H1 2026
ResultsOther Relevant Information incompliance with article 227 ofLaw 6/2023 ontheSpanish Securities Market and Investment Services, notified totheSpanish National Securities Market Commission
2Agenda
MAIN HIGHLIGHTS
H1 2026 RESULTS
INDUSTRY DYNAMICS
APPENDIX
FAQsToday’s
speakers
Maria Carrapato
Head of IRMarco Patuano CEO
Raimon Trias
CFO
Simone Battiferri
COO
3Nr Click to edit Master
text styles
3Main Highlights
4Nr Click to edit Master
text styles
4 Free Cash Flow
New agreements
& renewals
Shareholder
Remuneration
Sustained operating and financial performanceMain Highlights 21 •Organic PoPs growth vs H1 2025 •Strong pro -forma organic growth vs H1 2025
•+ Revenues;
•+ Adj. EBITDA; driving +184 bps margin expansion up to , reflecting operational excellence •+ EBITDAaL ; +238 bps improvement in margin, reaching supported by land management
•+ RLFCF;
•+ RLFCF per share •2026 dividend (€500Mn total): first tranche (€250Mn) paid on 15thJanuary 2026, and second tranche (€250Mn) paid on 15thof July 2026 •Completion of the €500Mn Share buyback program announced on 6thNovember: €200Mn executed in Q4 2025 and €300Mn in H1 2026 •18,304,947 shares to be cancelled during H2 2026 (total shares outstanding will amount to 664,106,024) resulting in an improvement in metrics per share (c.2.7% of shares cancelled) •In July 2026, the Board of Directors approved anadditional €200Mn Share buyback programme to be executed until the end of the year, taking total shareholder remuneration in 2026 to €1 Billion4 •Reinforcing our long -term strategic partnership with Sunrise in Switzerland through the signing of a new BTS deployment programme covering 300 sites, scheduled to be delivered over a 5 -year period starting in January 2027. The original MSA has a duration of 20 + 10 + 10 years •Vodafone Spain framework agreement renewed for 10 years at the same terms and conditions •Extension of our agreement with Telefónica to deploy backup batteries, reaching a total of 3,800 sites to be deployed by June 2027 with a contract length aligned with host site contractual lengths3 •Free Cash Flow is entering a new phase of growth, driven by robust operational execution and a structurally lower capex intensity (€ Mn H1 2026 vs € Mn H1 2025)Delivering organic growth, cash flow generation and shareholder remuneration
5.0%
6.4%
7.7%
11.0%
18.1%
301 194.9%
84.6%
61.8%
5Main Highlights Shareholder Remuneration €200Mn additional share buyback ~€2Bn returned to shareholders across 2025 –2026 (~11% of market cap)
2026 remuneration
As of July 2026
€800Mn
€500Mn dividends
+ €300Mn SBB+
NEW
€200Mn
SBB until end 2026=
2026 TOTAL
€1,000 Mn
€800Mn completed
+ €200Mn new SBB (1) €2.0bn returned to shareholders, equivalent to approximately 11% of Cellnex's market capitalization as of 29 July 2026 (€ 18.3bn).2025
€1,012Mn
returned in 20252026
€1,000Mn
after new programme= 2025 – 2026 total
~€2,000Mn~11% of
market cap (1)
H1 2026 Results
7 (1) Pro -forma: Excluding the contribution of Ireland, Data Centers in France and O&M business line discontinued in Spain (2) For H1 2026 assumes the capital reduction effective November 20th2025 (24,064,404 shares) and the additional shares acquired in Q4 2025 and H1 2026 to be cancelled in H2 2026 (18,304,947 shares), equaling 664,106,024sharesRevenue
GrowthEBITDA
GrowthEBITDAaL
GrowthH1 2026 Results
H1 2026
Organic
Pro-forma (1)
RLFCF
Growth
Operational
EfficiencyManagement
of LeasesOptimizing
Capital
StructureExecution and disciplined capital allocation accelerating growth per share
RLFCF per
share (2)
GrowthShareholder
Value
Creation
Operating efficiency
5.0%6.4%7.7%11.0%18.1%
8Organic growth of 5.0%, supported by inflation protection and customer demand 1,942 1,9072,001 1,99426 24 44 -36-7H1 2026 Results Consolidated Revenues Growth (1) Pro-forma: Excluding the contribution of Ireland, French Data Centers and Operation & Maintenance in Spain (2) Including organic revenues generated in the period (Escalators & CPI, Co -location and BTS), and excluding FX, Change of Perimete r and Others (Engineering Services, among others) FX, Change of
Perimeter &
OthersEscalators
& CPICo-location
and Other
businessBTS and
FiberRevenues
H1 2025€Mn
Organic
Revenues (2)Ireland, Data Centers and O&MPro-forma H1 2025 (1)Revenues H1 2026+Consolidated Revenues
+5.0%2.7%
9
RoE (1)Total
Net colocation
Gross colocation
Churn
BTS
Total Net
H1 2026 Results Towers KPIs Strong commercial performance delivering nearly 5% net growth in PoPs and an increase in tenancy ratio to 1.63x Net new PoPs (BTS and Colo)93 227 70 377 240 346 1,353 -33 -45 -66 -38 0 -78 -260 634 14 0 13 175 90 926 694 196 4 352 415 358 2,019
1,5632,2512,736
1,5872,019
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 202660 182 4 339 240 268 1,093
(1) Rest of Europe includes Portugal, Netherlands, Switzerland, Sweden and Denmark +3.6% Gross colocations
+1.8% BTS
-0.6% ChurnGross PoP growth +5.7% Net PoP growth +4.9%
Gross
Co-locationBTS H1 202 5 H1 2026H1 2026 -Total Points of Presence
Churn175,8476,339 3,248
-1,004184,430Q2 2026 -Total Points of Presence (1)
1.63x
1.59xTenancy
Ratio
10 1,5681,637 1,625 24 18 38
-111,557
-13H1 2026 Results (1) Pro-forma: Excluding the contribution of Ireland (2) Including organic revenues generated in the period (Escalators & CPI, Co -location and BTS), and excluding FX, Change of Perimete r and Others (Engineering Services, among others) Towers revenues: organic growth +H1 2026 Towers Revenues GrowthTowers Revenues €Mn FX, Change of
Perimeter &
OthersEscalators
& CPICo-location BTSRevenues
H1 2025Organic
Revenues (2) IrelandPro-forma H1 2025 (1)Revenues
H1 2026+5.2%3.6%5.2%
11 DAS, Small Cells & RANaaSBroadcastingH1 2026 Results Organic revenues growth upside from other businessesOther Business L ines H1
2025Fiber, Connectivity
& Housing Services116 109126 128132 133 99 (1)119 (2) H1 2026Organic pro -forma(3)growth Reported figures (1) Adjusted for French Data Centers disposal; (2) Adjusted for Operation & Maintenance activity discontinued in Spain; ( 3) Pro -forma: Excluding the contribution French Data Centers and Operation & Maintenance in SpainFiber, Connectivity & Housing Services
✓ Continued roll -out of Nexloop project in France DAS, Small Cells & RANaaS ✓ Indoor connectivity, as the main driver of organic growth
Broadcasting
✓ Modest growth supported by recent renewals+ 7.8%
+ 4.5%
+ 0.5%106(1)125(2)
12 Operator 5G Expansion • Sunrise and Cellnex extended the long -term strategic partnership in Switzerland BTS program expanded with 300
additional sites
• Deployment scheduled from January 2027 over a 5 -year period. The original MSA has a duration of 20 + 10 + 10 years • Supports the next phase of Switzerland’s mobile network
evolution
