Cellnex Telecom S A : Presentación de Resultados 4T 2021 2MB

Q4

2021

Consistent delivery with fundamentals unchanged

February 25, 2022

Results January - December 2021

Key takeaways

Strong operational and financial performance exceeding all key metrics in 2021

RLFCF growth >60% vs. guidance 50%

Consistent and sustainable organic		Steady progress on ESG
growth
+6.2% new PoPs vs. FY 2020	Strong financial performance	CDP "A list" for the 3rd year running and CDP
Supplier Engagement Leader
Framework agreement with a new entrant
Revenues €2,536Mn, + 58% vs. FY 2020	Vigeo Eiris +15 points (c.+30%) vs. previous year
Extension of BTS programs +c.5k sites
Adjusted EBITDA €1,921Mn, +63% vs. FY 2020
	Cellnex Top-Rated ESG Performer by Sustainalytics
Neutrality leading to stronger partnerships with	RLFCF €981Mn, +61% vs. FY 2020
clients: BT service agreement now with an "all or	New Sustainability-Linked Financing Framework
nothing" option to extend until 2040		Bloomberg Gender Equality Index inclusion
2021-2025 efficiency plan on track

Fully funded and hedged

c.87% debt fixed and c.13% linked to Euribor (at

historical lows)

Liquidity €8.6Bn, firepower fully funded

Flexible capital structure: no covenant, no pledge or

guarantee

Average interest rate in 2022 expected to be lower

than in 2021

M&A gaining momentum

Tailored growth deals (1) with existing clients in France and Portugal (extending BTS program, new acquisitions, FTTT (2)…)

Reducing rooftop mix in France to execute Hivory's

remedies (3)

Potential swap of minority stakes - acquisition of

Iliad's minorities in France and Poland in exchange for plans to open capital of certain business units

Rock-solid cash flows allowing Cellnex to beat 2021 guidance (4)

RLFCF growth >60% (vs. guidance +c.50%) despite

Hivory contributing 2 months only (4)

2022 guidance implying strong growth in key

metrics

2025 guidance reiterated

Making the most of current market conditions: own shares >1% Cellnex's share capital

(1) Please see slide 14 for more information; (2) Fiber-to-the-Tower; (3) Subject to antitrust approval

(4) Hivory transaction (closed end of October) has contributed 2 months in 2021 vs. guidance assumed 3 months

Results January - December 2021

2

FY 2021 outlook and actual performance

RLFCF growth >60% vs. guidance +c.50% despite Hivory contributing for 2 months only (1)

Guidance 2021

Actual 2021

(Hivory 2 months only)

Revenues (€Mn)

Adjusted EBITDA (€Mn)

Payment of leases Maintenance Capex working capital

Interest Tax

2,535 - 2,555

1,910 - 1,930

<€605Mn

c.3-4% on revenues Trending to neutral c.1.5% cost of debt c.3% on revenues

2,536

€1,921

€594Mn

c.3% on revenues Trending to neutral c.1.5% cost of debt c.2.5% on revenues

✓

✓

✓

c.2,562	Key metrics significantly above
	guidance had Hivory contributed
c.1,945	3 months, as per guidance

RLFCF (€Mn)	955 - 965 (+c.50%)	981	✓
Organic growth	>5%	+6.2%	✓
Expansion Capex (2)	<10% on revenues	c.9% on revenues	✓

1. If Hivory had contributed from Oct 1st, as initially expected, Cellnex would have beaten its guidance even further. Figures on a like-for-like basis shown in
2. Capex guidance excludes BTS programs

c.995

Results January - December 2021

3

Outlook 2022 & 2025

What are management's expectations regarding Cellnex's guidance?

Considering ALLimpacts, Cellnex reiteratesits 2025 outlook and confirms

2022 will perform in line with market consensus

	1,608	2,536		3,460 - 3,510			4,100 - 4,300				+c.13%
Revenues (€Mn)
															CAGR 21-25
	1	2		3	(1)	4	5	6	(1)
			2020A		2021A	2022E		2023	2024	2025E
							2,650 - 2,700 (2)			3,300 - 3,500				+c.15%
				1,921
	1,182
Adjusted EBITDA (€Mn)													CAGR 21-25
	1	2		3		4	5	6
			2020A		2021A	2022E	(1)	2023	2024	2025E	(1)		c.8% yield (3)
							1,350 - 1,380			2,000 - 2,200				+c.21%
				981									CAGR 21-25
RLFCF (€Mn)	610
	1		2021A	3	(1)	4	5	6	(1)
			2020A		2022E		2023	2024	2025E
															Run rate
								100% of the up to €18Bn pipeline
	RLFCF per share					fully executed (illustrative scenario)
	1.44 (4) (5)									5.5 - 6.0 (6)
	(€)
						c.4x
(1) Contribution from new deals signed and expected impact from disposals:
Net investment of c.€1.2Bn = investments of c.€2.3Bn (paid over the 2021-2030 period) - expected cash-in from disposals c.€1.1Bn (subject to antitrust bodies approval), being investments:

c.€2.3Bn = c.€1.5Bn investments in France + c.€0.4Bn other investments + c.€0.1Bn substitutive tax eligibility investment (improves RLFCF) + c.€0.3Bn own shares (improves RLFCF per share) - please see slide 14;

1. Delta midpoint 2022 guidance €2,675Mn - Actual 2021 €1,921Mn = c.€630Mn change of perimeter + c.€195Mn organic growth (BTS, escalators/inflation, new colocations and associated revenues) - c.€50Mn expected impact from remedies (subject to antitrust bodies approval, please see slide 14) - group adaptation costs; (3) Assuming midpoint guidance 2025 and c.€26.4Bn market capitalization; (4) Considering number of shares outstanding as of Dec 2021 (679.3m shares)

1. As an additional reference, Cellnex's new LTIP 2022-2024 to be approved at upcoming AGM establishes a RLFCF per share target in 2024 (maximum achievement level - 115%) of €3.0 per share; (6) Same criterion as in FY 2020 Results Presentation

Results January - December 2021

4

Status of integration processes

More than 25 successful integrations completed since 2015, of which 15 in 2021 (1)

All outstanding integration processes on track

Project

Omtel

Bouygues

Arqiva

NOS

CKH IE

CKH AT

CKH DK

CKH SW

Play

T-Mobile

CKH IT

Cyfrowy

SFR

CKH UK

FTTT

Polsat

Closing

H1 22E

ON TRACK

Pre-closing

Integration Assessment

Transition (3 months)

Take Control

Optimization

(7 months)

Industrial Model

Integration Plan

30%

76% 59% 58% 38%

(1) Excluding smaller acquisitions managed by local teams. In total, more than 40 acquisitions

Results January - December 2021

5