Excel Backup File Q2 2021 1MB

Index

JANUARY - JUNE 2021 RESULTS

1. KPIs

2. M&A and BTS Tracker

3. Income Statement

4. Balance Sheet

5. Cash Flow

6. Debt Structure

7. Corporate Structure

8. Shareholder Structure

9. Disclaimer

CRYSTAL_PERSIST

1.KPIs

Main Figures	H1 2020	FY 2020	Q1 2021	H1 2021
Total_Entity	Number of Sites	40,505	58,104	68,350	81,755
Spain	Number of Sites Spain	10,313	10,327	10,329	10,339
Italy	Number of Sites Italy	10,356	10,610	10,634	20,020
Number of Sites France	9,411	10,312	10,550	11,266
Number of Sites Rest of Europe	10,425	26,855	36,837	40,130
Total_Entity	TIS Sites Beginning of Period	34,821	34,821	56,422	56,422
Total_Entity	Build-to-Suit, decommissioning (1) and others (2)	267	1,208	311	1,429
Total_Entity	M&A	3,746	20,393	9,933	22,211
Total_Entity	TIS Sites End of Period	38,834	56,422	66,666	80,062
Spain	TIS Sites Spain	8,642	8,645	8,645	8,646
Italy	TIS Sites Italy	10,356	10,610	10,634	20,020
TIS Sites France	9,411	10,312	10,550	11,266
TIS Sites Rest of Europe	10,425	26,855	36,837	40,130
TIS Sites Netherlands	922	924	924	4,061
TIS Sites UK	611	7,996	7,996	7,996
TIS Sites Switzerland	5,272	5,315	5,315	5,338
TIS Sites Ireland	601	1,781	1,781	1,787
TIS Sites Portugal	3,019	5,052	5,081	5,117
TIS Sites Austria	-	4,470	4,470	4,487
TIS Sites Denmark	-	1,317	1,322	1,338
TIS Sites Sweden	-	-	2,520	2,578
TIS Sites Poland	-	-	7,428	7,428
Total_Entity	PoPs Beginning of Period	50,057	50,057	79,173	79,173
Total_Entity	Organic Growth	878	2,720	906	2,543
Total_Entity	M&A	4,758	26,396	11,119	27,236
Total_Entity	PoPs End of Period	55,693	79,173	91,198	108,952
Spain	TIS PoPs Spain	16,283	16,480	16,574	16,662
Italy	TIS PoPs Italy	15,562	16,374	16,618	29,641
TIS PoPs France	9,776	10,800	11,128	11,923
TIS PoPs Rest of Europe	14,072	35,519	46,878	50,726
TIS PoPs Netherlands	2,294	2,300	2,314	5,937
TIS PoPs UK	930	11,608	11,651	11,681
TIS PoPs Switzerland	5,964	6,024	6,054	6,085
TIS PoPs Ireland	1,186	2,932	2,958	2,981
TIS PoPs Portugal	3,698	6,092	6,151	6,188
TIS PoPs Austria	-	5,150	5,150	5,173
TIS PoPs Denmark	-	1,413	1,452	1,471
TIS PoPs Sweden	-	-	3,218	3,280
TIS PoPs Poland	-	-	7,930	7,930
Total_Entity	Customer Ratio	1.43	1.40	1.37	1.36
Spain	Customer Ratio Spain	1.88	1.91	1.92	1.93
Italy	Customer Ratio Italy	1.50	1.54	1.56	1.48
Customer Ratio France	1.04	1.05	1.05	1.06
Customer Ratio Rest of Europe	1.35	1.32	1.27	1.26
Customer Ratio Netherlands	2.49	2.49	2.50	1.46
Customer Ratio UK	1.52	1.45	1.46	1.46
Customer Ratio Switzerland	1.13	1.13	1.14	1.14
Customer Ratio Ireland	1.97	1.65	1.66	1.67
Customer Ratio Portugal	1.22	1.21	1.21	1.21
Customer Ratio Austria	-	1.15	1.15	1.15
Customer Ratio Denmark	-	1.07	1.10	1.10
Customer Ratio Sweden	-	-	1.28	1.27
Customer Ratio Poland	-	-	1.07	1.07
Total_Entity	DAS Nodes	2,090	3,004	3,373	3,994
(1) Decommissioning of own sites
(2) Mainly dual use sites
(1) Decommissioning of own sites
(2) Mainly dual use sites

