Cellnex closes Q1 2023 with revenue of EUR 985 million, up 19%

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Results January-March 2023

Growth of EBITDA (+15%) and recurring free cash flow (+12%) driven by organic growth (+6.8%) and consolidation of Cellnex’s geographic footprint

The Board has appointed Jonathan Amouyal, as a proprietary director, and María Teresa Ballester as an independent director of Cellnex

Barcelona, 27 April 2023. Cellnex Telecom has presented its results for the first quarter of 2023. Revenue stood at EUR 985 million (+19%) –c.+15% vs. Q1 2022 excluding pass throughs–, and adjusted EBITDA grew to EUR 730 million (+15%) which together reflect both organic growth and the effect of the consolidation of asset acquisitions performed in 2022. Leveraged recurring free cash flow was EUR 336 million (+12%).

The net accounting result was negative at EUR -91 million (vs EUR -93 million in 2022), and continues to include the effect of amortisations (+13% vs. Q1 2022) and financial costs (+12% vs. Q1 2022) associated with the process of consolidation of the acquisitions and integrations in the Group and consequent expansion of its geographic footprint.

Cellnex CEO Tobias Martinez highlighted, “In the first quarter, we successfully met the group’s organic growth targets, which further reinforces the Company’s alignment with the new strategic direction we announced last November. The cornerstone of this strategy is to secure an investment grade-rating from Standard & Poor’s by no later than 2024, thereby bolstering our financial foundation for Cellnex’s sustained growth in years to come.”

Business lines. Main indicators for the period

Financial structure

Cellnex has a debt structure marked by the flexibility provided by the various instruments used.

About Cellnex Telecom

The efficient deployment of next-generation connectivity is essential to drive technological innovation and accelerate inclusive economic growth. Cellnex is the independent wireless telecommunications and broadcasting infrastructures operator that enables operators to access Europe’s most extensive network of advanced telecommunications infrastructures 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 around 135,000 sites –including forecast roll-outs up to 2030– in Spain, Italy, the Netherlands, France, Switzerland, the United Kingdom, Ireland, Portugal, Austria, Denmark, Sweden and Poland. Cellnex’s business is structured in 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 part of the selective IBEX 35 and EuroStoxx 100 indices. It is also present in the main sustainability indexes, such as CDP, Sustainalytics, FTSE4Good and MSCI. Cellnex’s reference shareholders include TCI, Edizione, GIC, JP Morgan, CPP Investments, Blackrock, CK Hutchison, CriteriaCaixa and Norges Bank.

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[1] Excel background document available at www.cellnex.com

[2] Corresponds to Operating Income excluding Advances delivered to customers. See consolidated financial statements corresponding to the period ending 31 December 2022.

[3] Excluding lease liabilities

Cellnex closes Q1 2023 with revenue of EUR 985 million, up 19%

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Results presentation Q1 2023

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_Global Corporate & Public Affairs Director

Toni Brunet Mauri

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_Global Corporate & Business Communication Director

Xavier Gispert Vinyals

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