Cellnex Telecom S.A.

Investor Presentation • Feb 26, 2025

Other Relevant Information in compliance with article 227 of Law 6/2023 on the Spanish Securities Market and Investment Services, notified to the Spanish National Securities Market Commission

2024 Results Presentation

26th February 2025

Agenda

Opening Remarks

A story of consistent delivery

Share buyback rationale

Financial Results 2024 business performance

Financial outlook

Today's

speakers

Delivering on our promises whilst reiterating all public targets

Creation of LandCo

Continued focus on industrial execution maximizing the value of existing assets

• New customer survey: improving YoY
• Tower portfolio profitability assessment and tower rationalization
• Focus on CTS (vs. BTS)
• Billing and revenue assurance
• Smart Towers sensors and computing
• Centralized Network Operation Center (NOC)
• Land management: value-driven approach

New agreements with vendors

• First multi-operator outdoor small cell
• New DAS partners
• IoT cooperation scenarios
• Energy – efficiency analysis, revenue opportunity

• Proactive marketing of portfolio
• Radio-planning model for macro densification
• Non-urban macro densification
• Enhanced fiber commercial approach
• DAS offer clustering

• New incentive model for sales team

• New IT architecture – cloud-based, open and standard platforms

• Data-driven company – industrial KPIs, integrated asset manager, market intelligence
• AIDA (Artificial Intelligence for Digitalization and Automation) – contract management, densification model, enhanced asset management, market knowledge

A story of consistent delivery

Customer engagement survey

Higher focus on customer feedback to develop improvement action plans

2024 financial outlook met or exceeded

Financial metrics at the upper end of range and RLFCF well above target

Accelerating our shareholder remuneration commitments through a €800Mn share buyback in 2025

The accelerated share buyback underscores our commitment to shareholder remuneration proving our strong credit profile and trust from credit agencies in maintaining Investment Grade rating

7

(1) 2024 pro-forma excluding Ireland and Austria perimeter; 2025 pro-forma excluding Ireland and Austria perimeter and adding the financial cost associated with the announced SBB (€800Mn worth of shares acquired at an average cost of €32 per share) (2) Assumes €32 per share

Cellnex share price offers an attractive entry point

Source: Factset as of February 21st, 2025

8 Notes: 1. Calculated over LTM EBITDAaL; 2. US peers include AMT, SBA, and CCI; 3. Corporate bonds used are: 10Y senior unsecured bond issued in 2020 and denominated in EUR for CLNX; 10Y senior unsecured bond issued in 2019 and denominated in USD for AMT, 7Y senior unsecured bond issued in 2022 and denominated in USD for SBA, 10Y senior unsecured bond issued in 2020 and denominated in USD for CCI; 4. The inverse of the yield is used for comparability.

Industry leading growth, while focusing on shareholder remuneration and an unwavering commitment to IG credit rating

Peer 3 BB+ NR Peer 4 BBB BBB+

Source: Factset as of February 21st, 2025

Notes: 1. BBG Broker Consensus; 2. Includes long-term revenues until end of existing contracts; 3. Reported contract lengths including renewals; 4. Includes estimated dividends and announced buybacks; 5. Assuming re-leveraging at 5.5x

2024 business performance

Solid performance of all financial and operational metrics

Key operational metrics

Total PoPs from co-location and BTS in the quarter

Q4 2024						RoE
Co-locations	177	145	19	102	266	140
BTS	519	61	54	1	254	230
CR (1)	1.2	2.2	1.4	2.2	1.4	1.4

Organic revenue growth

Total revenues excluding pass-through

Organic revenue growth – Business lines

Opex and lease management

(1) Including Austrian sites end of 2024

Capex Management

Operating Capex & Land Acquisition – Excluding Divestments, M&A & Remedies

Financial Outlook

Targets updated after the closing of Ireland and Austria
€Mn	Previous guidance 2025	Divestments and share buyback (1)	New guidance 2025		Previous guidance 2027	Divestments (2)	New guidance 2027
Revenues (ex pass-through)	4,100 – 4,200	-150	3,950 – 4,050		4,500 – 4,700	-180	4,320 – 4,520
Adjusted EBITDA	3,400 – 3,500	-125	3,275 – 3,375		3,800 – 4,000	-160	3,640 – 3,840
RLFCF	2,000 – 2,050	-100	1,900 – 1,950		2,100 – 2,300	-100	2,000 – 2,200
FCF	350 – 450	-70	280 – 380		1,100 – 1,300	-70	1,030 – 1,230

(1) Austria full year impact, Ireland c.10 months impact, higher interest expense associated with incremental debt due to €800Mn buyback (2) In 2027 the only adjustment is due to change of perimeter (full year impact Austria and Ireland)