• Reinforces commitment to efficient, scalable and sustainable infrastructure deployment. H1 2026 Results Use Cases Cellnex’s industrial strategy –New agreements & renewals Renewal of the framework
agreement
• Vodafone Spain framework agreement renewed for 10 years, covering c.2,000 existing
PoPs
• Renewal signed on unchanged technical and financial terms • Cellnex will host additional new PoPs on existing infrastructure • Cellnex’s strong track record in long -term contract renewals and
customer partnerships
Strengthening Network Resilience • Cellnex and Telefónica extend energy resilience back up battery's partnership to 3,800 sites with a contract length aligned with host site contractual
lengths
• Reaffirming Cellnex as
Telefónica's trusted
infrastructure partner and marking the first TowerC o operator battery backup initiative of its kind in Spain • Strengthens network resilience and energy security following
recent blackouts
Cellnex continues to reinforce its role as a trusted infrastructure partner , delivering contracted BTS programmes while expanding commercial activity across 5G expansion, contract renewal and network resilience
13Staff
Repair &
Maintenance
ServicesH1 26 H1 25 LeasesH1 26 H1 25
€MnH1 26 H1 25
H1 26 H1 25
€Mn€Mn€MnReported numbersOperational efficiency driving margin expansionH1 2026 Results Operational Efficiencies (1) Pro-forma: Excluding the contribution ofAustria, Ireland, French Data Centers and Operation & Maintenance in Spain139 52 150
448133
53 136
455 Pro-forma excluding Ireland, French Data Cent ersand Operation & Maintenance in SpainCost per tower-3.3% EBITDA Margin expansion
Pro-forma (1)
H1 2024 H1 2025 H1 202682.8%84.6%
82.3%
EBITDAaL Margin expansion
Pro-forma (1)
H1 2024 H1 2025 H1 202659.4%61.8%
58.3%
14Converting operational performance into FCF generation Reported FCF bridge H1 2026 €(Mn) H1 2026 Results Free Cash Flow
EBITDA
After
LeaseMaint .
CapexWorking
CapitalInterest
PaidTax
PaidRLFCFExpansion
Capex
(Towers,
Other Business
and Efficiency)BTS
CapexFCFDiv. To
MinoritiesRemedies1,231
908
301-491
-216-58 0
-178
-4290
Strong FCF generation driven by:
✓Operational performance
✓Efficient capital and tax structure and optimized cost of debt ✓Lower BTS capex intensity
15 Free Cash Flow generation acceleration, supporting +18.1% RLFCF per share Reported FCF (€Mn) -consolidating positive trajectoryH1 2026 Results Free Cash Flow Pro-forma(1)Organic RLFCF -Increasing metrics per share Per –share (€) (2) SBB program enhancing per share metrics, driving long -term value accretion+
+ Mn
€ Mn Free Cash Flow, driven by solid RLFCF and lower BTS capex intensity (1) Pro -forma: Excluding the contribution of Ireland, French Data Centers and O&M discontinuation in Spain (2) For H1 2026 assumes the capital reduction effective November 20th2025 (24,064,404 shares) and the additional shares acquired in Q4 2025 and H1 2026 to be cancelled in H2 2026 (18,304,947 shares), equaling 664,106,024shares(€Mn)
798885
H1 2025 H1 202611.0%
1.131.33
H1 2025 H1 202618.1% +
19301
H1 2025 H1 2026282 282
16 Funding needs largely covered until end 2028H1 2026 Results Debt
2026 2027Liquidity
H1 2026CashUndrawn credit lines 2026 -2028 maturities largely funded:
Liquidity fully committed with a wide array of available funding options Liquidity & Funding Flexibility 2026 -2028 maturities largely funded:
Liquidity of c.€5.3Bn: c.€2.0Bn cash and c.€3.3Bn undrawn credit lines Committed revolving credit facilities : undrawn backup lines available if market conditions are
unfavourable
Liquidity Debt
Maturities
€2Bn€3.3Bn€5.3Bn
2028€5.7Bn
€2.7Bn €2.6Bn
€0.5Bn
Industry Dynamics
18 H1 2026 Results Industry Dynamics Mobile traffic growth is inflecting —AI not the main driver , YET Source: Ericsson Mobility Report, June 2026; Analysys Mason review; GSMA and Opensignal context.Global mobile network data traffic Video, 5G and FWA are the main drivers Video remains the core driver Video accounted for c. 75% of mobile data traffic in 2025 and remains the dominant driver Rising data consumption per smartphone continues to put pressure on mobile network capacity5G subscriber s consume 2 -3x more than 4G subscribers Higher -capacity 5G networks and devices enable higher -quality, data -intensive video
consumption
FWA adds incremental traffic (c.20x more than mobile ) A typical FWA connection consumes c. 500 GB of data per month vs. c.25 GB for a smartphone
2025
2031
Total mobile data traffic Mobile data traffic per
smartphone
Total devices 5G enabledx2.5 25 Gb 59 Gb
54% 95%
+22%
“Mobile network data traffic grew 22 percent between Q1 2025 and
Q1 2026”
EstimateThe nature and profile of traffic is evolving AI-enabled applications, real -time collaboration, industrial automation, connected devices and wearables ask networks to carry more demanding data with more symmetrical distribution Networks are moving from focus on coverage to quality Carrying more data requires more capacity, using higher frequencies which have more bandwidth but lower propagation and penetration Networks need to go physically closer to the user Densification with more cells/sites and more special connectivity solutions are needed to increase signal propagation and to provide reliable, high quality indoor coverageGreater uplink intensity , real-time response and reliability for new use cases
19H1 2026 Results Industry Dynamics Satellite Direct to Device (D2D) —coverage complement, not a tower substitute
BASIC PHYSICS
D2D addresses challenging coverage gaps, while terrestrial networks address capacity and latency
CAPACITY GAP IS
STRUCTURAL
vs Satellite limits spectrum reuse & capacity per user1Limited spectrum available to satellites2 Indoor performance is fundamentally limited3 vs Less spectrum available to serve mass -market demand Satellite beams struggle to penetrate buildings
vsThe majority
of mobile traffic and usage occurs indoors Indoor reception is severely limited and highly dependent on building type, location and handset conditions Sources: GSMA –The Limits of D2D: Modelling the extent of D2D connectivity, February 2026; GSMA (2024), Mobile Evolution in 6 G Hz, July 2026; GSMA Intelligence –What does the early data on D2D usage tell us?, May 2026; NewStreet Research July 7th2026Satellite operators typically have access to significantly less spectrum than terrestrial mobile operators
Terrestrial networks
Cover c.96% of the global
populationSatellite D2D
Extends outdoor connectivity in areas almost physically impossible or economically unfeasible to cover with
physical infrastructure
Terrestrial Mobile Networks reutilize spectrum every few 100 meters (per site cell) delivering many multiple times more capacity per user
Downlink capacity
566 (rural) –1,989 (urban) Mbps per km2Downlink capacity 0,61 Mbps per km2c.0.1 -5%
Average
Downlink
Capacity
Satellite vs.
