Cellnex Telecom S A : - Q1 2025 Backup

JANUARY - MARCH 2025 RESULTS

1. KPIs

2. M&A and BTS Tracker

3. Income Statement

4. Balance Sheet

5. Cash Flow

6. Debt Structure

7. Debt Instruments

8. Corporate Structure

9. APMs Calculation

10. APMs Definitions

11. Disclaimer

    
    
    

    1. KPIs

       Main Figures		Q1 2024		FY 2024		Q1 2025
       Number of Sites		114,139		112,105		111,320
       Number of Telecom Sites		112,247		110,155		109,357
       Number of Broadcasting & Others Sites		1,892		1,950		1,963
       DAS Nodes and Small Cells		10,252		12,088		13,105

       28.2

27.9

27.1

110,155
1,216
-2,014
109,357
8,771
22,656
25,748
13,683
17,081
4,017
5,586
0
6,715
0
1,702
3,398

Telecom Sites Beginning of Period	111,283		111,283
Build-to-Suit, decommissioning (1)and others (2)	1,384		4,384
M&A	-420		-5,512
Telecom Sites End of Period	112,247		110,155
Telecom Sites Spain	8,770		8,771
Telecom Sites Italy	22,559		22,638
Telecom Sites France	23,861		24,911
Telecom Sites UK	13,341		13,662
Telecom Sites Poland	16,227		16,817
Telecom Sites Netherlands (3)	3,979		4,013
Telecom Sites Switzerland	5,498		5,573
Telecom Sites Ireland	1,992		2,010
Telecom Sites Portugal	6,571		6,703
Telecom Sites Austria	4,639		0
Telecom Sites Denmark	1,652		1,697
Telecom Sites Sweden	3,158		3,360

Q1 2024 Equivalent PoPs		FY 2024 Equivalent PoPs
154,575		154,575
3,026		8,341
-420		-6,349
157,181		156,567
17,676		17,588
37,412		37,689
28,435		29,756
17,133		17,548
18,934		20,309
5,638		5,680
6,507		6,632
3,171		3,203
11,242		12,266
5,394		0
1,822		1,900
3,817		3,996

Q1 2025 Equivalent PoPs
156,567
1,151
-3,181
154,537
16,946
37,725
30,702
17,639
20,781
5,675
6,656
0
12,500
0
1,964
3,949

Q1 2024 Total PoPs
171,472
4,844
-420
175,896
19,066
48,426
28,592
19,307
21,682
5,638
7,204
3,191
11,637
5,437
1,827
3,889

FY 2024 Total PoPs
171,472
11,166
-6,398
176,240
19,104
49,214
30,102
19,685
23,162
5,693
7,363
3,216
12,720
0
1,908
4,073

Q1 2025 Total PoPs
176,240
1,238
-3,194
174,284
18,399
49,338
31,050
19,791
23,664
5,689
7,392
0
12,960
0
1,975
4,026

Average Revenue per Tower (ARPT) (4)

PoPs Beginning of Period Organic Growth M&A

PoPs End of Period TIS PoPs Spain TIS PoPs Italy TIS PoPs France TIS PoPs UK

TIS PoPs Poland

TIS PoPs Netherlands (5)TIS PoPs Switzerland TIS PoPs Ireland

1.59
2.10
2.18
1.21
1.45
1.39
1.42
1.32
NA
1.93
NA
1.16
1.18

Customer Ratio	1.40		1.42		1.41		1.57		1.60
Customer Ratio Spain	2.02		2.01		1.93		2.17		2.18
Customer Ratio Italy	1.66		1.66		1.67		2.15		2.17
Customer Ratio France	1.19		1.19		1.19		1.20		1.21
Customer Ratio UK	1.28		1.28		1.29		1.45		1.44
Customer Ratio Poland	1.17		1.21		1.22		1.34		1.38
Customer Ratio Netherlands	1.42		1.42		1.41		1.42		1.42
Customer Ratio Switzerland	1.18		1.19		1.19		1.31		1.32
Customer Ratio Ireland	1.59		1.59		NA		NA		NA
Customer Ratio Portugal	1.71		1.83		1.86		1.77		1.90
Customer Ratio Austria	1.16		NA		NA		NA		NA
Customer Ratio Denmark	1.10		1.12		1.15		1.11		1.12
Customer Ratio Sweden	1.21		1.19		1.16		1.23		1.21

TIS PoPs Portugal TIS PoPs Austria TIS PoPs Denmark TIS PoPs Sweden

(1) Decommissioning of own sites

(2) Mainly dual use sites

(3) Excluding 126 Broadcasting sites

(4) Amounts in € thousand. For more details on the calculation of this ratio please see tab 10. APMs Calculations

(5) Excluding 220 Broadcasting PoPs

Spain

Netherlands

Shere Netherlands & Protelindo

KPN - BTS

T-Mobile - initial perimeter

T-Mobile - BTS

UK (1)

Shere UK

Arqiva

Hutchison - initial perimeter

Hutchison - BTS

France (1)

Bouygues - M&A and Others

Bouygues - BTS (2)

Nexloop

Iliad - initial perimeter

Iliad - BTS

SFR - initial perimeter

SFR - BTS (3)

Disposals (4)

Switzerland

Sunrise - initial perimeter

Sunrise - BTS

Salt - initial perimeter

Salt - BTS

Italy

Wind Tre and others

Wind Tre - BTS

Iliad - initial perimeter

Iliad - BTS

Portugal

MEO - initial perimeter

MEO - BTS

NOS - initial perimeter

NOS - BTS

Poland

Play - initial perimeter

Play - BTS

Polkomtel - initial perimeter

Polkomtel - BTS

Denmark

Hutchison - initial perimeter

Hutchison - BTS

Sweden

Hutchison - initial perimeter

Hutchison - BTS

Railway connectivity projects

Total

1. M&A & BTS Tracker

TIS sites as of Q1 2025

Outstanding TIS sites (BTS)

Estimated Capex for outstanding BTS sites and others (€Mn)

