Slides
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9M 2026 Results Inside Information in compliance with article 226 of Law 6/2023, of 17 March, on the Spanish Securities Market and Investment Services, notified to the Spanish National Securities Market Commission
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2 Agenda MAIN HIGHLIGHTS 9M 2026 RESULTS TRANSFORMATIONAL PROJECT IN POLAND APPENDIX FAQs Today’s speakers Raimon Trias CFO Marco Patuano CEO Maria Carrapato Head of IR Nuno Carvalhosa CEO Northern EU cluster
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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 Main Highlights 1 Organic revenues growth of 4.9%¹ YoY . Delivering organic growth, cash flow generation and shareholder remuneration Continued efficiency gains drove a 4.4% (€22Mn) reduction in OPEX and margin expansion to 84.8%. Operating performance and financial discipline support cash generation, RLFCF +11.2%. Leverage target unchanged at 5–6x. Europe’s first major tower rationalization project in Poland. 2 3 4 6 Figures refer to Pro-Forma 9M 2026 versus 9M 2025, unless otherwise stated. Amounts in € million unless indicated. (1) Organic revenue growth on a pro-forma basis, excluding Ireland, French data centres and O&M in Spain. Revenue excludes pass-through. €375Mn EIB loan with an 8.5 years average maturity issued November.5
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9M 2026 Results
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6 (1) Pro- forma: Excluding the contribution of Ireland, Data Centers in France and O&M business line discontinued in Spain (2) For 9M 2026 assumes the capital reduction effective November 20th 2025 (24,064,404 shares) and the capital reduction effective August 23rd 2026 (18,304,947), equaling 664,106,024shares Revenue Growth EBITDA Growth EBITDAaL Growth 9M 2026 Results 9M 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 18.3% Growth 4.9% 6.5% 8.9% 11.2%
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7 Organic growth of 4.9%, supported by operational performance and indexation 2,937 2,881 38 42 62 -56 3,023 -16 3,008 9M 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, one off in Italy, among others) FX, Change of Perimeter & Others Escalators & CPI Co-location and Other business BTS and Fiber Revenues 9M 2025 €Mn Organic Revenues (2) Change of Perimeter Pro-forma 9M 2025 (1) Revenues 9M 2026 + Consolidated Revenues + 4.9% 2.4%
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8 RoE (1) Total Gross colocation Churn BTS Total Net 9M 2026 Results Towers KPIs Strong commercial performance delivering growth in PoPs Net new PoPs (BTS and Colo) 67 12 65 135 491 186 956 0 -99 -63 -73 -8 -99 -342 147 105 0 0 190 64 506 214 18 2 62 673 151 1,120 2,736 1,587 2,019 1,120 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (1) Rest of Europe includes Portugal, Netherlands, Switzerland, Sweden and Denmark (2) Reflect change in billing relationships with CTIL in 2026 +3.1% Gross colocations +1.6% BTS -0.6% Churn Gross PoP growth +4.7% Net PoP growth +4.1% Gross Co-location BTS9M 2025 9M 2026 9M 2026 - Total Points of Presence Churn 180,241 5,567 2,979 187,693 -1,094 Q3 2026 - Total Points of Presence (1) 1.65x 1.62xTenancy Ratio (2) (2)
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9 2,377 2,357 2,477 2,45634 31 54 -19 -21 9M 2026 Results (1) Pro- forma: Excluding the contribution of Ireland, and specific revenues accounted in towers of the Data Centers disposal (2) Including organic revenues generated in the period (Escalators & CPI, Co-location and BTS), and excluding FX, Change of Perimeter and Others (Engineering Services, one off in Italy among others) Towers revenues: organic growth + 9M 2026 Towers Revenues Growth Towers Revenues €Mn FX, Change of Perimeter & Others Escalators & CPI Co-location BTSRevenues 9M 2025 Organic Revenues (2) Change of Perimeter Pro-forma 9M 2025 (1) Revenues 9M 2026 +5.1% 3.3% 5.1%
