Cellnex Telecom S.a. · BME:CLNX
Cellnex Telecom — H1 2026 Earnings Presentation
46 slides from Cellnex Telecom's earnings presentation, July 2026
Slide 1: H1 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 H1 2026 Results
Slide 2: Agenda
Agenda Marco Patuano CEO MAIN HIGHLIGHTS Raimon Trias CFO H1 2026 RESULTS Today’s INDUSTRY DYNAMICS speakers APPENDIX Simone Battiferri COO 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 Delivering organic growth, cash flow generation and shareholder remuneration • Organic PoPs growth 4.9% vs H1 2025 • Strong pro-forma organic growth vs H1 2025 Sustained operating and • + 5.0% Revenues; 1 financial performance • + 6.4% Adj. EBITDA; driving +184 bps margin expansion u
Slide 5: Shareholder Remuneration
Main Highlights Shareholder Remuneration €200Mn additional share buyback ~€2Bn returned to shareholders across 2025–2026 (~11% of market cap) 2026 remuneration As of July 2026 NEW 2026 TOTAL €800Mn €500Mn dividends + €200Mn = €1,000Mn + €300Mn SBB €800Mn completed SBB + €200Mn new SBB until end 2026
Slide 6: H1 2026 Results
é ® = x) s) x H1 2026 Results
Slide 7: Execution and disciplined capital allocation accelerating growth per share
H1 2026 Results Operating efficiency Execution and disciplined capital allocation accelerating growth per share H1 2026 18.1% Organic Pro-forma (1) 11.0% 7.7% 6.4% Shareholder 5.0% Optimizing Value Creation Capital Operational Management Structure Efficiency of Leases Revenue EBITDA EBITDAaL RLFCF R
Slide 8: Organic growth of 5.0%, supported by inflation protection and customer demand
H1 2026 Results Consolidated Revenues Organic growth of 5.0%, supported by inflation protection and customer demand Consolidated Revenues Growth €Mn + 2.7% 1,942 26 24 44 2,001 1,994 1,907 -36 -7 + 5.0% Co-location FX, Change of Revenues Ireland, Data Pro-forma Escalators BTS and Organic Revenues an
Slide 9: Strong commercial performance delivering nearly 5% net growth in PoPs
H1 2026 Results Towers KPIs Strong commercial performance delivering nearly 5% net growth in PoPs and an increase in tenancy ratio to 1.63x Q2 2026 - Total Points of Presence (1) H1 2026 - Total Points of Presence RoE (1) Total Gross PoP growth +5.7% +3.6% Gross colocations Net colocation 60 182 4 3
Slide 10: Towers revenues: 5.2% organic growth
H1 2026 Results Towers Revenues Towers revenues: 5.2% organic growth H1 2026 Towers Revenues Growth €Mn + 3.6% 1,568 1,557 24 18 38 1,637 1,625 -11 -13 + 5.2% FX, Change of Revenues Pro-forma Escalators Organic Revenues Ireland Co-location BTS Perimeter & H1 2025 H1 2025 (1) & CPI Revenues (2) H1 20
Slide 11: Organic revenues growth upside from other businesses
H1 2026 Results Other Business Lines Organic revenues growth upside from other businesses Reported figures Organic pro-forma(3) growth 132 133 Fiber, Connectivity & Housing Services 126 128 116 125 (2) 109 119 (2) + 7.8% 106 (1) 99 (1) ✓ Continued roll-out of Nexloop project in France DAS, Small Cel
Slide 12: Cellnex's industrial strategy – New agreements & renewals
H1 2026 Results Use Cases Cellnex’s industrial strategy – New agreements & renewals Renewal of the framework Operator 5G Expansion Strengthening Network Resilience agreement • Sunrise and Cellnex extended • Cellnex and Telefónica extend the long-term strategic • Vodafone Spain framework energy resil
Slide 13: Operational efficiency driving margin expansion
H1 2026 Results Operational Efficiencies Operational efficiency driving margin expansion EBITDA Margin expansion Reported numbers Pro-forma (1) 84.6% 82.8% H1 25 H1 26 82.3% Staff 139 133 €Mn H1 25 H1 26 Repair & 52 53 Maintenance €Mn H1 2024 H1 2025 H1 2026 -3.3% EBITDAaL Margin expansion Pro-forma
Slide 14: Converting operational performance into FCF generation
H1 2026 Results Free Cash Flow Converting operational performance into FCF generation Reported FCF bridge H1 2026 €(Mn) Strong FCF generation driven by: ✓ Operational performance ✓ Efficient capital and tax structure 1,231 and optimized cost of debt 1 ✓ Lower BTS capex intensity -49 908 -216 -58 0 -
