Cellnex Telecom, S.A.

Cellnex said first-half 2026 organic revenue was EUR 2 billion, up 5% year on year. Adjusted EBITDA increased 6.4% and EBITDA after leases rose 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 EBITDAaL margin reached 61.8%, with cost per tower down 3.3% year on year. Free cash flow increased from approximately EUR 19 million in the first half of 2025 to approximately EUR 301 million in the first half of 2026. Management reiterated full-year free cash flow guidance of EUR 600 million to EUR 700 million and said next year it expects EUR 975 million to EUR 1,075 million. 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. Shareholder returns for 2026 will total EUR 1 billion, including EUR 500 million of dividends, EUR 300 million of buybacks already completed, and the newly announced EUR 200 million buyback.

Marco Patuano said the quarter shows Cellnex is delivering the model it described to the market: predictable organic growth, expanding margins, accelerating free cash flow and shareholder remuneration. He emphasized stronger customer relationships, citing Sunrise in Switzerland, Vodafone Spain and Telefónica Spain, and argued that Europe will need more physical network infrastructure, densification and resilience. His tone was confident and constructive, especially on the long-term demand backdrop and on the company’s ability to convert that into value.

Raimon Trias focused on the mechanics behind the numbers: revenue growth of 5%, Adjusted EBITDA growth of 6.4%, EBITDAaL growth of 7.7%, and recurrent levered free cash flow growth of 11% to EUR 908 million, with free cash flow after expansion and Build-to-Suit CapEx at about EUR 301 million. He pointed to lower Build-to-Suit CapEx intensity as the cycle normalizes, optimized cost of debt, and a strong liquidity position of about EUR 5.3 billion. He also said the company is reiterating its full-year free cash flow guidance of EUR 600 million to EUR 700 million and expects a step-up next year to EUR 975 million to EUR 1,075 million.

Analysts focused on French consolidation regulation, Italy’s new coverage and speed obligations, post-consolidation densification in Spain and the U.K., the logic of the new EUR 200 million buyback, and whether towers face strategic alternatives or edge-computing opportunities. Management said French remedies should be the usual ones, though the size will be decided by the authority, and that in Italy higher speed requirements should also drive more core-network investment, not just tower upgrades. On capital allocation, management said buybacks are preferred now because the share price does not reflect intrinsic value and cash generation is strong, while leverage will still be managed within the 5x to 6x range. On Vodafone Spain, management said the renewal was on unchanged terms and only a limited set of additional sites were added after technical review; in France, BTS remains active but is being handled cautiously to avoid creating future overlap issues if consolidation progresses.