Cellnex Telecom (CLNX) Q3 2025 earnings summary

Executive summary

• Delivered strong operational and financial results in the first nine months of 2025, with organic pro forma revenue up 5.7%, adjusted EBITDA up 6.9%, and EBITDA after lease (EBITDAaL) up 7.5%.

• Enhanced shareholder returns with a €1 billion commitment by end-2026, including a €500 million dividend and up to €500 million in share buybacks, targeting a 5.4% yield.

• Reaffirmed all public financial targets for 2025 and 2027, demonstrating business model resilience.

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

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

Financial highlights

• Revenues (excluding pass-through) grew 5.7% year-over-year; adjusted EBITDA up 6.9%; EBITDAaL up 7.5%.

• RLFCF reached €1,300 million, up 9.4% year-over-year; RLFCF per share up 13.2%.

• Free cash flow at €187 million; expansion CapEx decreased by 1.7%, while land & efficiency CapEx increased to €195 million.

• EBITDAaL margin improved to 60.8%; customer ratio increased to 1.60x.

• Staff, repair, and SG&A costs per tower declined, supporting operational efficiency.

Outlook and guidance

• 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.

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