Cellnex Telecom S.a. · BME:CLNX
Cellnex Telecom — Cellnex Telecom Sa Ord — Q4 2024 Earnings Presentation
32 slides from Cellnex Telecom's earnings presentation, Feb 26, 2025
Slide 1: 2024 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 2024 Results Presentation 26th February 2025
Slide 2: Agenda
Agenda Marco Patuano CEO Opening Remarks A story of consistent delivery Share buyback rationale Today’s Raimon Trias speakers CFO Financial Results 2024 business performance Financial outlook Juan Gaitan Head of IR 2
Slide 3: Delivering on our promises whilst reiterating all public targets
A story of consistent delivery Delivering on our promises whilst reiterating all public targets New organization Disposal of minority stake in Disposal of Austria announcement Larger than expected Nordics SBB (€800Mn) CTS project with SFR Agreement with Vodafone and VMO2 in France Disposal of Edzcom
Slide 4: Continued focus on industrial execution maximizing the value of existing assets
A story of consistent delivery Continued focus on industrial execution maximizing the value of existing assets New customer survey: improving YoY Proactive marketing of portfolio Tower portfolio profitability assessment and Radio-planning model for macro densification tower rationalization Non-urban
Slide 5: Customer engagement survey
A story of consistent delivery Customer engagement survey Higher focus on customer feedback to develop improvement action plans CSAT - Satisfaction NPS CES - Effort Main indicators: • CSAT: Customer satisfaction 8.1 +41 7.9 (7.6) (+25) (7.4) • NPS: Net promoter score • CES: Customer effort score • R
Slide 6: 2024 financial outlook met or exceeded
A story of consistent delivery 2024 financial outlook met or exceeded €Mn 2024 Actual 2024 Guidance Revenues 3,941 3,850 – 3,950 (ex pass-through) Adjusted 3,250 3,150 – 3,250 EBITDA RLFCF 1,796 1,650 – 1,750 FCF 328 250 – 350 Financial metrics at the upper end of range and RLFCF well above target 6
Slide 7: Accelerating shareholder remuneration through a €800Mn share buyback in 2025
Share buyback rationale Accelerating our shareholder remuneration commitments through a €800Mn share buyback in 2025 Additional capital allocation Progress Update RLFCF per share accretion strategies until 2030 Accelerated €800Mn shareholder +16% 2.8 Share Buyback 2.4 remuneration benefitting from s
Slide 8: Cellnex share price offers an attractive entry point
Share buyback rationale Cellnex share price offers an attractive entry point Significant upside potential Valuation gap vs. private market Substantial discount to peers +c.60% 8.7% upside 7.1% 7.5% 5.6% 6.2% 45€ 28€ 24x 20x (1) 24x (1) Share Price Consensus Market Peer 1 Peer 2 Peer 3 Peer 4 23x 26x
Slide 9: Industry leading growth, shareholder remuneration and commitment to IG credit rating
Share buyback rationale Industry leading growth, while focusing on shareholder remuneration and an unwavering commitment to IG credit rating Secured cash flow base and growth Focus on shareholder remuneration Strong commitment to de-leveraging EBITDA CAGR 2024-20271 Shareholder Remuneration Yield 20
Slide 10: 2024 business performance
é x ® = x) s) 2024 business performance
Slide 11: Solid performance of all financial and operational metrics
2024 business performance Solid performance of all financial and operational metrics 2024 Key financial metrics (YoY growth) 2024 Key operational metrics Revenues revenue excluding pas s thorugh +7.7% (excluding pass-through) +7.3% 4,384 6,536 1.60x +8.0% Adjusted EBITDA +8.8% New BTS New co-locatio
Slide 12: Key operational metrics
2024 business performance Key operational metrics New total PoPs (including BTS) +6.5% New co-locations +3.8% YoY YoY Eq PoP +5.4% Eq Eq PoP +2.4% Eq 4,844 3,390 2,306 2,048 1,968 1,278 1,019 849 3,026 2,002 1,576 1,737 1,572 974 547 618 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 202
Slide 13: Organic revenue growth
2024 business performance Organic revenue growth Total revenues excluding pass-through +7.7% +7.3% Reported +3.4% Organic 3,941 124 3,926 15 +1.8% +2.1% 65 78 3,659 €Mn Revenues Escalators & CPI Co-location BTS Organic Change of perimeter, Revenues FY 2023 Revenues FX & others FY 2024 13
