Cellnex Telecom Sa Ord (CLNXF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, good afternoon. Welcome everyone to Cellnex Telecom's first half 26 results presentation. I'm Maria Carrapato and it's a pleasure to be with you today again. Before we begin, as usual, I'd like to remind you that this presentation contains forward-looking statements. Please refer to the disclaimer included in the appendix in the slide deck. Marco will open the presentation with the main highlights, Raimon will take you through the financial performance, and then Marco and Simone Battiferri, our COO, will close with some considerations on other industrial and strategic topics that are often raised by the market. With that, let me hand you over to Marco. Thank you. Thank you, Maria. Good afternoon, everyone. So, before going into the number, let me frame the first half in one sentence. Sunlinks is delivering exactly on the model we described to the market. Predictable organic growth, expanding margins, accelerating free cash flow and tangible shareholder remuneration. Let me highlight the four key messages of the first half. First is that operational momentum remains strong. Organic points of presence growth reached plus 4.9% year-on-year, confirming sustained demand from customers across the entire portfolio. This translated into solid financial performance. Revenues grew by 5%, adjusted EBITDA by 6.4%, EBITDA after leases by 7.7%, recurring level free cash flow by 11%, and recurring level free cash flow per share by 18.1%. From a margin perspective, both EBDA and EBDA after leases margins increased by nearly 200 basis points, reflecting continuing operational efficiencies and land management actions. The second is that free cash flow has entered a new phase, from 19 million in the first half of 2025 to approximately 301 million in the first half of the year. T...