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 with adjustments for perimeter changes.

• Returned €1 billion to shareholders via share buybacks in 2025, one year ahead of plan, with a total yield of 4.5%, and initiated a €500 million dividend program for 2026; an additional €300 million buyback is underway.

• 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 reorganization to enhance strategic focus, operational agility, and organic growth, including a new Vertical Solutions Business Division.

• Maintained a strong investment grade rating (BBB-) with stable/positive outlooks from Fitch and S&P, reflecting prudent financial management.

Financial highlights

• Organic revenues grew 5.8% year-over-year to €3,995 million (ex pass-through); EBITDA up 7.1% to €3,317 million; EBITDA after leases up 7.9%.

• Recurring levered free cash flow increased by 11.5% to €1,913 million, and by 16.7% per share.

• Free cash flow turned positive at €350 million, up €307 million year-over-year.

• 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

• 2026 revenue guidance: €4,075–4,175 million; 2027: €4,255–4,455 million.

• Adjusted EBITDA guidance: €3,425–3,525 million (2026), €3,605–3,805 million (2027).

• RLFCF guidance: €1,900–2,000 million (2026), €1,945–2,145 million (2027); free cash flow expected to accelerate to €600–700 million in 2026 and €975–1,175 million 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.