operating efficiency
Q1 2026 Results Operating efficiency Accelerating returns through predictable growth and operating efficiency Q1 2026 18.0% Organic Pro-forma (1) 12.2% 7.2% 6.4% Shareholder 4.7% Optimizing Value Creation Capital Operational Management Structure Efficiency of Leases Revenue EBITDA EBITDAaL RLFCF RLF
Slide 10: Strong organic consolidated revenue growth of 4.7%
Q1 2026 Results Consolidated Revenues Strong organic consolidated revenue growth of 4.7% Consolidated Revenues Growth €Mn + 2.1% 964 941 14 9 21 985 984 -23 -1 + 4.7% Co-location FX, Change of Revenues Ireland, Data Pro-forma Escalators BTS and Organic Revenues and Other Perimeter & Q1 2025 Centers
Slide 11: Towers: Points of Presence (PoP) performance in Q1 2026
Q1 2026 Results Towers KPIs Towers: Points of Presence (PoP) performance in Q1 2026 Q1 2026 RoE (1) Total Net colocation 42 259 15 56 54 351 777 Gross colocation 68 281 45 109 68 391 962 Churn -26 -22 -30 -53 -14 -40 -185 BTS 526 4 0 30 182 68 810 Total Net 568 263 15 86 236 419 1,587 YoY Growth % G
Slide 12: Towers revenues: 5.3% organic growth
Q1 2026 Results Towers Revenues Towers revenues: 5.3% organic growth Q1 2026 Towers Revenues Growth €Mn + 3.0% 778 13 10 18 808 801 767 -11 -7 + 5.3% FX, Change of Revenues Pro-forma Escalators Organic Revenues Ireland Co-location BTS Perimeter & Q1 2025 Q1 2025 (1) & CPI Revenues (2) Q1 2026 Others
Slide 13: Organic revenues growth upside from other businesses
Q1 2026 Results Other Business Lines Organic revenues growth upside from other businesses Fiber, Connectivity & DAS, Small Cells & RANaaS Broadcasting Housing Services + 4.3% + 1.1% + 0.2% Adjusted for French Data Centers disposal Adjusted for Operation & Maintenance activity discontinued in Spain C
Slide 14: Operational efficiency driving margin expansion
Q1 2026 Results Operational Efficiencies Operational efficiency driving margin expansion As reported numbers Pro-forma (1) excluding Ireland, French Data Centers and Operation & Maintenance in Spain Operation and maintenance (O&M) Q1 25 Q1 26 contracts in Spain to be discontinued as a -5.7% conseque
Slide 15: Converting operational performance into FCF generation
Q1 2026 Results Free Cash Flow Converting operational performance into FCF generation Reported FCF bridge Q1 2026 €(Mn) Strong FCF generation driven by: ✓ Operational performance 595 ✓ Efficient capital and tax structure -20 and optimized cost of debt -37 ✓ Lower capex intensity -122 0 378 -39 -67 0
Slide 16: Turning point: Free Cash Flow generation accelerating
Q1 2026 Results Free Cash Flow Turning point: Free Cash Flow generation accelerating Pro-forma Organic RLFCF - Increasing metrics per share + 12.2% + 18.0% (2) (€Mn) Per – share (€) 362 0.54 SBB program enhancing per share metrics, 322 0.46 driving long-term value accretion Q1 2025 Q1 2026 Q1 2025 Q
Slide 17: Short term maturities, fully funded
Q1 2026 Results Debt Short term maturities, fully funded Q1 2026: Issuance of dual-series bonds (€1,500Mn) anticipating ‘26 refinancing, to extend maturities (5 and 10 years) and secure pricing (3.4%) Debt Liquidity Liquidity Maturities €6.0Bn 6,000 Liquidity & Funding Flexibility 2026 & 2027 maturi
Slide 18: Shareholder remuneration
Q1 2026 Results Shareholder Remuneration Shareholder remuneration Executed and remaining shareholder remuneration in 2025 and 2026 2025 2026 • €500Mn Dividend €1,012Mn €800Mn • €300Mn SBB 1,000 250 250 240 60 12 €Mn €Mn €Mn Dividends SBB Dividends SBB Dividends SBB Outstanding SBB 15th of Until 31st
Slide 19: IR Materials & Upcoming Events
IR Materials & Upcoming Events
Slide 20: IR Materials & Upcoming Events
Q1 2026 Results IR Materials & Upcoming Events IR Materials & Upcoming Events Morgan Stanley Roadshows and IR Events Calendar Fireside Chat 31st March 2026 20
Slide 21: Annex
& x celme Annex
Slide 22: Revenues to FCF
Revenues to FCF €Mn Jan-Mar Jan-Mar €Mn Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Pro- Jan-Mar Pro- Pro-forma Pro-forma 2025 2026 2025 forma 2026 forma 2025 (1) 2026 (2) 2025 (1) 2026 (2) Recurring Levered FCF 351 322 378 378 Towers 778 767 801 801 Fiber, Connectivity & Housing Services 58 50 56 53 Ex
Slide 23: Balance sheet
Balance sheet December March December March €Mn €Mn 2025 2026 2025 2026 Non Current Assets 39,066 38,801 Shareholders’ Equity 13,324 13,211 Property, plant and equipment 12,702 12,730 Non Current Liabilities 23,800 25,191 Intangible assets 21,664 21,404 Bank borrowings and bond issues 16,914 18,463
Slide 24: Income statement
Income statement €Mn Q1 2025 Q1 2026 Revenues 1,074 1,096 Operating Expenses -276 -264 Non-recurring expenses and non-cash items -102 -11 Depreciation & amortization -647 -671 Results from the loss of control of consolidated companies 67 0 Impairment losses on assets 0 0 Results from disposals of fi
Slide 25: FAQs
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Slide 26: When are Cellnex's anchor contracts up for renewal?
