Cellnex Telecom Sa Ord (CLNXF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good afternoon. Welcome to our full year 25 conference call. Thank you for being with us again. We have the full executive committee with us, corporate executive committee, and we'll kick off with Marco Patuano, CEO, a brief review of results, handing over to Ramon Trias-Fitas for our financial overview, and then we're all available for Q&A. Thank you. Thank you, Maria. Good morning, everyone. It's a pleasure to be with you again as we open a new financial year and reflect on our results and our strategic progress. So in 2025, we delivered on all our premises and we confirmed how resilient our industrial model is. In a very volatile environment, we continue to execute our strategy with conviction and clarity and delivered results that demonstrated the point of our assets And most importantly, the predictability of our revenues and organic growth model have reaffirmed the strength of the relationship with our cluster. We successfully deliver on our 2025 guidance and we reiterate our 2027 outlook. We returned 1 billion euros to shareholders through share buybacks, one year ahead of the plan, representing a total yield of 4.5%. We initiated dividend payments at the beginning of 2026 as committed at our capital market day, and we continue on track to meet our leverage targets, reducing leverage from 639 in 2024 to 628 in 2025. We have reached an important turning point where year after year, we will generate increasing free cash flows, giving us greater flexibility to enhance our shareholder returns fund industrial initiatives, and reach our leverage targets. In 2025, we grew organically on all fronts with new points of presence accelerating throughout the year, showing continued demand for digital infrastructure. On a performer organic basis, Our revenues increase...