Q1 2022

January - March 2022 Results

April 27, 2022

Key takeaways

Strong operational and financial performance in the quarter owing to our resilient business model

Consistent and sustainable organic growth

+c.6.5% new PoPs vs. Q1 21 2021-2025 efficiency plan on track: c.850 site actions in the period with c.€5Mn associated annualized lease efficiencies

Commitment from Digi in Portugal for up to 1,500 new PoPs

Strong financial performance

Revenues (1)828Mn, +64% vs. Q1 2021

Adjusted EBITDA (2)634Mn, +66% vs. Q1 2021

RLFCF (3)300Mn, +67% vs. Q1 2021

Resilient response to an unprecedented situation

Controlled impact from rising energy prices due to hedging and pass-through mechanisms (4)

BTS Capex hedged (4)

With interest rates and inflation highly correlated, inflation-linked revenues offer a natural hedge(5)

Ready to execute targeted M&A - fully funded and hedged

c.86% debt fixed and c.14% linked to Euribor (at historical lows)

Liquidity €7.8Bn, firepower fully funded

Flexible capital structure: no covenant, no pledgeor guarantees

Callable contracts renewed at same terms

First batch of sites acquired from Telefonica automatically renewed

Follow-on transactions with existing customers strengthening market presence

Cellnex's win-win approach withdeep industrial roots underpin our strong backlog

2022 outlook reiterated, delivering on all fronts

Organic PoP growth >5%

All metrics in line with financial outlook for 2022 and 2025 (medium term guidance)

ESG Master Plan on track

  • (1) Revenues correspond to Operating Income excluding Advances to customers (following the same methodology as in note 18a in our Consolidated Financial Statements ended 31 December 2021)

  • (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 slide 23 for certain information on the limitations of APMs; (3) Recurring Leveraged Free Cash Flow ("RLFCF") is an APM. Please see slide 23 for certain information on the limitations of APMs

(4) Please see slide 16; (5) Please see slide 16

Results January - March 2022

2

2022 outlook

2022 outlook on track and all key metrics to increase every quarter due to current operations and the contribution from organic growth and change of perimeter

RLFCF (€Mn)

Adjusted EBITDA (€Mn)

+c.40%E FY22E vs. FY21

2,650 - 2,700

Q1 2021

Q2 2021

Q1 2022

Q2 2022E

Q3 2021

Q3 2022E

Q4 2021

Q4 2022E

Change of perimeter

Assuming closing in early Q3 2022, subject to antitrust approval

Status of integration processes

All integration processes on track

Project

CKH DK

CKH SW

Play

Deutsche Telekom

CKH IT

Cyfrowy Polsat

SFR

CKH UK

Early H2 22E

Closing

ON TRACK

Tireless and consistent strategy execution

Leading independent TowerCo in Europe with up to c.137k sites, of which up to c.23k to be deployed through BTS programs

Significant footprint expansion

Inwit

  • (1) Including transactions not yet closed

  • (2) Before remedies

Strong targeted growth, highly contracted

Guidance 2025 (€Mn)

Adjusted EBITDA Guidance 2025 (1) (3)

+c.13%

CAGR 21-25

+c.15%

CAGR 21-25

+c.21%

CAGR 21-25

c.80% from countries with sovereign rating of at least A

SBA

CCO

Vanatge

AmT

(3) Management estimate; including progress on BTS programs and 3rd party tenants

c.15%

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Cellnex Telecom SA published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 16:04:04 UTC.