Cellnex Telecom (CLNX) Q2 2026 earnings summary

Executive summary

• Delivered strong organic growth and robust free cash flow in H1 2026, with significant shareholder remuneration and disciplined capital allocation.

• Reinforced long-term partnerships and secured major contract renewals, 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.

• Paid €500 million in dividends and completed share buybacks, with a new €200 million buyback program launched for H2 2026.

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

Financial highlights

• Organic revenue grew 5% year-over-year to €2 billion in H1 2026; operating income rose 3% to €2,209 million.

• Adjusted EBITDA increased by 6.4% to €1,687 million, with margin expanding to 84.6%.

• EBITDA after leases (EBITDAAL) rose by 7.7% to €1,231 million, margin at 61.8%.

• Free cash flow after expansion and build-to-suit CapEx rose from €19 million in H1 2025 to €301 million in H1 2026.

• Liquidity at end-H1 2026 stood at €5.3 billion, with €2 billion cash and €3.3 billion undrawn credit lines.

Outlook and guidance

• 2026 guidance reiterated: revenues €4.08–4.18 billion, adjusted EBITDA €3.43–3.53 billion, RLFCF €1.90–2.00 billion, FCF €600–700 million.

• 2027 guidance: revenues €4.255–4.455 billion, adjusted EBITDA €3.605–3.805 billion, RLFCF €1.945–2.145 billion, FCF €975–1.175 billion.

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

• Continued focus on operational efficiency, margin expansion, and disciplined capital allocation.

• Shareholder remuneration policy maintained, with additional buybacks based on value creation.