Cellnex Telecom Sa Ord

Okay, good afternoon. Welcome to our full year 25 conference call. Thank you for being with us again. We have the full executive committee with us, corporate executive committee, and we'll kick off with Marco Patuano, CEO, a brief review of results, handing over to Ramon Trias-Fitas for our financial overview, and then we're all available for Q&A.

Thank you. Thank you, Maria. Good morning, everyone. It's a pleasure to be with you again as we open a new financial year and reflect on our results and our strategic progress. So in 2025, we delivered on all our premises and we confirmed how resilient our industrial model is. In a very volatile environment, we continue to execute our strategy with conviction and clarity and delivered results that demonstrated the point of our assets And most importantly, the predictability of our revenues and organic growth model have reaffirmed the strength of the relationship with our cluster. We successfully deliver on our 2025 guidance and we reiterate our 2027 outlook. We returned 1 billion euros to shareholders through share buybacks, one year ahead of the plan, representing a total yield of 4.5%. We initiated dividend payments at the beginning of 2026 as committed at our capital market day, and we continue on track to meet our leverage targets, reducing leverage from 639 in 2024 to 628 in 2025. We have reached an important turning point where year after year, we will generate increasing free cash flows, giving us greater flexibility to enhance our shareholder returns fund industrial initiatives, and reach our leverage targets. In 2025, we grew organically on all fronts with new points of presence accelerating throughout the year, showing continued demand for digital infrastructure. On a performer organic basis, Our revenues increased by 5.8%, EBITDA by 7.1%, EBITDA after leases by 7.9%, with a 1.6 percentage point increase in margin. Transformational industrial actions focused on boosting top-line growth, optimizing cost, and proactive lease management are unlocking the operating leverage of our business. Our recurring leverage free cash flow grew by 11.5% and on a per share basis by 16.7%. And the free cash flow grew to 350 million euros, confirming the positive momentum. With our capital allocation strategy, we completed the disposal of the French data center business, allowing us to increase our focus on core telecom infrastructure assets. At the same time, we have agreed to dispose our participation in the DIVII fund for circa 170 million. DIVII, for memory, is a participation in a European infrastructure fund underwritten in 2021 in order for us to explore minority investment opportunities in digital assets. And we successfully issued in 2026 a bond for 1.5 billion in two tranches to anticipate funding requirements, extending maturities and securing a pricing of 3.4%. From an organizational standpoint, we also recently announced the implementation of a more streamlined and agile leadership structure, which I will give you more color on shortly. Returning to our guidance for 2025, I would like to highlight our delivery across all the key metrics. And the fact that this guidance was set almost five years ago confirms the resilience and the predictability of our business. Consistent execution of our industrial plan is translating into operating results, which combined with normalizing capital intensity underpins the trajectory of growing cash generation and sustained profitability. As I mentioned, we announced a new organizational leadership structure in February, marking important progress in the next chapter of our industrial transformation strategy. The new model is designed to bring sharper strategic focus, deepen customer relationship, enable faster decision making, and stronger functional alignment, all essential to support continued organic growth. We combine geographic cluster with a pan-European vertical solution division, strengthening execution while ensuring consistency across markets. We're entering in a chapter defined by operational focus, team empowerment and agility, ready to capture the opportunities ahead. I would like to give you a flavor of why we created our new vertical solution division. Several connectivity needs today exceeded the capacity of a traditional micro coverage and requires solution very specialized by nature. Transportation, venues, city centers, public safety, defense, resilience, all of them are very different in terms of technical solution, but very similar across the geographies. We're deploying an operational model aimed to scale up every vertical connectivity solution increase the commercial focus and ensure execution discipline and improve accountability. We are already leaders in Europe, leveraging on our centralized design capabilities and our country execution power. We want to further improve our performance. Now, I hand over to Raimon to go over the highlights of our operating and financial performance. Raimon, please.

