Slides
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H1 2026 Results 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
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2 Agenda MAIN HIGHLIGHTS H1 2026 RESULTS INDUSTRY DYNAMICS APPENDIX FAQs Today’s speakers Maria Carrapato Head of IR Marco Patuano CEO Raimon Trias CFO Simone Battiferri COO
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3 Nr Click to edit Master text styles 3 Main Highlights
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4 Nr Click to edit Master text styles 4 Free Cash Flow New agreements & renewals Shareholder Remuneration Sustained operating and financial performance Main Highlights 2 1 • 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 15 th January 2026, and second tranche (€250Mn) paid on 15 th of July 2026 • Completion of the €500Mn Share buyback program announced on 6 th November: €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 an additional €200Mn Share buyback programme to be executed until the end of the year, taking total shareholder remuneration in 2026 to €1 Billion 4 • 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 lengths 3 • 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 19 4.9% 84.6% 61.8%
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5 Main 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 €1,000Mn €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 2025 2026 €1,000Mn after new programme = 2025 – 2026 total ~€2,000Mn ~11% of market cap (1)
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H1 2026 Results
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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 20th 2025 (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 Revenue Growth EBITDA Growth EBITDAaL Growth H1 2026 Results H1 2026 Organic Pro-forma (1) RLFCF Growth Operational Efficiency Management of Leases Optimizing Capital Structure Execution and disciplined capital allocation accelerating growth per share RLFCF per share (2) Growth Shareholder Value Creation Operating efficiency 5.0% 6.4% 7.7% 11.0% 18.1%
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8 Organic growth of 5.0%, supported by inflation protection and customer demand 1,942 1,907 2,001 1,99426 24 44 -36 -7 H1 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 Perimeter and Others (Engineering Services, among others) FX, Change of Perimeter & Others Escalators & CPI Co-location and Other business BTS and Fiber Revenues H1 2025 €Mn Organic Revenues (2) Ireland, Data Centers and O&M Pro-forma H1 2025 (1) Revenues H1 2026 + Consolidated Revenues + 5.0% 2.7%
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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 1,563 2,251 2,736 1,587 2,019 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 60 182 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% Churn Gross PoP growth +5.7% Net PoP growth +4.9% Gross Co-location BTSH1 2025 H1 2026 H1 2026 - Total Points of Presence Churn 175,847 6,339 3,248 -1,004 184,430 Q2 2026 - Total Points of Presence (1) 1.63x 1.59xTenancy Ratio
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10 1,568 1,637 1,62524 18 38 -11 1,557 -13 H1 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 Perimeter and Others (Engineering Services, among others) Towers revenues: organic growth + H1 2026 Towers Revenues Growth Towers Revenues €Mn FX, Change of Perimeter & Others Escalators & CPI Co-location BTSRevenues H1 2025 Organic Revenues (2)Ireland Pro-forma H1 2025 (1) Revenues H1 2026 +5.2% 3.6% 5.2%
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11 DAS, Small Cells & RANaaS Broadcasting H1 2026 Results Organic revenues growth upside from other businesses Other Business Lines H1 2025 Fiber, Connectivity & Housing Services 116 109 126 128 132 133 99 (1) 119 (2) H1 2026 Organic pro-forma(3) growthReported 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 Spain Fiber, 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)
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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 TowerCo 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
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13 Staff Repair & Maintenance Services H1 26H1 25 Leases H1 26H1 25 €Mn H1 26H1 25 H1 26H1 25 €Mn €Mn €Mn Reported numbers Operational efficiency driving margin expansion H1 2026 Results Operational Efficiencies (1) Pro- forma: Excluding the contribution of Austria, Ireland, French Data Centers and Operation & Maintenance in Spain 139 52 150 448 133 53 136 455 Pro-forma excluding Ireland, French Data Centers and Operation & Maintenance in Spain Cost per tower -3.3% EBITDA Margin expansion Pro-forma (1) H1 2024 H1 2025 H1 2026 82.8% 84.6% 82.3% EBITDAaL Margin expansion Pro-forma (1) H1 2024 H1 2025 H1 2026 59.4% 61.8% 58.3%
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14 Converting operational performance into FCF generation Reported FCF bridge H1 2026 €(Mn) H1 2026 Results Free Cash Flow EBITDA After Lease Maint. Capex Working Capital Interest Paid Tax Paid RLFCF Expansion Capex (Towers, Other Business and Efficiency) BTS Capex FCFDiv. To Minorities Remedies 1,231 908 301 -49 1 -216 -58 0 -178 -429 0 Strong FCF generation driven by: ✓ Operational performance ✓ Efficient capital and tax structure and optimized cost of debt ✓ Lower BTS capex intensity