2.M&A & BTS Tracker

TIS sites as of 30th June 2021	Outstanding TIS sites (M&A)	Estimated purchase commitments (M&A) - €Mn	Outstanding TIS sites (BTS)	Estimated Capex for outstanding BTS sites (€Mn)	Expected completion date	Total TIS sites	Broadcasting & Others	DAS Nodes	Existing infrastructures (including DAS and broadcasting) as of 30th June 2021	Run rate infrastructures (including DAS and broadcasting)
Spain	8,646	0	0	0	0	8,646	1,693	748	11,087	11,087
Netherlands	4,061	0	0	237	15	4,298	12	4,073	4,310
Shere Netherlands & Protelindo	924	924	924	924
KPN - BTS	3	57	5	2028	60	3	60
T-Mobile - initial perimeter	3,134	2021	3,134	3,134	3,134
T-Mobile - BTS	180	10	2028	180	0	180
UK	7,996	6,000	2,300	600	503	14,596	397	8,393	14,993
Shere UK	611	611	611	611
Arqiva	7,385	166	2024	7,385	7,385	7,385
Hutchison - initial perimeter	6,000	2,300	2022	6,000	0	6,000
Hutchison - BTS	600	337	2030	600	0	600
France	11,266	10,535	5,200	5,020	2,850	26,821	11,266	26,821
Bouygues - M&A	3,159	2022	3,159	3,159	3,159
Bouygues - BTS	1,131	1,070	11	2022	2,201	1,131	2,201
Bouygues - Acquisition MSCs (option)	11	51	193	2022	62	11	62
Bouygues - Construction MO/COs	8	80	154	2024	88	8	88
Iliad - initial perimeter	5,686	5,686	5,686	5,686
Iliad - BTS	1,271	1,229	653	2027	2,500	1,271	2,500
Saint Malo (MO/COs)	90	938	2027	90	0	90
SFR - initial perimeter	10,535	5,200	2021	10,535	0	10,535
SFR - BTS	2,500	900	2030	2,500	0	2,500
Switzerland	5,338	0	0	780	194	6,118	5	5,343	6,123
Sunrise - initial perimeter	2,372	2,372	2,372	2,372
Sunrise - BTS	145	330	66	2025	475	145	475
Salt - initial perimeter	2,771	2,771	2,771	2,771
Salt - BTS	50	450	128	2027	500	50	500
Italy	20,020	0	0	2,688	594	22,708	2,794	22,814	25,502
Galata and others	8,335	8,335	8,335	8,335
Galata - BTS	164	1,036	44	2025	1,200	164	1,200
Iliad - initial perimeter	2,173	2,173	2,173	2,173
Iliad - BTS	208	792	249	2027	1,000	208	1,000
Hutchison - initial perimeter	9,140	2021	9,140	9,140	9,140
Hutchison - BTS	860	301	2030	860	0	860
Ireland	1,787	0	0	622	74	2,409	16	1,803	2,425
Cignal - initial perimeter	551	551	551	551
Cignal - BTS	109	491	35	2026	600	109	600
Hutchinson - initial perimeter	1,125	1,125	1,125	1,125
Hutchinson - BTS	2	131	39	2030	133	2	133
Portugal	5,117	687	209	743	284	6,547	22	5,139	6,569
MEO - initial perimeter	2,994	687	209	3,681	2,994	3,681
MEO - BTS	157	343	109	2027	500	157	500
NOS - initial perimeter	1,966	1,966	1,966	1,966
NOS - BTS	400	175	2026	400	0	400
Poland	7,428	7,000	1,540	5,962	1,864	20,390	7,428	20,390
Play - initial perimeter	7,428	7,428	7,428	7,428
Play - BTS	4,462	1,264	2030	4,462	0	4,462
Polkomtel - initial perimeter	7,000	1,540	2022	7,000	0	7,000
Polkomtel - BTS	1,500	600	2030	1,500	0	1,500
Austria	4,487	0	0	433	185	4,920	4,487	4,920
Hutchison - initial perimeter	4,470	4,470	4,470	4,470
Hutchison - BTS	17	433	185	2030	450	17	450
Denmark	1,338	0	0	543	54	1,881	1,338	1,881
Hutchison - initial perimeter	1,317	1,317	1,317	1,317
Hutchison - BTS	21	543	54	2030	564	21	564
Sweden	2,578	0	0	2,599	223	5,177	2,578	5,177
Hutchison - initial perimeter	2,500	2,500	2,500	2,500
Hutchison - BTS	78	2,599	223	2030	2,677	78	2,677
Total	80,062	24,222	9,249	20,227	6,840	124,511	1,693	3,994	85,749	130,198

