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Cellnex Telecom (CLNX) investor relations material
Cellnex Telecom Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Delivered strong operating and financial results in Q3 and 9M 2025, reaffirming all public targets and demonstrating business model resilience.
Revenues increased 5.7% year-over-year, adjusted EBITDA up 6.9%, EBITDA after lease (EBITDAaL) up 7.5%, and recurring levered free cash flow per share up 13.2%.
Announced EUR 1 billion in shareholder returns through 2026, including EUR 800 million buyback in 2025 and EUR 500 million dividend for 2026, growing at 7.5% annually through 2030.
Executed a put option to sell French data center business for EUR 391 million, reinforcing focus on core telecom infrastructure.
Share reduction in progress, improving per-share metrics.
Financial highlights
Organic revenue growth of 5.7% year-over-year; adjusted EBITDA up 6.9%; EBITDA after lease margin improved by 150 bps to 60.8%.
Free cash flow at EUR 187 million, supported by lower CapEx intensity.
Net financial debt decreased by EUR 500 million despite share buybacks; leverage improved from 6.6x to 6.4x.
Fitch reaffirmed BBB- rating, raising leverage threshold to 7.3x, providing greater financial headroom.
Average cost of debt at 2.1%, with average maturity of 4.4 years; 78% of debt at fixed rate.
Outlook and guidance
Reiterated guidance for 2025 and 2027, confident in meeting all business and financial targets.
2025 guidance: revenues (ex pass-through) EUR 3,950–4,050 million, adjusted EBITDA EUR 3,275–3,375 million, RLFCF EUR 1,900–1,950 million, FCF EUR 280–380 million.
2027 guidance: revenues (ex pass-through) EUR 4,320–4,520 million, adjusted EBITDA EUR 3,640–3,840 million, RLFCF EUR 2,000–2,200 million, FCF EUR 1,030–1,230 million.
Shareholder remuneration of EUR 1 billion for 2026, split equally between dividends and buybacks, with dividend to grow at 7.5% annually through 2030.
Guidance to be updated next quarter for Data Centres sale and shareholder remuneration.
France's future site growth drivers
Explain 9M 2025 M&A Capex & Divestments
Shift in fixed vs. variable debt structure
Rationale for dividend/buyback mix
Explain organic growth rate slowdown
Potential risks from MNO consolidation
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Next Cellnex Telecom earnings date
Q4 202527 Feb, 2026
Next Cellnex Telecom earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Cellnex Telecom S.A. is a Spain-based telecommunications infrastructure company that provides wireless broadcast and connectivity services. The company owns and operates towers, rooftop antennas, and fiber networks that support mobile network operators and public agencies. Its services include site management, signal transmission, and private network solutions. Cellnex Telecom S.A. is headquartered in Barcelona, Spain, and its shares are listed on the BME.
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