Cellnex growth continues at accelerated path: Revenues +7.7%, EBITDAaL +10,6%, FCF duplicated

Results 2024

Net profit close to break even, with a 90% improvement

During this period, the Company focused on implementing its strategic plan centred on organic growth, deleveraging, and accelerating shareholder returns.

Thanks to consistent commercial performance and solid operational execution, the company increased the Points of Presence (PoPs) at its sites by 6.5%.

 Cellnex divested its businesses in Austria and Ireland and announced the launch of an €800 million share buyback programme.

• The financial and operational indicators for 2024 reflect the strength of the Group’s organic growth:
  • Revenues[1]: €3.941 billion (vs. €3.659 billion in 2023) +7.7%.
  • Adjusted EBITDA: €3.25 billion (vs. €3.008 billion in 2023) +8%
  • EBITDAaL (EBITDA after leases): €2.386 billion (vs. €2.157 billion in 2023) +10.6%.
  • Recurring Levered Free Cash Flow (RLFCF): €1.796 billion (vs. €1.545 billion (2023) +16.2%
  • FCF (Free cash flow): €328 million (vs. €150 million in 2023).
  • Net Profit: €-28 million (vs. €-297 million in 2023), improving more than 90% and almost reaching the break even
  • +6.5% new organic PoPs vs 2023. Achieving a customer ratio of 1.60x (vs 1.54x in 2023).
• Net financial debt[2] as of December 2024 stood at €17.1 c.80% of debt is referenced to a fixed rate.
• The €800 million Share Buy Back program will start at final closing of Cellnex Ireland sale. In the meanwhile a €400 million Equity Swap program has been completed in order to hedge part of the SBB program with a final purchase price of c.€32/share.
• In 2025, net of the effects of the deconsolidation of Austria and Ireland, revenues are expected to be between €3,950 million and 4,050 million,  EBITDA between €3,275 million and 3,375 million, and Recurring Levered Free Cash Flow between €1,900 million and 1,950 million.
• As a result of the strong operating performance and the SBB program, the RLFCF per share in 2025 is expected to grow by +16%.
• The company has successfully achieved the primary objectives outlined in its ESG masterplan 2021-2025, encompassing environment, social responsibility and corporate governance. For the second consecutive year, Cellnex was selected to be part of the selective Dow Jones European Sustainability Index (DJSI). Cellnex is the first and only telecommunications infrastructure operator in the world to be included in the index.

Barcelona, 26 February 2025. Cellnex Telecom has today presented its results for the close of financial year 2024, a period marked by the implementation of the company’s strategic plan focused on consolidation and organic growth, deleveraging, and accelerating shareholder returns.

The period was characterised by consistent commercial performance and solid operational execution, with PoPs increasing by 6.5% year on year.

Total revenues reached €3.941 billion (+7.7%). Adjusted EBITDA grew to €3.25 billion (+8%), while EBITDA after leases (EBITDAaL) stood at €2.386 billion (+10.6%).

Recurring levered free cash flow (RLFCF) increased to €1.796 billion (+16.2%), thereby exceeding the company’s target of €1.650 billion to €1.750 billion.

In 2024, Cellnex doubled its free cash flow (FCF) to €328 million, compared to €150 million in 2023.

The Group’s net result  improved to € -28 million, almost reaching the break even, compared to € -297 million in the same period the previous year, mainly due to the improvement of revenues and EBITDA. The loss of the year is explained by the impairment loss in relation to the assets in Austria, and higher amortisations and financial costs associated with the intense investment process carried out in the past.

Cellnex CEO Marco Patuano underlined the “very solid operational execution and – at the same time – the discipline in capital allocation throughout the year. We have been able to combine a financial performance in which all our financial indicators have been closing  at the upper end of the 2024 outlook range, and an industrial achievement in which we experienced our best rating in all the Customer Satisfaction indicators.”

“Since mid-2023, when we started this new chapter for the company, we have been fulfilling each and every one of our promises:  we will start in the coming days the shareholder remuneration via an ambitious €800 million share buyback programme and this will represent a fundamental moment in Cellnex history.”