3.P&L

Audited figures
€ Mn	H1 2020	H1 2021
Broadcasting Infrastructure	117	109
Telecom Infrastructure Services	553	900
Other Network Services	52	52
Revenues (1)	723	1,061
Staff Costs	-70	-91
Repair and Maintenance	-23	-32
Utilities	-47	-57
General and Other Services	-56	-77
Operating Expenses	-196	-257
Adjusted EBITDA	527	804
% margin (2)	74%	79%
Non-Recurring Expenses	-34	-49
Depreciation & Amortization	-423	-678
Operating Profit	70	77
Net Financial Profit	-135	-254
Profit of Companies Accounted for Using the Equity Method	0	0
Income Tax	15	96
Attributable to Non-Controlling Interests	7	14
Net Profit Attributable to the Parent Company	-43	-67
(1) Corresponds to Operating Income excluding Advances to customers. Please see note 18 a) in our Interim Consolidated Financial Statements ended 30 June 2021
(2) Adjusted EBITDA divided by total revenues excluding elements pass-through to customers (mostly electricity) from both expenses and income

3.1.P&L by Country

Audited figures
€ Mn	Q1 2020	Q2 2020	H1 2020	Q1 2021	Q2 2021	H1 2021
Spain	Italy	Rest of Europe	Total	Spain	Italy	Rest of Europe	Total	Spain	Italy	Rest of Europe	Total	Spain	Italy	France	Rest of Europe	Total	Spain	Italy	France	Rest of Europe	Total	Spain	Italy	France	Rest of Europe	Total
Broadcasting Infrastructure	59	0	0	59	58	0	0	58	117	0	0	117	55	0	0	0	55	55	0	0	0	55	109	0	0	0	109
Telecom Infrastructure Services	49	81	142	273	50	83	147	280	99	164	290	553	52	89	85	200	426	53	90	87	244	474	105	179	172	444	900
Other Network Services	25	0	0	25	27	0	0	27	52	0	0	52	26	0	0	0	26	26	0	0	0	26	51	0	0	1	52
Revenues (1)	134	81	142	358	135	83	147	365	269	164	290	723	132	89	85	200	506	133	90	87	244	555	265	179	172	444	1,061
Staff Costs	-25	-3	-8	-35	-25	-3	-7	-35	-49	-6	-15	-70	-27	-3	-3	-10	-44	-28	-4	-4	-13	-47	-54	-7	-7	-23	-91
Repair and Maintenance	-8	-1	-2	-11	-8	-1	-3	-12	-15	-2	-5	-23	-8	-1	-2	-5	-16	-8	-1	-2	-5	-16	-16	-2	-4	-10	-32
Utilities	-9	-12	-1	-23	-9	-14	-1	-24	-19	-26	-2	-47	-9	-13	-0	-5	-28	-10	-13	-0	-5	-29	-20	-27	-1	-10	-57
General and Other Services	-18	-4	-7	-29	-17	-2	-7	-26	-36	-6	-14	-56	-15	-3	-2	-17	-37	-15	-3	-2	-20	-40	-30	-7	-3	-37	-77
Operating Expenses	-60	-20	-18	-98	-59	-20	-18	-98	-119	-40	-36	-196	-59	-21	-7	-37	-125	-60	-21	-8	-43	-132	-119	-43	-15	-81	-257
Adjusted EBITDA	75	61	124	260	75	63	129	267	150	124	253	527	74	68	78	162	381	73	68	80	201	422	146	136	158	364	804
(1) Corresponds to Operating Income excluding Advances to customers. Please see note 18 a) in our Interim Consolidated Financial Statements ended 30 June 2021

