Q1 2026 Cellnex Telecom S.a Earnings Call Transcript

Apr 29, 2026 / 04:30 PM GMT

Release Date Price: €28.52

Transcript

Key Points

Positve

Cellnex Telecom SA (CLNXF) reported a strong start to 2026 with a 4.7% year-on-year growth in POPs, indicating sustained demand from customers.
The company achieved a 6.4% increase in adjusted EBITDA and a 7.2% rise in EBITDA after lease, with margin expansion from 58.8% to 60.5%.
Recurrent levered free cash flow grew by 12.2%, with a per-share increase of 18% due to organic growth and a share buyback program.
Cellnex Telecom SA (CLNXF) successfully executed asset rotation, cashing in $373 million from the disposal of a French data center and $170 million from the DIV2 fund participation.
The company maintained a robust liquidity position with approximately $6 billion, including $3 billion in cash and $3 billion in undrawn revolving credit facilities.

Negative

The macroeconomic environment remains volatile, posing challenges for Cellnex Telecom SA (CLNXF) despite its strategic execution.
There are ongoing complexities in the M&A consolidation process in France, particularly with the SFR process, which is expected to be a multi-year journey.
The company faces potential risks from regulatory and commercial processes in France, which could impact future operations.
Cellnex Telecom SA (CLNXF) is dealing with a commercial dispute in Italy, which, although not directly affecting them, highlights potential market uncertainties.
The company anticipates a more normalized situation in Spain regarding co-location trends, with no significant peaks expected in the near term.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CLNX.MC - Cellnex Telecom S.a
Q1 2026 Cellnex Telecom S.a Earnings Call
Apr 29, 2026 / 04:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hello. Good afternoon, everyone. Welcome to our first quarter 2026 conference call, results conference call.

Before we begin, I'd like to remind you that the presentation contains forward-looking statements, and please refer to the disclaimer included in the appendix to the slides.

So, Marco Patuano, our CEO, will open with the main highlights of our results and some strategic commentary. And then our CFO, Raimond Riege, will take you through some more details on the results for this quarter. And then we'll be available to take your questions as usual.

In addition to the slides in the pack that we've just posted on the website, we've also included, as we have in the last couple of quarters, some frequently

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