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15 Free Cash Flow generation acceleration, supporting +18.1% RLFCF per share Reported FCF (€Mn) - consolidating positive trajectory H1 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 20th 2025 (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) 798 885 H1 2025 H1 2026 11.0% 1.13 1.33 H1 2025 H1 2026 18.1%+ 19 301 H1 2025 H1 2026 282 282
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16 Funding needs largely covered until end 2028 H1 2026 Results Debt 2026 2027 Liquidity H1 2026 Cash Undrawn 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 LiquidityDebt Maturities €2Bn €3.3Bn €5.3Bn 2028 €5.7Bn €2.7Bn€2.6Bn €0.5Bn
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Industry Dynamics
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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 capacity 5G subscribers 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 enabled x2.5 25 Gb 59 Gb 54% 95% +22% “Mobile network data traffic grew 22 percent between Q1 2025 and Q1 2026” Estimate The 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 coverage Greater uplink intensity, real-time response and reliability for new use cases
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19 H1 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 user1 Limited spectrum available to satellites2 Indoor performance is fundamentally limited3 vs Less spectrum available to serve mass-market demand Satellite beams struggle to penetrate buildings vs The 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 GHz, July 2026; GSMA Intelligence – What does the early data on D2D usage tell us?, May 2026; NewStreet Research July 7th 2026 Satellite operators typically have access to significantly less spectrum than terrestrial mobile operators Terrestrial networks Cover c.96% of the global population Satellite 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 km2 Downlink capacity 0,61 Mbps per km2 c.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 spectrum c.1,100 Mhz IMT spectrum
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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 mobileby 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 GHz, July 2026; GSMA Intelligence – What does the early data on D2D usage tell us?, May 2026; NewStreet Research July 7th 2026 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
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21 H1 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 structural 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) 86 141 165 238 Europe North America Greater China GCC 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 quality Infrastructure gap 5G SA remains very limited in Europe, reaching only 2% of citizens vs. 80% of the population in Greater China Technology 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 United Arab Emirates. (1)
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22 H1 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 Area SFR PoPs with Cellnex (% PoPs) c.12k PoPs • Out of our total SFR PoPs, c.12k, a little over 40% are in dense areas, of these, less than 10% are non-anchor PoPs • RAN Sharing between SFR & Bouygues already in place in non-dense areas with secondary contracts already renewed for 10 to 12 years and Bouygues envisaged to take ownership of the SFR PoPs part of the RAN 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 0.2 3.2 3.2 4.0 3.5 3.1 2.8 3.0 2.6 2.7 2.7 3.4 1.5 1.4 1.3 1.4 1.4 1.2 1.4 1.4 1.7 2.0 1.6 4.7 4.7 5.4 4.9 4.6 4.6 4.9 4.7 4.9 5.3 5.2 2017 2018 2019 2020 2021 2022 2023 2024 20252015 2016 Very 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
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IR Materials & Upcoming Events
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24 IR Materials & Upcoming Events H1 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
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Annex
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26 +2.7% +5.1% +6.5% +6.4% organic +5.0% organic +7.7% organic +9.1% +11.0% organic Revenues 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 €Mn Jan-Jun Jan-Jun Pro-forma (2) Jan-Jun Jan-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 €Mn Jan-Jun Jan-Jun Pro- forma (2) Jan-Jun Jan-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
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27 Net Financial Debt (1) 20,818 (1) Net Financial Debt 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”). Balance sheet a) a) Data Centers in France and Digital Infra Vehicle II (DIV) €Mn December 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 €Mn December 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
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28 Income 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
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FAQs
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30 What 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 positions KPI 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 in all managerial positions by 2030. ➢ 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 Telecom 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
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31 How 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 debt Average 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 leverage H1 2026 Results FAQs
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32 How 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