4.Balance Sheet

Audited figures
€ Mn	FY 2020	H1 2021
Assets
Goodwill	2,676	4,213
Fixed Assets	13,563	19,782
Right-of-use Assets	2,134	2,904
Financial Investments & Other Fin. Assets 1	538	651
Non-Current Assets	18,910	27,550
Inventories	2	5
Trade and Other Receivables 2	505	681
Cash and short term deposits	4,652	9,063
Current Assets	5,159	9,750
Total Assets	24,070	37,300
Equity & Liabilities
Share Capital and Others	8,798	16,396
Share Capital	122	170
Treasury Shares	-8	-11
Share Premium	7,770	14,601
Non-Controlling Interests	915	1,636
Reserves	135	-199
Reserves	268	-132
Profit for the Period	-133	-67
Shareholders' Equity	8,933	16,197
Borrowings	9,314	12,989
Lease Liabilities	1,479	2,050
Provisions and Other Liabilities 3	3,273	4,543
Non-Current Liabilities	14,066	19,582
Borrowings	76	150
Lease Liabilities	284	439
Trade and Other Payables 4	711	932
Current Liabilities	1,071	1,521
Total Equity and Liabilities	24,070	37,300
(1) Includes "Derivative financial instruments", "Trade and other receivables" and "Deferred tax assets". See the Consolidated Financial Statements for the period ended on 30 June 2021
(2) Includes "Receivables from associates" and "Financial investments". See the Consolidated Financial Statements for the period ended on 30 June 2021
(3) Includes "Provisions and other liabilities", "Employee benefit obligations", "Deferred tax liabilities", "Derivatives financial instruments" and "Other Financial Liabilities". See the Consolidated Financial Statements for the period ended on 30 June 2021
(4) Includes "Employee benefit obligations", "Payables to associates", "Trade and other payables", "Derivatives financial instruments" and "Other Financial Liabilities". See the Consolidated Financial Statements for the period ended on 30 June 2021