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10 DAS, Small Cells & RANaaS +5.2% (2) Broadcasting +0.9% 9M 2026 Results Organic revenues upside from other businesses Other Business Lines 9M 2025 Fiber, Connectivity & Housing Services +8.0% (1) 9M 2026 (1) Adjusted for French Data Centers disposal; (2) Adjusted for Operation & Maintenance activity discontinued in Spain; 149 (1) 178 (2) 161 (1) 187 (2) Reported Pro-forma Organic pro-forma Organic Pro-forma 176 164 188 189 197 199
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11 Staff Repair & Maintenance Services 9M 269M 25 Leases 9M 269M 25 €Mn 9M 269M 25 9M 269M 25 €Mn €Mn €Mn Reported numbers Faster execution of efficiency plan driving up operating margins 9M 2026 Results Operational Efficiencies (1) Pro- forma: Excluding the contribution of Austria, Ireland, French Data Centers and Operation & Maintenance in Spain; (2) Pro-forma excluding Ireland, French Data Centers and Operation & Maintenance in Spain 206 79 224 649 195 80 201 660 Cost per tower EBITDA Margin expansion Pro-forma (1) 9M 2024 9M 2025 9M 2026 82.4% 83.1% 84.8% EBITDAaL Margin expansion Pro-forma (1) 9M 2024 9M 2025 9M 2026 59.7% 60.7% 62.9% -3.5% Total OPEX -€9Mn OPEX €-22Mn Lease cost +€13Mn Pro-forma (2)
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12 Free Cash Flow acceleration Reported FCF (€Mn) - consolidating positive trajectory 9M 2026 Results Free Cash Flow Pro-forma (1) Organic RLFCF - Increasing metrics per share Per – share (€) (2) ✓ Operational performance ✓ Efficient capital structure and optimized cost of debt ✓ SBB program enhancing per share metrics, driving long-term value accretion + ✓ +€ 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 9M 2026 assumes the capital reduction effective November 20th 2025 (24,064,404 shares) and the capital reduction effective August 23rd 2026 (18,304,947), equaling 664,106,024shares (€Mn) 1,250 1,390 9M 2025 9M 2026 11.2% 1.77 2.09 9M 2025 9M 2026 18.3%+ 186 474 9M 2025 9M 2026 288 288 0.26 0.71 9M 2025 9M 2026 Per – share (€) (2) +€ Mn 0.45 €+
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13 Cellnex is protected against changes in the macro environment 9M 2026 Results CPI impact c.80% of energy costs passed directly to tenants under contracts. Forward contracts and Power Purchase Agreements (PPAs) hedge residual exposure.Energy Higher inflation supports revenue growth and net exposure is positive. c.65% CPI-linked, mostly capped. c.35% fixed escalators of 1–2%. Most contracts have a 0% floor. Revenue Efficient cost management fully offsets inflation. Continuous efficiencies and economies of scale create operating leverage and expand EBITDAaL margins. Only c.65% of the lease contracts are inflation adjusted. OPEX and leases No material impact from raw-material price increases.CAPEX Higher rates impact only on refinancing. 80% of the existing debt is fixed.Interest
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14 Maintaining leverage target with funding needs largely covered to 2028 9M 2026 Results 2026 2027 Liquidity 9M 2026 Cash Undrawn credit lines Committed revolving credit facilities provide backup if markets are unfavourable, alongside a wide range of funding options. Debt Maturities €1.6Bn €3.4Bn €5.0Bn 2028 €5.5Bn €2.4Bn€2.6Bn €0.5Bn IFRS 16IAS 17 6.39 6.28 6.13 7.38 7.18 7.05 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 16, 000 17, 000 18, 000 19, 000 20, 000 21, 000 22, 000 2024 2025 9M 2026 PRO FORMA WITHOUT BUYBACKS SINCE 2025 ≤5.76x (1) vs 6.13x reported IFRS 16 leverage at 9M 2026 (1) €21,044m net debt less €1,300m completed SBB ÷ €3,430.6m implied LTM EBITDA Debt 2026–2028 maturities largely funded with €5.0Bn of committed liquidity Leverage continues to decline Net financial debt / EBITDA