Slide 15: Free Cash Flow generation acceleration, supporting +18.1% RLFCF per share
H1 2026 Results Free Cash Flow Free Cash Flow generation acceleration, supporting +18.1% RLFCF per share Pro-forma(1) Organic RLFCF - Increasing metrics per share + 11.0% + 18.1% (2) (€Mn) Per – share (€) 885 1.33 SBB program enhancing per share metrics, 798 1.13 driving long-term value accretion H1
Slide 16: Funding needs largely covered until end 2028
H1 2026 Results Debt Funding needs largely covered until end 2028 2026-2028 maturities largely funded: Liquidity fully committed with a wide array of available funding options Debt Liquidity Liquidity Maturities Liquidity & Funding Flexibility €5.7Bn €5.3Bn 2026-2028 maturities largely funded: Liqui
Slide 17: Industry Dynamics
Industry Dynamics
Slide 18: Mobile traffic growth is inflecting — AI not the main driver, YET
H1 2026 Results Industry Dynamics Mobile traffic growth is inflecting — AI not the main driver, YET Video, 5G and FWA are the main drivers Global mobile network data traffic Video remains the core driver Video accounted for c. 75% of mobile data traffic in 2025 and remains the dominant driver +22% “
Slide 19: Satellite Direct to Device (D2D) — coverage complement, not a tower substitute
H1 2026 Results Industry Dynamics Satellite Direct to Device (D2D)— coverage complement, not a tower substitute Terrestrial networks Satellite D2D Cover c.96% of the global BASIC PHYSICS population Extends outdoor connectivity in areas almost physically impossible or c.350-500Km economically unfeasi
Slide 20: Satellite D2D vs. Terrestrial mobile — key takeaways
H1 2026 Results Industry Dynamics Satellite Direct to Device (D2D) vs. Terrestrial mobile — key takeaways Satellite D2D is a coverage solution, not a capacity substitute The capacity gap versus terrestrial networks is structural Its´ strongest use case is extending basic outdoor connectivity to remo
Slide 21: Digital Competitiveness is a priority in Europe and will require investment
H1 2026 Results Industry Dynamics Digital Competitiveness is a priority in Europe and will require investment “Connectivity remains one of the most critical enabling layers of Europe’s sovereign digital stack and a persistent structural challenge for competitiveness, resilience and security” State o
Slide 22: MNO Consolidation in France: creating stronger clients with enhanced credit profiles
H1 2026 Results Use Cases MNO Consolidation in France: creating stronger clients with enhanced credit profiles According to MNO public comments SFR PoPs with Cellnex: 43% in Dense Areas SFR PoPs with Cellnex (% PoPs) Jun-26 MoU signed • Out of our total SFR PoPs, c.12k, a little over 40% are in dens
Slide 23: IR Materials & Upcoming Events
IR Materials & Upcoming Events
Slide 24: IR Materials & Upcoming Events
H1 2026 Results IR Materials & Upcoming Events IR Materials & Upcoming Events Technology Fireside Chat GLIO – Magellan with Simone Battiferri - COO Podcast with Marco Patuano - CEO Roadshows and IR Events Calendar 24
Slide 25: Annex
& x celme Annex
Slide 26: Revenues to FCF
Revenues to FCF Jan-Jun Jan-Jun Jan-Jun Pro- Jan-Jun Pro- Jan-Jun Jan-Jun Jan-Jun Pro-forma Jan-Jun Pro-forma €Mn forma (2) forma (2) €Mn (2) (2) 2025 2025 2026 2026 2025 2025 2026 2026 Towers Recurring Levered FCF 832 767 908 908 1,568 1,557 1,625 1,625 Fiber, Connectivity & Housing Services 116 99
Slide 27: Balance sheet
Balance sheet December June December June €Mn €Mn 2025 2026 2025 2026 Non Current Assets 39,066 38,671 Shareholders’ Equity 13,324 12,893 Property, plant and equipment 12,702 12,929 Non Current Liabilities 23,800 24,000 Intangible assets 21,664 21,163 Bank borrowings and bond issues 16,914 17,145 Ri
Slide 28: Income statement
Income statement €Mn H1 2025 H1 2026 Revenues 2,147 2,209 Operating Expenses -542 -522 Non-recurring expenses and non-cash items -96 -16 Depreciation & amortization -1,323 -1,380 Results from the loss of control of consolidated companies 67 0 Impairment losses on assets 0 0 Results from disposals of
Slide 29: FAQs
é ® = x) s) x FAQs
Slide 30: What are the latest developments in Cellnex's ESG performance?