5.Cash Flow

Audited figures
€ Mn	H1 2021
Adjusted EBITDA 1	804
Payments of Lease Instalments in the Ordinary Course of Business 2	-276
Maintenance Capex 3	-16
Recurring Operating FCF	512
Changes in Current Assets/Current Liabilities 4	-10
Net Payment of Interest 5	-98
Income Tax Payment 6	-10
Net Dividends to Non-Controlling Interests 7	0
Recurring Levered FCF	394
Expansion Capex 8	-91
Expansion Capex (Build-to-Suit programs) 9	-623
M&A Capex 10	-5,475
Non-Recurring Items (Cash Only) 11	-39
Net Cash Flow from Financing Activities 12	10,249
Other Net Cash Out Flows 13	-4
Net Increase of Cash 14	4,411
(1) Adjusted EBITDA: profit from operations before D&A and after adding back (i) certain non-recurring items (such as costs and taxes related to acquisitions which mainly include taxes incurred during business combinations processes and COVID donations) and (ii) certain non-cash items such as advances to customers
Following the same methodology as for the 6-month period ended 30 June 2021
Total adjustments: non-recurring items (costs and taxes related to M&A €37Mn and Covid-19 donations €2Mn) and
non-cash items (LTIP remuneration payable in shares and others €8Mn and advances to customers €2Mn, which include the amortization of amounts paid for sites to be dismantled and their corresponding dismantling cost)
(2) Corresponds to (i) payments of lease instalments (€191Mn) in the ordinary course of business and (ii) interest payments on lease liabilities (€85Mn)
Please see Note 14 of the Consolidated Interim Financial Statements for the 6-month period ended on 30 June 2021
(3) Capex in relation to maintenance investments in existing tangible or intangible assets, such as investment in infrastructure, equipment and information technology systems, which are primarily linked to keeping sites in good working order,
but which exclude investment in increasing the capacity of sites. Following the same methodology as for the 6-month period ended 30 June 2021
(4) Changes in working capital as per section "Changes in current assets/current liabilities" in the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021
(5) Corresponds to the net of "Interest paid" and "Interest received" in the Consolidated Financial Statements of Cash Flows for the 6-month period ended on 30 June 2021
Excluding "Interest payments on lease liabilities" (€85Mn, please see footnote 2) and non-recurring financing costs related to M&A projects (€18Mn, see caption ""Net payment of Interest"" in the accompanying Consolidated Directors' Report for the 6-months period ended on 30 June 2021)
Reconciliation of P&L interest (Tab "3.P&L") to cash interest:
€254Mn net financial profit (P&L) - €85Mn accrued interest not paid + €72Mn interest accrued in prior year paid in current year - 85Mn€ interest payments on lease liabilities (see footnote 2) - €40Mn non-cash amortized costs - €18Mn non-recurring financing costs related to M&A projects = €98Mn net payment of interest (Cash)
(6) Corporate tax payments as per "Income Tax received/(paid)'' as per the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021
It does not include the "Non-recurring Income tax paid" (€78Mn) regarding the substitutive tax paid (see Note 16.b of the Consolidated Interim Financial Statements for the 6-month period ended on 30 June 2021)
(7) Corresponds to the net of "Dividends to non-controlling interests" and "Dividends received" as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(8) Cash advances to landlords (€39Mn), efficiency measures associated with energy and connectivity (€15Mn), and others including early site adaptation to increase the capacity of sites (€37Mn)
Thus, it corresponds to investments related to business expansion that generates additional RLFCF. Following the same methodology as for the 6-month period ended 30 June 2021
(9) Corresponds to committed Build-to-Suit programs and further initiatives (consisting of sites, backhaul, backbone, edge computing centers, DAS nodes or any other type of telecommunication infrastructure, as well as any advanced payment in relation to them)
It also includes Engineering Services or Works and Studies that have been contractualized with different clients, including ad-hoc Capex eventually required. Following the same methodology as for the 6-month period ended 30 June 2021
(10) Investments in shareholdings of companies as well as significant investments in acquiring portfolios of sites or land (asset purchases), after integrating into the consolidated balance sheet mainly the "Cash and cash equivalents" of the acquired companies
Mainly correspond to the acquisition of Hutchison Italy, Hutchison Sweden and Iliad Poland. Following the same methodology as for the 6-month period ended 30 June 2021
The amount resulting from (3)+(8)+(9)+(10), hereinafter "Total Capex" (€6,205Mn), corresponds to "Total Investment" (€6,295Mn, see caption "Capital Expenditures" in the accompanying Consolidated Directors' Report for the 6-months period ended on 30 June 2021)
minus the "Cash and cash equivalents" of the acquired companies (€90Mn, see Note 4 of the accompanying consolidated financial statements)
Total Capex (€6,205Mn) also corresponds to "Total net cash flow from investing activities" (€6,076Mn, see the relevant section in the accompanying Consolidated Statement of Cash Flows for the 6-months period ended on 30 June 2021)
+ Cash advances to landlords (€39Mn, see Note 14 of the accompanying Consolidated Financial Statements) + €90Mn (including the Substituve tax paid - see footnote 6 - financial investments and timing effects related to assets purchases)
(11) Corresponds to "non-recurring expenses" that involve cash movements (such as cost and taxes related to acquisitions and Covid-19 donations)
(12) Corresponds to "Total net cash flow from financing activities"(€10,037Mn, see the relevant section in the Consolidated Statement of Cash Flows for the 6-months period ended on 30 June 2021), excluding payments of lease instalments (€191Mn, see footnote 2)
and Cash advances to landlords (€39Mn, see footnote 8), and including non-recurring financing costs related to M&A projects (€18Mn, see footnote 5). As per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(13) Mainly corresponds to timing effects, foreign exchange differences and factoring, as per the Consolidated Statement of Cash Flows for the 6-month period ended 30 June 2021
(14) Net increase of Cash and Cash equivalents from Continuing Operations ("Operating activities" + "Investing activities" + "Financing activities") as per the Consolidated Statement of Cash Flows and following the same methodology as for the 6-month period ended on 30 June 2021

