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Extra Everything: The Story of Chipotle
Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Cellnex Telecom
Cellnex Telecom (CLNX) investor relations material
Cellnex Telecom Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Jul, 2026
Executive summary
Delivered strong organic growth, margin expansion, robust free cash flow, and significant shareholder remuneration in H1 2026, supported by operational excellence and disciplined capital allocation.
Operational momentum remains strong, with organic points of presence (PoP) growth at +4.9% year-over-year and reinforced long-term partnerships through major contract renewals.
Completed strategic divestments in Towerlink France (€391 million) and Digital Infrastructure Vehicle II SCSP (€170 million), aligning with capital allocation and deleveraging objectives.
Paid €500 million in dividends and completed share buybacks totaling €500 million in H1 2026, with an additional €200 million buyback approved for H2 2026.
Maintained investment grade ratings (BBB-) with stable/positive outlooks from Fitch and S&P.
Financial highlights
Revenues grew by up to 5% year-over-year, with organic revenues reaching €2 billion in H1 2026; Towers segment revenue up 3.6% to €1,623 million.
Adjusted EBITDA increased by 6.4% to €1,687 million, with margin expanding to 84.6%; EBITDA after leases (EBITDAAL) rose by 7.7% to €1,231 million, margin at 61.8%.
Recurrent levered free cash flow (RLFCF) increased by 11% year-over-year, per share by 18.1%, reaching €908 million.
Free cash flow after expansion and build-to-suit CapEx reached €301 million, up from €19 million in H1 2025.
Liquidity at end of H1 2026 stood at €5.3 billion (including €2 billion cash and €3.3 billion undrawn credit lines).
Outlook and guidance
2026 guidance: revenues €4.08–4.18 billion, adjusted EBITDA €3.43–3.53 billion, RLFCF €1.90–2.00 billion, free cash flow €600–700 million; 2027 guidance: revenues €4.255–4.455 billion, adjusted EBITDA €3.605–3.805 billion, RLFCF €1.945–2.145 billion, free cash flow €975–1.175 million.
Guidance reiterated, expecting continued growth in free cash flow and per-share metrics, with minimum annual dividend of €500 million and 7.5% annual growth targeted through 2030.
Capital allocation prioritizes shareholder returns, deleveraging, and selective industrial growth.
Build-to-suit contribution to growth expected to decrease, with more focus on colocation.
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SFR-Bouygues merger impact on dense area PoPs
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Latest events from Cellnex Telecom
- Strong revenue and EBITDA growth, higher shareholder returns, and robust cash flow in 9M 2025.CLNX
Q3 20259 Jul 2026 - Strong Q1 organic growth, portfolio optimization, and robust buyback with reiterated guidance.CLNXQ1 20258 Jul 2026
- Strong organic growth, margin expansion, and positive free cash flow mark Q1 2026.CLNXQ1 202629 Apr 2026
- Market leader in European telecom towers, delivering strong growth, cash flow, and shareholder returns.CLNXInvestor presentation29 Apr 2026
- Net profit surged to €136.5M, with strong growth, margin gains, and €1.3B in share buybacks.CLNXQ4 20258 Apr 2026
- Revenue and EBITDA growth continued, but net loss widened on Austrian impairment; guidance reaffirmed.CLNXQ2 20242 Feb 2026
- Revenue and profit growth, asset sales, and strong cash flow support strategic shift.CLNXQ3 202415 Jan 2026
- Revenue, EBITDA, and cash flow surged; €800M buyback and dividend policy boost returns.CLNXQ4 20247 Jan 2026
- Solid H1 2025 growth, enhanced cash flow, and resilient long-term contracts drive outlook.CLNXQ2 202531 Oct 2025
Next Cellnex Telecom earnings date
Q3 20266 Nov, 2026
Cellnex Telecom
Next Cellnex Telecom earnings date
Q3 20266 Nov, 2026
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