Results Fiscal Year 2025: Cellnex delivers strong organic results by increasing Revenues 5.8%, EBITDAaL 7.9% and Recurring Levered Free Cash Flow 11.5%

The FCF achieved (€350 million) marks a turning point, speeding up shareholder remuneration through the completion of the €1,000 million Share Buyback programme in 2025, followed by initial dividend payments in 2026

Madrid, 27th February 2026.-  Cellnex released its 2025 fiscal year results, delivering another year of solid performance in line with the guidance provided to the market. Results were supported by consistent organic growth, strengthened profitability and an acceleration in free cash flow generation. The company continued to advance its transformation agenda with discipline, combining operational excellence and financial strength, reinforcing its position as Europe’s leading telecommunications infrastructure operator. In addition, shareholder remuneration increased and sped up with regard to the original targets, through a 1,000 million Share Buyback Programme.

Organic growth and profitability drive structural acceleration in free cash flow

Cellnex delivered a strong organic financial performance across its core markets, confirming the company’s predictable performance: Revenues increased 5.8%, driven by strong market demand (new sites and co-locations) and contractual escalator clauses. Adjusted EBITDA rose 7.1% and EBITDAaL advanced 7.9%, leveraging on the efficiency measures deployed across all the operations. EBITDAaL margin expanded to 62.2% (from 60.6% in 2024), reflecting the impact of industrialisation, enhanced process efficiencies and land optimisation.

Recurring Levered Free Cash Flow (RLFCF) increased 11.5%, translating into a +16.3% increase in RLFCF per share thanks to the Share Buyback Programme. Free Cash Flow (FCF) reached €350 million, driven by solid recurring cash generation and lower capital intensity. This year marks a structural inflection point from a cash flow perspective which will further accelerate in 2026 and 2027.

Operating profit increased to €476 million in 2025, from €197 million in 2024. This performance reflects  stronger underlying operating results and lower impact from non‑recurring items compared with the previous year. Consolidated result before tax improved nearly €250 million year on year. Net profit ended at -€361 million, reflecting the one‑off impact of the reorganization plan in Spain and impairments , which weighed on bottom‑line results despite the strong operational improvement.

Marco Patuano, Cellnex CEO, stated: “2025 marks a turning point in our transformation, with a structural improvement in free cash flow confirming the solidity of our organic growth and the continuous progress in operational efficiency. Cellnex showed that growth, financial discipline and shareholder value creation can advance in parallel.”

Business performance supported by resilient demand across all markets

By business lines:

• Telecom towers, the core of the Group’s activity, generated €3,225 million in revenues, with 5% organic growth driven by escalators, CPI‑linked updates, strong co-location activities and Build‑to‑Suit (BTS) roll-outs. PoPs increased 4.5% across all markets, reflecting sustained commercial momentum. Gross co-locations increased 3.6%, BTS contributed +2.2%, and churn remained low at –1.2%. All countries closed the year with positive growth in tenancy ratios, with the portfolio‑average tenancy ratio increasing by around +2% year on year, even in markets undergoing consolidation.
• The quarterly evolution of the operational activity illustrates the sustained momentum of the business throughout the year with PoP additions being accelerated progressively. This trend highlights both the consistency of underlying commercial demand and Cellnex’s ability to deploy it.
• DAS, Small Cells, RAN-as-a-Service and other Network Services contributed €272 million, with 9% organic growth, reflecting deployments in high‑density indoor locations, transport systems, stadiums and large venues.
• Broadcasting contributed €264 million, with 9% growth, during a year of long‑term contract renewals, confirming our essential role in communications systems.
• Fiber, Connectivity and Housing Services generated €234 million, achieving 1% growth, driven mainly by the rollout of the Nexloop fiber project in France.

The strong business performance was complemented by further improvements in customer satisfaction indicators, which reached record levels, and reinforcing the quality, reliability and scalability of Cellnex’s neutral host infrastructure platform.

Operational excellence boosted by AI adoption

Operational discipline continued to deliver material efficiency gains across the Group, with all Cellnex indicators on a per‑tower basis improving meaningfully year on year: staff costs per tower decreased by 1.9%, maintenance costs by 1.4% and SG&A per tower by 4.9%. Improved data governance and the deployment of AI‑enabled operational systems enhanced visibility, accuracy and process reliability.