Slide 14: Organic revenue growth – Business lines
2024 business performance Organic revenue growth – Business lines Towers +6.8% +6.7% Organic +3.1% Reported +1.4% +2.3% 93 3,210 -1 3,209 43 68 3,006 €Mn Revenues Escalators & CPI Co-location BTS Organic Change of perimeter, Revenues FY 2023 Revenues FX & others FY 2024 Fiber, Connectivity & Housing
Slide 15: Opex and lease management
2024 business performance Opex and lease management Staff Cost -7.1% Headcount 2,866 2023 2024 Var (%) 2,663 Foc ple u 282 276 -2% m €Mn 2023 2024 Si se d Repair & Maintenance Cost Maintenance Opex per tower (1) Resp -3.1% 2023 2024 Var (%) nt 111 111 0% on €Mn c ie ib i Eff s le 2023 2024 Lease cas
Slide 16: Capex Management
2024 business performance Capex Management Operating Capex & Land Acquisition – Excluding Divestments, M&A & Remedies 2023 2024 Other Business Maintenance Other Business Expansion Expansion €52Mn €139Mn Maintenance €108Mn Efficiency €114Mn €68Mn Land acquisition tenance Efficiency €87Mn €111Mn Main
Slide 17: Financial Outlook
Financial Outlook Financial Outlook Targets updated after the closing of Ireland and Austria Previous Divestments and New Previous New Divestments (2) guidance 2025 share buyback (1) guidance 2025 guidance 2027 guidance 2027 €Mn Revenues 4,100 – 4,200 -150 3,950 – 4,050 4,500 – 4,700 -180 4,320 – 4,
Slide 18: Annex
& x celme Annex
Slide 19: Cellnex expects limited impact from MNO consolidation processes in Europe
Cellnex expects limited impact from MNO consolidation processes in Europe MNOs What happened? Country Management of impact The merger between Wind and 3 Italia occurred in Merger approved with remedies creating a new entrant – Iliad, resulting 2016 after regulatory approval, combining Wind and 3 in
Slide 20: Pro Forma – excluding Ireland and Austria perimeter
Pro Forma – excluding Ireland and Austria perimeter Pro Forma Pro Forma Pro Forma Pro Forma CAGR 2023 2024 2025E (1) 2027E (2) 2023-2027 €Mn Revenues (ex pass-through) 3,515 3,790 3,945 – 4,045 4,320 – 4,520 +c.6% Adjusted EBITDA 2,880 3,117 3,265 – 3,365 3,640 – 3,840 +c.7% Adjusted EBITDAaL 2,078
Slide 21: Revenues to FCF
Revenues to FCF €Mn Jan-Dec Jan-Dec Jan-Dec Jan-Dec 2023 2024 2023 2024 Towers 3,006 3,209 Recurring Levered FCF 1,545 1,796 Fiber, Connectivity & Housing Services 167 201 Expansion Capex -458 -507 DAS, Small Cells and RAN 233 271 Tower Expansion Capex -338 -312 Broadcast 253 260 Other Business Expa
Slide 22: Balance Sheet
Balance Sheet €Mn Dec Dec Dec Dec 2023 2024 2023 2024 Non Current Assets 40,623 40,258 Shareholders’ Equity 15,147 15,324 Property, plant and equipment 11,667 12,451 Non Current Liabilities 25,687 24,545 Intangible assets 24,700 22,916 Bank borrowings and bond issues 17,806 17,037 Right-of-use asset
Slide 23: Income Statement
Income Statement €Mn Jan-Dec Jan-Dec 2023 2024 Revenues 4,049 4,353 Operating Expenses -1,041 -1,103 Non-recurring expenses and non-cash items -82 -58 Depreciation & amortization -2,619 -2,608 Impairment losses on assets 0 -509 a Results from disposals of fixed assets 67 122 The net result attributa
Slide 24: 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 Target 2035 2025 2025 30% 40% 71% Reduction of the total carbon f
Slide 25: Sustainability indexes and ratings
Sustainability indexes and ratings Dow Jones 79 MSCI AA Bloomberg 78 Sustainability Index Max: 100 ESG Rating Max: AAA Gender-Equality Max: 100 Min: 0 Min: CCC Min: 0 Index In FY24, Cellnex remained in the DJSI Europe for second Cellnex maintained its AA rating in FY24, where only consecutive year a
Slide 26: ESG Ratings
ESG 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 81 AAA 5 4.4 4.2 4.4 4.3 4.3 4.3 76 AA AA 73 3.6 3.8 80 66 AA 4 60 A A 53 57 60 A BBB 3 BBB +1.3 p.p. 40 BB BB 2 +23 p.p. BB 20 1 B 0 CCC 0 2017 2018 2019
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: IR Team & Supplemental Materials
IR Team & Supplemental Materials Investor Relations Director Investor Relations Manager Investor Relations Manager Juan José Gaitán Gonzalo García-Carretero Antonio Sala Contact our Investor Relations team investor.relations@cellnextelecom.com FY 2024 Results Gráfico 29 Supplemental Materials (XLS)
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