Business lines. Main indicators for the period

• Sites for telecom operators represent 4% of the revenues, at €3.209 billion (+6.7%).
• DAS, Small Cells and other Network services contributed 9% of the revenues, at €271 million (+c.16%).
• Fibre (wholesaler), Connectivity and Co-location services (Housing) contributed 1% of the revenues with €201 million (+c.21%).
• Broadcasting contributed 6% of the revenues with €260 million (+c.3%).

As of 31 December, Cellnex had a total of 110,155 operational sites: 24,911 in France, 22,638 in Italy, 16,817 in Poland, 13,662 in the United Kingdom, 8,771 in Spain —representing the Group’s five main markets – as well as a total of 23,356 sites across other countries (6,703 in Portugal, 5,573 in Switzerland, 4,013 in the Netherlands, 3,360 in Sweden, 2,010 in Denmark and 2,010 in Ireland); in addition to the Telecom Towers sites, Cellnex manages also 1,950 broadcasting sites, and a total of 12,088 DAS and Small Cells nodes.

Organic growth of Points of Presence has been +6.5% compared to the same period in 2023, with +3.8% from new placements  on existing sites, – with Portugal and Poland standing out in this area – and +2.7% coming from the roll-out of new sites,  driven by the progress made in the Built to Suit (BTS) programmes in France and Poland.

Financial structure

• The Group’s debt² stood at €17.1 billion. c.80% of debt is referenced to a fixed rate.
• In May – after obtaining investment grade from S&P in March – Cellnex successfully carried out a bond issue of €750 million (used to amortise debt at variable cost).
• Cellnex currently has access to immediate liquidity (cash and unused credit lines) of approximately €4billion.
• Cellnex Telecom’s bond issues have an Investment Grade rating from both Fitch and S&P (BBB-) with a stable outlook.
• In FY 2024, Cellnex’s total tax contribution (own taxation + taxes paid by third parties) —applying the OECD’s cash basis accounting methodology— stood at €560 million. Of these funds, a total of €309 million correspond to own taxes and essentially include taxes on profits, local taxes, fees and the social security business charge. The company has been adhering to the Code of Good Tax Practices since 2020 and presents the Annual Fiscal Transparency Report.

On 14 January, Cellnex Telecom’s Board of Directors approved the launch of a share buyback programme of up to €800 million following completion of the sale of Cellnex’s business in Ireland. The programme aims to reduce the company’s share capital by redeeming these shares, subject to the approval of the General Shareholders’ Meeting.

Outlook for 2025

The FY 2025 forecasts for the key indicators, after the deconsolidation of Austria and Ireland and the announced share buyback, are:

• Revenues: between €3.950 and 4.050 billion (vs €3.790 billion Pro-Forma 2024).
• Adjusted EBITDA: between €3.275 and 3.375 billion (vs. €3.117 billion Pro-Forma 2024).
• RLFCF: between €1.9 and 1.950 billion (vs. €1.707 billion Pro-Forma 2024).
• FCF: between €280 and 380 million (vs. €304 million Pro-Forma 2024).

About Cellnex Telecom

Cellnex is Europe’s largest telecommunications towers and infrastructures operator, enabling operators to access a wide network of telecommunications infrastructures on a shared-use basis, and thus helping to reduce access barriers and to improve services in the most remote areas. The Company manages a portfolio of more than 130,000 sites, including forecast roll-outs up to 2030, in 10 European countries, with a significant footprint in Spain, France, the United Kingdom, Italy and Poland. Cellnex, which is listed on the Spanish Stock Exchange, is part of the selective IBEX35 and Euro Stoxx 100 and enjoys outstanding positions on the main sustainability indices such as CDP, Sustainalytics, FTSE4Good, MSCI and DJSI Europe.

[1] Excluding re-billing from energy price pass-throughs

[2] Excluding lease liabilities and the deferred payment in connection with the acquisition of Omtel