Cellnex Telecom (CLNX) Q3 2025 earnings summary

Executive summary

• Delivered strong operating and financial results in Q3 and 9M 2025, reaffirming all public targets and demonstrating business model resilience.

• Revenues increased 5.7% year-over-year, adjusted EBITDA up 6.9%, EBITDA after lease (EBITDAaL) up 7.5%, and recurring levered free cash flow per share up 13.2%.

• Announced EUR 1 billion in shareholder returns through 2026, including EUR 800 million buyback in 2025 and EUR 500 million dividend for 2026, growing at 7.5% annually through 2030.

• Executed a put option to sell French data center business for EUR 391 million, reinforcing focus on core telecom infrastructure.

• Share reduction in progress, improving per-share metrics.

Financial highlights

• Organic revenue growth of 5.7% year-over-year; adjusted EBITDA up 6.9%; EBITDA after lease margin improved by 150 bps to 60.8%.

• Free cash flow at EUR 187 million, supported by lower CapEx intensity.

• Net financial debt decreased by EUR 500 million despite share buybacks; leverage improved from 6.6x to 6.4x.

• Fitch reaffirmed BBB- rating, raising leverage threshold to 7.3x, providing greater financial headroom.

• Average cost of debt at 2.1%, with average maturity of 4.4 years; 78% of debt at fixed rate.

Outlook and guidance

• Reiterated guidance for 2025 and 2027, confident in meeting all business and financial targets.

• 2025 guidance: revenues (ex pass-through) EUR 3,950–4,050 million, adjusted EBITDA EUR 3,275–3,375 million, RLFCF EUR 1,900–1,950 million, FCF EUR 280–380 million.

• 2027 guidance: revenues (ex pass-through) EUR 4,320–4,520 million, adjusted EBITDA EUR 3,640–3,840 million, RLFCF EUR 2,000–2,200 million, FCF EUR 1,030–1,230 million.

• Shareholder remuneration of EUR 1 billion for 2026, split equally between dividends and buybacks, with dividend to grow at 7.5% annually through 2030.

• Guidance to be updated next quarter for Data Centres sale and shareholder remuneration.