Cellnex Telecom S A : Results Presentation Q3 2025

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

9M 2025

Results Presentation

Agenda

Marco Patuano

CEO

MAIN HIGHLIGHTS 9M 2025 RESULTS

MNO CONSOLIDATION WRAP UP

Today's

speakers

Raimon Trias

CFO

Maria Carrapato

Head of IR

2

Nr Click to edit Master text styles

3

Main Highlights

3

Main Highlights

Increased shareholder remuneration, consistent execution, delivering on strategy

Strong delivery on key financial metrics with organic proforma growth trends intact in 9M25:

+5.7% revenues; +6.9% Adj. EBITDA; +7.5% EBITDAaL; +9.4% RLFCF, 13.2% RLFCF per share

€1Bn Shareholder remuneration by the end of 2026, c.5.4% total yield

Solid performance in main KPIs with BTS and colocations progress reflecting increasing demand in digital infrastructure (+4.1% PoPs growth)

Main Highlights

Efficiency programme on track: Operational Efficiency & Land Acquisition programme accelerating,

driving EBITDAaL margin expansion (60.8% in 9M25 vs 59.3% in 9M24)

Cash flow expansion driven by lower capital intensity

2025 and 2027 targets reiterated

Put Option agreement to sell Data Centres in France for €391Mn reinforcing our commitment to core telecom infrastructure assets

Share reduction in progress, resulting in an improvement in metrics per share

Fitch Affirms BBB-, outlook stable: leverage threshold increased to 7.3x from 7.0x

4

Main Highlights

Strong operational leverage driving profitability and cash flow growth

9M 25

13.2%

9.4%

6.9%

7.5%

5.7%

Operational

Efficiency

Management

of Leases

Optimizing

Capital Structure

Shareholder

Value Creation

Organic

Revenue Growth

Organic

EBITDA

Growth

Organic

EBITDAaL

Growth

RLFCF

Growth

RLFCF per

Share Growth

5

(*) Including organic elements (CPI, Co-location, BTS and Efficiency), and excluding the contribution of Ireland, Austria, FX, and Others

STRICTLY CONFIDENTIAL

Main Highlights

€1Bn Shareholder remuneration by the end of 2026, c.5.4% total yield

• Updated Commitment

€500Mn ordinary dividend payment starting in 2026 growing at 7.5% per annum until 2030

Semi-annual dividend payment in January €250Mn and July

€250Mn 2026

Up to €500Mn share buyback until the end of 2026 of which:

€12Mn

• €300Mn committed remuneration

• €200Mn additional share buyback, related to the sale of datacenters in France

Remaining proceeds used to reduce debt, strengthening our IG commitments

6

(1) Assuming €500Mn share buybacks in 2026. In 2026, yield assuming: yearly total dividend or share buyback / constant market cap of 2025 (share nº in 2025 of 682Mn * €27.2 share price)

€1Bn

€500Mn

Share buybacks

Ordinary Dividend

€800Mn

€500Mn

2025 YTD

2025 Remaining & 2026

Dividend yield (%) (1)

Share buyback yield (%) (1)

Total Yield (%) (1)

c.0.1%

c.3.4%

c.3.5%

c.2.7%

c.2.7%

c.5.4%

9M 2025 Results

Financial outlook reiterated

€Mn

Guidance 2025 (1)

Guidance 2027 (2)

Revenues (ex pass-through)	3,950 -4,050	4,320 -4,520
Adjusted EBITDA	3,275 -3,375	3,640 -3,840
RLFCF	1,900 -1,950	2,000 -2,200
FCF	280 -380	1,030 -1,230

All public targets confirmed

1. Includes: Ireland c.2 months impact and interest expense associated with incremental debt due to €800Mn buyback 7

2. Guidance will be adjusted next quarter for: Data Centres in France and Shareholder Remuneration

9M 2025 Results

9M 2025 Results

Revenues

(excluding pass-through)

+5.7%

Adjusted EBITDA

+6.9%

RLFCF

(reported)

