Cellnex Telecom S A : On business and financial situation

Press release

Results January-June 2022

Cellnex closes H1 2022 with 59% growth in revenue

and EBITDA

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 indicators1 continue to reflect Cellnex's expanded geographic footprint
  -after integrating the sites acquired in 2021- and the strength of the Group's organic business:
• • Revenue2 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-outof new sites in the period).
  • Cellnexconfirms 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-€1.38billion).
• Net financial debt3 -asat 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.

1. Supporting Excel document available at www.cellnex.com.
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

News - Cellnex

"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 telecommunications 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.

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News - Cellnex

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 shareholders include Edizione, GIC, TCI, BlackRock, Canada Pension Plan, CriteriaCaixa and Norges Bank.

For more information, see: https://www.cellnex.com

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News - Cellnex

Annex 1. Income Statement and Balance Sheet (IFRS16)

€ Mn				Q2 2021	Q2 2022
Broadcasting Infrastructure	109	112
Telecom Infrastructure Services	900	1.529
Other Network Services	52	50
Revenues	(1)		1.061	1.690
Staff Costs		-91	-122
Repair and Maintenance	-32	-44
Utilities				-57	-134
General and Other Services	-77	-108
Operating Expenses	-257	-408
Adjusted EBITDA	(2)	804	1.282
% margin	(3)		79%	81%
Non-Recurring Expenses	-49	-51
Depreciation & Amortization	-678	-1.132
Operating Profit		77	99
Net Financial Profit	-254	-356
Profit of Companies Accounted for Using the Equity Method	0	2
Income Tax		96	75
Attributable to Non-Controlling Interests	14	11
Net Profit Attributable to the Parent Company	-67	-170

1. Corresponds to Operating Income excluding Advances to customers. See the Interim Condensed Consolidated Financial Statements for the period ended on 30 June 2022.
2. Adjusted EBITDA is an alternative performance measure ("APM") as defined in the guidelines issued by the European Securities and Markets Authority on October 5, 2015 on alternative performance measures (the "ESMA Guidelines"). Please see Consolidated Interim Director's Report, section 1.3, APM's as of 30.06.2022.
3. Adjusted EBITDA divided by total revenues excluding elements pass-through to customers (mostly electricity) from both expenses and income.

€ Mn					FY 2021 Restated	Q2 2022
Assets
Goodwill					6.021	5.945
Fixed Assets					26.591	26.893
Right-of-use Assets					3.280	3.137
Financial Investments & Other Fin. Assets	1	784	917
Non-Current Assets					36.676	36.892
Inventories					3	5
Trade and Other Receivables	2			1.156	1.252
Cash and short term deposits			3.927	2.469
Current Assets					5.085	3.726
Non-current assets to be sold			0	243
Total Assets					41.761	40.861
Equity & Liabilities
Share Capital and Others					16.323	15.320
Share Capital					170	170
Treasury Shares					-61	-344
Share Premium					14.581	14.569
Non-Controlling Interests				1.634	926
Reserves					-494	-1.145
Reserves					-133	-975
Profit for the Period					-360	-170
Shareholders' Equity					15.830	14.175
Borrowings					14.914	15.896
Lease Liabilities					2.336	2.189
Provisions and Other Liabilities	3		5.993	5.727
Non-Current Liabilities					23.244	23.811
Borrowings					720	712
Lease Liabilities					496	528
Trade and Other Payables	4				1.472	1.567
Current Liabilities					2.688	2.807
Liabilities assoc with available for sale assets	0	68
Total Equity and Liabilities				41.761	40.861

1. Includes "Derivative financial instruments", "Trade and other receivables" and "Deferred tax assets". See the Interim Condensed Consolidated Financial Statements for the period ended on 30 June 2022.
2. Includes "Receivables from associates" and "Financial investments". See the Interim Condensed Consolidated Financial Statements for the period ended on 30 June 2022.
3. Includes "Provisions and other liabilities", "Employee benefit obligations", "Deferred tax liabilities", "Derivatives financial instruments" and "Other Financial Liabilities". See the Interim Condensed Consolidated Financial Statements for the period ended on 30 June 2022.
4. Includes "Employee benefit obligations", "Payables to associates", "Trade and other payables", "Derivatives financial instruments" and "Other Financial Liabilities". See the

Interim Condensed Consolidated Financial Statements for the period ended on 30 June 2022.

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News - Cellnex

Annex 2. European footprint

Annex 3. Significant events of 2022

January

• On 4 January,for the fifth year running, Deutsche Telekom renews Cellnex's status as a "Zero Outage Supplier"in Spain.
• On 26 January,Cellnex enters Bloomberg'sGender-EqualityIndex for its commitment to equity, diversity and inclusion.

February

• On 3 February,Lorin Networks chooses Cellnex infrastructure to install and deploy a national IoT network in Portugal.
• On 15 February,Cellnex is recognised by CDP as a "Supplier Engagement Leader 2021"for its work on combating climate change and its efforts to measure and reduce environmental impact in its supply chain.
• On 25 February,Cellnex and BT strengthen their partnership in the UKwith a "multi-decade"agreement.
• On 28 February, at the Mobile World Congress in Barcelona, Cellnex presents the Augmented TowerCo modelthat makes it an integral operator of connectivity infrastructure.

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