Q1 2026 Results FAQs When are Cellnex’s anchor contracts up for renewal? Country Starting Date Initial term + renewals Price Indexation Italy 2015 15 + 15 + CPI-linked (1) France 2016-2019 20 + 5 + 5 + 5 + Fixed escalator Switzerland 2017 20 + 10 + 10 + 10 + CPI-linked (1) Switzerland 2019 20 + 10 +
Slide 27: What is Cellnex track record in contract renewals?
Q1 2026 Results FAQs What is Cellnex track record in contract renewals? Renewals carried out Renewal Year Duration Until • CPI linked • Renewal of key infrastructure agreements, Odido strengthening long-term strategic collaboration 2025 +15 years 2040 • CPI linked & All-or-nothing clause • Additiona
Slide 28: What is your financial outlook?
Q1 2026 Results FAQs What is your financial outlook? Guidance 2026 Guidance 2027 €Mn Revenues 4,075 – 4,175 4,255 – 4,455 (ex pass-through) Adjusted 3,425 – 3,525 3,605 – 3,805 EBITDA RLFCF 1,900 – 2,000 1,945 – 2,145 FCF 600 – 700 975 – 1,175 28
Slide 29: How does 2026 guidance reconcile to 2025 baseline?
Q1 2026 Results FAQs How does 2026 guidance reconcile to 2025 baseline? 2025 Data O&M Spain + 2025 Ireland Reported Centers Others Adjusted €Mn Reported 2025 Guidance 2026 3,995 -10 3,921 -40 -23 Revenues 3,995 4,075 – 4,175 (ex pass-through) 3,317 3,269 -9 -30 -9 Adjusted EBITDA 3,317 3,425 – 3,525
Slide 30: What is the Points of Presence growth of each region?
Q1 2026 Results FAQs What is the Points of Presence (PoP) growth of each region? YoY Strong Net PoP growth reflecting higher densification and despite consolidation trend in key markets 4.7% YoY (1) YoY + 7.1% YoY + 3.8% YoY + 1.8% 33.3K 49.3K 51.2K Number of PoPs 31.1K 20.1K 19.8K Customer Ratio 1.
Slide 31: How fast is Cellnex deleveraging?
Q1 2026 Results FAQs How fast is Cellnex deleveraging? 22, 000 10. 00 9.5 0 21, 000 20,618 20,765 20,818 20,732 9.0 0 8.25 8.5 0 20, 000 8.0 0 7.38 19, 000 7.18 7.10 7.5 0 7.0 0 18, 000 6.85 6.5 0 6.39 6.28 6.0 0 17, 000 6.18 5.5 0 16, 000 5.0 0 2023 2024 2025 Q1 2026 1 IAS 17 IFRS 16 Net Financial
Slide 32: How is our debt maturity profile structured?
Q1 2026 Results FAQs How is our debt maturity profile structured? Debt maturities as of March 2026 4,000 3,548 Key highlights 277 3,329 150 3,000 2,649 664 ✓ Liquidity of c.€6.0Bn: c.€3.0Bn cash and 700 58 c.€3.0Bn undrawn credit lines 2,187 315 2,290 2,211 280 ✓ Fixed rate debt c.78% 61 83 100 2,00
Slide 33: Previously addressed FAQ topics
Q1 2026 Results Covered in previous FAQ’s Previously addressed FAQ topics Frequently Asked Question Covered in FY 2025Presentation Results 1 How do other Business complement your tower services? 2 What is your view on increasing RAN sharing in the market? 3 How successfully have you managed recent M
Slide 34: 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 35: 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 36: 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 37: 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 38: 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 39: IR Team & Results Materials
IR Team & Results Materials Investor Relations Director Investor Relations Manager Contact our Investor Relations team Maria Carrapato maria.carrapato@cellnextelecom.com Gonzalo García-Carretero gonzalo.garcia.carretero@cellnextelecom.com Investor Relations Senior Analyst Investor Relations Analyst
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