Results Presentation Q3 2021 2MB

Q3

2021

January - September 2021 Results

October 28, 2021

Results January - September 2021

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Key takeaways

Strong organic growth underpinning our operational and financial performance

with all key metrics on trackto meet the 2021 outlook

Consistent and sustainable organic

growth

+6.5% new PoPs vs. 9M 2020 mostly due to BTS

acceleration

2,278 site actions in 9M 2021 with c.€10Mn associated annualized lease efficiencies

2021-2025 efficiency plan on track

Cellnex to roll out mobile coverage on metro lines

16 and 17 of Grand Paris Express (1)

Strong financial performance (2)

Revenues (3) €1,760Mn, +53% vs. 9M 2020

Adjusted EBITDA (4) €1,334Mn, +59% vs. 9M 2020

RLFCF (5) €660Mn, +52% vs. 9M 2020

With interest rates and inflation highly correlated, inflation linked revenues offer a natural hedge

Negligible impact from rising energy prices due to

hedging and pass-through mechanisms

Steady progress on ESG

Upgrade to 'A' from 'BBB' by MSCI, standing out as

sector leader in Corporate Governance

Improvement to 4.4 out of 5 by FTSE4Good and consolidating our position among the top 5 companies in the Mobile Telecom subsector (6)

Steady progress on environmental initiatives such

as the Zero Emissions Rural Site (ZERS) (7)

Reinforcing financial flexibility	All M&A closings on track
Polkomtel and Hivory deals closed on time	2021 outlook confirmed (11)
New bond issuances of c.€1,850Mn taking
advantage of favourable rates environment to	Already working on new opportunities to invest the	We are on trackon all fronts and all metrics are
proceeds of the divestment requested by the FCA (10)
increase average debt maturity whilst maintaining
that would reinforce Cellnex's industrial profile and	aligned with 2025 financial outlook (medium term
our average cost of debt	(8)
guidance)
	the capacity to adapt to customer needs
A wide array of funding options available (9)
All integration processes on track

(1) Please see slide 6 for more information; (2) Hivory transaction (closed end of October) has not contributed to the financials in the quarter

1. Revenues correspond to Operating Income excluding Advances to customers (following the same methodology as in note 18a in our Interim Consolidated Financial Statements ended 30 June 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 24 for certain information on the limitations of APMs; (5) Recurring Leveraged Free Cash Flow ("RLFCF") is an APM. Please see slide 24 for certain information on the limitations of APMs ; (6) Please see slide 16 for more details; (7) Please see slide 15 for more information (8) Please see slide 13 for more information; (9) Please see slide 20 for more information; (10) With a view that both Capex and Adjusted EBITDA would remain unaffected on a consolidated run rate basis; (11) Trending to the upper range of the guidance if Hivory deal consolidated from Oct 1st 2021

Results January - September 2021

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2021 outlook

On trackto meet the 2021 outlook (1)

RLFCF (€Mn)

Adjusted EBITDA (€Mn)

				+c.70%				+c.65%E
	+c.45%		+c.55%	vs. Q3 2020			FY21E vs. FY20
		vs. Q2 2020	531
	vs. Q1 2020
		+c.50%	422	+c.60%	+c.60%E
+c.40%	381	vs. Q3 2020
vs. Q2 2020		FY21E vs. FY20
vs. Q1 2020
			266
180		214

	Q1 2021	Q2 2021	Q3 2021	Q4 2021
	Q1 2021	Q2 2021	Q3 2021	Q4 2021E
	✓	✓	✓	✓	Already
Change of	✓ closed
perimeter (2)		✓	✓

1. Trending to the upper range of the guidance if Hivory deal consolidated from Oct 1st 2021
2. Arqiva, NOS, CKH Austria, Ireland and Denmark already closed in 2020; CKH UK expected to be closed in 2022

Results January - September 2021

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Status of integration processes

All integration processes on track

Project

Omtel

Bouygues

Arqiva

NOS

CKH IE

CKH AT

CKH DK

CKH SW

Play

Deutsche

CKH IT

Cyfrowy

SFR

CKH UK

FTTT

Telekom

Polsat

Closing

H1 22E

ON TRACK

Pre-closing

Integration Assessment

Transition (3 months)

Take Control

Optimization

(7 months)

Industrial Model

Integration Plan

87% 96% 55% 17% 5%

78%

66%

77%

57%

11%

16%

4%

3%

Results January - September 2021

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Tireless and consistent strategy execution

Leading independent TowerCo in Europe with up to c.130k sites, of which up to c.20k to be deployed

through BTS programs

		Significant footprint expansion	Strong targeted growth, highly contracted
				Guidance 2025 (€Mn)
Up to	(2)	5,177 Sites	Revenues	4,100 - 4,300	+c.21%
c.130k		1,881 Sites		CAGR 20-25
sites			(c.85% contracted)
		15,027 Sites (1)
	2,428 Sites	Adjusted EBITDA	3,300 - 3,500	+c.24%
	CAGR 20-25
		20,390 Sites
		4,310 Sites	RLFCF	2,000 - 2,200	+c.28%
		26,823 Sites (2)	CAGR 20-25
		4,920 Sites

Adjusted EBITDA Guidance 2025 (1) (3)

6,571 Sites	6,146 Sites

Countries with more than 1
anchor tenant	c.5%	c.10%
Countries with 1 anchor
	c.9%
tenant

		11,107 Sites					c.80% from	c.30%
				25,673Sites
Cellnex vs. Peers		x18				215	countries with	€3.3Bn -	c.16%
					sovereign rating of	€3.5Bn
('000 sites)				82	130 (2)
7	22	34				at least A
40
									c.15%
Cellnex	Inwit	SBA	CCO	Vanatge	Cellnex	AmT		c.15%

(1) Including transactions not yet closed (CKH UK)	(3) Management estimate; including progress on BTS programs and 3rd party tenants
(2) Before the disposal of 3,200 rooftops requested by the FCA

Results January - September 2021

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