6.Debt Structure

Audited figures
€ Mn	FY 2020	H1 2021
Gross Financial Debt - excluding lease liabilities	9,389	13,139
Fixed	7,566	11,193
% of total	81%	85%
Variable	1,823	1,947
% of total	19%	15%
Average life of debt (years) 1	5.8	6.0
Average cost of debt 2	1.5%	1.4%
Debt Structure - including lease liabilities
Gross Financial Debt	11,152	15,629
Cash	4,652	9,063
Net Financial Debt	6,500	6,566
Rating	S&P "BB+" Outlook stable
Fitch "BBB-" Outlook stable
(1) Corresponds to the average debt duration until maturity (considering both the drawn and undrawn borrowings) and including extensions
(2) Corresponds to the annualized interest cost over the average gross debt for the period (considering drawn borrowings only)
Net Financial Debt Evolution
Excluding lease liabilites
Beginning of Period December 2020	6,500	4,737
RLFCF	-394	-394
Expansion Capex	91	91
Expansion Capex (Build-to-Suit Programs)	623	623
M&A Capex	5,475	5,475
Non-Recurring Items (Cash Only)	39	39
Issue of Equity Instruments and others (1)	-6,836	-6,836
Net Repayment of Other Borrowings (2)	-0	-0
Change in Lease Liabilities (3)	726	0
Accrued Interests Not Paid and Others (4)	338	338
Other Net Cash Out Flows	4	4
End of Period June 2021	6,566	4,076
(1) Corresponds to "Issue of equity instruments, Acquisition of Treasury Shares and Dividends paid", as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(2) "Net repayment of other borrowings" as per the Consolidated Statement of Cash Flows for the 6-month period ended on 30 June 2021
(3) "Changes in Lease liabilities", long and short term, as per the Consolidated Balance Sheet as of 30 June 2021
(4) Includes T-Infra debt at local level (See Note 4 of the accompanying Consolidated Financial Statements)
Pro Forma Leverage
Net Debt as of June 2021	6,566
Upfront payment CK Hutchison UK (1)	2,300
Upfront payment Hivory	5,200
Upfront payment Polkomtel	1,540
Lease liabilities CK Hutchison UK (2)	160
Lease liabilities Hivory (2)	400
Lease liabilities Polkomtel (2)	341
Pro Forma Net Debt	16,507
2021E Adjusted EBITDA (guidance mid-point)	1,920
Adjusted EBITDA contribution from Play (3)	29
Adjusted EBITDA contribution from CK Hutchison (4)	339
Adjusted EBITDA contribution from T-Infra (5)	21
Adjusted EBITDA contribution from Hivory (6)	213
Adjusted EBITDA contribution from Polkomtel (7)	103
Pro Forma Adjusted EBITDA	2,626
Pro Forma Leverage Ratio	6.3x
(1) Only cash payment, excluding payment Cellnex shares
(2) Theoretical assumption of 5 years lease capitalization
(3) Play to contribute c.9 months in 2021, therefore 3 incremental months to full year Adjusted EBITDA
(4) CK Hutchison Sweden, 1 incremental month to full year Adjusted EBITDA; CK Hutchison Italy 6 incremental months to full year Adjusted EBITDA; CK Hutchison UK, full year Adjusted EBITDA
(5) T-Infra to contribute c.7 months in 2021, therefore 5 incremental months to full year Adjusted EBITDA
(6) Hivory to contribute c.3 months in 2021, therefore 9 incremental months to full year Adjusted EBITDA
(7) Polkomtel to contribute c.5.5 months in 2021, therefore c.6.5 months incremental contribution to full year Adjusted EBITDA

7.Corporate Structure

As of 30 June 2021

Cellnex Telecom, S.A.

