Cellnex Telecom S A : Results Presentation Q3 2025

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 9M 20 25 Results Presentation Agenda Marco Patuano CEO MAIN HIGHLIGHTS 9M 2025 RESULTS MNO CONSOLIDATION WRAP UP 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 Increased shareholder remuneration, consistent execution, delivering on strategy Strong delivery on key financial metrics with organic proforma growth trends intact in 9M25: +5.7% revenues; +6.9% Adj. EBITDA; +7.5% EBITDAaL; +9.4% RLFCF, 13.2% RLFCF per share €1Bn Shareholder remuneration by the end of 2026, c.5.4% total yield Solid performance in main KPIs with BTS and colocations progress reflecting increasing demand in digital infrastructure (+4.1% PoPs growth) Main Highlights Efficiency programme on track : Operational Efficiency & Land Acquisition programme accelerating, driving EBITDAaL margin expansion (60.8% in 9M25 vs 59.3% in 9M24) Cash flow expansion driven by lower capital intensity 2025 and 2027 targets reiterated Put Option agreement to sell Data Centres in France for €391Mn reinforcing our commitment to core telecom infrastructure assets Share reduction in progress, resulting in an improvement in metrics per share Fitch Affirms BBB-, outlook stable: leverage threshold increased to 7.3x from 7.0x 4 Main Highlights Strong operational leverage driving profitability and cash flow growth 9M 25 13.2% 9.4% 6.9% 7.5% 5.7% Operational Efficiency Management of Leases Optimizing Capital Structure Shareholder Value Creation Organic Revenue Growth Organic EBITDA Growth Organic EBITDAaL Growth RLFCF Growth RLFCF per Share Growth 5 (*) Including organic elements (CPI, Co-location, BTS and Efficiency), and excluding the contribution of Ireland, Austria, FX, and Others STRICTLY CONFIDENTIAL Main Highlights €1Bn Shareholder remuneration by the end of 2026, c.5.4% total yield Updated Commitment €500Mn ordinary dividend payment starting in 2026 growing at 7.5% per annum until 2030 Semi-annual dividend payment in January €250Mn and July €250Mn 2026 Up to €500Mn share buyback until the end of 2026 of which: €12Mn €300Mn committed remuneration €200Mn additional share buyback, related to the sale of datacenters in France Remaining proceeds used to reduce debt, strengthening our IG commitments 6 (1) Assuming €500Mn share buybacks in 2026. In 2026, yield assuming: yearly total dividend or share buyback / constant market cap of 2025 (share nº in 2025 of 682Mn * €27.2 share price) €1Bn €500Mn Share buybacks Ordinary Dividend €800Mn €500Mn 2025 YTD 2025 Remaining & 2026 Dividend yield (%) (1) Share buyback yield (%) (1) Total Yield (%) (1) c.0.1% c.3.4% c.3.5% c.2.7% c.2.7% c.5.4% 9M 2025 Results Financial outlook reiterated €Mn Guidance 2025 (1) Guidance 2027 (2) Revenues (ex pass-through) 3,950 -4,050 4,320 -4,520 Adjusted EBITDA 3,275 -3,375 3,640 -3,840 RLFCF 1,900 -1,950 2,000 -2,200 FCF 280 -380 1,030 -1,230 All public targets confirmed Includes: Ireland c.2 months impact and interest expense associated with incremental debt due to €800Mn buyback 7 Guidance will be adjusted next quarter for: Data Centres in France and Shareholder Remuneration 9M 2025 Results 9M 2025 Results Revenues (excluding pass-through) +5.7% Adjusted EBITDA +6.9% RLFCF (reported) €1,300Mn Well on-track to meet 2025 target EBITDAaL +7.5% FCF (reported) €187Mn Solid performance of all financial and operational metrics 9M 2025 Key financial metrics (YoY organic proforma growth ) (1) 9M 2025 Key operational metrics 2,998 New BTS PoPs 2,054 Net New co-locations 1.60x Customer Ratio (1.58x end of 9M 2024) €195Mn Land & Efficiency capex (vs €135Mn in 9M 2024) 9 Excluding the contribution of Ireland and Austria 9M 2025 Results Revenue performance Consistent growth driven by CPI and escalators, alongside robust execution in new PoPs rollouts Consolidated Revenue Growth Tower Revenue Growth +1.2% +0.0% 2,903 -112 2,791 46 85 2,951 29 -14 2,937 2,376 -112 2,264 38 63 2,380 -3 16 2,377 Organic +c.5.7% Organic +c.5.1% €Mn Revenues 9M 2024 Ireland & Austria Pro-forma 9M 2024 (1) Escalators & CPI Co-location BTS Organic Revenues (2) FX, Change of Perimeter & Others Revenues 9M 2025 €Mn Revenues 9M 2024 Ireland & Austria Pro-forma 9M 2024 (1) Escalators & CPI Co-location BTS Organic Revenues (2) FX, Change of Perimeter & Others Revenues 9M 2025 Excluding the contribution of Ireland and Austria 10 Including organic revenues generated in the period, and excluding