Cellnex Telecom Sa Ord

Hello, good afternoon. Welcome everyone to Cellnex Telecom's first half 26 results presentation. I'm Maria Carrapato and it's a pleasure to be with you today again. Before we begin, as usual, I'd like to remind you that this presentation contains forward-looking statements. Please refer to the disclaimer included in the appendix in the slide deck. Marco will open the presentation with the main highlights, Raimon will take you through the financial performance, and then Marco and Simone Battiferri, our COO, will close with some considerations on other industrial and strategic topics that are often raised by the market. With that, let me hand you over to Marco.

Thank you. Thank you, Maria. Good afternoon, everyone. So, before going into the number, let me frame the first half in one sentence. Sunlinks is delivering exactly on the model we described to the market. Predictable organic growth, expanding margins, accelerating free cash flow and tangible shareholder remuneration. Let me highlight the four key messages of the first half. First is that operational momentum remains strong. Organic points of presence growth reached plus 4.9% year-on-year, confirming sustained demand from customers across the entire portfolio. This translated into solid financial performance. Revenues grew by 5%, adjusted EBITDA by 6.4%, EBITDA after leases by 7.7%, recurring level free cash flow by 11%, and recurring level free cash flow per share by 18.1%. From a margin perspective, both EBDA and EBDA after leases margins increased by nearly 200 basis points, reflecting continuing operational efficiencies and land management actions. The second is that free cash flow has entered a new phase, from 19 million in the first half of 2025 to approximately 301 million in the first half of the year. This allows us to reiterate our guidance. Third, we continue to deepen our customer relationship. Sunrise in Switzerland, Vodafone Spain, Telefónica in Spain are all examples of Celnex being selected as a trusted infrastructure partner for network expansion, contract renewal, and network resilience. And fourth, shareholder remuneration, which is delivered as committed. The 500 million dividend has been paid, the 300 million share buyback has been completed, and 11.3 million shares are expected to be canceled during the second part of the year, improving the per share metrics. I'm pleased to share that today our board of directors has approved an additional share buyback program of 200 million euro to be completed until the end of 2026. So overall, the message is clear. Our industrial position is translating into predictable growth, stronger cash, and direct shareholder value creation as promised. With the announcement we are making today of an additional 200 million in share buybacks, the total shareholder remuneration in 2026 will reach 1 billion euros, combining the 500 million of dividends already paid, the 300 million of SBB executed in the first half of the year and the additional 200 million of share buyback just announced. Between 2025 and 2026, we will have returned a total of 2 billion to shareholders between dividends and share buybacks, representing 11% of our current market capitalization. We have no doubt that the share buyback we are announcing is a highly accretive capital allocation decision, driving significant growth in per share returns and long-term value creation for our shareholders. With that, let me hand over to Raimon, who will take you through the financial and operational performance in more detail. Raimon, the floor is yours. Thank you, Marco.

