Cellnex Telecom S A : Presentación de Resultados 1T 2024

Other Relevant Information in compliance with article 227 of Law 6/2023 on the Spanish Securities Market and Investment Services, notified to the Spanish National Securities Market Commission

2024

Results

Presentation

January - March 2024

25th April

Disclaimer

The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied upon. In this regard, the persons to whom this presentation is delivered are invited to refer to the documentation published or registered by Cellnex Telecom, S.A. and its subsidiaries ("Cellnex") with the National Stock Market Commission in Spain (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans, estimated investments and capital expenditures, pipeline, priorities, targets, outlook, guidance, objectives for future operations and run rate metrics of Cellnex (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond Cellnex's control), which may cause actual results, performance or achievements of Cellnex, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding Cellnex's present and future business strategies, performance by Cellnex's counterparties under certain of Cellnex's contracts and the environment in which Cellnex expects to operate in the future which may not be fulfilled. No representation or warrant, express or implied is made that any forward-looking statement will come to pass. In particular, this presentation contains information on Cellnex's targets, outlook and guidance, which should not be construed as profit forecasts. There can be no assurance that these targets, outlook and guidance will be met. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this presentation. All forward-looking statements and other statements herein are only as of the date of this presentation. None of Cellnex nor any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents (including any forward-looking statement), or otherwise in connection herewith, and they do not undertake any obligation to provide the recipients with access to additional information or to update this presentation or to correct any inaccuracies in the information contained or referred to herein.

To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this presentation come from Cellnex's own internal research and estimates based on the knowledge and experience of Cellnex's management in the market in which Cellnex operates, and is subject to change. Certain information contained herein is based on Cellnex's management information and estimates and has not been audited or reviewed by Cellnex's auditors. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed by Cellnex's auditors for accuracy or completeness and, as such, should not be relied upon. Certain financial and statistical information contained in the presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

This presentation is addressed to analysts and to institutional or specialized investors only and should only be read together with the supporting excel document published on the Cellnex website. The distribution of this presentation in certain jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions.

Neither this presentation nor the historical performance of Cellnex's management team constitute a guarantee of the future performance of Cellnex and there can be no assurance that Cellnex's management team will be successful in implementing the investment strategy of Cellnex.

Nothing herein constitutes an offer to sell or the solicitation of an offer to purchase any security and nothing herein may be used as the basis to enter into any contract or agreement.

2

An unconditional commitment to our "Next Chapter" objectives

1

Solid performance of key metrics in the quarter

+10.7% new organic PoPs vs. Q1 2023 (+6.6% equivalent)

Revenues ex-pass throughs €946Mn, +6.6% vs. Q1 2023 (organic revenues growth +7.5%)

EBITDAaL €535Mn, +9.1% vs. Q1 2023, showing a disciplined approach to Opex and lease management (organic EBITDAaL growth +11.1%)

RLFCF €384Mn, +14.4% vs. Q1 2023. FCF +€103Mn vs. €-139Mn Q1 2023. Including €152Mn from French

remedies received in the period (another c.€210Mn to be received during 2024)

On track to meet the 2024 financial outlook - performance of key metrics consistent with all public targets

2

3

Prioritizing deleveraging, capital discipline and shareholder remuneration

Providing a better understanding of value drivers

Long-term target leverage of 5.0-6.0x Net Debt / EBITDA, potentially achievable by 2025

Unconditional commitment to maintaining Investment Grade status by S&P and Fitch

c.€971Mn cash proceeds from Ireland deal upon closing. Process on track with antitrust filing already made

Austria disposal process ongoing. Non-binding offers expected in May. An earlier distribution / share buyback could be considered following this disposal, subject to leverage / rating

An enhanced disclosure that provides more granular level of detail: business lines, geographies, Capex Visibility on organic revenues growth and other businesses