Terrestrial
c.350 -500Km
LEO satellite distance to handset A few hundred meters to low single -digit kms Terrestrial tower distance to handset
c.140 Mhz
MSS spectrumc.1,100 Mhz
IMT spectrum
20 H1 2026 Results Industry Dynamics Satellite Direct to Device (D2D) vs. Terrestrial mobile —key takeaways Satellite D2D is a coverage solution, not a capacity substitute Its´strongest use case is extending basic outdoor connectivity to remote, rural and hard -to-reach areas where terrestrial networks are unavailable and for fixed broadband solutions where high bandwidth access technology (FTTH) is not available Satellite D2D complements terrestrial mobile by extending coverage, improving resilience and enabling emergency connectivity in underserved areas. It is not a substitute for terrestrial macro capacity, network densification or dedicated indoor solutions Sources: GSMA –The Limits of D2D: Modelling the extent of D2D connectivity, February 2026; GSMA (2024), Mobile Evolution in 6 G Hz, July 2026; GSMA Intelligence –What does the early data on D2D usage tell us?, May 2026; NewStreet Research July 7th2026 The capacity gap versus terrestrial networks is structural Large satellite beams, limited spectrum reuse and much lower spectrum availability constrain the number of users and the quality of service that D2D can support at scale Indoor performance remains a
fundamental limitation
Satellite beams face significant building penetration losses –a significant challenge given that most mobile usage takes place
indoors
Handset power constraints D2D relies on standard smartphones with limited transmit power, constraining uplink capacity and throughput and putting enormous demands on battery life
21H1 2026 Results Industry Dynamics Digital Competitiveness is a priority in Europe and will require investment “Connectivity remains one of the most critical enabling layers of Europe’s sovereign digital stack and a persistent structura l challenge for competitiveness, resilience and security” State of the Digital Decade 2026 EU Europe trails leading regions on mobile performance Median mobile download speed, 2025 (Mbps)
86141165238
EuropeNorth AmericaGreater ChinaGCC states Investment required to close the gap GSMA estimate for European mobile networks, 2026 –2036
€475bn
€270bn baseline technology upgrades / replacement cycle c. €205bn additional investment to regain
leadership
Includes transport routes (€104bn), 5G populated areas / SA (€35bn), resilience (€38bn) and AI -ready networks (€28bn).
Policy anchor
Digital Decade target: full 5G coverage of populated areas by 2030 , although current metrics largely reflect “basic 5G” rather than actual network qualityInfrastructure gap 5G SA remains very limited in Europe , reaching only 2% of citizens vs. 80% of the population in Greater ChinaTechnology roadmap Towerco -relevant 6G deployments are more likely from the mid -2030s, with no structural “6G -driven site boom”
expected
Sources: European Commission, State of the Digital Decade 2026 ; European Commission, Digital Decade Policy Programme ; GSMA Intelligence, Mobile investment needs in Europe (May 2026); Analysys Mason, The impact of 6G on towercos (Jun 2026). (1) The Gulf Cooperation Council (GCC) is a regional political and economic alliance comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the Uni tedArab Emirates.(1)
22H1 2026 Results Use Cases MNO Consolidation in France: creating stronger clients with enhanced credit profiles
Jun-26
MoU signed
H2 2026
Regulatory filing
(France / EU) (1)
2027
Antitrust review
(at least 18
months)
H2 2027 / early
2028
Expected closing
(subject to approvals) At least 30
months
Transition period
Sources: (1) On 15 July 2026, the European Commission referred to the Autorité de la Concurrence the review of the case; (2) Press release disclosed by Bouygues on 06/06/2026; (3) Source: ANFR; (4) Source: Opensignal ;
SFR PoPs with Cellnex: 43% in Dense Areas 43% Dense Area Non Dense AreaSFR PoPs with Cellnex (% PoPs )
c.12k
PoPs•Out ofourtotal SFR PoPs ,c.12k,alittle over 40%are indense areas ,ofthese, less than
10%arenon-anchor PoPs
•RAN Sharing between SFR &Bouygues already inplace innon-dense areas with secondary contracts already renewed for10 to12years and Bouygues envisaged totake ownership oftheSFR PoPs part oftheRAN
sharing deal(2)
•Cellnex has a key role in supporting the MNOs defining the future mobile infrastructure landscape of the country •Cellnex believes France will benefit from further investment by the MNOs in their mobile infrastructure and intends to be constructive and proactive with the MNOs to deploy new towers to accommodate growing demand and improve current infrastructure :
•According to Opensignal , France ranks 21st in Europe and 34th globally for mobile network experience(4), with the merger creating stronger MNOs able to sustain investment and close the gap with best -in-class markets •Traffic growth has been quite consistent over the last decade at c.2.3Gb/month/ inhab every year, expected to continue growing as digitalisation and AI -driven use cases accelerate, reinforcing the need for continued network
capacity investments(3)
•In line with precedents in Spain and in the UK, Cellnex targets a win -win outcome at all levels -for the French consumers, for the country, for the MNOs and for Cellnex PoPs Net Adds in France (‘000) 0.0 0.1 0.1 0.1 0.1 0.6 0.5 0.7 0.5 0.7 0.23.2 3.24.03.53.12.8 3.0 2.6 2.7 2.7 3.41.5 1.41.3 1.41.4 1.21.41.4 1.72.0 1.64.7 4.75.4 4.94.6 4.64.94.74.95.3 5.2 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016Very dense area Crozon area White area
Average
4.9k
French MNOs have added c. 5k PoPs per annum in 2015 -2025(3)According to MNO
