Slide 1: 2025 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 2025 Results
Slide 2: Agenda
Agenda Marco Patuano CEO MAIN HIGHLIGHTS 2025 RESULTS Today’s Raimon Trias OUTLOOK speakers CFO APPENDIX FAQs 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 Strong execution and shareholder returns • 2025 guidance delivered. 2027 reiterated, adjusted for change of perimeter Another year of delivery – Shareholder 1 Remuneration 1 year ahead of plan • €1Bn share buyback executed in 2025; €500Mn dividend started in 2026 and additional €300M
Slide 5: Guidance delivered in all key metrics
Main Highlights Guidance delivered in all key metrics Reported 2025 Guidance 2025 €Mn (given in Feb. 2021) Revenues 3,995 3,950 –4,050 (ex pass-through) Adjusted 3,317 3,275 –3,375 EBITDA RLFCF 1,913 1,900 –1,950 Nr Click to edit Master FCF 2025 guidance 350 280 –380 Delivering on expectations in a
Slide 6: A team focused on growth and efficiency
Main Highlights A team focused on growth and efficiency EXPERIENCED LEADERSHIP TEAM Corporate Team Countries Team Streamlined decision-making Marco Patuano Collaborative & agile CEO organization New Vertical Solutions Business Division Xavier Pujol Raimon Trias Simone Battiferri Vincent Cuvillier Co
Slide 7: 2025 Results
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Slide 8: Accelerating returns through predictable growth and operating efficiency
2025 Results Accelerating returns through predictable growth and operating efficiency 2025 Organic +16.7% Pro-forma (1) +11.5% +7.9% +7.1% +5.8% Optimizing Shareholder Value Capital Creation Operational Management Structure Efficiency of Leases Revenue EBITDA EBITDAaL RLFCF RLFCF per-share (1) Growt
Slide 9: Strong organic consolidated revenues growth of 5.8%
2025 Results Consolidated Revenues Strong organic consolidated revenues growth of 5.8% 2025 Consolidated Revenues Growth €Mn +1.4% 113 4,010 -15 3,941 -151 3,995 47 3,790 60 +5.8% FX, Change of Revenues Ireland & Pro-forma Escalators Organic Revenues Co-location BTS Perimeter & 2024 Austria 2024 (1)
Slide 10: Towers: Strong Points of Presence (PoP) performance in Q4 2025
2025 Results Towers KPIs Towers: Strong Points of Presence (PoP) performance in Q4 2025 Q4 2025 RoE (1) Total Net colocation 220 887 128 314 186 264 1,999 Gross colocation 220 988 211 400 194 293 2,306 Churn 0 -101 -83 -86 -8 -29 -307 BTS 228 92 0 23 170 224 737 Total Net 448 979 128 337 356 488 2,7
Slide 11: Towers: PoP growth despite consolidation trends
2025 Results Towers KPIs Towers: PoP growth despite consolidation trends 2025 - Total Points of Presence (Pro-forma) (1) Total Points of Presence (PoP) Gross PoP growth +5.8% 19,343 +3.6% Gross colocations 19,104 +2.2% BTS 19,006 -1.2% Churn Net PoP growth +4.5% 18,399 18,421 3,735 180,856 6,204 -2,
Slide 12: Towers revenues: 5.5% organic growth
2025 Results Towers Revenues Towers revenues: 5.5% organic growth 2025 Towers Revenues Growth €Mn +0.5% 3,209 -151 85 3,226 -1 3,225 49 34 3,058 +5.5% FX, Change of Revenues Ireland & Pro-forma Escalators Organic Revenues Co-location BTS Perimeter & 2024 Austria 2024 (1) & CPI Revenues (2) 2025 Othe
Slide 13: Cellnex's industrial strategy – Use cases
2025 Results Use Cases Cellnex’s industrial strategy – Use cases Network Resilience and Power New Markets through Non- Operator 5G Densification Autonomy terrestrial Networks • Fastweb + Vodafone and Cellnex Italy announce the renewal of • Cellnex provides land acquisition their strategic agreement
Slide 14: Growth upside from other businesses
2025 Results Other Business Lines Growth upside from other businesses Fiber, Connectivity & DAS, Small Cells & RANaaS Broadcasting Housing Services +16.1% +4.9% Adjusted for Operation & Maintenance activity +1.9% discontinued in Spain Strong growth in Fiber DAS & Small Cells are growing with Broadca