A comprehensive long-term guidance with increased focus on FCF

3

Nr

ClickBusinessto editPerformanceMaster text styles

4

Q1 2024 Key Highlights

1	2	3	4	5	6
New Sites	New Co-locations	Organic Growth	Efficiencies	EBITDAaL Growth	FCF

1,384	3,390	€66Mn	€59Mn	+9.1%	€103Mn
Remarkable growth	Solid performance	+7.5% organic	Cumulative savings	Strong control on	Backed by
in France, Italy and	in Italy and	revenues growth	since the program	leases	disposal of sites
Poland	Portugal		started		in France

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Q1 2024 Performance

Key financial metrics

Revenues

(excluding pass-through)

887	946	+7.5% Organic
+c.7%
		€Mn
Q1 2023	Q1 2024

EBITDAaL

	535	+11.1% Organic
490	+c.9%
55% (1)	57% (1)
		€Mn
Q1 2023	Q1 2024

All magnitudes impacted by change of perimeter in the period (disposal of assets in France)

(1) Margin over revenues excluding pass-through

Adjusted EBITDA

730	+c.7%	778	+8.9% Organic
82% (1)		82% (1)
			€Mn
Q1 2023		Q1 2024

RLFCF

+c.14%	384
336
38% (1)	41% (1)
	€Mn
Q1 2023	Q1 2024

6

Q1 2024 Performance

Key operational metrics

New Total PoPs (including BTS)		+10.7%
		YoY
5,205	6,589	+6.6% Eq
4,136		4,844
1,655

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

New co-locations	+7.5%
		YoY
		+3.2% Eq
4,097	4,951
3,024	3,390
	713

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

PoPs from co-location and BTS in the quarter

						RoE
Co-locations	86	2,502	77	57	108	560
BTS	1	458	547	123	187	138
CR (1)	2.2	2.2	1.2	1.5	1.3	1.4

(1) Customer Ratio

New BTS	+3.2%
	YoY
	+3.4% Eq

			1,638	1,454
1,108	1,112	942
Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

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Q1 2024 Performance

Organic revenue growth

21

887

Organic revenue growth +7.5%

28 953 -7 946

17

€Mn	Revenues (1)	Escalators & CPI	Co-location	BTS	Organic	Change of	Revenues (1)
	Q1 2023				Revenues	perimeter & others	Q1 2024

(1) Excluding pass-through

8

Q1 2024 Performance

Organic revenue growth - Business lines

Towers

+6.6% Organic

21

789

10

-13

+c.5%

776

18

738

ARPT (1)

€24.9k end Q1 23

€27.1k end Q1 24

€Mn

Revenues

Escalators & CPI

Co-location

BTS

Organic

Change of

Revenues

Q1 2023

Revenues

perimeter & others

Q1 2024

Fiber, Connectivity & Housing Services

DAS, Small Cells and RAN

Broadcast

59

+c.21%

63

64

+c.2%

47

+c.24%

38

49

Q1 2023

Q1 2024

Q1 2023

Q1 2024

Q1 2023

Q1 2024

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(1) Average Revenue Per Tower. Please see slide 26 and 29 for additional information related to this metric and to limitations applicable to APMs

Q1 2024 Performance

2021-2027 efficiencies plan - Optimization of ground leases on track

Payment of leases

110,119 sites beginning of period

• 2,128 net site additions during the period
• lease efficiencies

239 243

€Mn

Q1 2023

Q1 2024

Cumulative efficiencies/synergies

CMD

2021-2025(c.€90-100Mn)

c.150-160

c.90-100

€Mn			59	c.75
		54
	34
15
2021	2022	2023	Q1 2024	2024E	2025E	2027E
			Cumulative

• Rent renegotiation: ground lease fee reduction with low or no initial payments
• Cash advance: lump sum prepayment for long-term leasehold contracts with optional small remaining recurring annual payments
• Land acquisition: purchase of land or acquisition of freehold rights on land
• Leases and Capex reduction thanks to two or more anchor tenant networks allowing for decommissioning of redundant sites and a single BTS for more than

one anchor tenant simultaneously

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