Cellnex Italia, S.p.A.

100%

TowerCo, S.p.A.

100%

TowerLink Italia S.r.L

100%

Cellnex France, S.A.S.

100%

Cellnex Netherland B.V.

74,89%

Cellnex UK, Limited

100%

Cellnex UK Midco Limited

100%

Watersite Limited

100%

Radiosite Limited

100%

Cellnex Conectivity Solutions Limited

100%

Cellnex UK Consulting Limited

100%

Cellnex France Groupe

100%

Cellnex Switzerland AG

72.22%

Swiss Towers AG

72.22%

Cellnex Telecom España, SLU

100%

Shere Masten BV

74.89%

Retevisión-I, S.A.U.

100%

Torre de Collerola, S.A.

41.75%

Tradia, S.A.U.

100%

COTA, S.A.

29.50%

Adesal Telecom, S.L.

60.08%

On Tower, S.A.U.

100%

Zenon Digital Radio, S.L.

100%

Xarxa Oberta de Catalunya, S.A.

100%

Gestora del Espectro, S.L.

100%

Nearby Sensor, S.L.

13.18%

Towerlink France, SAS

100%

Alticom BV

74.89%

On Tower Netherlands subgroup

74.89%

Swiss Infra Services

72.22%

Cignal Infrastucture Services 100%

Cellcom Ireland Limited

100%

Springbok Mobility

100%

Nearby Computing, S.L.

22,63% (1)

OnTower France

70%

CLNX Portugal, S.A.

100%

OMTEL, Estruturas de Comunicaçoes, S.A.

100%

Nexloop France

51%

Cellnex Ireland

100%

On Tower IE

100%

On Tower UK subgroup

100%

Metrocall, S.A. 60%

On Tower Portugal, S.A. 100%

Cellnex Finance Company, S.A.

100%

Grid Tracer

39.72%

Tower Lease S.r.L

100%

Areaventi S.r.L

100%

Cellnex Denmark

100%

Cellnex Austria

100%

Cellnex Sweden 100%

ITM 1

100%

On Tower DK

100%

Shannonside Communications Limited

100%

On Tower AT

100%

On Tower SE 100%

Towerlink Portugal, ULDA

100%

Cellnex Poland

100%

On Tower PL 60%

Ukkoverkot Oy 100%

Edzcom 100%

Wayworth Limited

100%

Cignal Infrastructure Netherlands BV

74.89%

CK Hutchison Networks Italia S.p.A

100%

Breedlink BV

74.89%

Towerlink Netherlands

74.89%

Shareholdings inside the box are Cellnex Telecom shareholdings. (1) Tradia has 21,97% and Nearby Sensor 5,01% of Nearby Computing.

8.Shareholders

As of 30 June 2021
Source: CNMV
Edizione	8.5%
GIC	7.0%
BlackRock	5.1%
CPPIB	5.0%
Criteria Caixa	4.8%
Wellington	4.3%
Capital Research & Management	3.9%
FMR	3.2%
TCI	3.2%
Norges Bank	3.0%
Free Float	52.0%
Free Float

Edizione GIC BlackRock CPPIB Criteria Caixa Wellington Capital Research & Management FMR TCI Norges Bank Free Float

Edizione [VALOR]

GIC [VALOR]

CPPIB 5.0%

TCI 3.2%

Criteria Caixa 4.8%

Wellington 4.3%

Capital Research & Management 3.9%

Blackrock 5.1%

FMR [VALOR]

Norges Bank [VALOR]

Free Float [VALOR]

8.5319999999999993E-2 7.0309999999999997E-2 5.058E-2 5.0049999999999997E-2 4.7739999999999998E-2 4.2750000000000003E-2 3.882E-2 3.2169999999999997E-2 3.2239999999999998E-2 3.0030000000000001E-2 0.51998999999999995