€1,300Mn

Well on-track to meet 2025 target

EBITDAaL

+7.5%

FCF

(reported)

€187Mn

Solid performance of all financial and operational metrics

9M 2025 Key financial metrics (YoY organic proforma growth) (1)

9M 2025 Key operational metrics

2,998

New BTS PoPs

2,054

Net New

co-locations

1.60x

Customer Ratio

(1.58x end of 9M 2024)

€195Mn

Land & Efficiency capex

(vs €135Mn in 9M 2024)

9

1. Excluding the contribution of Ireland and Austria

9M 2025 Results

Revenue performance

Consistent growth driven by CPI and escalators, alongside robust execution in new PoPs rollouts

Consolidated Revenue Growth Tower Revenue Growth

+1.2%

+0.0%

2,903

-112

2,791 46

85 2,951

29

-14

2,937

2,376

-112

2,264 38

63 2,380 -3

16

2,377

Organic

+c.5.7%

Organic

+c.5.1%

€Mn

Revenues 9M 2024

Ireland & Austria

Pro-forma 9M 2024 (1)

Escalators & CPI

Co-location BTS

Organic Revenues (2)

FX, Change of Perimeter & Others

Revenues 9M 2025

€Mn

Revenues 9M 2024

Ireland & Austria

Pro-forma 9M 2024 (1)

Escalators

& CPI

Co-location BTS

Organic

Revenues (2)

FX, Change of Perimeter & Others

Revenues

9M 2025

1. Excluding the contribution of Ireland and Austria 10

2. Including organic revenues generated in the period, and excluding the contribution of Ireland & Austria, FX, Change of Perimeter and Others

9M 2025 Results

Revenue performance

Fiber, Connectivity & Housing Services

DAS & Small Cells & RANaaS

Broadcasting

YoY +20.2%

176

146

9M 24

9M 25

Strong growth in Fiber

revenues due to continued roll-out of Nexloop project as planned in France

YoY 0.8%

+6.2% adjusting for O&M

186 188

9M 24

9M 25

Slower DAS & SC & RAN growth

YoY due to the discontinuation of O&M contracts in Spain

YoY +1.5%

194

197

9M 24

9M 25

Broadcasting growth stable

supported by continuous renegotiations of contracts

11

1. Excluding the contribution of Ireland and Austria

9M 2025 Results

Consolidated PoPs EOP

YoY +4.1%

171K

178k

Q324

Q424

Q125

Q225

Q325

YoY

Strong PoPs growth reflecting higher densification and despite consolidation in key markets

+4.1%

YoY (1)

YoY +9.4%

YoY +1.9%

YoY +2.2%

29K

32K

49K

50k

19K

20K

Q324 Q424 Q125 Q225 Q325

Q324 Q424 Q125 Q225 Q325

Q324 Q424 Q125 Q225 Q325

1.21x

1.21x

YoY +430 PoPs

YoY +940 PoPs

YoY +2,786 PoPs

PoPs Evolution

2.17x

2.20x

1.44x

1.46x

YoY +7.0%

22K

24K

Q324 Q424 Q125 Q225 Q325

1.39x

1.36x

YoY +1,592 PoPs

2.17x

2.14x

YoY +3.9%

31K

32K

Q324 Q424 Q125 Q225 Q325

Rest of Europe (1)

Q3 2025

Strong performance in Q3 2025

•

•

Strong performance

driven by Ran-Sharing agreement with Digi Churn +Orange: -18 PoPs

Net co-locations 101

BTS 458

Total 559

313

24

337

148

1

149

561

24

585

RoE (1)

111 133

135 242

246 375

Total

1,476

775

2,251

YoY +1,227 PoPs

YoY +0.0%

19K

19K

Q324 Q424 Q125 Q225 Q325

YoY +5 PoPs

12

(1) Excluding the contribution of Ireland and Austria

9M 2025 Results

Operational Efficiency & Industrial Focus

Driving a scalable, data-driven, and cost-efficient operating model driving +1.8% contribution to EBITDAaL margin

