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
2025
Results
Agenda
Marco Patuano
CEO
MAIN HIGHLIGHTS
2025 RESULTS OUTLOOK 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
Strong execution and shareholder returns
2025 guidance delivered. 2027 reiterated, adjusted for change of perimeter
€1Bn share buyback executed in 2025; €500Mn dividend started in 2026 and additional €300Mn
share buyback underway
1
Another year of delivery - Shareholder
Remuneration 1 year ahead of plan
PoPs growth accelerating in the fourth quarter, reflecting continued demand for digital infrastructure (+4.5% vs 2024)
Strong pro-forma organic growth
• +5.8% Revenues;
• +7.1% Adj. EBITDA;
• +7.9% EBITDAaL;
• +11.5% RLFCF; +16.7% RLFCF per share
EBITDAaL margin expansion (62.2% in 2025 vs 60.6% in 2024), driven by operating efficiency
measures and proactive land management. Free Cash Flow acceleration to €350Mn
2
Strong organic growth and financial performance
French Data Center divestment completed increasing focus on core telecom infrastructure assets
Cellnex has agreed to dispose of its participation in the DIV II fund for c.€170 million
Issuance of dual-series bonds (€1,500Mn) anticipating '26 refinancing, to extend maturities and
secure pricing (3.4%)
Reducing leverage from 6.39x in 2024 to 6.28x in 2025
Capital Allocation & Structure
New organization focused on organic growth and operational efficiency
Organization
4
Main Highlights
Guidance delivered in all key metrics
€Mn
Reported 2025
Revenues
(ex pass-through)
3,995
Guidance 2025
3,950 -4,050
(given in Feb. 2021)
3,275 -3,375
Adjusted EBITDA
3,317
1,900 -1,950
RLFCF
1,913
280 -380
FCF
350
2025 guidance
Delivering on expectations in a shifting macro environment highlights the resilience
of Cellnex's business model, supported by strong free-cash-flow visibility
5
Main Highlights
A team focused on growth and efficiency
EXPERIENCED LEADERSHIP TEAM
Corporate Team
Countries Team
Marco Patuano
CEO
Streamlined decision-making
Collaborative & agile organization
New Vertical Solutions Business Division
Raimon Trias
CFO - Finance, Control & Procurement
Vincent Cuvillier
CSO - Strategy
Simone Battiferri COO - Chief Operating Officer
Xavier Pujol Corporate Affairs & Secretary of the Board
Nuno Carvalhosa
UK, Poland, Netherlands and Nordics
Thomas Bertrand
France
Alfonso Álvarez
Spain and Portugal
Federico Protto
Italy and Switzerland
Gianluca Landolina
Vertical Solutions Business
6
6
2025 Results
2025 Results
Accelerating returns through predictable growth and operating efficiency
RLFCF per-share (1)
Growth
RLFCF
Growth
EBITDAaL
Growth
EBITDA
Growth
Revenue
Growth
Shareholder
Value Creation
Optimizing
Capital Structure
Management
of Leases
Operational
Efficiency
+7.1%
+5.8%
+7.9%
+11.5%
+16.7%
2025 Organic
Pro-forma (1)
Pro- forma: Excluding the contribution of Ireland and Austria 8
Assumes the capital reduction effective November 20th 2025 (24,064,404 shares) and the additional treasury shares acquired in Q4 2025 (7,746,229 shares). Implying total shares outstanding of 674,664,742
2025 Results Consolidated Revenues
Strong organic consolidated revenues growth of 5.8%
2025 Consolidated Revenues Growth
€Mn
3,941 -151
3,790 60
113
47
+1.4%
4,010 -15 3,995
+5.8%Revenues 2024
Ireland & Austria
Pro-forma 2024 (1)
Escalators Co-location BTS
& CPI
Organic Revenues (2)
FX, Change of Perimeter & Others
Revenues 2025
Pro- forma: Excluding the contribution of Ireland and Austria 9
Including organic revenues generated in the period (Escalators & CPI, Co-location and BTS), and excluding FX, Change of Perimeter and Others (Engineering Services, One off in Italy, among others)
2025 Results Towers KPIs
Towers: Strong Points of Presence (PoP) performance in Q4 2025
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Net new PoPs
(BTS and Colo)
2,251
2,736
(BTS and Colo)
Churn
-307
2,503
-252
2,131
2,218
3,043 Gross new PoPs
Q4 2025
RoE (1) Total
Net colocation | 220 | 887 | 128 | 314 | 186 | 264 | 1,999 |
Gross colocation | 220 | 988 | 211 | 400 | 194 | 293 | 2,306 |
Churn | 0 | -101 | -83 | -86 | -8 | -29 | -307 |
BTS | 228 | 92 | 0 | 23 | 170 | 224 | 737 |
Total Net | 448 | 979 | 128 | 337 | 356 | 488 | 2,736 |
Italy: Mainly Fastweb (50%) and Iliad (20%) RAN-Sharing and Wind 3 BTS deployment
Spain: +Orange network reconfiguration in process and new network deployments started
-980
1,238
-568
1,563
10