Expected completion date

Total TIS sites

Broadcasting & Others

DAS nodes

Existing infrastructures (including DAS and broadcasting) as of Q1 2025

Run rate infrastructures (including DAS and broadcasting)

8,771				8,771	1,837	1,268	11,876	11,876
4,017	160			4,177	126	44	4,187	4,347
798				798			798	798
65			2028	65			65	65
3,134			2021	3,134			3,134	3,134
20	160		2028	180			20	180
13,683		82		13,683	3,764		17,447	17,447
562				562			562	562
6,289		-32	2022-2024	6,289			6,289	6,289
5,620			2022	5,620			5,620	5,620
1,212		113	2030	1,212			1,212	1,212
25,748	3,852	1,053		29,600	562		26,310	30,162
3,168				3,168			3,168	3,168
3,399	1,958	253	2030	5,357			3,399	5,357

114

5,686				5,686		5,686	5,686
4,500		410	2029	4,500		4,500	4,500
10,535			2021	10,535		10,535	10,535
1,706	1,894	276	2030	3,600		1,706	3,600
-3,246			2024	-3,246		-3,246	-3,246
5,586	514	105		6,100	96	5,682	6,196
2,372				2,372		2,372	2,372
280	180	21	2025	460		280	460
2,771				2,771		2,771	2,771
163	334	84	2027	497		163	497
22,656	1,026	276		23,682	4,929	27,585	28,611
17,532				17,532		17,532	17,532
951	1,026	276	2030	1,977		951	1,977
2,173				2,173		2,173	2,173
2,000			2027	2,000		2,000	2,000
6,715	187	24		6,902	37	6,752	6,939
3,784				3,784		3,784	3,784
608		23	2027	608		608	608
1,966				1,966		1,966	1,966
357	187	1	2026	544		357	544
17,081	3,088	971		20,169	1,935	19,016	22,104
7,429				7,429		7,429	7,429
2,407	2,055	608	2030	4,462		2,407	4,462
7,000			2022	7,000		7,000	7,000
245	1,033	364	2030	1,278		245	1,278
1,702	179	10		1,881	455	2,157	2,336
1,317				1,317		1,317	1,317
385	179	10	2030	564		385	564
3,398	1,779	162		5,177	15	3,413	5,192
2,500				2,500		2,500	2,500
898	1,779	162	2030	2,677		898	2,677

43

109,357 10,785 2,727 120,142 1,963 13,105 124,425 135,210

(1) Negative Capex figure corresponds to pending cash-in associated with remedies process

(2) BTS programs, construction of MO/COs and acquisition of MSCs

(3) Outstanding BTS Capex includes up to c.1,100 new sites and up to c.750 new PoPs

(4) Corresponds to required remedies

Note: Austrian sites not included as the disposal took place in mid December 2024

Note: Ireland sites not included as the disposal took place in first quarter 2025

1. P&L

   Q1 2025 figures unaudited
   € Mn	Q1 2024	Q1 2025
   Towers	776	778
   DAS, Small Cells and RAN-as-a-Service	59	62
   Fiber, Connectivity and Housing Services	47	58
   Broadcast	64	66
   Revenues (1)	946	964
   Staff Costs	-71	-70
   Repair and Maintenance	-25	-24
   Services	-72	-73
   Operating Expenses (2)	-168	-167
   Net pass-through	-0	1
   Pass-through revenues	91	110
   Pass-through costs	-92	-110
   Adjusted EBITDA	778	798
   % margin (3)	82%	83%
   Non-Recurring Expenses and non-cash items	-12	-102
   Depreciation & Amortization	-651	-647
   Depreciation of tangible assets	-205	-227
   Amortization of intangible assets	-283	-268
   Amortization of Right of Use	-162	-153
   Results from the loss of control of consolidated companies	0	67
   Results from disposals of fixed assets	64	-2
   Operating Profit	179	115
   Net Financial Profit	-234	-196
   Profit of Companies Accounted for Using the Equity Method	-1	-1
   Income Tax	12	28
   Attributable to Non-Controlling Interests	4	5
   Net Profit Attributable to the Parent Company	-39	-49

   (1)Corresponds to Operating Income excluding Advances to customers and pass-through revenues

   (2)Excluding pass-through costs

   (3)Please see tab "10.APMs Calculations" for comprehensive explanation

   Following the same methodology as for the 12-month period ended on 31 December 2024

   
   
   

   Q1 2025 figures unaudited

   1. P&L by Country

      Spain

      Italy

      France

      UK

      Poland

      Rest of

      Europe

      163

      2

      1

      6

      Spain

      Italy

      France

      UK

      Poland

      Rest of

      Europe

      171

      2

      2

      6

      Spain

      Italy

      France

      UK

      Poland Rest of

      Spain

      Italy

      France

      UK

      Poland Rest of

      Spain

      Italy

      France

      UK

      Poland Rest of

      Spain

      Italy

      France

      UK

      Poland Rest of

      Towers

      DAS, Small Cells and RAN-as-a-Service Fiber, Connectivity and Housing Services Broadcast

      50

      22

      12

      58

      159

      8

      -

      -

      180

      -20

      -

      152

      3

      -

      -

      72

      23

      13

      -

      49

      23

      12

      59

      162

      9

      -

      -

      177

      -22

      -

      158

      2

      -

      -

      81

      28

      14

      -

      50

      22

      12

      58

      161

      9

      -

      -

      183

      2

      23

      -

      157

      3

      -

      -

      78

      27

      14

      -

      Europe

      175

      2

      1

      6

      52

      34

      12

      60

      163

      12

      0

      -

      195

      1

      27

      -

      164

      10

      -

      -

      77

      26

      14

      -

      Europe

      182

      2

      1

      6

      201

      102

      48

      235

      644

      37

      0

      -

      735

      3

      91

      -

      630

      18

      -

      -

      308

      104

      56

      -

      Europe

      691

      7

      6

      25

      53

      23

      11

      59

      160

      9

      -

      -

      174

      0

      28

      -

      155

      2

      -

      -

      88

      26

      17

      -

      Europe

      147

      2

      1

      6

      Revenues (1)