Slide 15: Unique industrial platform, powered by AI
2025 Results Operational Efficiencies Unique industrial platform, powered by AI Digital Twin “iris” Digitize all our infrastructures In 2025, customer in a standard format engagement reached a new high, with CSAT (1) rising to 8.3 01 (out of 10) Global Tower Procurement Program 05 02 Indoor Operatio
Slide 16: Operational efficiency driving margin expansion
2025 Results Operational Efficiencies Operational efficiency driving margin expansion 2025 - YoY Land management as a strategic driver of value creation Pro-forma (1) excluding Austria & Ireland c.€270Mn -1.9% Staff Land acquisition capex + Efficiency land capex (cash advances) per tower c.€24Mn eff
Slide 17: Converting operational performance into FCF generation
2025 Results Free Cash Flow Converting operational performance into FCF generation Reported FCF bridge 2025 €(Mn) Strong RLFCF generation driven by: 2,484 48 ✓ Operational performance -101 ✓ Active management of working capital -384 1,913 ✓ Efficient capital and tax -95 -38 structure and optimized c
Slide 18: Turning point: Free Cash Flow generation accelerating
2025 Results Free Cash Flow Turning point: Free Cash Flow generation accelerating Pro-forma (1) RLFCF - Increasing metrics per share +11.5% +16.7% (€Mn) Per – share (2) 1,904 2.82 SBB program enhancing per share metrics, driving long-term 1,708 value accretion 2.42 2024 2025 2024 2025 Reported FCF (
Slide 19: Organic growth enabling deleveraging
2025 Results Net Financial Debt Organic growth enabling deleveraging On track for target 5x – 6x Leverage Ratio Liquidity of c.€4.9Bn: c.€1.6Bn cash and Net Financial Debt / EBITDA IFRS 16 c.€3.3Bn undrawn credit lines 6.28x 6.85x Net Financial Debt / Fixed rate debt: c.77% 6.39x 6.28x EBITDA IFRS 1
Slide 20: Outlook
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Slide 21: Financial outlook
Outlook Financial outlook €Mn Reported 2025 Guidance 2026 Guidance 2027 Revenues 3,995 4,075 – 4,175 4,255 – 4,455 (ex pass-through) 2027 adjusted for: Change of perimeter linked to Data Adjusted ✓ Center Disposal 3,317 3,425 – 3,525 3,605 – 3,805 EBITDA Discontinuation of Operations and ✓ Maintenan
Slide 22: Annex
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Slide 23: Revenues to FCF
Revenues to FCF €Mn Pro-forma Pro-forma €Mn Pro-forma Pro-forma 2024 2025 2024 2025 2024 (1) 2025 (1) 2024 (1) 2025 (1) Towers 3,209 3,058 3,225 3,214 Recurring Levered FCF 1,796 1,708 1,913 1,904 Fiber, Connectivity & Housing Services 201 201 234 234 Expansion Capex -507 -474 -447 -447 DAS, Small C
Slide 24: Balance sheet
Balance sheet December December December December €Mn €Mn 2024 2025 2024 2025 Non Current Assets 40,258 39,066 Shareholders’ Equity 15,324 13,324 Property, plant and equipment 12,451 12,702 Non Current Liabilities 24,545 23,800 Intangible assets 22,916 21,664 Bank borrowings and bond issues 17,037 1
Slide 25: Income statement
Income statement €Mn 2024 2025 Revenues 4,353 4,418 Operating Expenses -1,107 -1,101 Non-recurring expenses and non-cash items -58 -102 a) Depreciation & amortization -2,608 -2,673 Results from the loss of control of consolidated companies 0 67 a) Reorganization plan in Spain agreed in March 2025 Im
Slide 26: FAQs
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Slide 27: What is the Points of Presence (PoP) growth of each region?
2025 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 +4.5% YoY (1) YoY +8.7% YoY +3.5% YoY +2.2% 33K 49K 51k Number of PoPs 30K 20K 20K Customer Ratio 1.21x 1.21x 2.17x 2
Slide 28: How do other businesses complement our tower services?