Lease efficiencies were achieved through the progressive purchase of land further strengthening long‑term cost control and reinforcing the role of Celland as a key value‑creation platform within the Group.

As a result of the above, EBITDAaL margin improved by 160 basis points during 2025, confirming that Cellnex is on track to achieve its ambitious profitability targets.

Solid financial structure and disciplined capital allocation

• The company continued to execute its CAPEX programmes in 2025. Maintenance CAPEX was kept below 3%, while growth CAPEX positively impacted the Free Cash Flow increase, reaching €350 million this year. The company maintained its disciplined capital allocation criteria, with return on CAPEX strictly monitored.
• Cellnex continued refining its portfolio through disciplined capital allocation and selected divestments aligned with its strategic focus. The disposal of the French Data Centre business reinforced the Group’s commitment to core telecommunications infrastructure with long‑term scalable value, strengthening its positioning as a pure‑play neutral host operator.
• The Group ended the year with net financial debt of €20,800 million under IFRS 16, maintaining a highly stable debt profile with around 77% of borrowing at fixed rates, with an average cost of 1% and a 4.1‑year average maturity, preserving long‑term balance sheet flexibility. Liquidity remained robust, totalling approximately €4,900 million, comprising around €1,600 million in cash and €3,300 million in undrawn credit lines.
• Cellnex continued to proactively manage its refinancing calendar. In January 2026, the company issued €1,500 million in dual‑series bonds (5 and 10 years) at a 4% coupon, fully funding its 2026 maturities.
• Leverage improved during the period, with the Net Debt-to-EBITDA ratio strengthening from 39x to 6.28x thanks to enhanced operational performance and disciplined financial management. The company maintained its long‑term objective of achieving a leverage range between 5x and 6x.

Early shareholder remuneration             

A major milestone during the year was the completion of the €1,000 million Share Buyback Programme, executed one year ahead of schedule, reinforcing the Group’s commitment to disciplined capital allocation and sustained shareholder value remuneration.

In addition, in January 2026 the Group started its dividend payments with the first tranche of the €500 million annual commitment.

Raimon Trias, Cellnex CFO, stated: “The solidity of our business model has allowed us to achieve our financial and shareholder remuneration objectives. We have reduced debt and we are on track to take it below 6x EBITDA ratio. This structural improvement in cash generation —one of our primary objectives in the 2024 Capital Market Day— allows us to bring forward and increase shareholder remuneration, a sign of the company’s strength.”

ESG achievements: Master Plan 2021–2025 fully delivered

Cellnex successfully completed the objectives of its 2021–2025 ESG Master Plan, closing the cycle with significant and measurable progress across the three pillars of environmental performance, social commitment and responsible governance. Throughout the year, the company maintained its focus on decarbonisation, operational sustainability and stakeholder engagement, consolidating achievements that position it among the leading companies in its sector.

From an environmental standpoint, Cellnex achieved the goal of 100% renewable electricity consumption, significantly reducing the carbon footprint of its operations. The company also achieved a –93% reduction in Scope 1 & 2 emissions compared with FY20 and delivered a –38% reduction in Scope 3 emissions linked to purchased goods and capital goods, demonstrating tangible progress on value-chain decarbonisation.

On the social front, Cellnex met its gender diversity objectives, reinforcing its commitment to an inclusive and balanced organisational culture. Customer satisfaction reached record levels, with CSAT at 8.3, NPS at 48 and CES at 8.2, reflecting the strong operational reliability and service performance delivered throughout the year.

The company retained prominent positions across the world’s leading sustainability indices, including DJSI Europe, FTSE4Good, MSCI AAA, Sustainalytics and CDP, reaffirming its standing as a benchmark in ESG performance and its long-term commitment to responsible and sustainable value creation.

Outlook for 2026

The 2026 guidance for the key indicators is as follows:

• Revenues: between €4,075 and €4,175 million
• Adjusted EBITDA: between €3,425 and €3,525 million
• Recurring Levered Free Cash Flow (RLFCF): between €1,900 and €2,000 million
• Free Cash Flow (FCF): between €600 and €700 million

The company also reaffirmed its guidance 2027, adjusting for change of perimeter and increased shareholder remuneration.