(1) Rest of Europe includes Portugal, Netherlands, Switzerland, Sweden and Denmark
2025 Results Towers KPIs
Towers: PoP growth despite consolidation trends
Gross PoP growth +5.8%
+3.6% Gross colocations
+2.2% BTS
-1.2% Churn
Net PoP growth +4.5%
173,024
Q425
-2,107
180,856
6,204
3,735
2025 - Total Points of Presence (Pro-forma) (1)
Total Points of Presence (PoP)
20,126
19,976
19,791
19,827
19,685
Q424
Q125
Q225
Q325
19,104
Q425
Q325
Q225
Q125
Q424
18,421
18,399
19,006
2024
19,343
Total Points of Presence (PoP)
o.w: -1,027 + Orange in Spain negotiated withdrawals
2025
Churn
BTS
Gross
Co-location
11
(1) Pro- forma: Excluding the contribution of Ireland and Austria
2025 Results Towers Revenues
Towers revenues: 5.5% organic growth
2025 Towers Revenues Growth
€Mn
+0.5%
3,209 -151 85 3,226 -1 3,225
3,058 49 34
+5.5%Revenues 2024
Ireland & Austria
Pro-forma 2024 (1)
Escalators Co-location BTS
& CPI
Organic Revenues (2)
FX, Change of Perimeter & Others
Revenues 2025
Pro- forma: Excluding the contribution of Ireland and Austria 12
Including organic revenues generated in the period (Escalators & CPI, Co-location and BTS), and excluding FX, Change of Perimeter and Others (Engineering Services, One off in Italy, among others)
2025 Results Use Cases
Cellnex's industrial strategy - Use cases
Operator 5G Densification
Fastweb + Vodafone and Cellnex
Italy announce the renewal of their strategic agreement for an additional 12 years
Enhance coverage and connectivity service quality by the development of 5G in Italy through new Points of Presence
Enables to use well over 1,000 Cellnex Italy sites nationwide
Network Resilience and Power
Autonomy
Telefónica and Cellnex Spain first
Towerco and operator to reach an agreement to strengthen the power assurance of >2,000 sites in Spain
Improving the resilience and energy security in response to the recent blackouts
New Markets through Non-
terrestrial Networks
Cellnex provides land acquisition
and construction capabilities to support Low Earth Orbit satellite initiatives
Cellnex can provide the essential gateways between LEO constellations and the terrestrial fiber backbone
13
2025 Results Other Business Lines
Growth upside from other businesses
Fiber, Connectivity & Housing Services
DAS, Small Cells & RANaaS
Broadcasting
+16.1%
Strong growth in Fiber revenues due to continued roll-out of Nexloop project as planned in France
+4.9%
Adjusted for Operation & Maintenance activity
discontinued in Spain
14
DAS & Small Cells are growing with deployment of flagship projects reflecting engineering expertise and relevance of neutral host status and RANaaS foreseen to growth
+1.9%
Broadcasting growth stable and supported by contract renewals (+5y with Spanish private DTT broadcasters, 2030)
2025 Results Operational Efficiencies
Unique industrial platform, powered by AI
Digital Twin
In 2025, customer engagement reached a new high, with CSAT (1) rising to 8.3 (out of 10)
"iris"
Digitize all our infrastructures in a standard format
01
Global Tower Procurement Program
Unified cross-country industrial procurement model
05
Efficient
Effective
02
Indoor Operational Model & Indoor Design Center
Common operational model to foster synergies and economies of scale
Global Network Operations Center 04
Efficient and scalable supervision model based on automation
03 Land Asset Management
Proactive land asset management to unlock value across our portfolio
15
15
(1) Customer Satisfaction Survey
2025 Results Operational Efficiencies
Operational efficiency driving margin expansion
Land management as a strategic driver of value creation
c.€270Mn
Land acquisition capex + Efficiency land capex (cash advances)
c.€24Mn efficiencies
815
833
Pro - Forma (1)
2024
CPI
New BTS
2025
(w/o efficiencies)
Efficiencies
2025
2025 - YoY
Pro-forma (1)excluding Austria & Ireland
-1.9%
per tower
Staff
-1.4%
per tower
Repair &
Maintenance
-4.9%
per tower
SG&A
-1.1%
per tower
Leases
EBITDAaL margin (pro-forma excluding Austria & Ireland) improved 300bps from 59.1% in 2023 to 62.1% in 2025
16
(1) Pro- forma: Excluding the contribution of Ireland and Austria
2025 Results Free Cash Flow
Converting operational performance into FCF generation
Reported FCF bridge 2025 €(Mn) Strong RLFCF generation
driven by:
2,484
48
-101
-384 -95
-38
1,913
-447
Operational performance
Active management of working capital
Efficient capital and tax structure and optimized cost of debt
EBITDA
Maintenance
Working
Interest
Tax
Div. to
Exp.