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15 Debt maturity profile Debt maturities as of September 2026 ✓ Gross debt c.€19.2Bn (bonds and other instruments) ✓ Net borrowings c.€17.6Bn ✓ Average cost of debt: 2.2% ✓ Fixed rate debt c.80% ✓ Average maturity: 4.2 years 9M 2026 Results Debt 500 1,000 1,000 750 1,000 750 850 1,250 750 504 511 750 115 1,500 750 500 450 750 1,000 100 65 850 83 315 625 195 700 280 688 150 269 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 €1.0Bn EUR Priv. Bonds €0.2Bn EUR Conv. Bonds €3.4Bn USD Bonds €0.5Bn 2,361 2,917 2,198 3,353 2,290 1,750 504500 57 2036 750 2,555 €375Mn EIB loan with 8.5 years average maturity (November 2026)
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Transformational project in Poland
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17 CMD 2024 - Priorities • Colocation growth • Colocation to suit • Tower rationalization The Polish case – a perfect match • 2 independent portfolios with partial overlaps • Low tenancy ratio • Need for more coverage and capacity • Further 5G deployment Cooperation between Cellnex and Polkomtel allowed shaping a deal providing: • Better network quality and reinforced partnership • Better economics for Cellnex and Polkomtel • Higher asset use and stronger cash conversion for Cellnex 9M 2026 Results Transformational project in Poland A transformational project in line with our strategy
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18 NETWORK IMPROVEMENT & OPTIMIZATION ENABLER 02 01 03 COMMITTED NEW COLOCATIONS + c.3,200 Colocation FINANCIAL IMPACT Revenues & EBITDAaL ACCELERATED RAN RENEWAL & DEPLOYMENT 5G configurations SITE RATIONALIZATION c.4,200 relocations 04 ACCELERATED PLAY BTS BTS from 2028 to 2027 EBITDAaL Revenues & EBITDAaL Scope to 2030 Neutral Additional c.2,000 committed after 2030 9M 2026 Results Transformational project in Poland From 2027 Europe's first major tower rationalization project
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19 Metric Amount / return Long-term tenancy ratio increase (2035) > 2x IRR unlevered post tax Double-digit Incremental CAPEX 2026-2030 €500Mn 9M 2026 Results Transformational project in Poland WIN WIN WIN! A flagship industrial project with winning outcomes for our clients, our shareholders and Cellnex and an IRR double the cost of capital Strong returns whilst sharing benefits with MNO
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20 01 First tower rationalization project in Europe addressing continued demand for capacity and coverage 9M 2026 Results Transformational project in Poland 02 Execute the strategic business model to improve asset return and cash conversion 03 Complete network rationalization and expand the client base to capture higher returns 04 Strengthen client partnership to secure long term network commitments Industrial project, increasing returns and strengthening partnerships
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Closing remarks
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22 Closing remarks 9M 2026 Results Closing remarks Creating value for our clients, our platform and our shareholders 01 Growth is becoming more cash generative Organic growth, a more efficient cost base and lower BTS capex intensity are strengthening free cash flow. 02 Deleveraging and shareholder returns are progressing together Stronger cash generation supports progress towards our leverage target, alongside dividends and share buybacks. 03 Poland unlocks further value from assets we already own Contracted growth, shared efficiencies and network modernisation underpin an attractive expected investment return. 04 Our guidance on a like for like basis remains unchanged We reiterate our guidance on a like for like basis, 2027 will be impacted by the investment in Poland and faster delivery of the existing Play BTS programme.
