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 grew 5.7% year-over-year on an organic pro forma basis; adjusted EBITDA up 6.9%, EBITDA after lease up 7.5%, RLFCF up 9.4%, and RLFCF per share up 13.2%.

• Shareholder returns accelerated, with €800 million buyback in 2025 and commitment to €1 billion through 2026, including €500 million in dividends and €500 million in buybacks, targeting a total yield of 5.4%.

• Free cash flow turned positive, supported by lower capital intensity, asset rotation, and sale of French data center for €391 million.

• 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 up 7.5%.

• Recurring levered free cash flow grew 9.5% year-to-date; free cash flow at €187 million.

• EBITDA after lease margin improved by 150 basis points to 60.8%.

• Staff costs down 1.7%, repair and maintenance costs down 3.7%, SG&A down 5.5%.

• Adjusted EBITDA for 9M 2025 was €2,436 million, with a margin of 83%.

Outlook and guidance

• Guidance for 2025 and 2027 fully reiterated, with confidence in meeting all targets.

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

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

• Dividend commitment of €500 million in 2026, growing at 7.5% annually through 2030.

• Shareholder returns of at least €800 million per year from 2027 onwards, with mix of dividends and buybacks depending on share price.