77
-1,193
BTS
350
After
Lease
Capex
Capital
Paid
paid
Minorities RLFCF
Capex
Capex Remedies FCF
17
(1) Assumes the redemption of the shares acquired in 2025 (7,746,229), implying total shares outstanding of 674,664,742
2025 Results Free Cash Flow
Turning point: Free Cash Flow generation accelerating
Pro-forma (1)RLFCF - Increasing metrics per share
+11.5%
(€Mn)
1,904
+16.7%
Per - share (2)
2.82
1,708
2.42
2024
2025
2024
2025
SBB program enhancing per share metrics, driving long-term value accretion
Reported FCF (€Mn) - turning to positive territory
350
328
+307Mn FCF
(before remedies)
273
Free cash flow before remedies
-34
2024
2025
€350Mn free cash flow, driven by solid RLFCF and lower capex
intensity
First time free cash flow turns positive, on an underlying basis
(before the remedies cash-in)
Turning point: free cash flow accelerating in 2026 and 2027
18
(1) Pro- forma: Excluding the contribution of Ireland and Austria ; (2) Assumes the capital reduction effective November 20th 2025 (24,064,404 shares) and the additional treasury shares acquired in Q4 2025 (7,746,229 shares). Implying total shares outstanding of 674,664,742
2025 Results Net Financial Debt
6.28x
Net Financial Debt / EBITDA IFRS 16
Organic growth enabling deleveraging
BBB-
Positive Outlook
BBB-
Stable Outlook
On track for target 5x - 6x
Liquidity of c.€4.9Bn: c.€1.6Bn cash and
c.€3.3Bn undrawn credit lines
Fixed rate debt: c.77%
Net Financial Debt (IFRS 16): c.€20.8Bn
Average cost of debt: 2.1%
Average debt maturity: 4.1 years
Cellnex Finance debt without financial
covenants, pledges or guarantees
Leverage Ratio
Net Financial Debt / EBITDA IFRS 16
6.85x
6.39x
6.28x
2023
2024
2025
19
Outlook
Outlook
Financial outlook
Adjusted EBITDA
3,995
4,075 - 4,175
4,255 - 4,455
3,317
3,425 - 3,525
3,605 - 3,805
2027 adjusted for:
✓
Change of perimeter linked to Data
Center Disposal
✓
Discontinuation of Operations and
Maintenance business in Spain
✓
SBB incremental financial cost
€Mn
Reported 2025
Guidance 2026
Guidance 2027
Revenues
(ex pass-through)
RLFCF
FCF
350
600 - 700
975 - 1,175
1,913
1,900 - 2,000
1,945 - 2,145
21
Annex
Revenues to FCF
260
-273
264
264
+5.8% organic
Staff costs
-276
-269
-274
260
Repair and maintenance -111 -105 -110 -110
+1.4%
3,985
3,995
3,790
3,941
Revenues
2024 Pro-forma
2024 (1)
€Mn
201
Towers
3,209
3,058
3,225
3,214
Fiber, Connectivity & Housing Services
201
2025 Pro-forma
2025 (1)
234
234
DAS, Small Cells and RAN
271
271
272
272
Broadcast
Operating Expenses | -708 | -692 | -696 | -695 | |
Net pass-through | 17 | 19 | 18 | 18 | |
Pass-through revenues | 416 | 416 | 427 | 427 | |
Pass-through costs | -399 | -397 | -409 | -408 | |
Adjusted EBITDA | 3,250 | 3,118 | 3,317 | 3,308 | +2.1% |
€Mn | 2024 | Pro-forma 2024 (1) | 2025 | Pro-forma 2025 (1) |
Recurring Levered FCF | 1,796 | 1,708 | 1,913 | 1,904 |
Expansion Capex | -507 | -474 | -447 | -447 |
Tower Expansion Capex | -312 | -282 | -259 | -258 |
