Cellnex Telecom S A : Presentación de Resultados 1T 2021 2MB

Q1

2021

Q1 2021 Results

May 7, 2015 (IPO) - May 7, 2021: 6 years of sustained value creation

Key takeaways

Strong operational and financial performance in the period

Solid organic growth across all markets, supported by colocations, escalators, BTS

progress and connectivity projects

Consistent and sustainable organic

growth

+c.5.5% new PoPs vs. Q1 20

+c.40% DAS nodes, excluding Metrocall acquisition

728 site actions in the period with c.€4Mn associated annualized lease efficiencies

2021-2025 efficiency plan on track

5G becoming a reality

New special connectivity opportunities crystallized:

Mobile connectivity along the Dutch railways (ProRail) and London-Brighton Network Rail projects awarded (1)

Combined EV of c.€50Mn and EBITDA of c.€5Mn

Strong financial performance

Revenues €506Mn +c.40% vs. Q1 2020 Adjusted EBITDA €381Mn +c.45% vs. Q1 2020 RLFCF €180Mn, +c.40% vs. Q1 2020

Strong backlog of c.€110Bn post closing of

transactions announced to date

Outstanding rights issue execution

Commitment to M&A discipline

Oversubscription >45x and take-up of 99.4%

1. Please see slide 22 for more information
2. Please see slide 20 for more information
3. Partners at the subsidiary company (operating company level)

Structural flexibility in Cellnex's approach to funding growth (2)

A wide array of funding options available,

including project financing at local level and equity

partners at OpCo / local level (3)

Corporate debt without covenants, pledges or

guarantees

2021 outlook on track, delivering on

all fronts

Organic PoP growth >5%

All metrics alignedwith financial outlook for 2021

and 2025 (medium term guidance)

Integrations on track- CK Hutchison Sweden and

Play already closed

ESG Master Plan on track

Results January - March 2021

2

2021 outlook

2021 outlook on trackand all key metrics to increase every quarter thanks to

current operations and the contribution from new M&A deals closed

RLFCF (€Mn)

In line with guidance

Adjusted EBITDA (€Mn)	>c.50%E
		FY21 vs. FY20
	>c.45%
	vs.Q1 2020	>c.50%E
>c.40%	381
FY21 vs. FY20
vs.Q1 2020
180

Change of

perimeter (1)

Q1 2021Q2 2021EQ3 2021EQ4 2021E

 	
	Already
	closed

(1) Arqiva, Nos, Hutch Austria, Ireland and Denmark already closed in 2020. Hutch UK and Polkomtel expected to be closed in 2022

Results January - March 2021

3

Status of integration processes

Integration processes on track

Project

Omtel

Bouygues

Arqiva

NOS

CKH IE

CKH AT

CKH DK

CKH SW

Play

Deutsche

CKH IT

SFR

CKH UK

Cyfrowy

FTTT

Telekom

Polsat

Closing

H1 21E

H2 21E

H2 21E

H1 22E

H1 22E

ON TRACK

ON TRACK

ON TRACK

ON TRACK

ON TRACK

Pre-closing

Integration Assessment

Transition (3 months)

Take Control

Optimization (9 months)

Industrial Model Integration Plan

46% 23%

79%

82%

61%

44%

56%

Results January - March 2021

4

Restless and consistent strategy execution

Leading independent TowerCo in Europe with up to c.129k sites, of which up to

c.21k to be executed through BTS programs

	Significant footprint expansion
Up to	5,177 Sites
c.129k
sites	1,881 Sites

	14,993 Sites (1)
2,420 Sites	20,390 Sites (1)

Strong targeted growth, highly contracted

Guidance 2025 (€Mn)

Revenues	4,100 - 4,300	+c.21%
(c.85% contracted)	CAGR 20-25
Adjusted EBITDA	3,300 - 3,500	+c.24%
CAGR 20-25

4,314 Sites (1)

26,821 Sites (1)

5,882 Sites

6,121 Sites

4,920 Sites

Countries with more than 1 anchor tenant

Countries with 1 anchor tenant

RLFCF	2,000 - 2,200	+c.28%
CAGR 20-25
Adjusted EBITDA - Guidance 2025 (1) (2)
	c.5%	c.10%
		c.9%

11,075 Sites

							24,898 Sites (1)
Cellnex vs. Peers		x18					215
('000 sites)		40	129
	34
				22
7
	Cellnex	Inwit	SBA	CC	Cellnex	AMT
2014

(1) Including transactions not yet closed (Hutchison Italy & UK, T-Mobile Netherlands, SFR, Polkomtel)

c.80% from	c.30%
countries with	€3.3Bn -	c.16%
sovereign rating	€3.5Bn

of at least A	c.15%
	c.15%

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

Results January - March 2021

5