Cellnex Telecom S A : Results Presentation Q1 2026

About this update from Cellnex Telecom S.a.

‌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 Q1 2026 Results ‌Agenda Marco Patuano CEO MAIN HIGHLIGHTS Q1 2026 RESULTS APPENDIX FAQs Today's speakers Raimon Trias CFO Maria Carrapato Head of IR 2 Nr Click to edit Master text styles 3 ‌Main Highlights 3 ‌Main Highlights Solid start of the year: Free Cash Flow, a clear turning point Organic PoPs growth +4.7% vs Q1 2025 Strong pro-forma organic growth vs Q1 2025 • + 4.7% Revenues; • + 6.4% Adj. EBITDA; • + 7.2% EBITDAaL; • + 12.2% RLFCF; • + 18.0% RLFCF per share EBITDAaL margin expansion ( 60.5% in Q1 2026 vs 58.8% in Q1 2025), driven by operating efficiency measures and proactive land management Robust and consistent financial performance Free Cash Flow reflects a clear turning point, supported by operational performance and lower capex intensity (€118Mn vs €-66Mn in Q1 2025) Free Cash Flow Revenue and cost structure naturally hedged against inflation Balance sheet insulated from rate volatility: ample cash and undrawn RCF lines providing funding optionality to avoid unfavourable market windows. 2026 maturities already funded 3 Macro environment & Capital Markets French Data Center €373Mn and DIV II fund €170Mn cashed in Q1 2026 Asset Rotation 2026 dividend (€500Mn total) First tranche (€250Mn) paid on 15 th January 2026 Second tranche (€250Mn) to be paid on 15 th of July 2026 Share buyback programme executed in Q1 2026 (€60Mn). As 31 st of March, €260Mn out of the €500Mn announced on 6 th November, already executed Shareholder Remuneration 4 ‌Main Highlights Cellnex's macro protection framework Revenue Cost Rates Liquidity Inflation Tailwind Energy: Full Pass-Through Fixed-Rate Debt Structure Liquidity & Funding Flexibility 65% of revenues linked to inflation and 35% with fixed escalators: Higher inflation will benefit our top line growth Net inflation exposure is positive Energy costs are largely contractually passed through to tenants, with c.80% directly passed through and the remaining and Residual exposure hedged through forward contracts and Power Purchase Agreements (PPAs) Opex growth structurally below inflation : disciplined cost management drives margin expansion benefiting from strong operating leverage Majority of debt at fixed rates (78%) Variable debt (22%): limited risk, as it is linked to 1-month Euribor, which has shown low volatility Average maturity of 4.3 years : good refinancing profile spread over various years 2026 maturities fully funded: Liquidity of c.€6.0Bn: c.€3.0Bn cash and c.€3.0Bn undrawn credit lines Committed revolving credit facilities : undrawn backup lines available if market conditions are unfavourable Selective issuance strategy : ability to time bond markets opportunistically, preserving cost of debt 5 ‌Main Highlights Sustained EBITDA and EBITDAaL margin expansion 84.7% 82.8% 82.7% 82.6% Q1 2023 Q1 2024 Q1 2025 Q1 2026 EBITDA Margin expansion Pro-forma (1) 60.6% EBITDAaL Margin expansion Pro-forma (1) 58.4% 57.1% 55.3% Q1 2023 Q1 2024 Q1 2025 Q1 2026 6 Pro- forma: Excluding the contribution of Ireland, French Data Centers and Operation & Maintenance in Spain ‌Main Highlights MNO consolidation in key markets - France Contractual Protection Contract First maturity Subsequent Extensions Price Indexation MSA 2039 + 5 + 5 + 5 + Fixed escalator MSA 2036-2039 + 5 + 5 + 5 + Fixed escalator MSA 2039 + 10 + 10 + Fixed escalator c.33k PoPs / c. 27k sites in France Cellnex France Cellnex consent required for changes in MSAs, including transfer or contract Low rural exposure splits C o-location 2033 + 10 + 10 + CPI-linked Very low risk in rural areas (CROZON) due to SFR-Bouygues RAN Sharing Co-location 2035 + 6 + 6 + Fixed escalator Secondary contracts already renewed for 10-12 years Post-overlap analysis , the estimated impact remains limited SFR PoPs with Cellnex (% PoPs) Densification is needed in urban areas Structural demand France ranks #49 in 4G/5G availability according to Opensignal