      Staff Costs

      Repair and Maintenance Services

      Operating Expenses (2)

      (30)

      (10)

      (23)

      (6)

      (2)

      (4)

      (8)

      (4)

      (10)

      (10)

      (3)

      (23)

      (7)

      (2)

      (8)

      (11)

      (4)

      (5)

      (30)

      (10)

      (27)

      (6)

      (2)

      (3)

      (8)

      (6)

      (9)

      (9)

      (4)

      (25)

      (7)

      (3)

      (10)

      (10)

      (4)

      (6)

      (29)

      (10)

      (27)

      (5)

      (2)

      (4)

      (7)

      (5)

      (10)

      (9)

      (5)

      (25)

      (7)

      (3)

      (7)

      (10)

      (4)

      (5)

      (31)

      (10)

      (32)

      (6)

      (2)

      (9)

      (7)

      (2)

      (2)

      (8)

      (4)

      (32)

      (7)

      (5)

      (7)

      (11)

      (4)

      (8)

      (119)

      (41)

      (110)

      (22)

      (7)

      (20)

      (29)

      (17)

      (31)

      (37)

      (17)

      (104)

      (27)

      (13)

      (32)

      (42)

      (16)

      (24)

      (30)

      (10)

      (27)

      (5)

      (1)

      (3)

      (9)

      (3)

      (9)

      (10)

      (5)

      (21)

      (7)

      (3)

      (8)

      (9)

      (3)

      (4)

      (167)

(67) (10) (21) (36) (18) (16)

(70)

(24)

(73)

964

147 169 203 157 131 156

778

62

58

66

Total

Q1 2025

(708)

(270) (49) (78) (158) (72) (82)

(276)

(111)

(320)

3,941

585 682 829 648 468 730

3,209

271

201

260

Total

FY 2024

(188)

(74) (16) (10) (45) (19) (23)

(70)

(28)

(90)

1,038

157 175 223 173 117 192

833

85

55

66

Total

Q4 2024

(174)

(66) (11) (23) (39) (17) (18)

(67)

(29)

(78)

982

143 170 207 159 119 184

803

64

50

65

Total

Q3 2024

(179)

(20)

(19)

(38)

(23)

(67) (11)

(69)

(29)

(80)

975

180

123

160

198

143 170

797

64

49

65

Total

Q2 2024

(168)

(20)

(16)

(36)

(21)

(11)

(63)

(71)

(25)

(72)

946

173

108

155

200

167

142

776

59

47

64

Total

Q1 2024

€ Mn

0	(2)	3	(1)	(0)	(1)	(0)
11	38	6	14	17	6	91
(11)	(39)	(3)	(15)	(17)	(7)	(92)
79	154	182	118	92	152	778

(1)	(2)	8	(1)	(0)	(0)	3
9	40	12	12	27	7	107
(10)	(43)	(4)	(13)	(27)	(7)	(104)
75	157	184	121	104	159	800

(0)	(3)	6	(2)	0	(1)	1
12	44	9	10	21	5	101
(12)	(47)	(3)	(12)	(21)	(6)	(101)
76	156	190	119	102	166	809

0	7	8	(1)	(1)	1	14
12	44	12	14	23	11	116
(12)	(38)	(5)	(15)	(23)	(11)	(103)
84	165	220	127	97	170	864

(0)	(0)	25	(6)	(1)	(1)	17
44	166	39	49	87	29	416
(45)	(167)	(14)	(55)	(88)	(30)	(399)
315	633	777	485	395	646	3,250

(1)	(2)	4	(1)	(0)	0	1
12	46	8	13	22	10	110
(13)	(48)	(4)	(15)	(22)	(9)	(110)
79	158	187	120	113	141	798

Net pass-through

Pass-through revenues Pass-through costs

Adjusted EBITDA

(22)

(54)

(63)

(14)

(36)

(54)

(243)

(18)

(49)

(54)

(22)

(32)

(47)

(221)

(11)

(48)

(49)

(17)

(31)

(44)

(200)

(20)

(47)

(52)

(14)

(26)

(40)

(200)

(71)

(197)

(218)

(67)

(125)

(185)

(863)

(18)

(45)

(75)

(14)

(40)

(40)

(232)

57

101

120

104

56

98

535

58

109

130

99

71

113

579

66

108

141

102

71

122

609

64

118

168

113

71

130

664

244

435

559

417

269

462

2,386

62

113

112

106

73

101

566

Payment of Lease Instalments EBITDA after leases (EBITDAaL)

1. 1. Corresponds to Operating Income excluding Advances to customers and pass-through revenues.

   2. Excluding pass-through costs

      
      
      
2. Balance Sheet

Q1 2025 figures unaudited
€ Mn	FY 2024	Q1 2025
Assets
Property, plant and equipment	12,451	12,698
Intangible assets	22,916	22,667
Right-of-use assets	3,456	3,482
Investments in associates	57	58
Financial investments	139	138
Derivative financial instruments	103	109
Trade and other receivables	479	488
Deferred tax assets	657	653
Non-Current Assets	40,258	40,295

Inventories

Trade and other receivables

Receivables from associates

Financial investments

Derivative financial instruments

Cash and cash equivalents

Current Assets

Non-current assets held for sale

Total Assets

7	8
1,139	1,208
0	0
3	2
9	26
1,083	1,399
2,241	2,644
1,170	20
43,668	42,959

Equity & Liabilities

Share Capital

Treasury Shares

Share Premium

Reserves

Loss for the period

Share capital and attributable reserves

Non-Controlling Interests

Net equity

177	177
-38	-390
15,438	15,438
-1,390	-1,329
-28	-49
14,158	13,849
1,166	1,217
15,324	15,065