2025 Results FAQs How do other businesses complement our tower services? Examples of new DAS & Small Cells deployments: • Roig Arena in Valencia • Estadio de La Cartuja in Sevilla • 16 main Ikea stores across Spain Deployment • 5 stations equipped with 5G technology in Madrid Metro • DAS deployment
Slide 29: How fast is Cellnex deleveraging?
2025 Results FAQs How fast is Cellnex deleveraging? 25, 000 9.0 0 Excluding SBB €1Bn 20,618 20,765 20,818 8.5 0 20, 000 19,818 8.25 8.0 0 7.5 0 15, 000 7.38 7.18 7.0 0 10, 000 6.85 6.81 6.5 0 6.39 6.28 6.0 0 5.98 5,0 00 5.5 0 0 5.0 0 1 2023 2024 2025 2025 Pro-Forma IAS 17 IFRS 16 Net Financial Debt
Slide 30: How is our debt maturity profile structured?
2025 Results FAQs How is our debt maturity profile structured? Debt maturities as of January 2025 4,000 3,529 Key highlights 3,324 109 ✓ Liquidity of c.€5.9Bn: c.€2.7Bn cash and 150 3,000 2,649 659 c.€3.2Bn undrawn credit lines 700 58 ✓ Fixed rate debt c.79% 2,184 315 2,290 2,212 280 61 100 ✓ Gross
Slide 31: How does 2026 guidance reconcile to 2025 baseline?
2025 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 1,91
Slide 32: What is Cellnex's view on increasing RAN sharing in the market? (I/II)
2025 Results FAQs What is Cellnex’s view on increasing RAN sharing in the market? (I/II) RAN sharing is not new for Cellnex — we already manage and support several sharing partnerships across Europe The cases displayed on the map reflect existing not exhaustive, operational examples • O2 – Vodafone
Slide 33: What is Cellnex's view on increasing RAN sharing in the market? (II/II)
2025 Results FAQs What is Cellnex’s view on increasing RAN sharing in the market? (II/II) RAN sharing in Dense urban areas: • Traditionally, competitive differentiation via coverage, capacity and quality, reduced the Mobile Network Operators interest in full active sharing • But densification requir
Slide 34: How successfully has Cellnex managed recent MNO consolidation?
2025 Results FAQs How successfully has Cellnex managed recent MNO consolidation? SUCCESSFUL USE CASES FOR + + 2024 July 2024 Context Context Merger of Orange Spain and MásMóvil created a new joint telecom Vodafone UK and Three UK formed VodafoneThree, the largest mobile operator leading the Spanish
Slide 35: Satellite data connectivity solutions are complementary to terrestrial networks
2025 Results FAQs Satellite data connectivity solutions are complementary to terrestrial networks The risk to mobile telecom operators from satellite communication services is limited Spectrum fragmentation across EU markets 500 – 1,000 km increases complexity LEO Satellite Mobile & Fixed Low Orbit
Slide 36: What are the results of the customer engagement survey?
2025 Results FAQs What are the results of the customer engagement survey? Higher focus on customer feedback to develop improvement action plans Customer Satisfaction (CSAT) Net Promoter Score (NPS) Customer Effort Score (CES) 9% 1% 12% 3% 8% Very satisfied [9-10] No effort [9-10] Promoter [9-10] Sat
Slide 37: What is the evolution of main ESG targets and KPIs?
2025 Results FAQs What is the evolution of main ESG targets and KPIs? ESG Master Plan 2021 – 2025 has been successfully carried out with implementation effectively completed Climate Change People Corporate Governance Year Target 2025 Year Target 2025 Year Target 2025 Sourcing of renewable electricit
Slide 38: What are Cellnex's key sustainability achievements in 2025?
2025 Results FAQs What are Cellnex’s key sustainability achievements in 2025? ➢ Sustainability Master Plan 2030 approved ➢ Top Employer certification in Spain ➢ 64% absolute GHG emission reduction vs by BoD, with a focus on resilience, climate ➢ Significant improvement in the Pulse 2020 change, busi
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 2025 Resul