Cellnex Telecom (CLNX) investor relations material

Executive summary

• Delivered strong organic growth, margin expansion, robust free cash flow, and significant shareholder remuneration in H1 2026, supported by operational excellence and disciplined capital allocation.

• Reinforced customer relationships and secured major contract renewals and expansions in Switzerland and Spain, supporting future revenue visibility.

• Completed strategic divestments in Towerlink France (€391 million) and Digital Infrastructure Vehicle II SCSP (€170 million), aligning with capital allocation and deleveraging objectives.

• Maintained investment grade ratings (BBB-) with stable/positive outlooks from Fitch and S&P.

Financial highlights

• Revenues grew by up to 5% year-over-year to as high as €2.2 billion in H1 2026, with Towers segment revenue up 5.2% organically.

• Adjusted EBITDA increased by 6.4% to €1,687 million, with margin expanding to 84.6%; EBITDA after leases up 7.7% to €1,231 million, margin at 61.8%.

• Recurrent levered free cash flow rose by 11%, and per share by 18.1%; free cash flow after expansion and build-to-suit CapEx reached €301 million, up from €19 million in H1 2025.

• Liquidity at period end was €5.3 billion, with €2 billion cash and €3.3 billion undrawn credit lines.

• Net financial debt at €20.8 billion; leverage ratio (IFRS) reduced to 6.99x.

Outlook and guidance

• 2026 guidance: revenues €4.08–4.18 billion, adjusted EBITDA €3.43–3.53 billion, RLFCF €1.90–2.00 billion, FCF €600–700 million; 2027 FCF expected at €975–1,175 million.

• Minimum annual dividend of €500 million, with 7.5% annual growth targeted through 2030.

• Shareholder returns to remain at least €800 million, with potential for more if excess cash is available.

• Capital allocation prioritizes shareholder returns, deleveraging, and selective industrial growth.