Results Presentation Q1 2026

Net colocation

42

259

15

56

54

351

777

Gross colocation

68

281

45

109

68

391

962

Churn

-26

-22

-30

-53

-14

-40

-185

BTS

526

4

0

30

182

68

810

Total Net

568

263

15

86

236

419

1,587

Staff

As reported numbers

Q1 25 Q1 26

70 67

€Mn

Pro-forma (1) excluding Ireland, French Data Centers and Operation & Maintenance in Spain

-5.7%

per tower

Operation and maintenance (O&M) contracts in Spain to be discontinued as a consequence of the recent redundancy plan announced

Repair & Maintenance

Q1 25 Q1 26

24 26

€Mn

+4.6%

per tower

Strong focus on optimization of cost

per tower:

• Centralizing procurement process

• Supplier optimization

• Operational efficiency programs

• Streamlining workflows (lean initiatives)

SG&A

Q1 25 Q1 26

73 65

€Mn

-13.0%

per tower

Leases

Q1 25 Q1 26

232 237

€Mn

-0.2%

per tower

Land acquisition plan accelerating, whilst rent renegotiation and cash advances well on track

€Mn

Jan-Mar

2025

Jan-Mar Proforma 2025 (1)

Jan-Mar

2026

Jan-Mar Proforma 2026 (2)

Towers

778

767

801

801

Fiber, Connectivity & Housing Services

58

50

56

53

DAS, Small Cells and RAN

62

58

61

58

Broadcast

66

66

66

66

Revenues

964

941

984

978 +2.1%

Staff costs

-70

-69

-67

-67

Repair and maintenance

-24

-24

-26

-26

Services

-73

-70

-65

-62

Operating Expenses

-167

-163

-158

-155

Net pass-through

1

1

6

6

Pass-through revenues

110

108

112

112

Pass-through costs

-110

-108

-107

-107

Adjusted EBITDA

798

779

832

829 +4.3%

% Margin over revenues

83%

83%

85%

85%

Net payment of lease liabilities

-232

-230

-237

-236

EBITDA after Leases

566

549

595

593 +5.1%

Maintenance Capex

-15

-15

-20

-20

Changes in working capital

-20

-31

-37

-34

Net payment of interest

-151

-151

-122

-122

Income tax payment

-29

-29

-39

-39

Net recurring dividends to non-controlling

interests

0

0

0

0

Recurring Levered FCF

351

322

378

378 +7.8%

€Mn

Jan-Mar 2025

Jan-Mar Pro-forma 2025 (1)

Jan-Mar 2026

Jan-Mar Pro-forma 2026 (2)

Recurring Levered FCF

351

322

378

378

Expansion Capex

-66

-65

-67

-67

Tower Expansion Capex

-35

-35

-43

-43

Other Business Expansion Capex

-8

-8

-10

-10

Efficiency Capex

-22

-22

-14

-14

BTS Capex and Remedies

-351

-347

-193

-193

Build-to-Suit Capex

-351

-347

-193

-193

Cash in from remedies

0

0

-

-

FCF

-66

-91

118

118

M&A Capex and Divestments

927

927

509

509

Land acquisition and long-term right of use

-29

-29

-31

-31

Other M&A Capex

-7

-7

-3

-3

Divestments

963

963

543

543

€Mn

December

March

2025

2026

Non Current Assets

39,066

38,801

Property, plant and equipment

12,702

12,730

Intangible assets

21,664

21,404

Right-of-use assets

3,330

3,289

Investments in associates

3

3

Financial investments

142

142

Derivative financial instruments

53

63

Trade and other receivables

515

520

Deferred tax assets

656

649

Current Assets

2,501

4,035

Inventories

7

9

Trade and other receivables

990

1,152

Financial investments

3

3

Derivative financial instruments

8

6

Cash and cash equivalents

1,493

2,865

Non-current assets held for sale

497

21

Total Assets

42,064

42,857

€Mn

December

March

2025

2026

Shareholders' Equity

13,324

13,211

Non Current Liabilities

23,800

25,191

Bank borrowings and bond issues

16,914

18,463

Lease liabilities

2,275

2,087

Derivative financial instruments

3

1

Provisions and other liabilities

1,657

1,720

Employee benefit obligations

55

56

Deferred tax liabilities

2,897

2,864

Current Liabilities

4,902

4,455

Bank borrowings and bond issues

2,006

1,833

Lease liabilities

706

799

Derivative financial instruments

110

112

Provisions and other liabilities

685

518

Employee benefit obligations

80

58

Payables to associates

1

0

Trade and other payables

1,314

1,135

Liab. Assoc. with non-current assets held for sale

37

0

Total Equity and Liabilities

42,064

42,857

€Mn

Q1 2025

Q1 2026

Revenues

1,074

1,096

Operating Expenses

-276

-264

Non-recurring expenses and non-cash items

-102

-11

Depreciation & amortization

-647

-671

Results from the loss of control of consolidated companies

67

0

Impairment losses on assets

0

0

Results from disposals of fixed assets and others

-2

3

Operating Profit

115

153

Net financial profit

-196

-196

Profit of Companies Accounted for Using the Equity Method

-1

13

Income tax

28

-9

Attributable to non-controlling interests

5

2

Net Profit Attributable to the Parent Company

-49

-37

‌Q1 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 + 10 +

CPI-linked (1)