9M 2025 - YoY

Pro-forma excluding Austria & Ireland

Key Levers of Efficiency

Impact

Process Optimization & Standardization

Integrated Maintenance & Vendor Management

Centralized Knowledge & Performance Excellence

Land acquisition & Efficiency actions

Process automation and operational efficiency

enable scalable, standardised and data-driven

operations across all countries

Operations & Maintenance Efficiencies -

sustained reduction in maintenance cost

Process optimization - full digital adoption enabling standard workflows and real-time supervision

Operational scalability - reduced complexity and improved resource utilization through centralized models and automation

-1.7%

per tower

-3.7%

per tower

-5.5%

per tower

-0.1%

per tower

Staff

Repair & Maintenance

SG&A

Leases

13

9M 2025 Results

Efficient capital deployment driving strong cash generation

Reported FCF bridge €(Mn)

187

BTS

Capex Remedies FCF

Exp.

paid Minorities RLFCF Capex

Capex Capital Paid

Working Interest Tax Div. to

After

Lease

EBITDA Maint.

-910

1,787

77

-281

-25

-69

1,300

-327

-68

3

Strong RLFCF generation driven by operational performance, efficient capital structure and tax shield benefits

Evolution of Pro-forma Capex €(Mn)

Efficiency

9M 25

9M 24

9M24 9M25

9M24 9M25

Other business

9M24 9M25

Towers

9M25

9M24

49

42

909

57

281

77

-4.2%

949

161

-1.7%

286

180

BTS Capex(1)

Expansion Capex Mix (1)

Expansion Capex(1)

65%

15%

16%

18%

27%

57%

Disciplined capital deployment driving efficiency and improving FCF conversion

14

1. Excluding the contribution of Ireland and Austria

9M 2025 Results

Efficient capital deployment driving strong cash generation

FCF (€Mn) adjusted for remedies

322

Cash flow generation accelerating

187

357

77

109

Remedies cashed-in

FCF adjusted for remedies

-35

9M 24

9M 25

Cash flow generation accelerating, supported by lower capital intensity

Increasing per share metrics: Pro-forma (1)

+9.4%

+13.2%

1.89

1,292

1.67

1,181

9M 24 9M 25

RLFCF (€Mn)

9M 24 9M 25 (2)

RLFCF (€ Per-share)

Share buyback programme enhancing per share metrics

1. Excluding the contribution of Ireland and Austria 15

2. Assumes new share count after the cancellation: 682,410,971 shares

9M 2025 Results

Debt maturities and ratios

4,000

3,000

2,000

1,000

0

USD Bonds €0.5Bn

80

EUR Priv. Bonds €0.3Bn

3,950

108

150

700

2,633

42

80

1,000

2,208

500

198

450

60

850

280

1,740

61

2,184

86

2,290

160

627

750

1,000

1,915

315

100

625

65

750

1,250

515

750

98

1,500

1,000

1,000

1,000

1,250

2025

500

2026

750

850

2027

2028

2029

2030

2031

2032

2033

504

504

2041

EUR Bank Debt €3.5Bn

EUR Conv. Bonds €3.4Bn

65

CHF Local Bank Debt/Bonds €1.0Bn

EUR Straight Bonds €10.0Bn

Key highlights

• Liquidity of c.€4.8Bn: c.€1.4Bn cash and c.€3.3Bn undrawn

  credit lines

• Fixed rate debt c.78%

• Gross debt c.€18.7Bn (bonds and other instruments)

• Net debt 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

BBB-

Outlook positive

BBB-

Outlook stable

Net Debt / EBITDA IFRS 16 LTM

6.6x

21,444

6.4x

20,980

9M 2024 9M 2025

Leverage Ratio

Net Financial Debt

16

MNO Consolidation Cellnex an enabler of WIN-WIN outcomes

MNO Consolidation

MNO Consolidation

MNO consolidations and network sharing present both opportunities and risks

Cellnex

Existing protections

• Consent needed, Cellnex will be part of the discussion

• Contractually protected PoPs

• "Take or Pay" and "all-or-nothing"

  clauses

• Contracts preventing RAN sharing or RAN sharing fees

  How to mitigate further

• Deeper strategic alignment with customers

• Extension of existing MSAs/MLAs, driving long term visibility and predictability