public comments
IR Materials &
Upcoming Events
24IR Materials & Upcoming EventsH1 2026 Results IR Materials & Upcoming Events Technology Fireside Chat with Simone Battiferri -COO Roadshows and IR Events
Calendar
GLIO –Magellan
Podcast with
Marco Patuano -CEO
Annex
26+2.7%
+5.1%
+6.5% +6.4% organic+5.0% organic
+7.7% organic
+9.1 % +11.0 % organicRevenues to FCF (1) Pro-forma: Excluding the contribution of Ireland, French Data Centers and Operation & Maintenance in Spain (2) Pro-forma: Excluding the contribution of French Data Centers and Operation & Maintenance in Spain€MnJan-JunJan-Jun
Pro-forma
(2)Jan-JunJan-Jun
Pro-forma
(2) 2025 2025 2026 2026 Towers 1,568 1,557 1,625 1,625 Fiber, Connectivity & Housing Services 116 99 109 106 DAS, Small Cells and RAN 126 119 128 125 Broadcast 132 132 133 133 Revenues 1,942 1,907 1,994 1,988 Staff costs -139 -138 -133 -133 Repair and maintenance -52 -50 -53 -53 Services -150 -143 -136 -133 Operating Expenses -341 -338 -322 -319 Net pass -through 3 4 14 14 Pass -through revenues 207 204 216 216 Pass -through costs -204 -201 -202 -202 Adjusted EBITDA 1,605 1,579 1,687 1,683 % Margin over revenues 83% 83% 85% 85% Net payment of lease liabilities -448 -446 -455 -454 EBITDA after Leases 1,157 1,133 1,231 1,229 Maintenance Capex -37 -37 -49 -49 Changes in working capital 1 -9 1 3 Net payment of interest -230 -230 -216 -216 Income tax payment -47 -47 -58 -58 Net recurring dividends to non -controlling interests-12 -12 0 0 Recurring Levered FCF 832 798 908 908€MnJan-JunJan-Jun Pro -
forma (2) Jan-JunJan-Jun Pro -
forma (2)
2025 2025 2026 2026 Recurring Levered FCF 832 767 908 908 Expansion Capex -154 -154 -178 -178 Tower Expansion Capex -85 -85 -114 -114 Other Business Expansion Capex -27 -27 -31 -31 Efficiency Capex -42 -42 -33 -33 BTS Capex and Remedies -659 -652 -429 -429 Build -to-Suit Capex -659 -652 -429 -429 Cash in from remedies 0 0 0 0
FCF 19 (8) 301 301
M&A Capex and Divestments 869 869 471 471 Land acquisition and long -term right of use -72 -21 -3 -3 Other M&A Capex -21 -72 -69 -69 Divestments 963 963 543 543
27Net Financial Debt (1)20,818 (1) Net Financial Debt is an alternative performance measure (“APM”) as defined in the guidelines issued by the European Securi ties and Markets Authority on October 5, 2015 on alternative performance measures (the “ESMA Guidelines”). Balance sheet a) a) Data Centers in France and Digital Infra Vehicle II (DIV)€MnDecember June
2025 2026
Non Current Assets 39,066 38,671 Property , plant and equipment 12,702 12,929 Intangible assets 21,664 21,163 Right -of-use assets 3,330 3,252 Investments in associates 3 3 Financial investments 142 141 Derivative financial instruments 53 31 Trade and other receivables 515 538 Deferred tax assets 656 614 Current Assets 2,501 2,994 Inventories 7 8 Trade and other receivables 990 1,125 Financial investments 3 3 Derivative financial instruments 8 12 Cash and cash equivalents 1,493 1,845 Non -current assets held for sale 497 24 Total Assets 42,064 41,689€MnDecember June
2025 2026
Shareholders ’ Equity 13,324 12,893 Non Current Liabilities 23,800 24,000 Bank borrowings and bond issues 16,914 17,145 Lease liabilities 2,275 2,077 Derivative financial instruments 3 145 Provisions and other liabilities 1,657 1,760 Employee benefit obligations 55 55 Deferred tax liabilities 2,897 2,818 Current Liabilities 4,902 4,796 Bank borrowings and bond issues 2,006 2,174 Lease liabilities 706 791 Derivative financial instruments 110 3 Provisions and other liabilities 685 600 Employee benefit obligations 80 49 Payables to associates 1 1 Trade and other payables 1,314 1,179 Liab. Assoc. with non -current assets held for sale 37 0 Total Equity and Liabilities 42,064 41,689
20,763
28Income statement
€Mn H1 2025 H1 2026
Revenues 2,147 2,209 Operating Expenses -542 -522 Non-recurring expenses and non -cash items -96 -16 Depreciation & amortization -1,323 -1,380 Results from the loss of control of consolidated companies 67 0 Impairment losses on assets 0 0 Results from disposals of fixed assets and others -10 4 Operating Profit 244 294 Net financial profit -416 -435 Profit of Companies Accounted for Using the Equity Method -1 13 Income tax 48 22 Attributable to non -controlling interests 10 8 Net Profit Attributable to the Parent Company -115 -97
FAQs
30What are the latest developments in Cellnex’s ESG performance?H1 2026 Results FAQs Sustainability -linked financing Framework (SFF) -Updated in April 2026 as part of the company Sustainability Master Plan 2030 Selected Key Performance Indicators KPI#1a Reduction of Cellnex’s GHG emissions (Scope 1 & 2)KPI#1b Reduction of supplier’s & client’s emissions (Scope 3)KPI 2 Increase women in all managerial positionsKPI 3 Critical suppliers with high ESG risk
audited
➢Greenhouse Gas (‘GHG’) Emissions Amount (Scope 1 &2) in KtCO2e. (Target 2030: -70%)➢Greenhouse Gas (‘GHG’) Emissions scope 3 emissions from suppliers and clients with science -based targets aligned with SBTi.
(Target 2030: -82%)➢Reach 40% women inallmanagerial positions by2030.➢100% Critical Suppliers with high ESG Risk audited by 2030 S&P SPO: Relevant & ambitious S&P SPO: Highly relevant & ambitious S&P SPO: relevant & highly ambitious S&P SPO: Relevant & ambitious
TIME AND STATISTA
Cellnex ranked among the 500 World’s Most Sustainable Companies 2026 , for the third consecutive year, placing 12th globally and 2nd in the T elecom services sector and 3rd in Spain"S&P DOW JONES BEST -IN-CLASS INDEX Cellnex remained in the S&P Dow Jones Best -in-class Index Europe and in Global Sustainability Yearbook for third and fourth year in a row, respectively.