Other Business Expansion Capex | -108 | -108 | -79 | -79 |
Efficiency Capex | -87 | -84 | -109 | -109 |
BTS Capex and Remedies | -961 | -934 | -1,115 | -1,114 |
Build-to-Suit Capex | -1,323 | -1,292 | -1,193 | -1,192 |
Cash in from remedies | 362 | 362 | 77 | 77 |
Services -320 -317 -312 -312
FCF | 328 | 305 | 350 | 343 |
M&A Capex and Divestments | 265 | -240 | 633 | 633 |
Land acquisition and long-term right of use | -131 | -129 | -174 | -174 |
Other M&A Capex | -142 | -142 | -160 | -160 |
+7.1% organic
% Margin over revenues | 82% | 82% | 83% | 83% | Divestments 538 | -31 | 967 | 10 | ||
Net payment of lease liabilities | -863 | -815 | -833 | -833 | ||||||
EBITDA after Leases | 2,386 | 2,303 | 2,484 | 2,475 | +4.1% | +7.9% organic | ||||
Maintenance Capex | -114 | -112 | -101 | -101 | ||||||
Changes in working capital | 39 | 33 | 48 | 48 | ||||||
Net payment of interest | -376 | -376 | -384 | -384 | ||||||
Income tax payment | -117 | -117 | -95 | -95 | ||||||
+6.5%
1,904
1,913
1,708
1,796
Recurring Levered FCF
Net recurring dividends to non-controlling interests
(1) Pro- forma: Excluding the contribution of Ireland and Austria
-23 -23 -38 -38
+11.5% organic
23
Balance sheet
€Mn | December 2024 | December 2025 | €Mn | December 2024 | December 2025 | |
Non Current Assets | 40,258 | 39,066 | Shareholders' Equity | 15,324 | 13,324 | |
Property, plant and equipment | 12,451 | 12,702 | Non Current Liabilities | 24,545 | 23,800 | |
Intangible assets | 22,916 | 21,664 | Bank borrowings and bond issues | 17,037 | 16,914 | |
Right-of-use assets | 3,456 | 3,330 | Lease liabilities | 2,497 | 2,275 | |
Investments in associates | 57 | 3 | Derivative financial instruments | 46 | 3 | |
Financial investments | 139 | 142 | Provisions and other liabilities | 1,801 | 1,657 | |
Employee benefit obligations | 31 | 55 | |
Deferred tax liabilities | 3,133 | 2,897 | |
Current Liabilities | 3,555 | 4,902 | |
Bank borrowings and bond issues | 1,255 | 2,006 | |
Lease liabilities | 666 | 706 | |
Derivative financial instruments | 16 | 110 | |
Provisions and other liabilities | 240 | 685 | b) |
Employee benefit obligations | 74 | 80 | |
Payables to associates | 0 | 1 | |
Trade and other payables | 1,304 | 1,314 |
Derivative financial instruments | 103 | 53 |
Trade and other receivables | 479 | 515 |
Deferred tax assets | 657 | 656 |
Current Assets | 2,240 | 2,501 |
Inventories | 7 | 7 |
Trade and other receivables | 1,138 | 990 |
Financial investments | 3 | 3 |
Derivative financial instruments | 9 | 8 |
Cash and cash equivalents 1,083 1,493
Non-current assets held for sale
1,170
497
Total Assets
43,668
42,064
a)
Liab. Assoc. with non-current assets held for sale
243
37
Total Equity and Liabilities
43,668
42,064
Data Centers in France and Digital Infra Vehicle II (DIV)
€500Mn dividend approved by the Board of Directors, payable in
January and July 2026
Net Financial Debt (1) 20,765 20,818
24
(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").