• Ongoing upfront negotiations with MergeCos to facilitate +NPV

• Proactively seek business opps from new entrants(2)

Implications for TowerCos

Opportunities

• Unlocks network improvement and expansions

• New entrants / remedy takers

• Market repair is the main rationale for MNO Consolidation

• European regulators taking a pro-investment stance, thus benefiting Cellnex over longterm

  Challenges

• Churn of PoPs

• PoP growth reduction

Industry dynamics pressuring MNOs

Market Repair

• Reversal of years of price pressure reduced returns and ability to invest

  Margin pressure

• Reducing ARPUs(1)

• Rising operating costs

  ↑ CapEx demand

• 5G & fiber rollouts

• Increased data demand

  ↓ return on capital

• Declining returns

• Focus shifting to short-term

Consolidation & Net Sharing

Executed

Approved(3)

Approved(3)

Approved(3)

First Offer

18

(1) Average Revenue per User = ARPU. (2) as a result of regulatory remedies (3) Integration Ongoing

MNO Consolidation

Consolidation and Regulation Shaping Europe's Telecom Investment Outlook

Growing consensus among MNOs: scale, simplified regulation, and network sharing are essential to sustain long-term

"The plan acknowledges that investment in the European telecoms market has been inefficient due to the operators' lack of scale when compared to the US and Chinese markets, with fewer and much larger companies. While it does not include consolidation opportunities, the plan means that Telefónica will be fully prepared to seize any that may arise to create value for shareholders."

"Industry leaders and investors showed a broad consensus that market consolidation is essential to unlock efficiencies, attract investment and support next-generation technologies like 5G and AI. Evidence from recent telecom consolidations, like in Brazil and India, shows positive outcomes, including lower prices and increased investment capability, they said."

"VodafoneThree's £11bn investment will boost UK economic output (GVA) UK by as much as £102.75 bn between 2025-

2035…" - Vodafone UK press release, 22 September 2025."

Vodafone - Press Release "VodafoneThree signs multibillion pound investment deals, marking another major milestone in building the UK's best network"

GSMA-Connect Europe - Statement on the European

Commission's Work Programme 2025

Deutsche Telekom, Orange, Telefónica, TIM, Vodafone, Nokia and Ericsson - Joint letter from major European Telcos to Commission President Ursula von der Leyen 2025

Telefónica - executive statement cited in the corporate communications 4th November 2025

Telefónica - executive statement cited in the FT-Connect Europe Forum: Telecoms commit to Europe's Tech Leadership

investment

"Unless the Commission takes bold action with a clearly stated intent to address the need for scale, European industries will

continue to lack the strength to invest at the same pace as their competitors in the United States, Asia and other markets."

"Existing regulation frustrates efforts to encourage essential investment. Simplifying this framework, reducing the regulatory

burden and prioritising speed and agility must be priorities for the new Commission."

19

MNO Consolidation

MNO Consolidation in Key Markets - Spain and the UK

Consolidation dynamics in both Spain and the UK reinforce Cellnex's strategic positioning and visibility, with a healthier MNO

ecosystem driving additional market investments

Stronger strategic partnerships with better capitalized MNOs, incentivized to invest and improve NW quality

Well positioned to benefit from regulators promoting investment in NW quality and coverage

Contract NPV preserved validating strength of MSAs in all cases

Extended the duration of our MSAs - Greater long-term visibility and contractual stability

MasMovil/Orange Merger : additional contracted services and extended MSAs to 2048 (all-or-nothing exit window in 2038)

Reinforced collaboration around future densification and service expansion

TEF RAN sharing agreement to deliver up to 3K Digi RAN share PoPs and 110 additional physical PoPs TEF

Extended Vodafone and VMO2 MSA (2035+10+10) and future elimination of intermediaries, preserving economic value and reduction in execution complexity