Sustainability Indexes/Ratings -Cellnex continues to rank among the top -performing companies in ESG
31How is Cellnex protected against changes in the macro environment?
Inflation Tailwind
65% of revenues linked to inflation and 35% with fixed escalators: Higher inflation will benefit our top line growth Net inflation exposure is
positive
Energy: Full Pass -Through Energy costs are largely contractually passed through to tenants, with c.80% directly passed through and the remaining and Residual exposure hedged through forward contracts and Power Purchase Agreements (PPAs) Fixed -Rate Debt Structure Majority of debt at fixed rates
(80%)
Variable debt (20%): limited risk, as it is linked to 1 -month Euribor, which has shown low
volatility
Liquidity & Funding Flexibility 2026 maturities fully funded:
Liquidity of c.€5.3Bn: c.€2.0Bn cash and c.€3.3Bn undrawn
credit lines
Committed revolving credit facilities : undrawn backup lines available if market conditions
are unfavourable
Selective issuance strategy :
ability to time bond markets
opportunistically, preserving
cost of debtAverage maturity of 4.4 years :
good refinancing profile spread over various years
Revenue
Cost
Rates
Liquidity
Opex growth structurally below inflation : disciplined cost management drives margin expansion benefiting from strong operating leverageH1 2026 Results FAQs
32How is Cellnex leveraging its industrial platform to create value?H1 2026 Results FAQs
PLAN
Make the right decisions
BUILD
Standardize and industrialize
OPERATE
Run efficiently at scale
OPTIMIZE
Continuously improve and
create value
ASSET INTELLIGENCE STANDARIZATION AUTOMATION & SCALE DATA & AI -DRIVEN INSIGHTS
• Data -driven planning and
demand forecasting
• Site selection and evaluation • Portfolio and market analysis to prioritize investments• Modular and repeatable designs • Standardized processes and best
practices
• Industrial tools and suppliers to improve productivity• Remote monitoring and control • Energy management and
infrastructure sharing
• Digital workflows and automated operations• Advanced analytics and
performance dashboards
• Data quality and governance • Predictive insights for proactive
decision -making
Cellnex DIGITAL TWIN
•Virtual, dynamic representation of our towers, sites and assets, integrating real -time data to monitor, analyze and optimize performance throughout their entire life cycle •It combines IoT, Big Data, AI and advanced analytics to create a real -time, 360º view of our infrastructure •In Spain alone, this technology has already been implemented across c.10,000 sites
33H1 2026 Results When are Cellnex’s anchor contracts up for renewal?FAQs Italy 2015 15 + 15 + CPI-linked (1) France 2016 -2019 20 + 5 + 5 + 5 + Fixed escalator Switzerland 2017 20 + 10 + 10 + CPI-linked (1) Switzerland 2019 20+ 10 + 10 + Fixed escalator Italy & France 2019 20+ 10 + 10 + Fixed escalator UK 2020 10 + 1 + 1 + 4 + CPI-linked Portugal 2020 20 + 5 + 5 + CPI-linked (1) Portugal 2020 15 + 15 + 15 + CPI-linked (1) Denmark 2020 15 + 15 + 5 + CPI-linked (1) Italy 2021 15+ 15 + 5 + CPI-linked (1) Poland 2021 20 + 10 + 10 + CPI-inked (1) Sweden 2021 15 + 15 + 5 + CPI-linked (1) UK 2022 15+ 15 + 5 + CPI-linked (1) Netherlands 2021 15 + 10 + 10 + CPI-linked (1) France 2021 18 + 5 + 5+ 5 + Fixed escalator Poland 2021 25 + 15 + 15+ CPI-linked Spain 2022Tranche I: 13 + 10 + 7 + Tranche II: 10 +10 +10 + Tranche III: 7 + 10 + 10 +3 +CPI-linked (1) UK 2024 10 + 10 + 10 + CPI-linked (1) Spain 2025 13 (2038) + 10 + CPI-linked(1)
Starting Date
Initial term + renewals
Price Indexation
Country
No single
contract
accounts for
more than 8%
of revenues
(1) The contract have CAP or Floors on the CPI
34
2025
• CPI linked & All -or-nothing clause • Additional contracted services • Strengthened long -term strategic partnership for future network expansion• CPI linked • Renewal of key infrastructure agreements, strengthening long -term strategic collaboration • CPI linked & All -or-nothing clause • Contracts renewed and unified under a single MLAOdido
+Orange
Telefonica
Renewal Year
Duration
2025
2022 +15 years +13 (2038) +10
Until
2040
2048
+30 years 2052 • CPI linked (1)& All -or-nothing clause • This MSA replaced the MSA with CTIL that ended the 31st
July 2024Vodafone
VM02
2024 +30 years 2055 Renewals carried out • CPI linked(1)Free Mobile 2023 +10 years 2033 • CPI linked (75% ISTAT)(1)& All -or-nothing clause • Additional contracted services Vodafone 2025 +12 years 2037 What is Cellnex track record in contract renewals?
(1) The contract have CAP or Floors on the CPIH1 2026 Results FAQs
35€MnWhat is your financial outlook?
Guidance 2026
Revenues
(ex pass -through)
4,075 –4,175
4,255 –4,455
FCF 600 – 700
975 – 1,175
RLFCF
1,900 – 2,000 1,945 – 2,145
Adjusted
EBITDA
3,425 – 3,525 3,605 – 3,805Guidance 2027 H1 2026 Results FAQs All public targets reiterated
36
4,075 –4,175
600 – 700 1,900 – 2,000 3,425 – 3,525Guidance 2026 How does 2026 guidance reconcile to 2025 baseline?
3,995
350
1,913
3,317Reported 2025IrelandData
CentersO&M Spain +
Others2025
Adjusted2025
Reported
€Mn
Revenues
(ex pass -through)
Adjusted
EBITDA
RLFCF
FCF
3,995
-10-40-233,921
3,317
-9-30 -93,269
1,913
-9-30 -91,865
350 -7-30 -9304H1 2026 Results FAQs
37
Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226Q225 Q325 Q425 Q126 Q226
Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226
YoY (1)
YoYStrong Net PoP growth reflecting higher densification and despite consolidation trend in key markets
YoY +
YoY + PoPsRest of Europe (1)
YoY +
YoY + PoPs
YoY +
YoY + PoPs
YoY +
YoY + PoPs
YoY +
YoY + PoPs
YoY +
YoY + PoPs What is the Points of Presence ( PoP) growth of each region?