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IR Materials & Upcoming Events
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24 IR Materials & Upcoming Events 9M 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 +2.4% +4.6% +5.7% +6.5% organic +4.9% organic +8.9% organic +6.1% +11.2% 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-Sep Jan-Sep Pro-forma (2) Jan-Sep Jan-Sep Pro-forma (2) 2025 2025 2026 2026 Towers 2,377 2,357 2,456 2,456 Fiber, Connectivity & Housing Services 176 149 164 161 DAS, Small Cells and RAN 188 178 189 187 Broadcast 197 197 199 199 Revenues 2,937 2,881 3,008 3,001 Staff costs -206 -205 -195 -195 Repair and maintenance -79 -76 -80 -80 Services -224 -214 -201 -198 Operating Expenses -508 -495 -476 -474 Net pass-through 7 8 18 18 Pass-through revenues 315 311 345 345 Pass-through costs -308 -303 -328 -327 Adjusted EBITDA 2,436 2,394 2,549 2,546 % Margin over revenues 83% 83% 85% 85% Net payment of lease liabilities -649 -646 -660 -659 EBITDA after Leases 1,787 1,748 1,890 1,887 Maintenance Capex -68 -67 -81 -81 Changes in working capital 3 -8 -14 -11 Net payment of interest -327 -327 -312 -312 Income tax payment -69 -69 -84 -84 Net recurring dividends to non-controlling interests -25 -25 -17 -17 Recurring Levered FCF 1,300 1,251 1,380 1,380 €Mn Jan-Sep Jan-Sep Pro- forma (2) Jan-Sep Jan-Sep Pro- forma (2) 2025 2025 2026 2026 Recurring Levered FCF 1,300 1,251 1,380 1,380 Expansion Capex -281 -280 -309 -309 Tower Expansion Capex -161 -160 -204 -204 Other Business Expansion Capex -43 -43 -57 -57 Efficiency Capex -78 -77 -48 -48 BTS Capex and Remedies -833 -821 -598 -598 Build-to-Suit Capex -910 -898 -600 -600 Cash in from remedies 77 77 2 2 FCF 186 150 474 474 M&A Capex and Divestments 697 697 346 346 Land acquisition and long-term right of use -119 -119 -97 -97 Other M&A Capex -151 -151 -100 -100 Divestments 967 967 543 543
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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) Data Centers in France and Digital Infra Vehicle II (DIV) €Mn December September 2025 2026 Non Current Assets 39,066 38,260 Property, plant and equipment 12,702 12,870 Intangible assets 21,664 20,869 Right-of-use assets 3,330 3,167 Investments in associates 3 3 Financial investments 142 140 Derivative financial instruments 53 42 Trade and other receivables 515 540 Deferred tax assets 656 628 Current Assets 2,501 2,620 Inventories 7 8 Trade and other receivables 990 1,091 Financial investments 3 3 Derivative financial instruments 8 15 Cash and cash equivalents 1,493 1,503 Non-current assets held for sale 497 27 Total Assets 42,064 40,907 €Mn December September 2025 2026 Shareholders’ Equity 13,324 13,078 Non Current Liabilities 23,800 22,242 Bank borrowings and bond issues 16,914 16,065 Lease liabilities 2,275 2,027 Derivative financial instruments 3 3 Provisions and other liabilities 1,657 1,316 Employee benefit obligations 55 55 Deferred tax liabilities 2,897 2,776 Current Liabilities 4,902 5,587 Bank borrowings and bond issues 2,006 3,239 Lease liabilities 706 793 Derivative financial instruments 110 201 Provisions and other liabilities 685 233 Employee benefit obligations 80 58 Payables to associates 1 0 Trade and other payables 1,314 1,064 Liab. Assoc. with non-current assets held for sale 37 0 Total Equity and Liabilities 42,064 40,907 21,044 a)
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28 Income statement €Mn 9M 2025 9M 2026 Revenues 3,252 3,353 Operating Expenses -816 -804 Non-recurring expenses and non-cash items -99 -23 Depreciation & amortization -1,976 -2,109 Results from the loss of control of consolidated companies 67 0 Impairment losses on assets -63 0 Results from disposals of fixed assets and others -12 -9 Operating Profit 353 410 Net financial profit -694 -697 Profit of Companies Accounted for Using the Equity Method -2 13 Income tax 68 49 Attributable to non-controlling interests 12 7 Net Profit Attributable to the Parent Company -263 -219
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FAQs
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30 How do the latest Satellite D2D developments confirm the critical role of towers? Three developments this quarter strengthen the case for terrestrial infrastructure as the capacity layer of nationwide seamless connectivity 1 800 MHz SPECTRUM ACQUISITION SpaceX agreed to acquire Grain Management’s nationwide low-band portfolio 2 HYBRID MVNO AMBITION Management confirmed plans to combine satellite coverage with terrestrial mobile infrastructure 3 INTEREST IN ≥80,000 SITES SpaceX is reportedly seeking access to at least 80,000 U.S. cell sites SpaceX’s own network strategy reinforces the criticality of towers Satellite extends coverage. Terrestrial sites provide the spectrum reuse, capacity, indoor reach and low latency required to serve mass-market demand at national scale. Coverage complement + Terrestrial capacity = Nationwide seamless connectivity Sources: Grain Management, 8 Oct. 2026; SpaceX Q3 2026 earnings commentary; Bloomberg reporting, 22 Oct. 2026. Tower discussions are reported and not confirmed agreements. 9M 2026 Results FAQs
