Cellnex Telecom (CLNX) Q2 2026 earnings summary

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.