Customer RatioNumber of PoPs Customer RatioNumber of PoPs (1) Pro -forma: Excluding the contribution of Ireland and Austria18.4K 19.8K19.8K 20.1K31.7K33.9K 49.6K 51.4K
23.9K25.2K 32.2K33.9K
1,360320 1,775
1,2532,235
1,6407.4%1.6% 3.6%
5.2% 5.1%7.0%
2.1x2.2x1.5x 1.5x2.2x 2.3x 1.4x 1.4x1.2x 1.2xH1 2026 Results FAQs
4.9%
38
IFRS 16IAS 17
Net Financial Debt (€Mn) (1) Adjusted EBITDA Last Twelve Months (LTM) How fast is Cellnex deleveraging ?H1 2026 Results FAQs 20,618 20,765 20,818 20,763
6.85
6.396.286.118.25
7.387.186.99
5.0 05.5 06.0 06.5 07.0 07.5 08.0 08.5 09.0 09.5 010. 00 9,0 0011, 00013, 00015, 00017, 00019, 00021, 00023, 000
2023 2024 2025 H1 2026
Net debt IFRS Leverage IFRS Leverage IAS
39 How is our debt maturity profile structured?
Liquidity fully committed with a wide array of available funding optionsDebt maturities as of June 2026
Key highlights
✓ Liquidity of c.€5.3Bn: c.€2.0Bn cash and c.€3.3Bn undrawn credit lines ✓ Fixed rate debt c.80% ✓ Gross debt c.€19.3Bn (bonds and other
instruments)
✓ Net borrowings c.€17.3 Bn ✓ Average cost of debt : 2.1% ✓ Average maturity : 4.4 years ✓ Flexibility preserved : Cellnex Finance debt without financial covenants, pledges or guaranteesH1 2026 Results FAQs Refinancing of €500Mn
Sustainability -Linked
Syndicated Loan , upsized to €800Mn and maturity extended (Euribor + 0.90%)
5001,000 1,0007501,0007508501,250
750504576
7501151,500
750500
450750
1,000100
6585083315
625203
700280688
150280
01,0002,0003,0004,000
202660
2027 202861
2029 2030 2031 2032 2033 2041 EUR Straight Bonds €10.6BnEUR Bank Debt €3.6Bn CHF Local Bank Debt/Bonds €1.1BnEUR Priv. Bonds €0.2Bn EUR Conv. Bonds €3.4BnUSD Bonds €0.5Bn2,706 2,648
2,1983,353
2,290
1,750
50450057
2036750
Already covered
with existing
cash position and
new bonds2,563
40Previously addressed FAQ topics Frequently Asked Question Last Covered inH1 2026 Results FAQs What is the Points of Presence (PoP) growth of each region? Q2 2026 How do other businesses complement our tower services? FY 2025 How fast is Cellnex deleveraging? Q2 2026 How is our debt maturity profile structured? Q2 2026 How does 2026 guidance reconcile to 2025 baseline? Q2 2026 What is Cellnex’s view on increasing RAN sharing in the market? FY 2025 How successfully has Cellnex managed recent MNO consolidation? FY 2025 Satellite data connectivity solutions are complementary to terrestrial networks FY 2025 What are the results of the customer engagement survey? FY 2025 What is the evolution of main ESG targets and KPIs? FY 2025 What are Cellnex’s key sustainability achievements in 2025? FY 2025 When are Cellnex’s anchor contracts up for renewal? Q2 2026 What is Cellnex track record in contract renewals? Q2 2026 What is your financial outlook? Q2 2026 What is Cellnex’s EBITDA and EBITDAaL margin expansion? Q2 2026 What are the latest developments in Cellnex’s ESG performance? Q2 2026 How is Cellnex protected against changes in the macro environment? Q2 2026 How is Cellnex leveraging its industrial platform to create value? Q2 2026 How is Cellnex progressing on its shareholder remuneration commitments? Q2 2026
41Term Definition
Adjusted EBITDA Adjusted EBITDA relates tothe “Operating profit” before “Depreciation, amortization and results from disposals offixed assets” and after adding back certain non-recurring expenses (such asdonations, redundancy provision, extra compensation and benefit costs, and costs and taxes related toacquisitions, among others), aswell ascertain non-cash expenses (LTIP remuneration payable inshares, among others) and advances tocustomers .The Company uses Adjusted EBITDA asanoperating performance indicator ofits business units and itiswidely used asanevaluation metric among analysts, investors, rating agencies and other stakeholders .Atthesame time, itisimportant tohighlight that Adjusted EBITDA isnot ameasure adopted inaccounting standards and, therefore, should not beconsidered analternative tocash flow asanindicator ofliquidity .Adjusted EBITDA does nothave astandardized meaning and, therefore, cannot becompared totheAdjusted EBITDA ofother companies .One commonly used metric that isderived from Adjusted EBITDA isAdjusted EBITDA margin .Adjusted EBITDA isanAPM .Please seeslide 44forcertain information onthelimitations ofAPMs Adjusted EBITDA margin Adjusted EBITDA Margin corresponds toAdjusted EBITDA, divided by"revenues expass through" .Thus, itexcludes elements passed through tocustomers from both expenses and revenues, mostly electricity costs, theutility fee, aswell asAdvances tocustomers, business rates, rents and others .The Group uses Adjusted EBITDA Margin asanoperating performance indicator and itiswidely used asanevaluation metric among analysts, investors, rating agencies and other stakeholders .Adjusted EBITDA margin isanAPM .Please seeslide 44forcertain information onthelimitations ofAPMs Average Revenue Per Tower (ARPT) Itiscalculated asdividing therevenues exPass -through associated totheTower business unit bythenumber oftelecom sites attheend ofthereporting period .Tower revenues areexpressed onanannual basis asperthelast12months ended thelastday ofthereporting period .ARPT isexpressed in€thousand .ARPT isand APM .Please seeslide 44for certain information onthelimitations ofAPMs Available Liquidity The Group considers asAvailable Liquidity theavailable cash and available credit lines atperiod -end closing, aswell asother financial assets .
Anchor tenant/customer Anchor customers aretelecom operators from which theCompany hasacquired assets Backlog Represents management’s estimate oftheamount ofcontracted revenues that Cellnex expects willresult infuture revenue from certain existing contracts .This amount isbased onanumber ofassumptions and estimates, including assumptions related tothe performance ofanumber ofthe existing contracts ataparticular date but donot include adjustments forinflation .One ofthemain assumptions relates tothecontract renewals, and inaccordance with theconsolidated financial statements, contracts forservices have renewable terms including, insome cases, ‘allornothing’ clauses and insome instances may becancelled under certain circumstances bythecustomer atshort notice without penalty .