H1 2026 Results FAQs What are the latest developments in Cellnex’s ESG performance? Sustainability-linked financing Framework (SFF) - Updated in April 2026 as part of the company Sustainability Master Plan 2030 Selected Key Performance Indicators KPI#1a Reduction of Cellnex’s GHG KPI#1b Reduction of
Slide 31: How is Cellnex protected against changes in the macro environment?
H1 2026 Results FAQs How is Cellnex protected against changes in the macro environment? 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 rat
Slide 32: How is Cellnex leveraging its industrial platform to create value?
H1 2026 Results FAQs How is Cellnex leveraging its industrial platform to create value? PLAN BUILD OPERATE OPTIMIZE Make the right decisions Standardize and industrialize Run efficiently at scale Continuously improve and create value ASSET INTELLIGENCE STANDARIZATION AUTOMATION & SCALE DATA & AI-DRI
Slide 33: When are Cellnex's anchor contracts up for renewal?
H1 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 + CPI-linked (1) Switzerland 2019 20 + 10 + 10 +
Slide 34: What is Cellnex track record in contract renewals?
H1 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 35: What is your financial outlook?
H1 2026 Results FAQs What is your financial outlook? All public targets reiterated €Mn Guidance 2026 Guidance 2027 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 35
Slide 36: How does 2026 guidance reconcile to 2025 baseline?
H1 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 37: What is the Points of Presence (PoP) growth of each region?
H1 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 4.9% YoY (1) YoY + 7.0% YoY + 3.6% YoY + 1.6% 33.9K 49.6K 51.4K Number of PoPs 31.7K 20.1K 19.8K Customer Ratio 1.
Slide 38: How fast is Cellnex deleveraging?
H1 2026 Results FAQs How fast is Cellnex deleveraging? 23, 000 10. 00 21, 000 20,618 20,765 20,818 20,763 9.5 0 9.0 0 19, 000 8.25 8.5 0 8.0 0 17, 000 7.38 7.18 7.5 0 6.99 15, 000 6.85 7.0 0 6.39 6.28 6.11 6.5 0 13, 000 6.0 0 11, 000 5.5 0 9,0 00 5.0 0 2023 2024 2025 H1 2026 Net debt IFRS Leverage I
Slide 39: How is our debt maturity profile structured?
H1 2026 Results FAQs How is our debt maturity profile structured? Refinancing of €500Mn Debt maturities as of June 2026 Sustainability-Linked Syndicated Loan, upsized to €800Mn and maturity extended (Euribor + 0.90%) 4,000 Key highlights 3,353 ✓ Liquidity of c.€5.3Bn: c.€2.0Bn cash and 3,000 688 c.€
Slide 40: Previously addressed FAQ topics
H1 2026 Results FAQs Previously addressed FAQ topics Frequently Asked Question Last Covered in What is the Points of Presence (PoP) growth of each region? Q2 2026 How do other businesses complement our tower services? FY 2025 How fast is Cellnex deleveraging? Q2 2026 How is our debt maturity profile
Slide 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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