Savings reinvested to optimize network architecture eliminating

network inefficiencies and improving quality

VodafoneThree investment programme (11 Billion GBP) set to drive additional market growth and potential catch-up from remaining MNOs

20

MNO Consolidation

MNO Consolidation in Key Markets - France

Cellnex operates around 32k Pops in France, of which over 80% under "all or nothing" contracts and c.57% outside dense areas

More than 80% of our PoPs are under "All or Nothing" MSA

contracts, with max average respiration rate <1%

Cellnex' consent is needed for change in MSAs, including transfer or contract split

Very low risk in rural areas due to SFR Bouygues RAN sharing

Cellnex will inevitably be part of the discussions

Opportunity to define a win-win value proposition, preserving NPV of contracts and securing relationships with financially healthier clients

Minimize PoPs lost, and maximize use of committed and future

programs for densification and technological readiness

• 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

Limited potential for churn based on detailed analysis of dense areas, according to traffic intensity and inter site distance

• Densification is needed

• As of today, MNOs are already launching programmes to densify their networks in urban areas;

• France ranks #49 in terms of 4/5G availability according to Opensignal

• ARCEP obligations (New Deal, 5G) require new sites by 2030, especially in rural areas and along transport corridors

Rank Worldwide (1)	4G/5G Availability
Sweden	8
Netherlands	11
Denmark	12
Portugal	14
Germany	18
Switzerland	29
UK	31
Italy	32
Spain	44
France	49
Poland	50

SFR PoPs with

Cellnex (% PoPs)

c.12k

PoPs

43%

Dense Area Non Dense Area

21

(1) Source: OpenSignal

Wrap Up

Wrap Up

Enhanced shareholder remuneration, executing on our strategy, reinforcing the resilience of our business model

Strong Operating and Financial delivery across the board, on track to achieve all targets

Reinforced commitment to shareholder returns reflecting our deep conviction in

the fundamental value of our company and our focus on delivering long-term value

Wrap Up

Focus on industrial excellence delivering increasing operating leverage, with accelerating growth in EBITDAaL and FCF metrics

Validation of our strategic partnerships with customers and of the strength of our

MSA contracts, demonstrating resilience in face of changing market dynamics

Cellnex is a relevant counterparty in shaping consolidation outcomes, turning market consolidation into an opportunity to strengthen strategic partnerships with our clients while supporting the ongoing need for densification and improved network quality

All Public targets reiterated and on track for dividend commitment starting 2026

23

Annex

Revenues to FCF

Jan-Sep 2024	Proforma	Jan-Sep 2025	Proforma		Jan-Sep 2024	Proforma	Jan-Sep 2025	Proforma
	Jan-Sep		Jan-Sep			Jan-Sep		Jan-Sep
	2024 (1)		2025 (1)			2024(1)		2025 (1)
2,376	2,264	2,377	2,366	Recurring Levered FCF	1,256	1,181	1,300	1,292
146 186	146 186	176 188	176 188	Expansion Capex Tower Expansion Capex	-313 -203	-286 -180	-281 -161	-281 -161

€Mn

+5.7%	Other Business Expansion Capex	-59	-57	-43	-42
organic	Efficiency Capex	-51	-49	-77	-77
	BTS Capex and Remedies	-617	-591	-833	-832
	Build-to-Suit Capex	-975	-949	-910	-909
	Cash in from remedies	357	357	77	77
	FCF	326	304	187	180
	M&A Capex and Divestments	-176	-183	697	-270
Land acquisition and long-term right of -83
use			-90	-119	-119
organic Other M&A Capex -124			-124	-151	-151
Divestments 31			31	967	0