Thank you, Marco. Good morning, everyone. I would like to start by reinforcing our very positive performance in terms of organic growth and cash conversion in the year 25. Robust revenue growth combined with a continuous focus on operational excellence is driving higher profitability, a stronger operating leverage, and expanding cash flow. Starting with organic revenues, we delivered a solid 5.8% year-on-year. EBITDA grew by 7.1%, supported by ongoing actions to increase operational efficiency. EBITDA after leases was 7.9% higher, reflecting our proactive lease management activity. And recurring lever free cash flow rose 11.5%, supported by the disciplined implementation of our capital allocation strategy. Very important, the recurring lever free cash flow pressure grows by 16.7%, underscoring the incremental value we create for shareholders. Moving to slide 9, as usual, we show you the bridge between reported and organic performer revenue growth. Starting from 3,941 million revenues in 2024, the perimeter adjustment for Ireland and Austria brings us to a performer revenue base of 3,790 million. From there, the combination of escalators and CPI, co-locations, and built-to-soup deployments led to organic revenue growth, like for like, of 5.8%. This strong revenue performance, as you can see in the next slide, is led by healthy pop growth in the fourth quarter 25, and as Marco said, throughout the year. Gross collocation and build to suit accelerated to 3,043 in the quarter, demonstrating sustained customer demand and a strong commercial traction across the portfolio. We recorded a strong collocation in France, 220, Italy, 887, and the UK, 128. We continued BTS deployment across most countries, and overall churn was contained at 307 units. Net new POPs have shown consistent quarter-over-quarter growth throughout the year. Moving to slide 11, the net POP growth in 2025 has been 4.5%, fully absorbing a 1.2% churn influenced by the effects of two major consolidations in Spain and the UK. In Spain, despite the Masoran's network reconfiguration process underway, we recorded year-on-year growth in total POPs. This reflects the importance of the support we provide our customers in their ongoing network deployments and how we benefit from the unlock potential for M&AOs to invest after market consolidation. The UK also posted consistent quarterly growth, driven by continuous 5G deployments, amendment programs, and selective new site activity illustrating the depth of demand and ongoing investment to catch up and improve network quality across the country. If we go to the next slide, the strength of our operational performance is again clear in this slide, which shows organic growth in tower revenues of 5.5%, driven by contractual escalators, collocation, and ongoing build-to-suit rollouts across our main markets. A reminder that these figures are adjusted for Ireland and Austria for comparability. Here we have selected few practical examples that show how our industrial strategy is being translated into real-world execution across different areas of the business. First, 5G densification in Italy. PassWeb, Vodafone and Zelnix Italy have extended their strategic agreement for an additional 12 years. This enables enhanced coverage and improves service quality through the deployment of 5G, supported by over 1,000 points of presence across the country. Second, network resilience and power autonomy. Telefónica and Celnex Spain have signed the first agreement of its kind between a tower co and an operator to strengthen power assurance across more than 2,000 sites. This initiative improves network resilience and energy security following the recent blackouts in Spain. There is potential to develop more energy-related business across our portfolio, providing interesting upside to our core tower services. And third, the new markets through non-terrestrial networks. We provide land acquisition and construction capabilities to support low-air orbit satellite initiatives. Telnex can provide the essential getaways between LEO constellations and the terrestrial fiber backbone. Together, these examples illustrate how our operational strategy is being deployed on the ground and how it is opening new avenues for growth while reinforcing our role in next generation connectivity. Let's move on to slide 14. Fiber connectivity and housing services deliver to strong 16% increase in revenues, supported by the continued rollout of the Next Look project in France. The growth in bus, small south and Granada service was driven by flagship deployments and the increasing relevance of neutral host solutions with projects delivered across venues and high traffic locations such as Roche Arena in Valencia, La Cartuja Stadium in Seville, PGE National Stadium in Poland. 5G rollouts in Madrid Metro and more than 40 parking facilities, as well as multi-operator small cell deployments in Portugal and the renewal of long-term IoT agreements such as Securitas Direct. Our broadcasting business remains stable with a 1.9% growth year-on-year, and importantly, we secure the renewal of our long-term contracts with the leading broadcaster in Spain. On slide 15, we can see that our industrial plan continues to scale as strengthened by the adoption of AI. The initiatives shown here aim to standardize processes, automate operations, and reinforce asset management across the world. This collective effort is making the organization more agile, reducing operational complexity, and improving our ability to respond quickly and consistently across countries. It is also visible externally. In 2025, customer engagement reached a new high, with customer satisfaction index increasing to 8.3 out of a maximum of 10, the best result of the past decade. We are on a path of coordinated transformation that is elevating efficiency, effectiveness, quality, and overall service experience. This industrial platform has helped so that our efficiency initiatives are translated in clear margin expansion, as you can see in the next slide. On a pro forma basis, we reduce cost per towers across all our key cost categories. 1.9% less in staff cost, 1.4% less in repair and maintenance, 4.9% reduction in SG&A per tower, and 1.1% reduction in leases. Land management remains a key value driver for us. We deployed 270 million across land acquisition capex and efficiency programs, generating around 24 million in efficiencies, displaying how our disciplined capital allocation strategy helps offset volume and CPI-related inflationary pressures in lease cashouts. These focus efforts have driven an increase in EBITDA margins of 300 basis points to 62.1%, up from 59.1% in 2023. The first part of the next slide shows the bridge from reported EBITDA and all the components that shape our free cash flow. In addition to our operating performance, this is a strong recurrent level free cash flow comes from an efficient capital and tax structure. Combined with the continued decline in expansion and built-to-suit capex, free cash flow amounted to €350 million. This free cash flow acceleration represents a turning point, as you can see in the next slide. Our operational improvements are clearly flowing down to cash. On a pro forma basis, the current level free cash flow grew by 11.5% almost 200 million euros. And on a per share basis, the increase was even stronger at 16.7%, also reflecting the share buyback program, which continues to enhance value per share. Looking at reported figures, free cash flow reached 350 million euros, with underlying free cash flow, excluding or before the remedies, improving by 307 million year on year. 2025 marked an important milestone for us with the entry into a new phase of consistent and rapidly accelerating free cash flow generation that supports our deleveraging strategy, as you can see in slide 19. Net debt, a bit down, improved to 6.28 times from 6.39 in 2024 and 6.85 in 2023, keeping us firmly on track towards our 5 to 6 times target. I would like to note that the pace of the leveraging could have been faster if we hadn't brought forward 1 billion euros in shareholder remuneration. Our leverage would have closed below the six times. Our recent 1.5 billion bond issue that Marco mentioned before in January 26 successfully pre-founded most of our 2026 maturities with a strong appetite from investors on the back of a good market momentum and our strong rating output. we managed to extend maturities and secure an attractive 3.4% pricing. Now, let me hand back to Marco so that he shares our guidance 26 and 27.