Build -to-suit (BTS) Capex Corresponds tocommitted Build -to-suit programs (consisting ofnew and dismantled sites, backhaul, backbone, edge computer centers, DAS nodes orany other type of telecommunication infrastructure aswell asany advanced payment related toit).Ad-hoc maintenance capital expenditure required eventually may beincluded .Cash -infrom the disposal ofassets (orshares) due to,among others, antitrust bodies’ decisions areconsidered within this item .BTS Capex isanAPM .Please seeslide 44forcertain information
onthelimitations ofAPMs
Customer ratio The customer ratio relates totheaverage number ofoperators ineach site.Itisobtained bydividing the number ofPoPs bytheaverage number ofTelecom Infrastructure Services sites intheyear DAS Adistributed antenna system isanetwork ofspatially separated antenna nodes connected toacommon source viaatransport medium that provides wireless service within a geographic area orstructure agreed with clients EBITDA aL EBITDAaL refers toAdjusted EBITDA after leases .Itdeducts payments oflease instalments intheordinary course ofbusiness toAdjusted EBITDA .EBITDAaL isanAPM .Please see slide 44forcertain information onthelimitations ofAPMDefinitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs
42Term Definition
EBITDAaL Margin EBITDAaL Margin corresponds toEBITDAaL ,divided by"revenues expass through" .Thus, itexcludes elements passed through tocustomers from both expenses and revenues, mostly electricity costs, the utility fee, aswell asAdvances tocustomers, business rates, rents and others .The Group uses EBITDAaL Margin asanoperating performance indicator and itiswidely used asanevaluation metric among analysts, investors, rating agencies and other stakeholders .EBITDAaL margin isanAPM .Please see slide 44for certain information onthelimitations ofAPM Expansion Capex Expansion Capital expenditures includes three categories :Tower Expansion Capex, Other Business Expansion Capex and Efficiency Capex .Please note that Tower Expansion Capex includes Tower Upgrades, consisting ofworks and studies Cellnex carries outonbehalf ofitscustomers such asadaptation, engineering and design services attherequest ofitscustomers, which represent aseparate income stream and performance obligation .Tower Upgrades carried outinCellnex' Infrastructure areinvoiced and accrued when thecustomer's request isfinalised and collected inaccordance with each customer agreement with certain margin .The costs incurred inrelation tothese services can bean internal expense orotherwise outsourced and therevenue inrelation tothese services isgenerally recognised when thecapital expense isincurred .The Company considers capital expenditures asanimportant indicator ofitsoperating performance interms ofinvestment inassets .Other Business Expansion Capex consists mainly ofinvestments related tonon Passive projects asActive Equipment, DAS, Network orothers .Efficiency Capex consists ofinvestment related tobusiness efficiency that generates additional RLFCF, including among others, decommissioning, advances tolandlords (excluding long -term cash advances) and efficiency measures associated with energy and connectivity .
This indicator iswidely used intheindustry inwhich theCompany operates asanevaluation metric among analysts, investors, rating agencies and other stakeholders .Expansion Capex isanAPM .Please seeslide 44forcertain information onthelimitations ofAPMs Engineering services Onrequest ofitscustomers Cellnex carries out certain works and studies such asadaptation, engineering and design services, which represent aseparate income stream and performance obligation .The costs incurred inrelation tothese services can beinternal expense oroutsourced .The revenue inrelation tothese services isgenerally recognized asthecapital expense isincurred .
Free Cash Flow Free Cash Flow isdefined asRLFCF after deducting BTS Capex and Expansion Capex .Free Cash Flow isanAPM .Please seeslide 44forcertain information onthelimitations of
APMs
Greenfield projects Organic growth projects regarding new telecom infrastructure which aregradually deployed such asnew telecom sites, optic fiber, edge computing orDAS, mainly fortheuseof Cellnex’s anchor tenants, with tower -likecharacteristics Gross Financial Debt The Gross Financial Debt corresponds to“Bond issues and other loans”, “Loans and credit facilities”, “Lease liabilities” and "the deferred payment inrelation toOmtel acquisition“ and does notinclude any debt held byGroup companies registered using theequity method ofconsolidation, “Derivative financial instruments” or“Other financial liabilities” .“Lease liabilities” iscalculated asthepresent value ofthelease payments payable over thelease term, discounted attherate implicit orattheincremental borrowing rate.Gross Financial Debt isanAPM .Please seeslide 44forcertain information onthelimitations ofAPMs Leverage Ratio Leverage Ratio isfrequently used byanalysts, investors and rating agencies asanindication offinancial leverage .Itiscalculated asdividing theNet Financial Debt byAdjusted EBITDA .Itwillbereported once ayear, asoftheJanuary -December reporting periods .
Leverage ratio isanAPM .Please seeslide 44forcertain information onthelimitations ofAPMs M&A Capex Corresponds toinvestments in:i)land acquisition and long term right ofuse (including long -term cash advances), ii)shareholdings ofcompanies (excluding the amount of deferred payments inbusiness combinations that arepayable insubsequent periods) aswell assignificant investments inacquiring portfolios ofsites (asset purchases) and, iii) cash infrom divestments M&A Capex isanAPM .Please seeslide 44forcertain information onthelimitations ofAPMsDefinitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs
43Term Definition
Net Financial Debt The Net Financial Debt corresponds to“Gross Financial Debt” less “Cash and cash equivalents” and "Other financial assets" .Together with Gross Financial Debt, theCompany uses Net Financial Debt asameasure ofitssolvency and liquidity asitindicates thecurrent cash and equivalents inrelation toitstotal debt liabilities .One commonly used metric that isderived from Net Financial Debt is“Net Financial Debt /Adjusted EBITDA” which isfrequently used byanalysts, investors and rating agencies asanindication offinancial leverage .Net Financial Debt isanAPM .Please seeslide 44forcertain information onthelimitations ofAPMs PoP (Point of Presence) Acustomer configuration based onthemost typical technological specifications forasite within which theactive equipment and antennas areowned bythecustomer orby Cellnex .Furthermore, aPoP must also have anassociated income .The definition isalways subject tomanagement’s view, independently ofthe technology used ortype of service such customer provides .
Inthe5G/IoT network ecosystem, this definition ofPoP could bereviewed asnew customer configurations might also beconsidered aPoP, especially inrelation tonew site-
adjacent asset classes, subject again tothemanagement's view .