Bank borrowings and bond issues

Lease liabilities

Derivative financial instruments

Provisions and other liabilities

Employee benefit obligations

Deferred tax liabilities

Non-Current Liabilities

17,037	16,915
2,497	2,379
46	20
1,802	1,807
31	81
3,133	3,078
24,545	24,280

Bank borrowings and bond issues

Lease liabilities

Derivative financial instruments

Provisions and other liabilities

Employee benefit obligations

Payables to associates

Trade and other payables

Current Liabilities

Liabilities associated with non-current assets held for sale

Total Equity and Liabilities

1,255	1,383
665	757
16	39
240	247
74	87
0	0
1,304	1,100
3,555	3,614
243	0
43,668	42,959

1. Cash Flow

   Q1 2025 figures unaudited
   € Mn	Q1 2024	Q1 2025

   Adjusted EBITDA (1)

   778

   798

   Payments of Lease Instalments in the Ordinary Course of Business (2)

   -243

   -232

   Maintenance Capex (3)

   -16

   -15

   Recurring Operating FCF	519	551
   Changes in Current Assets/Current Liabilities (4)	4	-20

   Net Payment of Interest (5)

   -119

   -151

   Income Tax Payment (6)

   -20

   -29

   Net recurring dividends to non-controlling interests (7)

   0

   0

   Recurring Levered FCF

   384

   351

   Expansion Capex

   -92

   -66

   Tower Expansion Capex (8)	-58	-35
   Other Business Expansion Capex (9)	-8	-8
   Efficiency Capex (10)	-26	-22

   Build-to-Suit Capex and Remedies (11)

   -189

   -351

   Build-to-Suit Capex	-342	-351
   Cash in from remedies	152	0

   Free Cash Flow

   103

   -66

   M&A Capex and Divestments

   -6

   927

   Land acquisition and long-term right of use (12)	-19	-29
   Other M&A Capex (12)	-18	-7
   Divestments (13)	31	963

   Non-Recurring Items (Cash Only) (14)

   -6

   -11

   Net Cash Flow from Financing Activities (15)

   -851

   -339

   Other Net Cash Out Flows (16)

   -138

   -195

   Net Increase of Cash (17)

   -898

   316

   Number of ordinary shares outstanding

   706,475,375

   706,475,375

   (1)Adjusted EBITDA: profit from operations before D&A, "Impairment losses on assets", "Results from disposals of fixed assets" and after adding back (i) certain non-recurring items such as costs and taxes related to acquisitions and divestments (€11Mn) and redundancy provision (€87Mn), as well as

   (ii) certain non-cash items such as advances to customers (€1Mn), which include the amortization of amounts paid for sites to be dismantled and their corresponding dismantling costs, and LTIP remuneration (€3Mn)

   (2)Corresponds to (i) payments of lease instalments (€147Mn) in the ordinary course of business excluding non-ordinary lease payments and (ii) interest payments on lease liabilities (€85Mn).

   (3)Please see definition in the Integrated Annual Report, section "Alternative Performance Measures". Following the same methodology as for the 12-month period ended on 31 December 2024

   (4)Changes in working capital as per section "Changes in current assets/current liabilities" in the Consolidated Statement of Cash Flows. Following the same methodology as for the 12-month period ended on 31 December 2024

   (5)Corresponds to the net of "Interest paid" and "Interest received" in the Consolidated Financial Statements of Cash Flows. Following the same methodology as for the 12-month period ended on 31 December 2024

   Excluding "Interest payments on lease liabilities" (€85Mn, please see footnote 2). Following the same methodology as for the 12-month period ended on 31 December 2024

   Reconciliation of P&L interest (Tab "3.P&L") to cash interest:

   €196Mn net financial loss (P&L) - €79Mn accrued interest not paid + €134Mn interest accrued in prior year paid in current year - €85Mn interest payments on lease liabilities (see footnote 2) - €15Mn non-cash amortized costs = €151Mn net payment of interest (Cash)

   (6)Corporate tax payments as per "Income Tax received/(paid)'' as per the Consolidated Statement of Cash Flows. Following the same methodology as for the 12-month period ended on 31 December 2024

   (7)Corresponds to the net of "Recurring dividends to non-controlling interests" and "Recurring dividends received" as per the Consolidated Statement of Cash Flows. Following the same methodology as for the 12-month period ended on 31 December 2024

   (8)Investment related to tower business expansion that generates additional RLFCF, including among others, telecom site adaptation for new tenants and certain tower upgrades carried out on request of customers. Following the same methodology as for the 12-month period ended on 31 December 2024

   (9)Investment related to other business expansion that generates additional RLFCF. Following the same methodology as for the 12-month period ended on 31 December 2024

   (10)Investment related to business efficiency that generates additional RLFCF including, among others, decommissioning (€1Mn), cash advances to landlords (€20Mn) and efficiency measures associated with energy and connectivity (€1Mn).

   (11)Corresponds to committed Build-to-Suit programs and further initiatives (consisting of sites, backhauling, backbone, edge computing centers, DAS nodes or any other type of telecommunication infrastructure, as well as any advanced payment in relation to them)

   It also includes cash received from the disposal of assets (or shares) due to antitrust bodies' decisions. Following the same methodology as for the 12-month period ended on 31 December 2024

   (12)Investment in shareholdings of companies as well as significant investments in acquiring portfolios of sites, land and long-term rights of use of land (asset purchases), after integrating into the consolidated balance sheet mainly the "Cash and cash equivalents"

   of the acquired business. Following the same methodology as for the 12-month period ended on 31 December 2024

   (13)Divestment from shareholdings of companies. Following the same methodology as for the 12-month period ended on 31 December 2024

   (14)Corresponds to costs and taxes related to acquisitions and divestments (€11Mn, see footnote 1). Following the same methodology as for the 12-month period ended on 31 December 2024

   (15)Corresponds to "Total net cash flow from financing activities", excluding payments of lease instalments, cash advances to landlords, long-term rights of use of land and net recurring dividends to non-controlling interest and including the contribution of minority shareholders and non-recurring financing costs

   Please note that "Total net cash flow from financing activities" includes non recurring lease payments over two years old. Following the same methodology as for the 12-month period ended on 31 December 2024

   (16)Mainly corresponds to timing effects related to assets purchases, payments related to employee benefit obligations, other financial assets and foreign exchange differences and other impacts, as per the Consolidated Statement of Cash Flows.