ARCEP obligations (New Deal, 5G) require further rollout by 2030 c.12k PoPs 43% Out of our total SFR PoPs, c.12k, a little over 40% are in dense areas Of these, less than 10% are non-anchor PoPs RAN Sharing between SFR & Bouygues already in place in non-dense areas with secondary contracts already renewed for 10 to 12 years Dense Area Non Dense Area 7 ‌Q1 2026 Results ‌Q1 2026 Results Operating efficiency Accelerating returns through predictable growth and operating efficiency Q1 2026 Organic Pro-forma (1) 12.2% 18.0% 4.7% Operational Efficiency 6.4% 7.2% Management of Leases Optimizing Capital Structure Shareholder Value Creation Revenue Growth EBITDA Growth EBITDAaL Growth RLFCF Growth RLFCF per share (2) Growth Pro- forma: Excluding the contribution of Ireland, Data Centers in France and O&M business line discontinued in Spain 9 For Q1 2026 assumes the capital reduction effective November 20 th 2025 (24,064,404 shares) and the additional treasury shares acquired in Q4 2025 and Q1 2026 (10,222,156 shares). Implying total shares outstanding of 672,188,815 ‌Q1 2026 Results Consolidated Revenues Strong organic consolidated revenue growth of 4.7% Consolidated Revenues Growth €Mn 964 -23 941 14 9 21 + 2.1% 985 984 -1 + 4.7% Revenues Q1 2025 Ireland, Data Centers and O&M Pro-forma Q1 2025 (1) Escalators & CPI Co-location and Other business BTS and Fiber Organic Revenues (2) FX, Change of Perimeter & Others Revenues Q1 2026 Pro- forma: Excluding the contribution of Ireland, French Data Centers and Operation & Maintenance in Spain 10 Including organic revenues generated in the period (Escalators & CPI, Co-location and BTS), and excluding FX, Change of Perimeter and Others (Engineering Services, among others) ‌Q1 2026 Results Towers KPIs Towers: Points of Presence (PoP) performance in Q1 2026 Q1 2026 RoE (1) Total 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 Net new PoPs (BTS and Colo) 2,251 YoY Growth % Gross PoP growth +5.4% 2,736 Net PoP growth +4.7% 1,238 1,563 1,587 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 11 Rest of Europe includes Portugal, Netherlands, Switzerland, Sweden and Denmark ‌Q1 2026 Results Towers Revenues Towers revenues: 5.3% organic growth Q1 2026 Towers Revenues Growth €Mn 778 -11 767 13 10 18 808 + 3.0% 801 -7 + 5.3% Revenues Q1 2025 Ireland Pro-forma Q1 2025 (1) Escalators Co-location BTS & CPI Organic Revenues (2) FX, Change of Perimeter & Others Revenues Q1 2026 Pro- forma: Excluding the contribution of Ireland 12 Including organic revenues generated in the period (Escalators & CPI, Co-location and BTS), and excluding FX, Change of Perimeter and Others (Engineering Services, among others) ‌Q1 2026 Results Other Business Lines Organic revenues growth upside from other businesses Fiber, Connectivity & Housing Services DAS, Small Cells & RANaaS Broadcasting + 4.3% Adjusted for French Data Centers disposal + 1.1% Adjusted for Operation & Maintenance activity discontinued in Spain + 0.2% Continued roll-out of 13 Nexloop project in France DAS and Small Cells growth of over 16% YoY As agreed in 2025 contract renewals, CPI indexation to contribute after April 2026 ‌Q1 2026 Results Operational Efficiencies Operational efficiency driving margin expansion 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 14 (1) Pro- forma: Excluding the contribution of Ireland, French Data Centers and Operation & Maintenance in Spain ‌Q1 2026 Results Free Cash Flow Converting operational performance into FCF generation Reported FCF bridge Q1 2026 €(Mn) Strong FCF generation driven by: 595 -20 -37 -122 0 378 Operational performance Efficient capital and tax structure and optimized cost of debt Lower capex intensity -39 -67 0 118 -193 EBITDA After Lease Maint. Capex Working Capital Interest Paid Tax Paid Div. To Minorities RLFCF Expansion Capex BTS Capex Remedies FCF 15 ‌Q1 2026 Results Free Cash Flow Turning point: Free Cash Flow generation accelerating Pro-forma Organic RLFCF - Increasing metrics per share + 12.2% (€Mn) 322 362 + 18.0% Per - share (€) (2) 0.54 0.46 Q1 2025 Q1 2026 Q1 2025 Q1 2026 SBB program enhancing per share metrics, driving long-term value accretion Reported FCF (€Mn) - consolidating positive trajectory 118 + €184 Mn -66 Q1 2025 Q1 2026 €118Mn Free Cash Flow, driven by solid RLFCF and lower capex intensity Pro- forma: Excluding the contribution of Ireland, French Data Centers and O&M discontinuation in Spain 16 For Q1 2026 assumes the capital reduction effective November 20 th 2025 (24,064,404 shares) and the additional treasury shares acquired in Q4 2025 and Q1 2026 (10,222,156 shares). Implying total shares outstanding of 672,188,815 ‌Q1 2026 Results Debt Q1 2026: Issuance of dual-series bonds (€1,500Mn) anticipating '26 refinancing, to extend maturities (5 and 10 years) and secure pricing (3.4%) Short term maturities , fully funded Debt Maturities 2026 & 2027 maturities Liquidity 6,000 €3.0Bn €3.0Bn €6.0Bn Undrawn credit lines Liquidity Liquidity & Funding Flexibility 2026 maturities fully funded: Liquidity of c.€6.0Bn: c.€3.0Bn cash and c.€3.0Bn undrawn credit lines €1.5Bn €2.2Bn Cash Committed revolving credit facilities : undrawn backup lines available if market conditions are unfavourable 2026 2027 1Q 2026 Selective issuance strategy : ability to tap bond markets opportunistically, preserving cost of debt 17 ‌Q1 2026 Results Shareholder Remuneration Shareholder remuneration Executed and remaining shareholder remuneration in 2025 and 2026 2025 2026 €1,012Mn €500Mn Dividend €300Mn SBB €800Mn 1,000 12 €Mn 250 250 240 60 €Mn €Mn Dividends SBB Dividends SBB Dividends SBB During 2025 15 th of January 2026 Until 31 st March 2026 15 th of July 2026 Outstanding SBB to be completed by year end 2026 18 ‌IR Materials & Upcoming Events ‌Q1 2026 Results IR Materials & Upcoming Events IR Materials & Upcoming Events Morgan Stanle y Fireside Cha t 31 st March 2026 Roadshows and IR Events Calendar 20 ‌Annex ‌Revenues to FCF €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% Pro- forma: Excluding the contribution of Ireland, French Data Centers and Operation & Maintenance in Spain Pro- forma: Excluding the contribution of French Data Centers and Operation & Maintenance in Spain €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 +4.7% organic +6.4% organic +7.2% organic +12.2% organic 22 ‌Balance sheet a) €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 a) Data Centers in France and Digital Infra Vehicle II (DIV) Net Financial Debt (1) 20,818 20,732 23 (1) Net Financial Debt is an alternative performance measure ("APM") as defined in the guidelines issued by the European Securities and Markets Authority on October 5, 2015 on alternative performance measures (the "ESMA Guidelines"). 24 ‌Income statement €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 ‌FAQs ‌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 ‌Q1 2026 Results FAQs What is Cellnex track record in contract renewals? Until Duration Renewal Year Renewals carried out CPI linked Odido +Orange Renewal of key infrastructure agreements, strengthening long-term strategic collaboration CPI linked & All-or-nothing clause Additional contracted services Strengthened long-term strategic partnership for future network expansion 2025 2025 +15 years +13 (2038) +10 2040 2048 Vodafone CPI linked (75% ISTAT) (1) & All-or-nothing clause Additional contracted services 2025 +12 years 2037 Vodafone VM02 CPI linked & All-or-nothing clause This MSA replaced the MSA with CTIL that ended the 31 st July 2024 2024 +30 years 2055 Free Mobile CPI linked (1) 2023 +10 years 2033 Telefonica CPI linked & All-or-nothing clause Contracts renewed and unified under a single MLA 2022 +30 years 2052 27 (1) The contract have CAP or Floors on the CPI ‌Q1 2026 Results FAQs What is your financial outlook? Adjusted EBITDA RLFCF FCF €Mn Revenues (ex pass-through) Guidance 2026 Guidance 2027 4,075 - 4,175 4,255 - 4,455 600 - 700 975 - 1,175 1,900 - 2,000 1,945 - 2,145 3,425 - 3,525 3,605 - 3,805 28 ‌Q1 2026 Results FAQs How does 2026 guidance reconcile to 2025 