Revenues Revenues correspond toOperating Income excluding Advances tocustomers (please seenote 19ainourInterim Financial Statements ended 30June 2025 ) Revenues ex pass -through Revenues exPass -through exclude from the Operating Income allelements passed through tocustomers and advances tocustomers, business rates, rents and others .The Company uses Revenues exPass -through asanoperating performance indicator ofitsbusiness units, once excluding high -volatility elements that donot contribute tothe Company's EBITDA .The Company believes itwillbewidely used asanevaluation metric among analysts, investors, rating agencies and other stakeholders, asaclearer indicator
ofitsperformance .“
Revenues expass -through isanAPMs .Please seeslide 44forcertain information onthelimitations ofAPMs RLFCF Recurring Operating Free Cash Flow plus/minus changes inworking capital, plus interest received, minus interest expense paid, minus income taxpaid, and minus recurring dividends tominorities .Recurring Leveraged Free Cash Flow ("RLFCF") isanAPMs .Please seeslide 44forcertain information onthelimitations ofAPMsDefinitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs
44This presentation contains, inaddition tothefinancial information prepared inaccordance with International Financial Reporting Standards (“IFRS”) and derived from ourfinancial statements, alternative performance measures (“APMs”) asdefined intheGuidelines onAlternative Performance Measures issued bytheEuropean Securities and Markets Authority (ESMA) on5October 2015 (ESMA/ 2015 /1415 en)and other non-IFRS measures (“Non -IFRS Measures”) .These financial measures that qualify asAPMs and non-IFRS measures have been calculated with information from Cellnex Group ;however those financial measures arenotdefined ordetailed intheapplicable financial reporting framework norhave been audited orreviewed byourauditors .
We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance .We consider these APMs and non-IFRS measures tobeuseful metrics forour management and investors tocompare financial measure ofhistorical orfuture financial performance, financial position, orcash flows .Nonetheless, these APMs and non-IFRS measures should be considered supplemental information and arenotmeant tosubstitute IFRS measures .Furthermore, companies inour industry and others may calculate oruse APMs and non-IFRS measures differently, thus making them less useful forcomparison purposes .
Forfurther details onthedefinition and explanation ontheuseofAPMs and Non-IFRS Measures please seethesection on“Alternative performance measures” ofCellnex Telecom, S.A.Interim Condensed Consolidated Financial Statements and Consolidated Interim Directors’ Report forthesix-month period ended 30June 2025(prepared inaccordance with IAS34),published on31stJuly 2025.Additionally, forfurther details onthe calculation and reconciliation between APMs and Non-IFRS Measures and any applicable management indicators and the financial data ofthe corresponding reported period, please seethebackup excel filepublished today byCellnex Telecom, S.A.Alldocuments areavailable onCellnex website (www .cellnex .com ).Non -IFRS and Alternative Performance Measures (APMs)
45The information and forward -looking statements contained inthis presentation have notbeen verified byanindependent entity and theaccuracy, completeness orcorrectness thereof should not berelied upon .Inthis regard, thepersons towhom this presentation isdelivered areinvited torefer tothedocumentation published orregistered byCellnex Telecom, S.A.and itssubsidiaries (“Cellnex”) with the National Stock Market Commission inSpain (Comisión Nacional delMercado deValores) .Allforecasts and other statements included inthis presentation that are not statements ofhistorical fact, including, without limitation, those regarding thefinancial position, business strategy, management plans, estimated investments and capital expenditures, pipeline, priorities, targets, outlook, guidance, objectives forfuture operations and runrate metrics ofCellnex (which term includes itssubsidiaries and investees), areforward -looking statements .These forward -looking statements involve known and unknown risks, uncertainties and other factors (many ofwhich arebeyond Cellnex’s control), which may cause actual results, performance or achievements ofCellnex, orindustry results, tobematerially different from those expressed orimplied bythese forward -looking statements .These forward -looking statements arebased on numerous assumptions regarding Cellnex‘s present and future business strategies, performance byCellnex's counterparties under certain ofCellnex's contracts and theenvironment inwhich Cellnex expects tooperate inthefuture which may notbefulfilled .Norepresentation orwarrant, express orimplied ismade that any forward -looking statement willcome topass .Inparticular, this presentation contains information onCellnex’s targets, outlook and guidance, which should notbeconstrued asprofit forecasts .There can benoassurance that these targets, outlook and guidance will bemet.Accordingly, undue reliance should notbeplaced onany forward -looking statement contained inthis presentation .Allforward -looking statements and other statements herein areonly asofthedate ofthis presentation .None ofCellnex norany ofitsaffiliates, advisors orrepresentatives, norany oftheir respective directors, officers, employees oragents, shall bear any liability (innegligence orotherwise) forany loss arising from any useofthis presentation oritscontents (including any forward -looking statement), orotherwise inconnection herewith, and they donotundertake any obligation toprovide therecipients with access toadditional information ortoupdate this presentation ortocorrect any inaccuracies intheinformation contained or referred toherein .
Totheextent available, theindustry and market data contained inthis presentation hascome from official orthird party sources .Third party industry publications, studies and surveys generally state that thedata contained therein have been obtained from sources believed tobereliable, butthat there isnoguarantee ofthe accuracy orcompleteness ofsuch data .Inaddition, certain oftheindustry and market data contained inthis presentation come from Cellnex's own internal research and estimates based ontheknowledge and experience ofCellnex's management inthe market inwhich Cellnex operates, and issubject tochange .Certain information contained herein isbased onCellnex's management information and estimates and has not been audited or reviewed byCellnex's auditors .Recipients should notplace undue reliance onthisinformation .The financial information included herein hasnotbeen reviewed byCellnex’s auditors foraccuracy or completeness and, assuch, should not berelied upon .Certain financial and statistical information contained inthe presentation issubject torounding adjustments .Accordingly, any discrepancies between thetotals and thesums oftheamounts listed aredue torounding .
This presentation isaddressed toanalysts and toinstitutional orspecialized investors only and should only beread together with thesupporting excel document published ontheCellnex website .
The distribution ofthispresentation incertain jurisdictions may berestricted bylaw.Consequently, persons towhich thispresentation isdistributed must inform themselves about and observe such restrictions .Byreceiving thispresentation therecipient agrees toobserve anysuch restrictions .
Neither this presentation northehistorical performance ofCellnex's management team constitute aguarantee ofthefuture performance ofCellnex and there can benoassurance that Cellnex's management team willbesuccessful inimplementing theinvestment strategy ofCellnex .
Nothing herein constitutes anoffer tosellorthesolicitation ofanoffer topurchase any security and nothing herein may beused asthebasis toenter into any contract oragreement .Disclaimer
46Essential information
available on the
Investor Relations
section of Cellnex’s websiteH1 2026 Results
Supplemental Materials (XLS)Gráfico 29 Contact our Investor Relations team investor.relations@cellnextelecom.comInvestor Relations Director
Maria Carrapato
maria.carrapato@cellnextelecom.comInvestor Relations Manager Gonzalo García -Carretero
gonzalo.garcia.carretero@cellnextelecom.com
Investor Relations Analyst
Daniel Pradas
daniel.pradas@cellnextelecom.comIR Team & Results Materials Webcast: Click HereInvestor Relations Senior Analyst María Gómez Lara