   Following the same methodology as for the 12-month period ended on 31 December 2024

   (17)Net increase of Cash and Cash equivalents from Continuing Operations ("Operating activities" + "Investing activities" + "Financing activities" + "Foreign exchange differences") as per the Consolidated Statement of Cash Flows. Following the same methodology as for the 12-month period ended on 31 December 2024

   
   
   

2. Debt Structure

   Q1 2025 figures unaudited
   € Mn	FY 2024	Q1 2025

   Gross Financial Debt - excluding lease liabilities and the deferred payment in relation to Omtel acquisition (1) 18,278

   18,298

   Fixed

   % of total

   14,535	14,561
   80%	80%

   Variable

   % of total

   3,742	3,738
   20%	20%

   Debt Structure - including lease liabilities and the deferred payment in relation to Omtel acquisition

   Gross Financial Debt (1) 21,969

   21,967

   S&P "BBB-" Outlook stable

   Fitch "BBB-" Outlook stable

   1,204

   1,521

   20,765

   20,446

   Cash & Other financial assets Net Financial Debt (1)

   Rating

   (1)Gross and Net Financial Debt are alternative performance measures ("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 tab 10 for certain information

   on the limitations of APMs and tab 9 for calculation details

   Net Financial Debt Evolution

   Excluding lease liabilites

   Beginning of Period December 2023

   RLFCF

   Expansion Capex

   Expansion Capex (Build-to-Suit Programs)

   M&A Capex and Divestments (1)

   Non-Recurring Items (Cash Only) (2)

   Issue of Equity Instruments and others

   Dividends paid

   Net Repayment of Other Borrowings

   Change in Lease Liabilities (3)

   Accrued Interests Not Paid and Others

   Other Net Cash Out Flows (4)

   End of Period December 2024

   20,618
   -1,796
   507
   961
   -265
   61
   0
   44
   3
   348
   209
   75
   20,765

   17,804
   -1,796
   507
   961
   -265
   61
   0
   44
   3
   0
   209
   75
   17,603

   Beginning of Period December 2024

   RLFCF

   Expansion Capex

   Build-to-Suit Capex and Remedies

   M&A Capex and Divestments (1)

   Non-Recurring Items (Cash Only) (2)

   Issue of Equity Instruments and Others

   Dividens paid

   Net Repayment of Other Borrowings

   Change in Lease Liabilities (3)

   Accrued Interests Not Paid and Others

   Other Net Cash Out Flows (4)

   End of Period march 2025

   20,765
   -351
   66
   351
   -927
   11
   312
   0
   -1
   -26
   52
   195
   20,446

   17,603
   -351
   66
   351
   -927
   11
   312
   0
   -1
   0
   52
   195
   17,310

   (1)For further details please see footnotes 12 and 13 in tab "5.Cash Flow". Following the same methodology as for the 12-month period ended 31 December 2024.

   (2)For further details please see footnote 14 in tab "5. Cash flow".Following the same methodology as for the 12-month period ended 31 December 2024.

   (3)Changes in "Lease liabilities", short and long-term, as per the Consolidated Balance Sheet. Following the same methodology as for the 12-month period ended 31 December 2024.

   (4)For further details please see footnote 16 in tab "5. Cash flow", excluding other financial assets. Following the same methodology as for the 12-month period ended 31 December 2024.

   
   
   

3. Debt Instruments

   Debt maturities profile as of 9th may 2025

Debt Instruments

Issuer	Type	Issue date	Amount (EUR Mn)	Currency	Maturity	Coupon %	Coupon payment
Cellnex Finance Company S.A.U.	Bond	24/05/2024	750	EUR	24/01/2029	3.63%	Annual
Cellnex Finance Company S.A.U.	Bond	12/04/2022	1,000	EUR	12/04/2026	2,25%	Annual
Cellnex Finance Company S.A.U.	Bond	15/09/2021	1,000	EUR	15/09/2027	1%	Annual
Cellnex Finance Company S.A.U.	Bond	15/09/2021	850	EUR	15/09/2032	2.000%	Annual
Cellnex Finance Company S.A.U.	Bond	07/07/2021	600	USD	07/07/2041	3.9%	Semi-Annual
Cellnex Finance Company S.A.U.	Bond	08/06/2021	1,000	EUR	08/06/2028	1.500%	Annual
Cellnex Finance Company S.A.U.	Bond	26/03/2021	150	CHF	26/03/2026	0.94%	Annual
Cellnex Finance Company S.A.U.	Bond	15/02/2021	500	EUR	15/11/2026	0.75%	Annual
Cellnex Finance Company S.A.U.	Bond	15/02/2021	750	EUR	15/01/2029	1.25%	Annual
Cellnex Finance Company S.A.U.	Bond	15/02/2021	1,250	EUR	15/02/2033	2.00%	Annual
Cellnex Telecom, S.A.	Convertible Bond	11/08/2023	1,000	EUR	11/08/2030	2.13%	Annual
Cellnex Telecom, S.A.	Convertible Bond	20/11/2020	1,500	EUR	20/11/2031	0.75%	Annual
Cellnex Telecom, S.A.	Bond	23/10/2020	1,000	EUR	23/10/2030	1.75%	Annual
Cellnex Telecom, S.A.	Bond	26/06/2020	750	EUR	26/06/2029	1.88%	Annual
Cellnex Telecom, S.A.	Bond	17/07/2020	100	CHF	17/07/2025	1.118%	Annual
Cellnex Telecom, S.A.	Bond	18/02/2020	185	CHF	18/02/2027	0.78%	Annual
Cellnex Telecom, S.A.	Bond	20/01/2020	450	EUR	20/04/2027	1.00%	Annual
Cellnex Telecom, S.A.	Private Placement	31/07/2019	61	EUR	31/07/2029	1.90%	Annual
Cellnex Telecom, S.A.	Convertible Bond	05/07/2019	850	EUR	05/07/2028	0.50%	Annual
Cellnex Telecom, S.A.	Private Placement	03/08/2017	60	EUR	03/08/2027	FRN	Semi-Annual
Cellnex Telecom, S.A.	Private Placement	07/04/2017	80	EUR	07/04/2026	FRN	Semi-Annual
Cellnex Telecom, S.A.	Bond	18/01/2017 & 26/06/2020	335&165	EUR	18/04/2025	2.88%	Annual
Cellnex Telecom, S.A.	Private Placement	16/12/2016	65	EUR	20/12/2032	3.88%	Annual