9.Disclaimer

Disclaimer

The information and forward-looking statements contained in this presentation have not been verified by an independent entity and the accuracy, completeness or correctness thereof should not be relied upon. In this regard, the persons to whom this presentation is delivered are invited to refer to the documentation published or registered by Cellnex Telecom, S.A. and its subsidiaries ("Cellnex") with the National Stock Market Commission in Spain (Comisión Nacional del Mercado de Valores). All forecasts and other statements included in this presentation that are not statements of historical fact, including, without limitation, those regarding the financial position, business strategy, management plans, estimated investments and capital expenditures, pipeline, priorities, targets, outlook, guidance, objectives for future operations and run rate metrics of Cellnex (which term includes its subsidiaries and investees), are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond Cellnex's control), which may cause actual results, performance or achievements of Cellnex, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding Cellnex's present and future business strategies, performance by Cellnex's counterparties under certain of Cellnex's contracts and the environment in which Cellnex expects to operate in the future which may not be fulfilled. No representation or warrant, express or implied is made that any forward-looking statement will come to pass. In particular, this presentation contains information on Cellnex's targets, outlook and guidance, which should not be construed as profit forecasts. There can be no assurance that these targets, outlook and guidance will be met. Accordingly, undue reliance should not be placed on any forward-looking statement contained in this presentation. All forward-looking statements and other statements herein are only as of the date of this presentation. None of Cellnex nor any of its affiliates, advisors or representatives, nor any of their respective directors, officers, employees or agents, shall bear any liability (in negligence or otherwise) for any loss arising from any use of this presentation or its contents (including any forward-looking statement), or otherwise in connection herewith, and they do not undertake any obligation to provide the recipients with access to additional information or to update this presentation or to correct any inaccuracies in the information contained or referred to herein.

To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this presentation come from Cellnex's own internal research and estimates based on the knowledge and experience of Cellnex's management in the market in which Cellnex operates, and is subject to change. Certain information contained herein is based on Cellnex's management information and estimates and has not been audited or reviewed by Cellnex's auditors. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed by Cellnex's auditors for accuracy or completeness and, as such, should not be relied upon. Certain financial and statistical information contained in the presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

This presentation is addressed to analysts and to institutional or specialized investors only and should only be read together with the supporting excel document published on the Cellnex website. The distribution of this presentation in certain jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions.

Neither this presentation nor the historical performance of Cellnex's management team constitute a guarantee of the future performance of Cellnex and there can be no assurance that Cellnex's management team will be successful in implementing the investment strategy of Cellnex.

In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). An Alternative Performance Measure (APM) is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. APMs are not defined under IFRS-EU, and should not be considered in isolation and may be presented on a different basis than the financial information included in Cellnex's financial statements. In addition, they may differ significantly from similarly titled information reported by other companies, and may not always be comparable. Prospective investors are cautioned not to place undue reliance on these measures, which should be considered as supplemental to, and not a substitute for, the financial information of Cellnex prepared in accordance with IFRS-EU. The APMs included herein have not been audited by Cellnex's auditors or by any independent expert.

Nothing herein constitutes an offer to sell or the solicitation of an offer to purchase any security and nothing herein may be used as the basis to enter into any contract or agreement.

Non-IFRS and alternative performance measures

This report contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from our financial statements, alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Cellnex Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors.

We use these APMs and non-IFRS measures when planning, monitoring and evaluating our performance. We consider these APMs and non-IFRS measures to be useful metrics for our management and investors to compare financial measure of historical or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Furthermore, companies in our industry and others may calculate or use APMs and non-IFRS measures differently, thus making them less useful for comparison purposes.

For further details on APMs and Non-IFRS Measures, including its definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS, please see the section on "Alternative performance measures" (page 58 et seq.) of the Integrated annual report for the fiscal year ended in 31 December 2020 of Cellnex Telecom, S.A., published on 26 February 2021. The document is available on Cellnex website (www.cellnextelecom.com).