Cellnex consolidates its growth in the first half of 2025. The company has presented its financial results corresponding to the first semester of the year, highlighting a sustained organic growth in its main operational and financial indicators.
However, the telecommunications infrastructure company It loses 115 million euros until the month of June is closed, which means reducing the harvested losses, 418 million euros by 72.5%in the same period of the preceding exercise.
During this period, in terms of organic growth (including only the organic income generated in the period and excluding the contribution of Ireland, the effect of the exchange rate, perimeter changes and others), the income increased +6% and Ebitdaal a +8.1%, reflecting the solidity of the underlying business and a greater operational leverage.
The leverancing free cash flow (RLFCF) amounted to 832 million euros, compared to the 781 million of the previous year, which represents an increase of +6.5%.
RLFCF per action has increased +10.2%. To strengthen its financial capacity, the company has successfully completed a bond issuance for 750 million euros and has refinant a credit line syndicated for 2,800 million euros, raising total liquidity available to 4.9 billion euros.
Besides, Cellnex has completed the repurchase of 24 million shares, equivalent to 3.41% of its share capital. The reported revenues have reached 1,942 million euros, compared to 1,921 million of the same period of the previous year, which represents an increase of +1.1%, impacted by the change of perimeter of Austria and Ireland. For its part, the Ebitdaal (Ebitda after leases) has been at 1,157 million euros, a +3.8% more than 1,114 million of the first semester of 2024.
Cellnex reiterates its guide for 2025 with the following estimate: Income between 3,950 and 4,050 million euros, Ebitda adjusted between 3,275 and 3,375 million euros, RLFCF between 1,900 and 1,950 million euros and FCF between 280 and 380 million euros.
Marco Patuano, Ceo de Cellnex, He affirms: «The results of the first semester of 2025 consolidate the Cellnex organic growth trajectory, with improvements sustained in income and Ebitdaal.» In addition, he adds: “The company has reinforced its capital structure by issuing long -term debt and refinancing of a syndicate credit linewhich significantly improves our liquidity and financial flexibility. These actions, combined with a disciplined execution of our strategic plan, position us to continue generating recurrent value, optimize our risk profile and accelerate remuneration to the shareholder. ”
Industrial consolidation and strategic expansion
The organic growth of the presence points (POPS) in the locations has been at a +4% compared to the same period of 2024, 1.5% from new placements in existing locations and 2.5% of new deployments of towers, mainly driven by Built-to-Suit (BTS) programs in France and Poland.
In the second quarter, Cellnex has expanded its alliances with odido in the Netherlands, consolidating a long -term strategic collaboration – with a duration of 15 years – where the group is positioned as a key partner for connectivity and digital transformation.
Location
At July 31, Cellnex operates 110,310 locations: 88,779 in its five main markets – 26,259 in France, 22,667 in Italy, 17,323 in Poland, 13,691 in the United Kingdom and 8,839 in Spain – and 21,531 in the rest of Europe, including – 6,729 in Portugal, 5,606 in Switzer Low, 3,459 in Sweden and 1,718 in Denmark – which are complemented with 1,971 broadcasting locations and others and 13,858 DAS and Small Cells nodes.
Financial management, perimeter and return to shareholder
In line with the operational optimization strategy, Cellnex completed the sale of 100% of its business in Austria in late 2024 to a consortium formed by Vauban Infrastructure Partners, EDF Invest and Meag. In February 2025, he finished the divestment of his operations in Ireland, acquired by Phoenix Tower International (PTI).
These strategic decisions support the creation of value for shareholders, including a actions repurchase program and an operational efficiency approach, cash generation and financial sustainability. On June 18, Cellnex paid a dividend charged to a broadcast premium for a total of 11.82 million euros, equivalent to 0.0167 euros per share.
At the end of the first semester of 2025, Banking net debt is 17,100 million euros, With a solid structure: 78% are referenced to fixed type, which provides stability against market volatility and protects cash generation capacity.
Standard & Poor’s Global Ratings (“S&P”), has decided to improve the perspective of the stable to positive Cellnex and grant greater flexibility in the thresholds applicable to the company’s rating. In relation to the current Cellnex rating of BBB- by S&P, the threshold of the indebtedness ratio following the S&P methodology increases from 6.0x-7.0x to 7.0x-7,75x.