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33 H1 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 2022 Tranche 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
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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 MLA Odido +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 2024 Vodafone 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 servicesVodafone 2025 +12 years 2037 What is Cellnex track record in contract renewals? (1) The contract have CAP or Floors on the CPI H1 2026 Results FAQs
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35 €Mn What 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 – 3,805 Guidance 2027 H1 2026 Results FAQs All public targets reiterated
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36 4,075 – 4,175 600 – 700 1,900 – 2,000 3,425 – 3,525 Guidance 2026 How does 2026 guidance reconcile to 2025 baseline? 3,995 350 1,913 3,317 Reported 2025 Ireland Data Centers O&M Spain + Others 2025 Adjusted 2025 Reported €Mn Revenues (ex pass-through) Adjusted EBITDA RLFCF FCF 3,995 -10 -40 -23 3,921 3,317 -9 -30 -9 3,269 1,913 -9 -30 -9 1,865 350 -7 -30 -9 304 H1 2026 Results FAQs
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37 Q225 Q325 Q425 Q126 Q226Q225 Q325 Q425 Q126 Q226Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226 Q225 Q325 Q425 Q126 Q226Q225 Q325 Q425 Q126 Q226 YoY (1) YoY Strong Net PoP growth reflecting higher densification and despite consolidation trend in key markets YoY + YoY + PoPs Rest 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 Ratio Number of PoPs Customer Ratio Number of PoPs (1) Pro- forma: Excluding the contribution of Ireland and Austria 18.4K 19.8K 19.8K 20.1K31.7K 33.9K 49.6K 51.4K 23.9K 25.2K 32.2K 33.9K 1,360 3201,775 1,253 2,235 1,640 7.4% 1.6%3.6% 5.2% 5.1% 7.0% 2.1x 2.2x 1.5x 1.5x 2.2x 2.3x 1.4x 1.4x 1.2x 1.2x H1 2026 Results FAQs 4.9%
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38 IFRS 16 IAS 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 6.39 6.28 6.11 8.25 7.38 7.18 6.99 5.0 0 5.5 0 6.0 0 6.5 0 7.0 0 7.5 0 8.0 0 8.5 0 9.0 0 9.5 0 10. 00 9,0 00 11, 000 13, 000 15, 000 17, 000 19, 000 21, 000 23, 000 2023 2024 2025 H1 2026 Net debt IFRS Leverage IFRS Leverage IAS
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39 How is our debt maturity profile structured? Liquidity fully committed with a wide array of available funding options Debt 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.€17.3Bn ✓ Average cost of debt: 2.1% ✓ Average maturity: 4.4 years ✓ Flexibility preserved: Cellnex Finance debt without financial covenants, pledges or guarantees H1 2026 Results FAQs Refinancing of €500Mn Sustainability-Linked Syndicated Loan, upsized to €800Mn and maturity extended (Euribor + 0.90%) 500 1,000 1,000 750 1,000 750 850 1,250 750 504 576 750 115 1,500 750 500 450 750 1,000 100 65 850 83 315 625 203 700 280 688 150 280 0 1,000 2,000 3,000 4,000 2026 60 2027 2028 61 2029 2030 2031 2032 2033 2041 EUR Straight Bonds €10.6Bn EUR Bank Debt €3.6Bn CHF Local Bank Debt/Bonds €1.1Bn EUR Priv. Bonds €0.2Bn EUR Conv. Bonds €3.4Bn USD Bonds €0.5Bn 2,706 2,648 2,198 3,353 2,290 1,750 504500 57 2036 750 Already covered with existing cash position and new bonds 2,563
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40 Previously addressed FAQ topics Frequently Asked Question Last Covered in H1 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
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41 Term Definition Adjusted EBITDA Adjusted EBITDA relates to the “Operating profit” before “Depreciation, amortization and results from disposals of fixed assets” and after adding back certain non-recurring expenses (such as donations, redundancy provision, extra compensation and benefit costs, and costs and taxes related to acquisitions, among others), as well as certain non-cash expenses (LTIP remuneration payable in shares, among others) and advances to customers. The Company uses Adjusted EBITDA as an operating performance indicator of its business units and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. At the same time, it is important to highlight that Adjusted EBITDA is not a measure adopted in accounting standards and, therefore, should not be considered an alternative to cash flow as an indicator of liquidity. Adjusted EBITDA does not have a standardized meaning and, therefore, cannot be compared to the Adjusted EBITDA of other companies. One commonly used metric that is derived from Adjusted EBITDA is Adjusted EBITDA margin. Adjusted EBITDA is an APM. Please see slide 44 for certain information on the limitations of APMs Adjusted EBITDA margin Adjusted EBITDA Margin corresponds to Adjusted EBITDA, divided by "revenues ex pass through". Thus, it excludes elements passed through to customers from both expenses and revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others. The Group uses Adjusted EBITDA Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. Adjusted EBITDA margin is an APM. Please see slide 44 for certain information on the limitations of APMs Average Revenue Per Tower (ARPT) It is calculated as dividing the revenues ex Pass-through associated to the Tower business unit by the number of telecom sites at the end of the reporting period. Tower revenues are expressed on an annual basis as per the last 12 months ended the last day of the reporting period. ARPT is expressed in € thousand. ARPT is and APM. Please see slide 44 for certain information on the limitations