Fiber, Connectivity & Housing Services
DAS, Small Cells and RAN
Broadcast	194	194	197	197
Revenues	2,903	2,791	2,937	2,927	+1.2%
Staff costs	-207	-201	-206	-205
Repair and maintenance	-83	-78	-79	-78
Services	-230	-228	-224	-224
Operating Expenses	-520	-508	-508	-507
Net pass-through	3	5	7	7
Pass-through revenues	299	299	315	315
Pass-through costs	-296	-294	-308	-308
Adjusted EBITDA	2,386	2,288	2,436	2,426	+2.1%
% Margin over revenues	82%	82%	83%	83%
Net payment of lease liabilities	-664	-626	-649	-648
EBITDA after Leases	1,722	1,662	1,787	1,778	+3.8%
Maintenance Capex	-69	-69	-68	-68
Changes in working capital	8	-5	3	2
Net payment of interest	-321	-321	-327	-327
Income tax payment	-73	-75	-69	-69

Towers

+6.9%

+7.5%

organic

Net recurring dividends to non-controlling interests

-12 -12 -25 -25

+3.5%

1,292

1,300

1,181

1,256

Recurring Levered FCF

25

(1) Excluding the contribution of Ireland and Austria

Balance Sheet

€Mn

September

2025

Non Current Assets 40,258 39,353

December 2024

€Mn

Shareholders' Equity

Non Current Liabilities

September

2025

15,324 14,004

24,545 24,750

December 2024

Property, plant and equipment 12,451 12,465

Intangible assets	22,916	21,866
Right-of-use assets	3,456	3,472
Investments in associates	57	65
Financial investments	139	137
Derivative financial instruments	103	75

Bank borrowings and bond issues	17,037	17,356
Lease liabilities	2,497	2,437
Derivative financial instruments	46	39
Provisions and other liabilities	1,802	1,718
Employee benefit obligations	31	80

Trade and other receivables 479 473

Deferred tax assets 657 802

Current Assets

2,241

2,570

Deferred tax liabilities 3,133 3,121

Current Liabilities

3,556

3,567

Non-current assets held for sale	1,170	441
Total Assets	43,668	42,364	a

Liab. Assoc. with non-current assets held for sale	243	43
Total Equity and Liabilities	43,668	42,364	a

Bank borrowings and bond issues 1,255 1,368

Inventories	7	9	Lease liabilities	665	732
Trade and other receivables	1,139	1,237	Derivative financial instruments	16	76
Financial investments	3	2	Provisions and other liabilities	240	271
Derivative financial instruments	9	5	Employee benefit obligations	74	61
Cash and cash equivalents	1,083	1,316	Trade and other payables	1,304	1,058

Prudent PPA (1)process leads to maximization of the allocation to fixed assets, whilst ensuring the minimum allocation to goodwill

Goodwill is unrelated to cash paid over the course of M&A activity (2)

a

The divestment in Ireland has led to a decrease in assets and liabilities, respectively.

Net Debt (3) 20,765 20,980

(1) Purchase Price Allocation; (2) The goodwill arising from business combinations primarily corresponds to the net deferred tax liability resulting from the higher fair value attributed to the net assets acquired compared to their tax base. Please see note 6 in

our Consolidated Financial Statements ended 31 December 2024; (3) 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 26

performance measures (the "ESMA Guidelines"). Please see slides 23-25 for additional information related to Gross and Net Financial debt and limitations applicable to APMs

Jan-Sep 2024

Income Statement

b

a

Reorganization plan in Spain agreed in March 2025

Impairment loss in relation to the Data Center assets in

France

Revenues	3,202	3,252
Operating Expenses	-816	-816
Non-recurring expenses and non-cash items	-45	-99	a

€Mn

Jan-Sep 2025

Depreciation & amortization	-1,951	-1,976
Results from the loss of control of consolidated companies	0	67
Impairment losses on assets	-402	-63	b
Results from disposals of fixed assets	134	-12
Operating Profit	123	353
Net financial profit	-651	-694
Profit of Companies Accounted for Using the Equity Method	-2	-2
Income tax	382	68
Attributable to non-controlling interests	9	12
Net Profit Attributable to the Parent Company	-140	-263

27

Definitions

Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs

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 31 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 31 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 31 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 31 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 31 for certain information on the limitations of APM 28

Definitions

Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs

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 31 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 31 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 31 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 31 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 31 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 31 for certain information on the limitations of APMs

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Definitions

Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs

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 31 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 31 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 31 for certain information on the limitations of APMs

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