Income statement
2024
a)
b)
c)
Reorganization plan in Spain agreed in March 2025
Impairment loss in relation to the Data Center assets in France
In 2024, net tax impact of the Big Merge II Transaction in
Italy and reversal of Tax PPA provisions
€Mn 2025
Revenues | 4,353 | 4,418 |
Operating Expenses | -1,107 | -1,101 |
Non-recurring expenses and non-cash items | -58 | -102 | a) |
Depreciation & amortization | -2,608 | -2,673 | |
Results from the loss of control of consolidated companies | 0 | 67 | |
Impairment losses on assets | -509 | -91 | b) |
Results from disposals of fixed assets and others | 122 | -43 | |
Operating Profit | 197 | 476 | |
Net financial profit | -894 | -925 | |
Profit of Companies Accounted for Using the Equity Method | -3 | -3 | |
Income tax | 658 | 99 | c) |
Attributable to non-controlling interests | 15 | -8 | |
Net Profit Attributable to the Parent Company | -28 | -361 |
25
FAQs
2025 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
+4.5%
YoY (1)
YoY +8.7%
YoY +3.5%
YoY +2.2%
49K
51k
Number of PoPs
30K
33K
20K
20K
Customer Ratio 1.21x
1.21x
2.17x
2.24x
1.44x
1.47x
Q424 Q125 Q225 Q325 Q425
Q424 Q125 Q225 Q325 Q425
Q424 Q125 Q225 Q325 Q425
YoY +441 PoPs
YoY +1,713 PoPs
YoY +2,616 PoPs
Rest of Europe (1)
YoY +4.4%
32K
33K
Q324 Q424 Q125 Q225 Q325
YoY +1,395 PoPs
YoY +6.2%
23K
25K
1.38x
1.40x
Q424 Q125 Q225 Q325 Q425
YoY +1,428 PoPs
YoY +1.3%
Number of PoPs
19K 19K
Customer Ratio
2.18x 2.18x
Q424 Q125 Q225 Q325 Q425
YoY +239 PoPs
27
(1) Pro- forma: Excluding the contribution of Ireland and Austria
2025 Results FAQs
Examples of new DAS & Small Cells deployments:
Roig Arena in Valencia
Estadio de La Cartuja in Sevilla
16 main Ikea stores across Spain
5 stations equipped with 5G technology in Madrid Metro
DAS deployment in PGE National Stadium in Poland
Inditex's Corporate Headquarters in Arteixo
>40 SABA parking facilities to 5G technology
Multi-operator Small Cell deployment Portgual
Securitas Direct IoT Renewal (+5 years)
Deployment
How do other businesses complement our tower services?
28 Apr 2025 blackout: ensured continuity of radio/TV/emergency
networks and reached ~98% recovery by the next day
Valencia Metro: restored train-to-ground radio comms flooding
Awarded by the Generalitat Valenciana for its efforts in response to the DANA (torrential rain and flooding)
ENAIRE (Air Navigation Service Provider) : supported network renewal, redesigning 75%+ of existing circuits
Infrastructure resilient and
prepared for emergency events
28
2025 Results FAQs
How fast is Cellnex deleveraging?
25, 000
9.00
Excluding SBB €1Bn
20,618
20,765
20,818
8.50
19,818
20, 000
8.25
8.00
7.50
15, 000
7.38
7.18
7.00
6.85
6.81
10, 000
6.50
6.39
6.28
6.00
5.98
5,000
5.50
0
5.00
2023
2024
2025
2025 Pro-Forma
1
(1) Excluding the SBB of €1Bn
IAS 17
IFRS 16
Net Financial Debt (€Mn) 29
2025 Results FAQs
How is our debt maturity profile structured?
Debt maturities as of January 2025
750
EUR Priv. Bonds €0.3Bn EUR Bank Debt €3.6Bn
CHF Local Bank Debt/Bonds €1.0Bn EUR Straight Bonds €11.6Bn
Repayment to be done in 2026 at its maturity
750
101
750
504
1,000
1,000
1,000
750
1,000
750
850
750
0
2026
2027
2028
2029
2030
2031
2032
2033
2036
2041
USD Bonds (1) €0.5Bn
EUR Conv. Bonds €3.4Bn
New transactions 2026
1,744(2)
164
80
4,000
3,529
109
150
3,324
3,000
2,649
659
700
2,212
280
61
2,184
83
315
100
2,290
2,000
1,000
500
850
750
625
202
1,000
1,500
65
500
450
60
1,250
556
504
1,250
58
Key highlights
Liquidity of c.€5.9Bn: c.€2.7Bn cash and c.€3.2Bn undrawn credit lines
Fixed rate debt c.79%
Gross debt c.€20.3Bn (bonds and other instruments)
Net borrowings c.€17.6Bn
Average cost of debt: 2.1%
Average maturity: 4.4 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 30
Repayments to be done in 2026 at its maturity with cash available