baseline? Revenues (ex pass-through) €Mn Reported 2025 2025 Reported 3,995 -10 3,921 -40 -23 3,995 Ireland Data Centers O&M Spain + Others 2025 Adjusted 4,075 - 4,175 Guidance 2026 -9 3,269 -30 -9 3,317 Adjusted EBITDA 3,317 3,425 - 3,525 -9 1,865 -30 -9 1,913 RLFCF 1,913 1,900 - 2,000 600 - 700 350 FCF 350 -7 304 -30 -9 29 ‌Q1 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 4.7% YoY (1) YoY + 7.1% YoY + 3.8% YoY + 1.8% 49.3K 51.2K Number of PoPs 31.1K 33.3K 19.8K 20.1K Customer Ratio 1.2 1.2 2.2 2.2 1.4 1.5 YoY + 352 PoPs Q125 Q225 Q325 Q425 Q126 YoY + 1,852 PoPs Q125 Q225 Q325 Q425 Q126 YoY + 2,202 PoPs Q125 Q225 Q325 Q425 Q126 Rest of Europe (1) YoY + 4.8% 32.0K 33.6K Q125 Q225 Q325 Q425 Q126 YoY + 1,529 PoPs YoY + 4.9% 23.7K 24.8K 1.4 1.4 Q125 Q225 Q325 Q425 Q126 YoY + 1,162 PoPs YoY + 5.6% Number of PoPs 18.4K 19.4K Customer Ratio 2.1 2.2 Q125 Q225 Q325 Q425 Q126 YoY + (1) Pro- forma: Excluding the contribution of Ireland and Austria 1,030 PoPs 30 ‌Q1 2026 Results FAQs How fast is Cellnex deleveraging? 22, 000 10. 00 9.50 20,618 20,765 20,818 20,732 21, 000 9.00 8.50 20, 000 8.00 19, 000 7.50 7.00 18, 000 6.50 6.00 17, 000 5.50 16, 000 5.00 2023 2024 2025 Q1 2026 1 6.85 8.25 6.18 7.10 6.28 7.18 6.39 7.38 (1) Adjusted EBITDA Last Twelve Months (LTM) IAS 17 IFRS 16 Net Financial Debt (€Mn) 31 ‌Q1 2026 Results FAQs How is our debt maturity profile structured? Debt maturities as of March 2026 0 850 750 1,000 750 1,000 1,000 504 750 104 750 EUR Bank Debt €3.6Bn EUR Straight Bonds €11.6Bn 750 2026 2027 2028 2029 2030 2031 2032 2033 2036 2041 USD Bonds (1) €0.5Bn EUR Conv. Bonds €3.4Bn EUR Priv. Bonds €0.2Bn CHF Local Bank Debt/Bonds €1.0Bn 500 4,000 3,548 277 150 3,329 3,000 700 2,211 2,649 58 280 61 664 2,187 83 315 100 2,290 2,000 1,250 850 (3) 750 625 1,500 (2) 201 1,000 1,500 65 1,000 450 60 571 504 750 1,250 1,000 500 Key highlights Liquidity of c.€6.0Bn: c.€3.0Bn cash and c.€3.0Bn undrawn credit lines Fixed rate debt c.78% Gross debt c.€20.2Bn (bonds and other instruments) Net borrowings c.€17.2Bn Average cost of debt : 2.1% Average maturity : 4.3 years Cellnex Finance debt without financial covenants, pledges or guarantees Active management of debt maturities , extending duration while maintaining the cost of debt Includes USD bonds swapped to EUR 32 Repayments to be done in 2026, already funded ‌Q1 2026 Results Covered in previous FAQ's Previously addressed FAQ topics Frequently Asked Question Covered in How do other Business complement your tower services? What is your view on increasing RAN sharing in the market? How successfully have you managed recent MNO consolidation? Are satellite data connectivity solutions complementary to terrestrial networks? What are the results of the customer engagement survey? FY 2025 Results Presentation What is the evolution of main ESG targets and KPIs? What are Cellnex's key sustainability achievements in 2025? 33 ‌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-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 ‌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 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 35 ‌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, 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 36 ‌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 in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Cellnex Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare financial measure of historical or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. For further details on the definition and explanation on the use of APMs and Non-IFRS Measures please see the section on "Alternative performance measures" of Cellnex Telecom, S.A. Interim Condensed Consolidated Financial Statements and Consolidated Interim Directors' Report for the six-month period ended 30 June 2025 (prepared in accordance with IAS 34), published on 31st July 2025. Additionally, for further details on the calculation and reconciliation between APMs and Non-IFRS Measures and any applicable management indicators and the financial data of the corresponding reported period, please see the backup excel file published today by Cellnex Telecom, S.A. All documents are available on Cellnex website ( https://www.cellnex.com ). 