the contribution of Ireland & Austria, FX, Change of Perimeter and Others 9M 2025 Results Revenue performance Fiber, Connectivity & Housing Services DAS & Small Cells & RANaaS Broadcasting YoY +20.2% 176 146 9M 24 9M 25 Strong growth in Fiber revenues due to continued roll-out of Nexloop project as planned in France YoY 0.8% +6.2% adjusting for O&M 186 188 9M 24 9M 25 Slower DAS & SC & RAN growth YoY due to the discontinuation of O&M contracts in Spain YoY +1.5% 194 197 9M 24 9M 25 Broadcasting growth stable supported by continuous renegotiations of contracts 11 Excluding the contribution of Ireland and Austria 9M 2025 Results Consolidated PoPs EOP YoY +4.1% 171K 178k Q324 Q424 Q125 Q225 Q325 YoY Strong PoPs growth reflecting higher densification and despite consolidation in key markets +4.1% YoY (1) YoY +9.4% YoY +1.9% YoY +2.2% 29K 32K 49K 50k 19K 20K Q324 Q424 Q125 Q225 Q325 Q324 Q424 Q125 Q225 Q325 Q324 Q424 Q125 Q225 Q325 1.21x 1.21x YoY +430 PoPs YoY +940 PoPs YoY +2,786 PoPs PoPs Evolution 2.17x 2.20x 1.44x 1.46x YoY +7.0% 22K 24K Q324 Q424 Q125 Q225 Q325 1.39x 1.36x YoY +1,592 PoPs 2.17x 2.14x YoY +3.9% 31K 32K Q324 Q424 Q125 Q225 Q325 Rest of Europe (1) Q3 2025 Strong performance in Q3 2025 • • Strong performance driven by Ran-Sharing agreement with Digi Churn +Orange: -18 PoPs Net co-locations 101 BTS 458 Total 559 313 24 337 148 1 149 561 24 585 RoE (1) 111 133 135 242 246 375 Total 1,476 775 2,251 YoY +1,227 PoPs YoY +0.0% 19K 19K Q324 Q424 Q125 Q225 Q325 YoY +5 PoPs 12 (1) Excluding the contribution of Ireland and Austria 9M 2025 Results Operational Efficiency & Industrial Focus Driving a scalable, data-driven, and cost-efficient operating model driving +1.8% contribution to EBITDAaL margin 9M 2025 - YoY Pro-forma excluding Austria & Ireland Key Levers of Efficiency Impact Process Optimization & Standardization Integrated Maintenance & Vendor Management Centralized Knowledge & Performance Excellence Land acquisition & Efficiency actions Process automation and operational efficiency enable scalable, standardised and data-driven operations across all countries Operations & Maintenance Efficiencies - sustained reduction in maintenance cost Process optimization - full digital adoption enabling standard workflows and real-time supervision Operational scalability - reduced complexity and improved resource utilization through centralized models and automation -1.7% per tower -3.7% per tower -5.5% per tower -0.1% per tower Staff Repair & Maintenance SG&A Leases 13 9M 2025 Results Efficient capital deployment driving strong cash generation Reported FCF bridge €(Mn) 187 BTS Capex Remedies FCF Exp. paid Minorities RLFCF Capex Capex Capital Paid Working Interest Tax Div. to After Lease EBITDA Maint. -910 1,787 77 -281 -25 -69 1,300 -327 -68 3 Strong RLFCF generation driven by operational performance, efficient capital structure and tax shield benefits Evolution of Pro-forma Capex €(Mn) Efficiency 9M 25 9M 24 9M24 9M25 9M24 9M25 Other business 9M24 9M25 Towers 9M25 9M24 49 42 909 57 281 77 -4.2% 949 161 -1.7% 286 180 BTS Capex (1) Expansion Capex Mix (1) Expansion Capex (1) 65% 15% 16% 18% 27% 57% Disciplined capital deployment driving efficiency and improving FCF conversion 14 Excluding the contribution of Ireland and Austria 9M 2025 Results Efficient capital deployment driving strong cash generation FCF (€Mn) adjusted for remedies 322 Cash flow generation accelerating 187 357 77 109 Remedies cashed-in FCF adjusted for remedies -35 9M 24 9M 25 Cash flow generation accelerating , supported by lower capital intensity Increasing per share metrics: Pro-forma (1) +9.4% +13.2% 1.89 1,292 1.67 1,181 9M 24 9M 25 RLFCF (€Mn) 9M 24 9M 25 (2) RLFCF (€ Per-share) Share buyback programme enhancing per share metrics Excluding the contribution of Ireland and Austria 15 Assumes new share count after the cancellation: 682,410,971 shares 9M 2025 Results Debt maturities and ratios 4,000 3,000 2,000 1,000 0 USD Bonds €0.5Bn 80 EUR Priv. Bonds €0.3Bn 3,950 108 150 700 2,633 42 80 1,000 2,208 500 198 450 60 850 280 1,740 61 2,184 86 2,290 160 627 750 1,000 1,915 315 100 625 65 750 1,250 515 750 98 1,500 1,000 1,000 1,000 1,250 2025 500 2026 750 850 2027 2028 2029 2030 2031 2032 2033 504 504 2041 EUR Bank Debt €3.5Bn EUR Conv. Bonds €3.4Bn 65 CHF Local Bank Debt/Bonds €1.0Bn EUR Straight Bonds €10.0Bn Key highlights Liquidity of c.€4.8Bn: c.€1.4Bn cash and c.€3.3Bn undrawn credit lines Fixed rate debt c.78% Gross debt c.