of APMs Available Liquidity The Group considers as Available Liquidity the available cash and available credit lines at period-end closing, as well as other financial assets. Anchor tenant/customer Anchor customers are telecom operators from which the Company has acquired assets Backlog Represents management’s estimate of the amount of contracted revenues that Cellnex expects will result in future revenue from certain existing contracts. This amount is based on a number of assumptions and estimates, including assumptions related to the performance of a number of the existing contracts at a particular date but do not include adjustments for inflation. One of the main assumptions relates to the contract renewals, and in accordance with the consolidated financial statements, contracts for services have renewable terms including, in some cases, ‘all or nothing’ clauses and in some instances may be cancelled under certain circumstances by the customer at short notice without penalty. Build-to-suit (BTS) Capex Corresponds to committed Build-to-suit programs (consisting of new and dismantled sites, backhaul, backbone, edge computer centers, DAS nodes or any other type of telecommunication infrastructure as well as any advanced payment related to it). Ad-hoc maintenance capital expenditure required eventually may be included. Cash-in from the disposal of assets (or shares) due to, among others, antitrust bodies’ decisions are considered within this item. BTS Capex is an APM. Please see slide 44 for certain information on the limitations of APMs Customer ratio The customer ratio relates to the average number of operators in each site. It is obtained by dividing the number of PoPs by the average number of Telecom Infrastructure Services sites in the year DAS A distributed antenna system is a network of spatially separated antenna nodes connected to a common source via a transport medium that provides wireless service within a geographic area or structure agreed with clients EBITDAaL EBITDAaL refers to Adjusted EBITDA after leases. It deducts payments of lease instalments in the ordinary course of business to Adjusted EBITDA. EBITDAaL is an APM. Please see slide 44 for certain information on the limitations of APM Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs
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42 Term Definition EBITDAaL Margin EBITDAaL Margin corresponds to EBITDAaL, divided by "revenues ex pass through". Thus, it excludes elements passed through to customers from both expenses and revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others. The Group uses EBITDAaL Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. EBITDAaL margin is an APM. Please see slide 44 for certain information on the limitations of APM 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 of works and studies Cellnex carries out on behalf of its customers such as adaptation, engineering and design services at the request of its customers, which represent a separate income stream and performance obligation. Tower Upgrades carried out in Cellnex' Infrastructure are invoiced and accrued when the customer's request is finalised and collected in accordance with each customer agreement with certain margin. The costs incurred in relation to these services can be an internal expense or otherwise outsourced and the revenue in relation to these services is generally recognised when the capital expense is incurred. The Company considers capital expenditures as an important indicator of its operating performance in terms of investment in assets. Other Business Expansion Capex consists mainly of investments related to non Passive projects as Active Equipment, DAS, Network or others. Efficiency Capex consists of investment related to business efficiency that generates additional RLFCF, including among others, decommissioning, advances to landlords (excluding long-term cash advances) and efficiency measures associated with energy and connectivity. This indicator is widely used in the industry in which the Company operates as an evaluation metric among analysts, investors, rating agencies and other stakeholders. Expansion Capex is an APM. Please see slide 44 for certain information on the limitations of APMs Engineering services On request of its customers Cellnex carries out certain works and studies such as adaptation, engineering and design services, which represent a separate income stream and performance obligation. The costs incurred in relation to these services can be internal expense or outsourced. The revenue in relation to these services is generally recognized as the capital expense is incurred. Free Cash Flow Free Cash Flow is defined as RLFCF after deducting BTS Capex and Expansion Capex. Free Cash Flow is an APM. Please see slide 44 for certain information on the limitations of APMs Greenfield projects Organic growth projects regarding new telecom infrastructure which are gradually deployed such as new telecom sites, optic fiber, edge computing or DAS, mainly for the use of Cellnex’s anchor tenants, with tower-like characteristics Gross Financial Debt The Gross Financial Debt corresponds to “Bond issues and other loans”, “Loans and credit facilities”, “Lease liabilities” and "the deferred payment in relation to Omtel acquisition“ and does not include any debt held by Group companies registered using the equity method of consolidation, “Derivative financial instruments” or “Other financial liabilities”. “Lease liabilities” is calculated as