Good afternoon, everyone. Let me start with slide 7, which summarizes the financial performance of the first half on a pro forma organic basis. The key message is simple. Celnex continues to convert predictable top-line growth into higher cash-in revenue per share. Revenue growth was plus 5%, adjusted EBITDA grew by 6.4%, and EBITDA after leases grew by 7.7%. At the cash flow level, recurrent labor free cash flow increased by 11%, while the metric per share grew by 18.1%, reflecting both operational execution and disciplined capital allocation. On the next slide, we show the bridge from reported revenues to organic revenue growth. Starting from the first half 25 revenue base, perimeter adjustments bring us to comparable pro forma base. This results in 2 billion of organic revenues in the first half 26, representing 5% growth year on year, supported by price escalators and continued demand from customers. Moving forward, you can see points of prices continue to show healthy commercial momentum. In absolute terms, second quarter showed strong performance, with more than 2,000 new net pops and positive contributions across our main regions. In the first half, gross pop growth reached 5.7%, while net pop growth was 4.9%. Importantly, this growth comes despite consolidation trends in some markets. Consolidation does not eliminate investment. Healthier operators continues to deploy more capacity, coverage and network quality. This is one of the most important messages from the first half. The need for densification remains strong, and Celnex continue to capture that demand through both colocation and B2S programs. The operational momentum translates directly into tower revenues, as you can see on the current slide. On a pro forma basis, excluding Ireland, tower revenues grew organically by 5.2%. Tower revenues remain the core growth engine of the Group, driven by contracted price escalators, co-location and build-to-suit activity. This is the essence of our business model. Growing coverage, improving densification and leveraging our existing asset base. Moving to slide 11, our other business lines also continue to provide growth upside. Fiber connectivity and housing services grew organically by 7.8%, adjusted for the French data center disposal and supported by the continued rollout of the Nexloop project in France. Thus, small cells and run-as-a-service grew by 4.5% organically, supported by high demand in high-traffic locations, venues and complex indoor environments. Finale broadcasting remained stable, growing by 0.5% organically, continuing to provide a steady and predictable revenue stream. We are providing you practical examples of how our industrial strategy translates into real commercial activity. First in Switzerland, Sunrise and Celnex have extended their long-term strategic partnership through an expanded build-to-suit program covering 300 additional sites. This supports the next phase of Switzerland mobile network evolution and reinforces Celnex's role as a scalable infrastructure provider. Second, in Spain, our legacy Vodafone framework agreement has been renewed for 10 years, covering approximately 2,000 existing PoPs. Importantly, the renewal has been signed on unchanged technical and financial terms, and Celnex will also host a limited number of additional POPs on existing infrastructure. Third, Telefónica and Celnex have extended the backup battery partnership to a total of 3,800 sites, reinforcing network resilience and energy security after the recent blackouts. This reinforces our role as a trusted infrastructure partner and shows how resilience, energy security and network availability are becoming increasingly relevant customer priorities. Beyond our traditional tower business, we are also expanding our presence in dust and neutral host solutions. For example, CELNEX is deploying a multi-operator DAS at the new Valencia football stadium in Spain and expanding neutral host mobile connectivity along the Brighton mainline in the UK. These examples show how CELNEX is actively shaping infrastructure solutions for our customers' needs and their ongoing network investments. Returning to slide 13, operational efficiency continues to be a key lever of value creation for Celnex. On a pro forma basis, cost per tower decreased by 3.3% year on year, maintaining a high level of operational quality across the portfolio. As a result, we continue to expand margins, with EBITDA margin reaching 84.6% and EBITDA margin increasing to 61.8%, the highest level achieved in recent years. This reflects the operating leverage embedded in our business model, the benefits from our efficiency initiatives, and the continued progress of our land management program. In short, we are not only growing revenues and cash flow, we are doing so with greater industrial efficiency, supporting sustainable margin expansion and value creation for shareholders. Next slide shows the cash flow bridge from the first half 26. Starting from a bid after leases, we reach recurrent lever free cash flow of 908 million euros and free cash flow after expansion and B2C capex reaches approximately 301 million euros. The three key drivers behind the result are the solid operating performance, an efficient capital and tax structure supported by optimized cost of debt, and lower B2C capex intensity as the B2C cycle normalizes. On slide 15 shows the free cash flow inflection point where it is clearly visible. Proforma organic recurrent lever free cash flow increased by 11% and recurrent lever free cash flow per share increased by 18.1%. The share buyback program is enhancing per share value creation while the business itself continues to generate stronger underlying cash flows. At the same time, free cash flow increased from approximately 19 million to 301 million in the first half of 26, an increase of approximately 282 million year on year. Free cash flow generation is no longer a future promise, it is happening now and it's accelerating. Our liquidity and funding position remain very strong. At the end of the first half 26, liquidity stood at approximately 5.3 billion, including circa 2 billion of cash and 3.3 billion of undrawn committed credit lines. As such, our 2026 to 2028 maturities are largely funded, giving us flexibility to navigate market windows. With that, let me hand back to Marco to discuss some broader industry dynamics and why they reinforce our confidence in the long-term investment case. Thank you, Raimon.