€18.7Bn (bonds and other instruments) Net debt c.€17.3Bn Average cost of debt : 2.1% Average maturity : 4.4 years Flexibility preserved : Cellnex Finance debt without financial covenants, pledges or guarantees BBB- Outlook positive BBB- Outlook stable Net Debt / EBITDA IFRS 16 LTM 6.6x 21,444 6.4x 20,980 9M 2024 9M 2025 Leverage Ratio Net Financial Debt 16 MNO Consolidation Cellnex an enabler of WIN-WIN outcomes MNO Consolidation MNO Consolidation MNO consolidations and network sharing present both opportunities and risks Cellnex Existing protections Consent needed, Cellnex will be part of the discussion Contractually protected PoPs "Take or Pay" and "all-or-nothing" clauses Contracts preventing RAN sharing or RAN sharing fees How to mitigate further Deeper strategic alignment with customers Extension of existing MSAs/MLAs, driving long term visibility and predictability Ongoing upfront negotiations with MergeCos to facilitate +NPV Proactively seek business opps from new entrants (2) Implications for TowerCos Opportunities Unlocks network improvement and expansions New entrants / remedy takers Market repair is the main rationale for MNO Consolidation European regulators taking a pro-investment stance, thus benefiting Cellnex over longterm Challenges Churn of PoPs PoP growth reduction Industry dynamics pressuring MNOs Market Repair Reversal of years of price pressure reduced returns and ability to invest Margin pressure Reducing ARPUs (1) Rising operating costs ↑ CapEx demand 5G & fiber rollouts Increased data demand ↓ return on capital Declining returns Focus shifting to short-term Consolidation & Net Sharing Executed Approved (3) Approved (3) Approved (3) First Offer 18 (1) Average Revenue per User = ARPU. (2) as a result of regulatory remedies (3) Integration Ongoing MNO Consolidation Consolidation and Regulation Shaping Europe's Telecom Investment Outlook Growing consensus among MNOs: scale, simplified regulation, and network sharing are essential to sustain long-term "The plan acknowledges that investment in the European telecoms market has been inefficient due to the operators' lack of scale when compared to the US and Chinese markets , with fewer and much larger companies. While it does not include consolidation opportunities, the plan means that Telefónica will be fully prepared to seize any that may arise to create value for shareholders." "Industry leaders and investors showed a broad consensus that market consolidation is essential to unlock efficiencies , attract investment and support next-generation technologies like 5G and AI. Evidence from recent telecom consolidations, like in Brazil and India, shows positive outcomes, including lower prices and increased investment capability , they said." "VodafoneThree's £11bn investment will boost UK economic output (GVA) UK by as much as £102.75 bn between 2025- 2035…" - Vodafone UK press release, 22 September 2025." Vodafone - Press Release "VodafoneThree signs multibillion pound investment deals, marking another major milestone in building the UK's best network" GSMA-Connect Europe - Statement on the European Commission's Work Programme 2025 Deutsche Telekom, Orange, Telefónica, TIM, Vodafone, Nokia and Ericsson - Joint letter from major European Telcos to Commission President Ursula von der Leyen 2025 Telefónica - executive statement cited in the corporate communications 4th November 2025 Telefónica - executive statement cited in the FT-Connect Europe Forum: Telecoms commit to Europe's Tech Leadership investment "Unless the Commission takes bold action with a clearly stated intent to address the need for scale, European industries will continue to lack the strength to invest at the same pace as their competitors in the United States, Asia and other markets ." " Existing regulation frustrates efforts to encourage essential investment . Simplifying this framework, reducing the regulatory burden and prioritising speed and agility must be priorities for the new Commission." 