the present value of the lease payments payable over the lease term, discounted at the rate implicit or at the incremental borrowing rate. Gross Financial Debt is an APM. Please see slide 44 for certain information on the limitations of APMs Leverage Ratio Leverage Ratio is frequently used by analysts, investors and rating agencies as an indication of financial leverage. It is calculated as dividing the Net Financial Debt by Adjusted EBITDA. It will be reported once a year, as of the January-December reporting periods. Leverage ratio is an APM. Please see slide 44 for certain information on the limitations of APMs M&A Capex Corresponds to investments in: i) land acquisition and long term right of use (including long-term cash advances), ii) shareholdings of companies (excluding the amount of deferred payments in business combinations that are payable in subsequent periods) as well as significant investments in acquiring portfolios of sites (asset purchases) and, iii) cash in from divestments M&A Capex is an APM. Please see slide 44 for certain information on the limitations of APMs Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs
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43 Term 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, the Company uses Net Financial Debt as a measure of its solvency and liquidity as it indicates the current cash and equivalents in relation to its total debt liabilities. One commonly used metric that is derived from Net Financial Debt is “Net Financial Debt / Adjusted EBITDA” which is frequently used by analysts, investors and rating agencies as an indication of financial leverage. Net Financial Debt is an APM. Please see slide 44 for certain information on the limitations of APMs PoP (Point of Presence) A customer configuration based on the most typical technological specifications for a site within which the active equipment and antennas are owned by the customer or by Cellnex. Furthermore, a PoP must also have an associated income. The definition is always subject to management’s view, independently of the technology used or type of service such customer provides. In the 5G/IoT network ecosystem, this definition of PoP could be reviewed as new customer configurations might also be considered a PoP, especially in relation to new site- adjacent asset classes, subject again to the management's view. Revenues Revenues correspond to Operating Income excluding Advances to customers (please see note 19a in our Interim Financial Statements ended 30 June 2025) Revenues ex pass-through Revenues ex Pass-through exclude from the Operating Income all elements passed through to customers and advances to customers, business rates, rents and others. The Company uses Revenues ex Pass-through as an operating performance indicator of its business units, once excluding high-volatility elements that do not contribute to the Company's EBITDA. The Company believes it will be widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders, as a clearer indicator of its performance.“ Revenues ex pass-through is an APMs. Please see slide 44 for certain information on the limitations of APMs RLFCF Recurring Operating Free Cash Flow plus/minus changes in working capital, plus interest received, minus interest expense paid, minus income tax paid, and minus recurring dividends to minorities. Recurring Leveraged Free Cash Flow ("RLFCF") is an APMs. Please see slide 44 for certain information on the limitations of APMs Definitions Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs
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44 This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”) and derived from our financial statements, alternative performance measures (“APMs”) as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Cellnex Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare financial measure of historical or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes. For further details on the definition and explanation on the use of APMs and Non-IFRS Measures please see the section on “Alternative performance measures” of Cellnex Telecom, S.A. Interim Condensed Consolidated Financial Statements and Consolidated Interim Directors’ Report for the six-month period ended 30 June 2025 (prepared in accordance with IAS 34), published on 31st July 2025. Additionally, for further details on the calculation and reconciliation between APMs and Non-IFRS Measures and any applicable management indicators and the financial data of the corresponding reported period, please see the backup excel file published today by Cellnex Telecom, S.A. All documents are available on Cellnex website (www.cellnex.com). Non-IFRS and Alternative Performance Measures (APMs)
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45 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. Disclaimer
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46 Essential information available on the Investor Relations section of Cellnex’s website H1 2026 Results Supplemental Materials (XLS) Gráfico 29 Contact our Investor Relations team investor.relations@cellnextelecom.com Investor Relations Director Maria Carrapato maria.carrapato@cellnextelecom.com Investor Relations Manager Gonzalo García-Carretero gonzalo.garcia.carretero@cellnextelecom.com Investor Relations Analyst Daniel Pradas daniel.pradas@cellnextelecom.com IR Team & Results Materials Webcast: Click Here Investor Relations Senior Analyst María Gómez Lara maria.gomez1@cellnextelecom.com