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  • 28 Jul 2022
  • ·
  • Finance

Cellnex closes H1 2022 with 59% growth in revenue and EBITDA

Results January-June 2022

The Company plans to roll out c.22,000 new sites for its customers in the 12 European countries in which it operates, with a commitment to invest up to €6.5 billion by 2030

  • The key financial indicators(1) continue to reflect Cellnex’s expanded geographic footprint –after integrating the sites acquired in 2021– and the strength of the Group’s organic business:
    • Revenue(2) reached €1.690 billion (vs €1.061 billion for the first half of 2021); adjusted EBITDA was €1.282 billion (vs €804 million for the first half of 2021); and free and recurring leveraged cash flow €637 million (vs €394 million for the first half of 2021).
    • Points of presence (PoPs) increased approximately 27% (with 5.2% organic growth, including the effect of the roll-out of new sites in the period).
    • Cellnex confirms the outlook for FY 2022 with revenue between €3.46 and €3.51 billion, EBITDA between €2.65 and €2.7 billion and a 39% growth in free and recurring leveraged cash flow (€1.35-€1.38 billion).
  • Net financial debt(3) –as at June 2022– was €14.3 billion. 86% of the debt is fixed rate.
  • As at June 2022, Cellnex has liquidity (cash and undrawn debt) of around €7.6 billion.

Barcelona, 28 July 2022 – Cellnex Telecom has presented its results for the first half of 2022. Revenue amounted to €1.690 billion (+59%) and adjusted EBITDA grew to €1.282 billion (+59%) reflecting, together with organic growth, the effect of consolidating the assets the Company acquired in 2021. Free and recurring leveraged cash flow was €637 million (+62%).

The net result was negative at -€170 million due to higher amortization costs (up 67% compared to H1 2021) and financial costs (up 40% vs. H1 2021) associated with the consolidation and integration of acquisitions, and the consequent expansion of the Company’s geographic footprint.

Tobias Martinez, CEO of Cellnex, highlighted “a first half year marked by organic growth, which shows the strength of our business, and the consolidation of transactions carried out in recent months that keep delivering double-digit increases in revenue, EBITDA and recurring cash flow. This growth will continue to have a significant knock-on effect in 2022, when several of these operations will have been consolidated for a full year, and the sites we acquired from CK Hutchison in the UK are included as well.

“We will build on this growth,” said the Cellnex CEO, “through the partnerships we have established with our customers. Our commitment to invest up to €6.5 billion over the next 8 years to roll out some 22,000 new sites in the 12 countries where we operate for our customers is an example of this. In addition, we are also making progress on our Augmented Towerco model through the development and deployment of new Distributed Antenna Systems (DAS) and Small Cells, fibre to the tower, edge data centers, private networks for industry, connectivity networks for road and rail corridors, and the management of active equipment for mobile operators, as we are already doing in Poland.”

Business Segments: Key indicators for the period

  • Infrastructure services for mobile telecommunications operators contributed 90% of revenue (€1.529 billion), up 70% on the same period in 2021. In that field, the company has renewed the contract with an anchor tenant renewed and extended for a 30-year period and industrial partnership including FTTT.
  • The broadcasting infrastructure business contributed 7% of revenue (€112 million).
  • The business focused on security and emergency networks and solutions for the intelligent management of urban infrastructures (IoT and Smart cities), contributed 3% of revenue (€50 million).
  • As at 30 June, Cellnex had a total of 103,944 operational sites (not including the 22,000 sites planned for roll-out by 2030 and operations yet to be concluded): 4,509 in Austria, 1,473 in Denmark, 10,415 in Spain, 23,654 in France, 1,864 in Ireland, 20,699 in Italy, 4,073 in the Netherlands, 15,064 in Poland, 6,048 in Portugal, 7,996 in the UK, 2,764 in Sweden and 5,385 in Switzerland; in addition, there are 6,442 DAS nodes and Small Cells.
  • The organic growth in points of presence at the sites was up 5.2% in relation to the same period in 2021, including the effect of the roll-out of new sites during the period.

Financial Structure

Cellnex has a debt structure that is flexible, owing to the various instruments used.

The Group’s net debt –as at June 2022, excluding lease liabilities– was €14.3 billion. 86% of debt is at a fixed rate.

  • In March the Company issued a bond for €1 billion.
  • As at June 2022, Cellnex has access to immediate liquidity (cash and undrawn debt) of approximately €7.6 billion.
  • Cellnex Telecom issues maintain Fitch’s investment grade rating (BBB-) with a stable outlook, confirmed in January. Meanwhile, S&P confirmed the BB+ rating with a stable outlook in March.

About Cellnex Telecom
The efficient deployment of next-generation connectivity is essential to drive technological innovation and accelerate inclusive economic growth. Cellnex Telecom is the independent wireless telecommunica-tions and broadcasting infrastructure operator that enables operators to access Europe’s most extensive network of advanced telecommunications infrastructure on a shared-use basis, helping to reduce access barriers for new operators and to improve services in the most remote areas.

Cellnex manages a portfolio of more than 138,000 sites – including forecast roll-outs up to 2030 – in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Den-mark, Sweden and Poland. Cellnex’s business is structured into four major areas: telecommunications infrastructure services, audiovisual broadcasting networks, security and emergency service networks and solutions for smart urban infrastructure and services management (Smart cities and the “Internet of Things” (IoT)).

The company is listed on the continuous market of the Spanish stock exchange and is included in the selective IBEX 35 and EuroStoxx 100 indexes. It is also included in the main sustainability indexes, such as the Carbon Disclosure Project (CDP), Sustainalytics, FTSE4Good and MSCI. Cellnex’s reference sharehold-ers include Edizione, GIC, TCI, BlackRock, Canada Pension Plan, CriteriaCaixa and Norges Bank.
For more information, see:


1 Supporting Excel document available at
2 Corresponding to Operating Income excluding Advances to customers. See consolidated financial statements for the period ending 30 June 2022.
3 Excluding lease-related liabilities

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