Cellnex expects limited impact from MNO consolidation processes in Europe

Rumored

MNOs	What happened?	Country	Management of impact
	The merger between Wind and 3 Italia occurred in 2016 after regulatory approval, combining Wind and 3 Italia; It was fully acquired by CK Hutchison in 2018		Merger approved with remedies creating a new entrant – Iliad, resulting in a new network, hence additional business for Cellnex with no impact on cash flows from anchor tenant
	Fastweb, the Italian subsidiary of Swisscom, acquired Vodafone Italy		Neither of the entities involved is an anchor tenant of Cellnex. Fastweb may replicate Swisscom high network quality, requiring more densification
	The merger between Vodafone UK and Three UK, owned by CK Hutchison, is a major consolidation in the UK telecom market, forming a new entity where Vodafone holds 51% and Hutchison 49%		Pharos agreement secures revenues from the combined entity in the short-term with long-term contract. Commitment to build one of Europe's most advanced 5G network, improving Cellnex's growth prospects in the country
	The merger between Orange and MasMovil in Spain, completed in 2024, formed a joint venture and MasOrange became the largest operator in Spain		Short-term flexibility offered to MasOrange, together with new business under discussions with MNOs and tower efficiencies will be neutral for Cellnex from a cash flow perspective
	Reported in the press that CVC & Xavier Niel might be interested in purchasing a stake in Telecom Italia with an aim to merge it with Iliad's Italian operations		Anchor PoPs with Iliad under MSA, protected until 2039, under all or nothing renewal, and non-anchor PoPs only representing c.25% total co location revenues from Iliad in Italy at a very competitive price

Pro Forma – excluding Ireland and Austria perimeter

(1) Pro Forma 2025 removes Ireland and Austria perimeter from CMD guidance, whereas New Guidance 2025 (slide 17) includes c.2 months contribution from Ireland and impact from announced share buyback on interest expenses

(2) Pro Forma 2027 = new guidance 2027

Revenues to FCF

€Mn	Jan-Dec 2023	Jan-Dec 2024
Towers	3,006	3,209
Fiber, Connectivity & Housing Services	167	201
DAS, Small Cells and RAN	233	271
Broadcast	253	260
Revenues	3,659	3,941	+7.7%	+7.3% organic
Staff costs	-282	-276
Repair and maintenance	-111	-111
Services	-261	-320
Operating Expenses	-654	-708
Net pass-through	4	17
Pass-through revenues	394	416
Pass-through costs	-391	-399
Adjusted EBITDA	3,008	3,250	+8.0%	+8.8%
% Margin over revenues	82%	82%		organic
Net payment of lease liabilities	-851	-863
EBITDA after Leases	2,157	2,386	+10.6%	+9.9% organic
Maintenance Capex	-139	-114
Changes in working capital	18	39			Through the active management of working capital, we
Net payment of interest	-381	-376			have significantly improved our receivables process, accelerating cash inflows and enhancing liquidity
Income tax payment	-108	-117
Net recurring dividends to non-controlling interests	-2	-23
Recurring Levered FCF	1,545	1,796	+16.2%

	Jan-Dec 2023	Jan-Dec 2024
Recurring Levered FCF	1,545	1,796
Expansion Capex	-458	-507
Tower Expansion Capex	-338	-312
Other Business Expansion Capex	-52	-108
Efficiency Capex	-68	-87
BTS Capex and Remedies	-937	-961
Build-to-Suit Capex	-1,568	-1,323
Cash in from remedies	631	362
FCF	150	328
M&A Capex and Divestments	-145	265
Land acquisition and long-term right of use	-111	-131
Other M&A Capex	-585	-142
Divestments	551	538

2024 vs. 2023 trend impacted by change of perimeter in 2024 (disposal of assets in France) and higher installation services in the UK (higher Opex previously accounted for as Capex – FCF neutral)

Balance Sheet

€Mn	Dec 2023	Dec 2024
Non Current Assets	40,623	40,258
Property, plant and equipment	11,667	12,451
Intangible assets	24,700	22,916
Right-of-use assets	3,101	3,456
Investments in associates	42	57
Financial investments	137	139
Derivative financial instruments	79	103
Trade and other receivables	295	479
Deferred tax assets	602	657
Current Assets	2,480	2,240
Inventories	6	7
Trade and other receivables	1,156	1,138
Receivables from associates	0	0
Financial investments	4	3
Derivative financial instruments	22	9
Cash and cash equivalents	1,292	1,083
Non-current assets held for sale	1,262	1,170
Total Assets	44,365	43,668

Prudent PPA (1) process leads to maximization of the allocation to fixed assets, whilst ensuring the minimum allocation to goodwill

Goodwill is unrelated to cash paid over the course of M&A activity (2)

