Cellnex Telecom, S.A.

Cellnex reported first-half 2026 organic revenues of EUR 2 billion, up 5% year over year. Adjusted EBITDA grew 6.4%, EBITDA after leases grew 7.7%, recurrent levered free cash flow increased 11%, and recurrent levered free cash flow per share rose 18.1%. EBITDA margin reached 84.6% and EBITDA after leases margin reached 61.8%. Free cash flow improved from approximately EUR 19 million in first-half 2025 to approximately EUR 301 million in first-half 2026. Liquidity stood at approximately EUR 5.3 billion, including circa EUR 2 billion of cash and EUR 3.3 billion of undrawn committed credit lines. Management reiterated full-year 2026 free cash flow guidance of EUR 600 million to EUR 700 million and said 2027 free cash flow should rise to EUR 975 million to EUR 1,075 million. The company also said 2026 shareholder remuneration totals EUR 1 billion after the new EUR 200 million buyback.

Marco Patuano framed the half-year as proof that Cellnex is executing the model it laid out to investors: predictable growth, expanding margins, accelerating cash generation, and shareholder returns. He emphasized that the company is deepening customer relationships through renewals and strategic partnerships, while Europe’s need for densification, resilience, and better network quality supports long-term demand. His tone was confident and constructive, especially on the idea that current market prices understate intrinsic value and that buybacks are therefore value-accretive.

Raimon Trias focused on the conversion of revenue growth into cash and on balance sheet flexibility. He cited EUR 2 billion of organic revenues, 5% revenue growth, 6.4% EBITDA growth, 7.7% EBITDAaL growth, EUR 908 million of recurrent levered free cash flow, and about EUR 301 million of free cash flow after expansion and BTS CapEx. He said the driver was solid operations plus a better cost of debt and lower BTS CapEx intensity as the BTS cycle normalizes, and highlighted liquidity of about EUR 5.3 billion. He reiterated full-year FCF guidance of EUR 600 million to EUR 700 million and said 2027 should move to EUR 975 million to EUR 1,075 million.

Analysts focused on France regulatory remedies, Italy’s AGCOM obligations, Spain and U.K. post-consolidation densification, and why management chose buybacks rather than more debt reduction. Management said French remedies should be the usual type, with the key variable being the size set by regulators, and argued that stronger operators will still need to invest in better networks. On Spain, Cellnex said Vodafone’s renewal was done on unchanged terms and that some additional sites were added only where existing towers could host them without special pricing or major extra CapEx. On cash allocation, management said the extra capital should go to buybacks because the shares do not reflect intrinsic value and the board sees more value creation there than in further debt paydown at this time.