Switzerland

2019

20 + 10 + 10 +

Fixed escalator

Italy & France

2019

20 + 10 + 10 +

Fixed escalator

UK

Portugal Portugal Denmark

2020

2020

2020

2020

10 +

20 + 5 + 5 +

15 + 15 + 15 +

15 + 15 + 5 +

CPI-linked CPI-linked (1)

CPI-linked (1)

CPI-linked (1)

No single contract accounts for more than 8%

Italy

2021

15 + 15 + 5 +

CPI-linked (1)

of revenues

Poland

2021

20 + 10 + 10 +

CPI-inked (1)

Sweden

2021

15 + 15 + 5 +

CPI-linked (1)

UK

2022

15 + 15 + 5 +

CPI-linked (1)

Netherlands

2021

15 + 10 + 10 +

CPI-linked (1)

France

2021

18 + 5 + 5 + 5 +

Fixed escalator

Poland

2021

25 + 15 + 15 +

CPI-linked

Tranche I: 13 + 10 + 7 +

Spain

2022

Tranche II: 10 +10 +10 +

CPI-linked (1)

Tranche III: 7 + 10 + 10 +3 +

UK

2024

10 + 10 + 10 +

CPI-linked

Spain

2025

13 (2038) + 10 +

CPI-linked (1)

26

(1) The contract have CAP or Floors on the CPI

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-recurring expenses (such as donations, redundancy provision, extra compensation and benefit costs, and costs and taxes related to acquisitions, among others), as well as certain non-cash expenses (LTIP remuneration payable in shares, among others) and advances to customers. The Company uses Adjusted EBITDA as an operating performance indicator of its business units and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. At the same time, it is important to highlight that Adjusted EBITDA is not a measure adopted in accounting standards and, therefore, should not be considered an alternative to cash flow as an indicator of liquidity. Adjusted EBITDA does not have a standardized meaning and, therefore, cannot be compared to the Adjusted EBITDA of other companies. One commonly used metric that is derived from Adjusted EBITDA is Adjusted EBITDA margin. Adjusted EBITDA is an APM. Please see slide 37 for certain information on the limitations of APMs

Adjusted EBITDA margin

Adjusted EBITDA Margin corresponds to Adjusted EBITDA, divided by "revenues ex pass through". Thus, it excludes elements passed through to customers from both expenses and revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others. The Group uses Adjusted EBITDA Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. Adjusted EBITDA margin is an APM. Please see slide 37 for certain information on the limitations of APMs

Average Revenue Per Tower (ARPT)

It is calculated as dividing the revenues ex Pass-through associated to the Tower business unit by the number of telecom sites at the end of the reporting period. Tower revenues are expressed on an annual basis as per the last 12 months ended the last day of the reporting period. ARPT is expressed in € thousand. ARPT is and APM. Please see slide 37 for certain information on the limitations of APMs

Available Liquidity

The Group considers as Available Liquidity the available cash and available credit lines at period-end closing, as well as other financial assets.

Anchor tenant/customer

Anchor customers are telecom operators from which the Company has acquired assets

Backlog

Represents management's estimate of the amount of contracted revenues that Cellnex expects will result in future revenue from certain existing contracts. This amount is based on a number of assumptions and estimates, including assumptions related to the performance of a number of the existing contracts at a particular date but do not include adjustments for inflation. One of the main assumptions relates to the contract renewals, and in accordance with the consolidated financial statements, contracts for services have renewable terms including, in some cases, 'all or nothing' clauses and in some instances may be cancelled under certain circumstances by the customer at short notice without penalty.

Build-to-suit (BTS) Capex

Corresponds to committed Build-to-suit programs (consisting of new and dismantled sites, backhaul, backbone, edge computer centers, DAS nodes or any other type of telecommunication infrastructure as well as any advanced payment related to it). Ad-hoc maintenance capital expenditure required eventually may be included. Cash-in from the disposal of assets (or shares) due to, among others, antitrust bodies' decisions are considered within this item. BTS Capex is an APM. Please see slide 37 for certain information on the limitations of APMs

Customer ratio

The customer ratio relates to the average number of operators in each site. It is obtained by dividing the number of PoPs by the average number of Telecom Infrastructure Services sites in the year

DAS

A distributed antenna system is a network of spatially separated antenna nodes connected to a common source via a transport medium that provides wireless service within a geographic area or structure agreed with clients

EBITDAaL

EBITDAaL refers to Adjusted EBITDA after leases. It deducts payments of lease instalments in the ordinary course of business to Adjusted EBITDA. EBITDAaL is an APM. Please see

slide 37 for certain information on the limitations of APM 34

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 revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others. The Group uses EBITDAaL Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. EBITDAaL margin is an APM. Please see slide 37 for certain information on the limitations of APM

