Cellnex Telecom S A : Results Presentation Q4 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 20 25 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 20 th 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 20 th 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

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