As of March 2025

1. Corporate Structure

9. APMs Calculations

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Services (Gross)	978	1,000
Utility Fee	32	36
Other operating income	59	74
Advances to customers	(1)	(1)
Operating income	1,036	1,073

(A) Services (Gross)	978 1,000
(B) Utility Fee	32 36
(A) - (B) Revenues ex pass-through	946 964

Revenues ex pass through	946	964
Utility Fee	32	36
Other operating income	59	74
Advances to customers	(1)	(1)
Operating income	1,036	1,073

Revenues ex pass-through are calculated as Services (Gross) excluding Utility Fee. Please see Note 18.a8 of the accompanying consolidated financial statements. Thus, this APM excludes from the "Operating Income" all elements passed through to customers, like utilities, and "Advances to customers", as well as business rates, rents and others, that are also passthrough.

The Group uses Revenues ex pass-through as an operating performance indicator of its business lines, once excluding high-volatility elements that do not contribute to the Group's EBITDA. The Group believes it will be widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders, as a clearer indicator of its performance.

Q1 2025 figures unaudited
	Q1 2024	Q1 2025
Tower revenues - last 12 months (1)	3,044	3,087
TIS sites as of the end of period	112	109

Average Revenue per Tower (ARPT) (2)

27.1 28.2

The Group uses "ARPT" as an operating performance indicator of its Tower business lines and believes it will be widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders.

It is calculated dividing the revenues ex Pass-through associated to the Towers business lines by the number of telecom sites at the end of the reporting period. Towers revenues are expressed on an annual basis as per the last 12 months ended the last day of the reporting period. "ARPT" is expressed in thousands of Euros. Proforma figures: Revenues and total sites excludes Austria & Ireland perimeter

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Towers	775	777
DAS, Small Cells and RAN as a service	59	62
Fiber, Connecitivty and Housing Services	47	58
Broadcast	64	66
Pass-through revenues	91	110
Operating Income	1,036	1,073
Staff Costs	(76)	(160)
Repair and Maintenance	(25)	(24)
Services	(78)	(83)
Pass-through costs	(92)	(110)
Depreciation & Amortization	(651)	(647)
Results from disposals of fixed assets	64	(2)
Results from the loss of control of consolidated companies	-	67
Operating Profit	179	115
Depreciation & Amortization	651	647
Impairment losses on assets	-	-
Results from disposals of fixed assets	(64)	2
Non-Recurring Expenses	11	101
Results from the loss of control of consolidated companies	-	(67)
Advances to customers	1	1
Adjusted operating profit before depreciation and amortisation charge (Adjusted EBITDA)	778	798

As at 31 March 2025 and 2024, non-recurring expenses and advances to customers are set out below (following the same methodology as for the 12-month period ended 31 December 2024 and disclosed in Note 18.d of the condensed consolidated financial statements):

i) Donations during the 3-month period of 2025 relates to a financial contribution by Cellnex to different institutions (non-recurring item), amounted to EUR 0 thousand (EUR 24 thousand in 2024).

ii) Redundancy provision, which mainly includes the impact at 2025 and 2024 3-month period derived from the reorganisation plan detailed in Note 17.b of the consolidated financial statements (non-recurring item), amounted to EUR 86,894 thousand (EUR 434 thousand in 2024).

iii) LTIP remuneration, which corresponds to the LTIP remuneration accrued at the year-end (non-cash item), amounted to EUR 3,185 thousand (EUR 4,624 thousand in 2024), and extra compensation and benefits costs, which corresponds to extra non-conventional bonus for the employees (non-recurring item), amounted to EUR 0 thousand (EUR 385 thousand in 2024).

iv) Costs and taxes related to acquisitions and divestments, which mainly includes taxes and ancillary costs incurred during the business combination processes (non-recurring item), following the same methodology as for the 12-month period ended 31 December 2024 of the consolidated financial statements amounted to EUR 10,557 thousand (EUR 5,574 thousand in 2024).

v) Advances to customers, which Includes the amortisation of amounts paid for sites to be dismantled and their corresponding dismantling costs, following the same methodology as for the 12-month period ended 31 December 2024 of the consolidated financial statements, amounted to EUR 986 thousand (EUR 987 thousand in 2024). These costs are treated as advances to customers in relation to the subsequent services agreement entered into with the customer (mobile telecommunications operators ("MNOs")). These amounts are deferred over the life of the service contract with the operator as they are expected to generate future economic benefits in existing infrastructures (non-cash item).

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Adjusted EBITDA	778	798
Payments of Lease Instalments in the Ordinary Course of Business	(243)	(232)
EBITDA after leases (EBITDAaL)	535	566

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Adjusted EBITDA	778	798
Revenues ex pass-through	946	964

Adjusted EBITDA Margin

82% 83%

EBITDAaL	535
Revenues ex pass-through	946

566

964

EBITDAaL Margin

57% 59%

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Bond issues and other loans	13,550	14,406
Loans and credit facilities	4,327	3,893
Lease liabilities	3,283	3,136
Deferred payment in relation to Omtel acquisition	520	533
Gross Financial Debt	21,679	21,967

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Gross financial debt	21,679	21,967
Cash and short term deposits	(395)	(1,399)
Other financial assets	(122)	(122)
Net Financial Debt	21,163	20,446

The Net Financial Debt corresponds to "Gross financial debt" less "Cash and cash equivalents" and "Other financial assets". Together with Gross Financial Debt, the Group uses Net Financial Debt as a measure of its solvency and liquidity as it indicates the current cash and equivalents in relation to its total debt liabilities. One commonly used metric that is derived from Net Financial Debt is "Net Financial Debt / Adjusted EBITDA".