Expansion Capex

Expansion Capital expenditures includes three categories: Tower Expansion Capex, Other Business Expansion Capex and Efficiency Capex. Please note that Tower Expansion Capex includes Tower Upgrades, consisting of works and studies Cellnex carries out on behalf of its customers such as adaptation, engineering and design services at the request of its customers, which represent a separate income stream and performance obligation. Tower Upgrades carried out in Cellnex' Infrastructure are invoiced and accrued when the customer's request is finalised and collected in accordance with each customer agreement with certain margin. The costs incurred in relation to these services can be an internal expense or otherwise outsourced and the revenue in relation to these services is generally recognised when the capital expense is incurred. The Company considers capital expenditures as an important indicator of its operating performance in terms of investment in assets. Other Business Expansion Capex consists mainly of investments related to non Passive projects as Active Equipment, DAS, Network or others. Efficiency Capex consists of investment related to business efficiency that generates additional RLFCF, including among others, decommissioning, advances to landlords (excluding long-term cash advances) and efficiency measures associated with energy and connectivity. This indicator is widely used in the industry in which the Company operates as an evaluation metric among analysts, investors, rating agencies and other stakeholders. Expansion Capex is an APM. Please see slide 37 for certain information on the limitations of APMs

Engineering services

On request of its customers Cellnex carries out certain works and studies such as adaptation, engineering and design services, which represent a separate income stream and performance obligation. The costs incurred in relation to these services can be internal expense or outsourced. The revenue in relation to these services is generally recognized as the capital expense is incurred.

Free Cash Flow

Free Cash Flow is defined as RLFCF after deducting BTS Capex and Expansion Capex. Free Cash Flow is an APM. Please see slide 37 for certain information on the limitations of APMs

Greenfield projects

Organic growth projects regarding new telecom infrastructure which are gradually deployed such as new telecom sites, optic fiber, edge computing or DAS, mainly for the use of

Cellnex's anchor tenants, with tower-like characteristics

Gross Financial Debt

The Gross Financial Debt corresponds to "Bond issues and other loans", "Loans and credit facilities", "Lease liabilities" and "the deferred payment in relation to Omtel acquisition" and does not include any debt held by Group companies registered using the equity method of consolidation, "Derivative financial instruments" or "Other financial liabilities". "Lease liabilities" is calculated as the present value of the lease payments payable over the lease term, discounted at the rate implicit or at the incremental borrowing rate. Gross Financial Debt is an APM. Please see slide 37 for certain information on the limitations of APMs

Leverage Ratio

Leverage Ratio is frequently used by analysts, investors and rating agencies as an indication of financial leverage. It is calculated as dividing the Net Financial Debt by Adjusted

EBITDA. It will be reported once a year, as of the January-December reporting periods.

Leverage ratio is an APM. Please see slide 37 for certain information on the limitations of APMs

M&A Capex

Corresponds to investments in: i) land acquisition and long term right of use (including long-term cash advances), ii) shareholdings of companies (excluding the amount of deferred payments in business combinations that are payable in subsequent periods) as well as significant investments in acquiring portfolios of sites (asset purchases) and, iii) cash in from divestments M&A Capex is an APM. Please see slide 37 for certain information on the limitations 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, the Company uses Net Financial Debt as a measure of its solvency and liquidity as it indicates the current cash and equivalents in relation to its total debt liabilities. One commonly used metric that is derived from Net Financial Debt is "Net Financial Debt / Adjusted EBITDA" which is frequently used by analysts, investors and rating agencies as an indication of financial leverage. Net Financial Debt is an APM. Please see slide 37 for certain information on the limitations of APMs

PoP (Point of Presence)

A customer configuration based on the most typical technological specifications for a site within which the active equipment and antennas are owned by the customer or by Cellnex. Furthermore, a PoP must also have an associated income. The definition is always subject to management's view, independently of the technology used or type of service such customer provides.

In the 5G/IoT network ecosystem, this definition of PoP could be reviewed as new customer configurations might also be considered a PoP, especially in relation to new site-adjacent asset classes, subject again to the management's view.

Revenues

Revenues correspond to Operating Income excluding Advances to customers (please see note 19a in our Interim Financial Statements ended 30 June 2025)

Revenues ex pass-through

Revenues ex Pass-through exclude from the Operating Income all elements passed through to customers and advances to customers, business rates, rents and others. The Company uses Revenues ex Pass-through as an operating performance indicator of its business units, once excluding high-volatility elements that do not contribute to the Company's EBITDA. The Company believes it will be widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders, as a clearer indicator of its performance."

Revenues ex pass-through is an APMs. Please see slide 37 for certain information on the limitations of APMs

RLFCF

Recurring Operating Free Cash Flow plus/minus changes in working capital, plus interest received, minus interest expense paid, minus income tax paid, and minus recurring dividends to minorities. Recurring Leveraged Free Cash Flow ("RLFCF") is an APMs. Please see slide 37 for certain information on the limitations of APMs