Cellnex Telecom (CLNX) investor relations material

Executive summary

• Delivered on all 2025 guidance targets, confirming resilience and predictability of the business model, and reiterating 2027 targets adjusted for perimeter changes.

• Returned €1 billion to shareholders via share buybacks, one year ahead of plan, with a total yield of 4.5%, and executed two buyback programs totaling €1.3B, with an additional €300M underway.

• Initiated dividend payments in early 2026 as previously committed, with €500M program to commence and €511.8M paid from share premium.

• Achieved net profit of €136.5M in 2025, a significant increase from €28.8M in 2024, driven by asset disposals and improved operational performance.

• Implemented a streamlined leadership structure and new business divisions to enhance strategic focus and operational agility.

Financial highlights

• Organic revenues increased by 5.8% year-over-year to €3,995Mn; EBITDA grew by 7.1% to €3,317Mn; EBITDA after leases up 7.9%.

• Recurring Levered Free Cash Flow rose 11.5% to €1,913Mn, and per share by 16.7%.

• Free cash flow reached €350 million, up €307 million year-over-year, marking a key turning point.

• EBITDA margin expanded by 300 basis points to 62.1%–62.2%, driven by operational efficiencies.

• Net profit margin improved to 49.5% in 2025 from 4.2% in 2024.

Outlook and guidance

• Reiterated 2027 outlook, with guidance adjusted for data center disposal, O&M business discontinuation in Spain, and increased share buyback costs.

• 2026 revenue guidance: €4,075–4,175Mn; 2027: €4,255–4,455Mn. Adjusted EBITDA guidance: €3,425–3,525Mn (2026), €3,605–3,805Mn (2027). RLFCF guidance: €1,900–2,000Mn (2026), €1,945–2,145Mn (2027).

• Free Cash Flow expected to accelerate to €600–700Mn in 2026 and €975–1,175Mn in 2027.

• Continued focus on deleveraging and maintaining investment grade status, with proceeds from divestments allocated to debt reduction and shareholder remuneration.

• Ongoing transformation to an industrial-focused, core telecom infrastructure business, with further portfolio optimization expected.