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31 What are the latest developments in Cellnex’s ESG performance? 9M 2026 Results FAQs A new Climate Transition Plan brings Cellnex’s climate strategy together in a single roadmap Link to Cellnex’s Climate Transition Plan One integrated roadmap Clear transition pathway Action-oriented Cellnex climate strategy … our path to Net Zero explained in one document 1 A message from our CEO At a glance • Our ambition • Targets • Achievements Transition pathway • Milestones since 2020 Governance • Governance framework • Climate-related policies Climate risks and opportunities Drivers for climate transition Financial plan • EU Taxonomy • Sustainability-linked financing framework • Internal carbon price Stakeholders’ engagement and advocacy model 2 3 4 5 6 7 8 today Greater transparency Aligned with international best practices, the Plan connects ambition with delivery and strengthens transparency for key stak eholders • Partnership to transform the sector • Methodology, results and financial impact • Mitigation and adaptation • From climate strategy to action
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32 How is Cellnex leveraging its industrial platform to create value? 9M 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 9M 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 9M 2026 Results FAQs
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35 €Mn Revenues (ex pass-through) Like for like FCF RLFCF Adjusted EBITDA 2026 4,075 – 4,175 600 – 700 1,900 – 2,000 3,425 – 3,525 2027 4,255–4,455 975–1,175 1,945–2,145 3,605–3,805 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 9M 2026 Results FAQs 2026 and 2027 guidance reiterated on a like for like basis (*) (*) Does not include the impact of the Poland project in 2027 of €300Mn CAPEX
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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 9M 2026 Results FAQs
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37 Q325 Q425 Q126 Q226 Q326Q425 Q126 Q226 Q226 Q326Q325 Q425 Q126 Q226 Q326 Q325 Q425 Q126 Q226 Q326 Q325 Q425 Q126 Q226 Q326Q325 Q425 Q126 Q226 Q326 YoY (1) YoY Strong Net PoP growth reflecting higher densification and despite consolidation trend in key markets YoY + YoY + PoPs Rest of Europe (2) 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; (2) Rest of Europe includes Portugal, Netherlands, Switzerland, Sweden and Denmark (3) Reflect change in billing relationships with CTIL in 2026 19.0K 19.8K 22.1K 22.3K32.3K 34.2K 49.9K 51.4K 24.2K 25.9K 32.7K 34.1K 837 1731,456 1,680 1,890 1,416 4.4% 0.8%2.9% 6.9% 4.3% 5.9% 2.1x 2.2x 1.6x 1.6x 2.2x 2.3x 1.4x 1.4x 1.2x 1.2x 9M 2026 Results FAQs (3) (3) 4.1%
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38 Previously addressed FAQ topics Frequently Asked Question Last Covered in 9M2026 Results FAQs What is the Points of Presence (PoP) growth of each region? Q3 2026 How do other businesses complement our tower services? FY 2025 How fast is Cellnex deleveraging? Q3 2026 How is our debt maturity profile structured? Q3 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 Q2 2026 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? Q3 2026 What is Cellnex track record in contract renewals? Q3 2026 What is your financial outlook? Q3 2026 What is Cellnex’s EBITDA and EBITDAaL margin expansion? Q3 2026 What are the latest developments in Cellnex’s ESG performance? Q3 2026 How is Cellnex protected against changes in the macro environment? Q2 2026 How is Cellnex leveraging its industrial platform to create value? Q3 2026 How is Cellnex progressing on its shareholder remuneration commitments? Q2 2026 How do the latest Satellite D2D developments confirm the critical role of towers? Q3 2026
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39 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 42 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 42 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 42 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 42 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 42 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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40 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 42 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 42 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 42 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 42 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 42 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 42 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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41 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 42 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 2026) 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 42 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 42 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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42 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 2026 (prepared in accordance with IAS 34), published on 31st July 2026. 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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43 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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44 Essential information available on the Investor Relations section of Cellnex’s website 9M 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