37 ‌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 refer to the documentation published or registered by Cellnex Telecom, S.A. and its subsidiaries ("Cellnex") with the National Stock Market Commission in Spain (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans, estimated investments and capital expenditures, pipeline, priorities, targets, outlook, guidance, objectives for future operations and run rate metrics of Cellnex (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond Cellnex's control), which may cause actual results, performance or achievements of Cellnex, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding Cellnex's present and future business strategies, performance by Cellnex's counterparties under certain of Cellnex's contracts and the environment in which Cellnex expects to operate in the future which may not be fulfilled. No representation or warrant, express or implied is made that any forward-looking statement will come to pass. In particular, this presentation contains information on Cellnex's targets, outlook and guidance, which should not be construed as profit forecasts. There can be no assurance that these targets, outlook and guidance will be met. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this presentation. All forward-looking statements and other statements herein are only as of the date of this presentation. None of Cellnex nor any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents (including any forward-looking statement), or otherwise in connection herewith, and they do not undertake any obligation to provide the recipients with access to additional information or to update this presentation or to correct any inaccuracies in the information contained or referred to herein. To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this presentation come from Cellnex's own internal research and estimates based on the knowledge and experience of Cellnex's management in the market in which Cellnex operates, and is subject to change. Certain information contained herein is based on Cellnex's management information and estimates and has not been audited or reviewed by Cellnex's auditors. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed by Cellnex's auditors for accuracy or completeness and, as such, should not be relied upon. Certain financial and statistical information contained in the presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. This presentation is addressed to analysts and to institutional or specialized investors only and should only be read together with the supporting excel document published on the Cellnex website. The distribution of this presentation in certain jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions. Neither this presentation nor the historical performance of Cellnex's management team constitute a guarantee of the future performance of Cellnex and there can be no assurance that Cellnex's management team will be successful in implementing the investment strategy of Cellnex. Nothing herein constitutes an offer to sell or the solicitation of an offer to purchase any security and nothing herein may be used as the basis to enter into any contract or agreement. 38 ‌IR Team & Results Materials Contact our Investor Relations team Investor Relations Director Maria Carrapato [email protected] Investor Relations Manager Gonzalo García-Carretero [email protected] [email protected] Investor Relations Senior Analyst María Gómez Lara [email protected] Investor Relations Analyst Daniel Pradas [email protected] Investor Relations Analyst Laura Motos [email protected] Q1 2026 Results Supplemental Materials (XLS) Webcast: Click Here Essential information available on the Investor Relations section of Cellnex's website 39

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