For Net debt evolution please see sheet 6. Debt Structure

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Net Payment of Interest

(A) Net payment of interest (without including interest payments on lease liabilities) (RLFCF)	(119)	(151)
	-	-

Interest Paid	(216)	(254)
Interest Received	17	19
(B) Net payment of interest as per the Consolidated Statement of Cashflows	(199)	(235)
	-	-
(A)-(B) Difference	80	85
	-	-
Detail of the difference:	-	-
Interest payments on lease liabilities (1)	79,994	85
Non recurring financing costs (2)	-	-
Total Difference	79,994	85

1. Interest payments on lease liabilities (see Note 14 to the accompanying consolidated financial statements) are included in "Payments of lease instalments in the ordinary course of business and interest payments" in heading Recurring Leveraged Free Cash Flow.

2. Mainly corresponding to non-recurring financing costs related to refinancing.

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Available in credit facilities	3,210	3,150
Cash and cash equivalents and financial investments	395	1,399
Other financial assets	122	122
Available liquidity	3,726	4,671

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Maintenance capital expenditures	(16)	(15)
Expansion capital expenditures	(92)	(66)
Tower Expansion Capex	(58)	(35)
Other Business Expansion Capex	(8)	(8)
Efficiency Capex	(26)	(22)
Build-to-Suit capital expenditures and Remedies	(189)	(351)
Build-to-Suit capital expenditures	(342)	(351)
Remedies	152	-
M&A capital expenditures and Divestments	(6)	927
Land acquisition and long term right of use	(19)	(29)
Other M&A Capex	(18)	(7)
Divestments	31	963
Total investment	(303)	495

"Total Investment", amounting to (€495) (€303M in the same period of 2024), corresponds to "Total net cash flow from investment activities" in the Consolidated Statement of Cash Flows amounting to (€416), plus (i) "Cash and cash equivalents" of the acquired companies in business combinations amounting to €0M (€0M in the same period of 2024); plus (ii) "Cash advances to landlords" amounting to €20M (€11M in the same period of 2024) and "Long-term rights of use to land" amounting to €3M (€13M in the same period of 2024); and minus (iii) "Others" amounting to €102M (€158M in the same period 2024), which includes, mainly, timing effects related to asset purchases (€115M) and other financial assets.

Q1 2025 figures unaudited
€ Mn	Q1 2024	Q1 2025
Recurring Levered FCF	384	351
Expansion (or organic growth) capital expenditures	(92)	(66)
Expansion capital expenditures (Build to Suit programs) and Remedies	(189)	(351)
Free Cash Flow	103	(66)

For Recurring Leveraged Free Cash Flow calculation please see sheet 5. Cash Flow

Adjusted EBITDA

1. APMs Definitions

   Adjusted EBITDA relates to the "Operating profit" before "Depreciation, amortization and results from disposals of fixed assets" and after adding back certain non-recurring expenses (such as donations, redundancy provision, extra compensation and benefit costs, and costs and taxes related to acquisitions, among others), as well as certain non-cash expenses (LTIP remuneration payable in shares, among others) and advances to customers.

   The Company uses Adjusted EBITDA as an operating performance indicator of its business units and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. At the same time, it is important to highlight that Adjusted EBITDA is not a measure adopted in accounting standards and, therefore, should not be considered an alternative to cash flow as an indicator of liquidity. Adjusted EBITDA does not have a standardized meaning and, therefore, cannot be compared to the Adjusted EBITDA of other companies.

   One commonly used metric that is derived from Adjusted EBITDA is Adjusted EBITDA margin.

   Adjusted EBITDA Margin

   Adjusted EBITDA Margin corresponds to Adjusted EBITDA, divided by revenues ex pass through. Thus, it excludes elements passed through to customers from both expenses and revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others. The Group uses Adjusted EBITDA Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders.

   Average Revenue per Tower (ARPT)

   The Group uses "ARPT" as an operating performance indicator of its Tower business lines and believes it will be widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. It is calculated dividing the revenues ex Pass-through associated to the Towers business lines by the number of telecom sites at the end of the reporting period. Towers revenues are expressed on an annual basis as per the last 12 months ended the last day of the reporting period. "ARPT" is expressed in thousands of Euros.

   Available Liquidity

   The Group considers as Available Liquidity the available cash and available credit lines at period-end closing, as well as other financial assets.

   Capital expenditures

   The Company considers capital expenditures as an important indicator of its operating performance in terms of investment in assets, including their maintenance, expansion, Build-to-suit, and M&A. These indicators are widely used in the industry in which the Company operates as an evaluation metric among analysts, investors, rating agencies and other stakeholders.

   The Group classifies its capital expenditures in four main categories:

   Maintenance capital expenditures

   Includes investments in existing tangible or intangible assets, such as investment in infrastructure, equipment and information technology systems, and are primarily linked to keeping infrastructure, active and passive equipment, in good working order. Maintenance Capex also includes network maintenance, such us corrective maintenance (responses to network incidents and preventive inspections, e.g. replacement of air conditioning or electrical equipment), statutory maintenance (mandatory inspections owing to regulatory obligations, e.g. infrastructure certifications, lightning certifications), network renewal and improvements (renewal of obsolete equipment and assets improvement, e.g. tower reinforcement, battery renewal, phase-out management), continuity plans (specific plans to mitigate risk of infrastructure collapse or failure with existing services or assets not compliant with regulations), re-roofing (solutions to allow landlords' roofing work and avoid service discontinuity or building repairs attributable to Cellnex) as well as other non-network maintenance activities, such us business maintenance ( infrastructure adaptations for tenants, upgrades not managed via Engineering Services, or capex to renew customer contracts without revenue increases), IT systems or repairs and maintenance of offices.

