Cellnex Telecom S A : Results Presentation Q3 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 - September 2024

11th November

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 period, leading to EBITDAaL margin improvement

+9.5% new organic PoPs vs. 9M 2023 (+6.3% equivalent)

Total revenues ex-pass throughs €2,903Mn (+7.0% vs. 9M 2023). Organic revenues growth +7.4% (1)

EBITDAaL €1,723Mn (+8.9% vs. 9M 2023). EBITDAaL margin 59% vs. 58% 9M 2023. Organic EBITDAaL growth +9.8% (1)

FCF €326Mn vs. €436Mn in 9M 2023 (2)

On track to meet our 2024 financial outlook - All public targets reiterated

(1) Excluding change of perimeter (disposal of sites), FX and others	3
(2) Includes c.€360Mn from remedies received in the period (c.€630Mn previous year) and €12Mn recurring dividends to minorities paid in the period

An unconditional commitment to our Next Chapter objectives

2 Prioritizing FCF generation, deleveraging and acceleration of shareholder returns

Ireland process on track, with antitrust review ongoing and closing expected by Q1 2025

Austria process on track, with all approvals obtained and closing by mid-December 2024

Ongoing dialog with credit rating agencies to assess the potential for the acceleration of shareholder returns in 2025 (vs. 2026), whilst keeping our leverage and Investment Grade rating commitments unchanged

We continue reviewing each market and business line with the objective to focus on those with the highest strategic fit / return on capital potential

Disposing non-core assets at accretive valuations may result in earlier / larger shareholder distributions

4

An unconditional commitment to our Next Chapter objectives

3 Focus on crystallizing value co-creation opportunities with clients and operational excellence

Existing contractual relationship with MasOrange under advanced negotiation (non-bindingarrangements already in place) in the context of their consolidation process in Spain:

Cellnex to provide flexibility to the new entity on its network strategy in exchange for a single contract (larger site perimeter), maturity extension (all PoPs now anchor until 2048 with the option of all-or-nothingrenewal in 2038) and additional services to be provided by Cellnex to meet MasOrange's future densification needs (new PoPs, 5G upgrades, small cells…) with incremental Capex to be re-invoicedto the client (EBITDA benefit to flow into FCF)

Short-termflexibility offered to MasOrange, together with new business under discussions with MNOs and tower efficiencies will be neutral for Cellnex from a cash flow perspective

c.1,700 secondary PoPs from Iliad / Free mobile on Hivory sites renewed for an additional 10 years, protecting current revenue base

c.2,700 ground lease actions executed in 2024. New entity Celland operational from Sep 2024, exclusively dedicated to land acquisition / rights of use / long-term cash advances in Spain, Portugal, Italy, France and UK

5

Nr

BusinessClick to editPerformanceMaster text styles

6

9M 2024 Key Highlights

1	2	3	4	5
New Sites (1)	New Co-locations	Organic Revenues	Efficiencies	Organic EBITDAaL
		Growth		Growth

3,348	5,687	€200Mn	€70Mn	+9.8%
Remarkable	Solid performance	+7.4% organic	Cumulative savings	Strong control on
progress in France	in Portugal, France	revenues growth (2)	since the program	leases (2)
and Poland	and Poland		started

6

FCF

€326Mn

Backed by strong

cash flow

generation and

remedies

(1) Excluding change of perimeter (disposal of sites). New sites post remedies = 2,458	7
(2) Total revenues growth 7.0%; Total EBITDAaL growth 8.9%

9M 2024 Performance

Key financial metrics

Revenues

(excluding pass-through)

2,713	2,903	+7.4% Organic
+c.7%
		€Mn
9M 2023	9M 2024

EBITDAaL

1,582	1,723	+9.8% Organic
+c.9%
58% (1)	59% (1)
		€Mn
9M 2023	9M 2024

Adjusted EBITDA

2,248	+c.6%	2,386	+8.8% Organic
83% (1)		82% (1)	€Mn
9M 2023		9M 2024

RLFCF

1,171	1,256
+c.7%
43% (1)	43% (1)
	€Mn
9M 2023	9M 2024

9M 2024 vs. 9M 2023 trend impacted by change of perimeter in 2024 (disposal of assets in France) and higher installation services in the UK (higher Opex previously accounted for as Capex - FCF neutral)	8
(1) Margin over revenues excluding pass-through

9M 2024 Performance

Key operational metrics

	New total PoPs (including BTS)			+9.5%
			Eq PoP							YoY
			6,589	4,844				+6.3% Eq
1,655						2,306	2,048
						3,003	3,026	2,002	1,576
		1,524
	Q3 2023	Q4 2023		Q1 2024		Q2 2024		Q3 2024

		New co-locations				+6.4%
					Eq PoP									YoY
													+2.9% Eq
								4,951
											3,390
713								1,278	1,019
						1,572
								1,365			974
			582						547
		Q3 2023	Q4 2023	Q1 2024		Q2 2024			Q3 2024

Total PoPs from co-location and BTS in the quarter

						RoE
Co-locations	-89	229	236	42	207	394
BTS	-	17	522	116	238	136
CR (1)	2.2	2.2	1.2	1.4	1.4	1.4

New BTS	+3.1%
	YoY
	+3.4% Eq

	1,638	1,454
		1,028	1,029
942
Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024

(1) Customer Ratio

9

9M 2024 Performance

Organic revenue growth

Organic revenue growth +7.4%

			42	99	2,913	-10	2,903
		59
	2,713
€Mn	Revenues (1)	Escalators & CPI	Co-location	BTS	Organic	Change of	Revenues
	9M 2023				Revenues	perimeter & others	9M 2024

(1) Excluding pass-through	10