Cellnex Telecom (CLNX) Investor presentation summary

Market leadership and diversification

• Operates in 10 European countries with a portfolio of approximately 112,000 tower sites and over 30 clients, holding the number 1 or 2 market position in 80% of its geographies.

• Maintains a high tenancy ratio of 1.6x and a customer satisfaction score of 8.3 out of 10 in 2025.

• Market share in towers ranges from 17% to 57% across countries, with significant presence in France, Italy, UK, Spain, and Poland.

Revenue growth and contract security

• Over €4 billion in revenues projected for 2025, with more than 80% from tower services.

• Revenue backlog exceeds €100 billion, with average contract life over 15 years and strong legal protections, including CPI-linked escalators and all-or-nothing renewal clauses.

• No single contract accounts for more than 8% of revenues, and most contracts are CPI-linked or have fixed escalators.

Operational efficiency and financial performance

• EBITDAAL margin at 62.2% and pro-forma organic EBITDA growth of 7.1% in 2025.

• RLFCF per share growth of approximately 17% in 2025, with minimum shareholder remuneration of €800 million from 2026 onwards.

• Free cash flow expected to reach €975–1,175 million by 2030, with dividends growing at 7.5% per year.