   Expansion capital expenditures

   Expansion Capital expenditures includes three categories: Tower Expansion Capex, Other Business Expansion Capex and Efficiency Capex. Please note that Tower Expansion Capex includes Tower Upgrades, consisting of works and studies Cellnex carries out on behalf of its customers such as adaptation, engineering and design services at the request of its customers, which represent a separate income stream and performance obligation. Tower Upgrades carried out in Cellnex' Infrastructure are invoiced and accrued when the customer's request is finalised and collected in accordance with each customer agreement with certain margin. The costs incurred in relation to these services can be an internal expense or otherwise outsourced and the revenue in relation to these services is generally recognised when the capital expense is incurred. Other Business Expansion Capex consists mainly of investments related to non Passive projects as Active Equipment, DAS, Network or others. Efficiency Capex consists of investment related to business efficiency that generates additional RLFCF, including among others, decommissioning, advances to landlords (excluding long-term cash advances) and efficiency measures associated with energy and connectivity. The Company considers capital expenditures as an important indicator of its operating performance in terms of investment in assets. This indicator is widely used in the industry in which the Company operates as an evaluation metric among analysts, investors, rating agencies and other stakeholders.

   Build-to-Suit capital expenditures and Remedies

   Corresponds to committed Build-to-suit programs (consisting of new and dismantled sites, backhaul, backbone, edge computer centers, DAS nodes or any other type of telecommunication infrastructure as well as any advanced payment related to it). Ad-hoc maintenance capital expenditure required eventually may be included. Cash-in from the disposal of assets (or shares) due to, among others, antitrust bodies' decisions are considered within this item.

   M&A capital expenditures and divestments

   Corresponds to investments in: i) land acquisition and long term right of use (including long-term cash advances), ii) shareholdings of companies (excluding the amount of deferred payments in business combinations that are payable in subsequent periods) as well as significant investments in acquiring portfolios of sites (asset purchases) and, (iii) one of the tax payments coming from tax structure after an M&A transaction and, (iv) cash in from divestments.

   EBITDA after leases (EBITDAaL)

   EBITDAaL refers to Adjusted EBITDA after leases. It deducts payments of lease instalments in the ordinary course of business to Adjusted EBITDA.

   The Company uses EBITDAaL as an operating performance indicator of its business units and is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. At the same time, it is important to highlight that EBITDAaL is not a measure adopted in accounting standards and, therefore, should not be considered an alternative to cash flow as an indicator of liquidity. EBITDAaL does not have a standardized meaning and, therefore, cannot be compared to the EBITDAaL of other companies.

   One commonly used metric that is derived from EBITDAaL is EBITDAaL margin.

   EBITDAaL Margin

   EBITDAaL Margin corresponds to EBITDAaL, divided by revenues ex pass through. Thus, it excludes elements passed through to customers from both expenses and revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others.

   The Group uses EBITDAaL Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders.

   Free Cash Flow

   Free Cash Flow is defined as Recurring Leveraged Free Cash Flow after deducting BTS Capex and Expansion Capex (and Engineering Services Capex in the event that are reported under a dedicated Capex line).

   Gross Financial Debt

   The Gross Financial Debt corresponds to "Bond issues and other loans", "Loans and credit facilities", "Lease liabilities" and "the deferred payment in relation to Omtel acquisition", and does not include any debt held by Group companies registered using the equity method of consolidation, "Derivative financial instruments" or "Other financial liabilities". "Lease liabilities" is calculated as the present value of the lease payments payable over the lease term, discounted at the rate implicit or at the incremental borrowing rate.

   Net Financial Debt

   The Net Financial Debt corresponds to "Gross Financial Debt" less "Cash and cash equivalents" and "Other financial assets". Together with Gross Financial Debt, the Company uses Net Financial Debt as a measure of its solvency and liquidity as it indicates the current cash and equivalents in relation to its total debt liabilities. One commonly used metric that is derived from Net Financial Debt is "Net Financial Debt / Adjusted EBITDA" which is frequently used by analysts, investors and rating agencies as an indication of financial leverage.

   Net Payment of Interest

   Net payment of interest corresponds to i) "interest payments on lease liabilities" plus ii) "Net payment of interest (not including interest payments on lease liabilities)" and iii) non-recurring financing costs related to refinancing.

   Recurring Leveraged Free Cash Flow

   The Company considers that the Recurring Leveraged Free Cash Flow is one of the most important indicators of its ability to generate stable and growing cash flows which allows it to create value over time for its shareholders.

   Revenues ex pass-through

   Revenues ex Pass-through exclude from the Operating Income all elements passed through to customers and advances to customers, business rates, rents and others.

   The Group uses Revenues ex pass-through as an operating performance indicator of its business lines, once excluding high-volatility elements that do not contribute to the Group's EBITDA. The Group believes it will be widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders, as a clearer indicator of its performance.

   
   
   
2. Disclaimer

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.

In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). An Alternative Performance Measure (APM) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. APMs are not defined under IFRS-EU, and should not be considered in isolation and may be presented on a different basis than the financial information included in Cellnex's financial statements. In addition, they may differ significantly from similarly titled information reported by other companies, and may not always be comparable. Prospective investors are cautioned not to place undue reliance on these measures, which should be considered as supplemental to, and not a substitute for, the financial information of Cellnex prepared in accordance with IFRS-EU. The APMs included herein have not been audited by Cellnex's auditors or by any independent expert.

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.

Non-IFRS and alternative performance measures

This report contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Cellnex Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors.

We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare financial measure of historical or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes.

For further details on APMs and Non-IFRS Measures, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the section on "Alternative performance measures" of the Condensed Consolidated Financial Statements and Consolidated Management Report for the 12-month period ended on 31 December 2024 of Cellnex Telecom, S.A., published on 25 February 2025. The document is available on Cellnex website (https://www.cellnex.com).

Essential information available on the Investor Relations section of Cellnex's website

Latest Integrated Annual Report

Latest Consolidated Annual Financial Statements

https://www.cellnex.com/investor-relations/financial-information/#shareholders-investors-financial-reports