19 MNO Consolidation MNO Consolidation in Key Markets - Spain and the UK Consolidation dynamics in both Spain and the UK reinforce Cellnex's strategic positioning and visibility, with a healthier MNO ecosystem driving additional market investments Stronger strategic partnerships with better capitalized MNOs, incentivized to invest and improve NW quality Well positioned to benefit from regulators promoting investment in NW quality and coverage Contract NPV preserved validating strength of MSAs in all cases Extended the duration of our MSAs - Greater long-term visibility and contractual stability MasMovil/Orange Merger : additional contracted services and extended MSAs to 2048 (all-or-nothing exit window in 2038) Reinforced collaboration around future densification and service expansion TEF RAN sharing agreement to deliver up to 3K Digi RAN share PoPs and 110 additional physical PoPs TEF Extended Vodafone and VMO2 MSA (2035+10+10) and future elimination of intermediaries, preserving economic value and reduction in execution complexity Savings reinvested to optimize network architecture eliminating network inefficiencies and improving quality VodafoneThree investment programme (11 Billion GBP) set to drive additional market growth and potential catch-up from remaining MNOs 20 MNO Consolidation MNO Consolidation in Key Markets - France Cellnex operates around 32k Pops in France, of which over 80% under "all or nothing" contracts and c.57% outside dense areas More than 80% of our PoPs are under "All or Nothing" MSA contracts, with max average respiration rate <1% Cellnex' consent is needed for change in MSAs, including transfer or contract split Very low risk in rural areas due to SFR Bouygues RAN sharing Cellnex will inevitably be part of the discussions Opportunity to define a win-win value proposition, preserving NPV of contracts and securing relationships with financially healthier clients Minimize PoPs lost, and maximize use of committed and future programs for densification and technological readiness 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 Limited potential for churn based on detailed analysis of dense areas, according to traffic intensity and inter site distance Densification is needed As of today, MNOs are already launching programmes to densify their networks in urban areas; France ranks #49 in terms of 4/5G availability according to Opensignal ARCEP obligations (New Deal, 5G) require new sites by 2030, especially in rural areas and along transport corridors Rank Worldwide (1) 4G/5G Availability Sweden 8 Netherlands 11 Denmark 12 Portugal 14 Germany 18 Switzerland 29 UK 31 Italy 32 Spain 44 France 49 Poland 50 SFR PoPs with Cellnex (% PoPs) c.12k PoPs 43% Dense Area Non Dense Area 21 (1) Source: OpenSignal Wrap Up Wrap Up Enhanced shareholder remuneration, executing on our strategy, reinforcing the resilience of our business model Strong Operating and Financial delivery across the board, on track to achieve all targets Reinforced commitment to shareholder returns reflecting our deep conviction in the fundamental value of our company and our focus on delivering long-term value Wrap Up Focus on industrial excellence delivering increasing operating leverage , with accelerating growth in EBITDAaL and FCF metrics Validation of our strategic partnerships with customers and of the strength of our MSA contracts , demonstrating resilience in face of changing market dynamics Cellnex is a relevant counterparty in shaping consolidation outcomes, turning market consolidation into an opportunity to strengthen strategic partnerships with our clients while supporting the ongoing need for densification and improved network quality All Public targets reiterated and on track for dividend commitment starting 2026 23 Annex Revenues to FCF Jan-Sep 2024 Proforma Jan-Sep 2025 Proforma Jan-Sep 2024 Proforma Jan-Sep 2025 Proforma Jan-Sep Jan-Sep Jan-Sep Jan-Sep 2024 (1) 2025 (1) 2024 (1) 2025 (1) 2,376 2,264 2,377 2,366 Recurring Levered FCF 1,256 1,181 1,300 1,292 146 186 146 186 176 188 176 188 Expansion Capex Tower Expansion Capex -313 -203 -286 -180 -281 -161 -281 -161 €Mn +5.7% Other Business Expansion Capex -59 -57 -43 -42 organic Efficiency Capex -51 -49 -77 -77 BTS Capex and Remedies -617 -591 -833 -832 Build-to-Suit Capex -975 -949 -910 -909 Cash in from remedies 357 357 77 77 FCF 326 304 187 180 M&A Capex and Divestments -176 -183 697 -270 Land acquisition and long-term right of -83 use -90 -119 -119 organic Other M&A Capex -124 -124 -151 -151 Divestments 31 31 967 0 Fiber, Connectivity & Housing Services DAS, Small Cells and RAN Broadcast 194 194 197 197 Revenues 2,903 2,791 2,937 2,927 +1.2% Staff costs -207 -201 -206 -205 Repair and maintenance -83 -78 -79 -78 Services -230 -228 -224 -224 Operating Expenses -520 -508 -508 -507 Net pass-through 3 5 7 7 Pass-through revenues 299 299 315 315 Pass-through costs -296 -294 -308 -308 Adjusted EBITDA 2,386 2,288 2,436 2,426 +2.1% % Margin over revenues 82% 82% 83% 83% Net payment of lease liabilities -664 -626 -649 -648 EBITDA after Leases 1,722 1,662 1,787 1,778 +3.8% Maintenance Capex -69 -69 -68 -68 Changes in working capital 8 -5 3 2 Net payment of interest -321 -321 -327 -327 Income tax payment -73 -75 -69 -69 Towers +6.9% +7.5% organic Net recurring dividends to non-controlling interests -12 -12 -25 -25 +3.5% 1,292 1,300 1,181 1,256 Recurring Levered FCF 25 (1) Excluding the contribution of Ireland and Austria Balance Sheet €Mn September 2025 Non Current Assets 40,258 39,353 December 2024 €Mn Shareholders' Equity Non Current Liabilities September 2025 15,324 14,004 24,545 24,750 December 2024 Property, plant and equipment 12,451 12,465 Intangible assets 22,916 21,866 Right-of-use assets 3,456 3,472 Investments in associates 57 65 Financial investments 139 137 Derivative financial instruments 103 75 Bank borrowings and bond issues 17,037 17,356 Lease liabilities 2,497 2,437 Derivative financial instruments 46 39 Provisions and other liabilities 1,802 1,718 Employee benefit obligations 31 80 Trade and other receivables 479 473 Deferred tax assets 657 802 Current Assets 2,241 2,570 Deferred tax liabilities 3,133 3,121 Current Liabilities 3,556 3,567 Non-current assets held for sale 1,170 441 Total Assets 43,668 42,364 a Liab. Assoc. with non-current assets held for sale 243 43 Total Equity and Liabilities 43,668 42,364 a Bank borrowings and bond issues 1,255 1,368 Inventories 7 9 Lease liabilities 665 732 Trade and other receivables 1,139 1,237 Derivative financial instruments 16 76 Financial investments 3 2 Provisions and other liabilities 240 271 Derivative financial instruments 9 5 Employee benefit obligations 74 61 Cash and cash equivalents 1,083 1,316 Trade and other payables 1,304 1,058 Prudent PPA (1) process leads to maximization of the allocation to fixed assets, whilst ensuring the minimum allocation to goodwill Goodwill is unrelated to cash paid over the course of M&A activity (2) a The divestment in Ireland has led to a decrease in assets and liabilities, respectively. Net Debt (3) 20,765 20,980 (1) Purchase Price Allocation; (2) The goodwill arising from business combinations primarily corresponds to the net deferred tax liability resulting from the higher fair value attributed to the net assets acquired compared to their tax base. Please see note 6 in our Consolidated Financial Statements ended 31 December 2024; (3) 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 26 performance measures (the "ESMA Guidelines"). Please see slides 23-25 for additional information related to Gross and Net Financial debt and limitations applicable to APMs Jan-Sep 2024 Income Statement b a Reorganization plan in Spain agreed in March 2025 Impairment loss in relation to the Data Center assets in France Revenues 3,202 3,252 Operating Expenses -816 -816 Non-recurring expenses and non-cash items -45 -99 a €Mn Jan-Sep 2025 Depreciation & amortization -1,951 -1,976 Results from the loss of control of consolidated companies 0 67 Impairment losses on assets -402 -63 b Results from disposals of fixed assets 134 -12 Operating Profit 123 353 Net financial profit -651 -694 Profit of Companies Accounted for Using the Equity Method -2 -2 Income tax 382 68 Attributable to non-controlling interests 9 12 Net Profit Attributable to the Parent Company -140 -263 27 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 31 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 31 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 31 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 31 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 31 for certain information on the limitations of APM 28 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 31 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 31 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 31 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 31 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 31 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 31 for certain information on the limitations of APMs 29 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 31 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 31 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 31 for certain information on the limitations of APMs 30

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