	Dec 2023	Dec 2024
Shareholders' Equity	15,147	15,324
Non Current Liabilities	25,687	24,545
Bank borrowings and bond issues	17,806	17,037
Lease liabilities	2,118	2,497
Derivative financial instruments	19	46
Provisions and other liabilities	1,722	1,801
Employee benefit obligations	56	31
Deferred tax liabilities	3,966	3,133
Current Liabilities	3,237	3,555
Bank borrowings and bond issues	906	1,255
Lease liabilities	696	666
Derivative financial instruments	1	16
Provisions and other liabilities	401	240
Employee benefit obligations	91	74
Payables to associates	0	0
Trade and other payables	1,142	1,304
Liab. Assoc. with non-current assets held for sale	294	243
Total Equity and Liabilities	44,365	43,668
Net Debt (3)	20,618	20,765

Group has classified these assets and their associated liabilities as "Non-current assets held for sale" and "Liabilities associated with non-current assets held for sale"

(1) Purchase Price Allocation; (2) The goodwill arising from business combinations primarily corresponds to the net deferred tax liability resulting from the higher fair value attributed to the net assets acquired compared to their tax base. Please see note 6 in our Consolidated Financial Statements ended 31 December 2024; (3) Net Financial Debt is an alternative performance measure ("APM") as defined in the guidelines issued by the European Securities and Markets Authority on October 5, 2015 on alternative performance measures (the "ESMA Guidelines"). Please see slides 23-26 for additional information related to Gross and Net Financial debt and limitations applicable to APMs

Income Statement

€Mn	Jan-Dec 2023	Jan-Dec 2024
Revenues	4,049	4,353
Operating Expenses	-1,041	-1,103
Non-recurring expenses and non-cash items	-82	-58
Depreciation & amortization	-2,619	-2,608
Impairment losses on assets	0	-509	a
Results from disposals of fixed assets	67	122
Operating Profit	374	197
Net financial profit	-808	-895
Profit of Companies Accounted for Using the Equity Method	-3	-3
Income tax	121	658	a
Attributable to non-controlling interests	19	15
Net Profit Attributable to the Parent Company	-297	-28

The net result attributable to the Parent Company is due to:

The impairment loss in relation to the assets in Austria (€438Mn impairment - €147Mn positive tax impact = 291Mn impairment net from tax impact)

a

The substantial effect of higher amortizations and financial costs associated with the intense investment process carried out in the past

Evolution of main ESG targets

E Growing with a long-term sustainable environmental approach	S Boosting our talent, being diverse and inclusive	G Showing what we are, acting with integrity
Climate change (1)	People	Corporate Governance
Target 2035 71% Carbon Reduction of the total carbon neutral footprint (scope 1, 2 and 3) (3) vs FY20 2030 -70% 88% Reduction of energy related GHG emissions (scope 1, 2 and 3.3) vs FY20 2025 19% Reduction of purchase related GHG -21% emissions (scope 3.1, 3.2) vs FY20	2025 30% 34% Women in management positions(4) 2025 40% 45% Career advancement for women(4)	2025 40% Women directors 50% 2025 90% Non-executive directors 92% 2025 60% Independent directors
A List members for the 5th consecutive year	th Edition of the Cellnex MBA 4	67% 2025 Directors with ESG 75% capabilities and/or
2025 91% 100% Sourcing of renewable electricity(2)	2025 65% ≥70% Employee engagement	expertise 100% 2025 5 Different nationalities in the BoD 7
Successfully meeting our science-based targets	Growing together as a team at Cellnex	Ensuring the highest governance standards

⁽¹⁾ KPIs reported on an annual basis. Carbon footprint KPIs are compared to the base year FY20 verified by an external certified entity

(2) Electricity target (Scope 2) refer to the energy directly managed by Cellnex. Data calculated according to SBT and GHG Protocol methodology applied to the financial perimeter

(3) By 2035 Cellnex will offset the residual emissions that could not be avoided, with the aim of being carbon neutral by 2035 and Net-zero by 2050

(4) According to FY20 perimeter. Intake due to M&A will be included after 3 years after the integration's year.

Sustainability indexes and ratings

ESG Ratings

40

D-

2017 2018 2019 2020 2021 2022 2023 2024

2018 2019 2020 2021 2022 2023 2024

+12.6 p.p

Definitions

Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs

Term	Definition
Adjusted EBITDA	Adjusted EBITDA relates to the "Operating profit" before "Depreciation, amortization and results from disposals of fixed assets" and after adding back certain non-recurring expenses (such as donations, redundancy provision, extra compensation and benefit costs, and costs and taxes related to acquisitions, among others), as well as certain non-cash expenses (LTIP remuneration payable in shares, among others) and advances to customers. The Company uses Adjusted EBITDA as an operating performance indicator of its business units and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. At the same time, it is important to highlight that Adjusted EBITDA is not a measure adopted in accounting standards and, therefore, should not be considered an alternative to cash flow as an indicator of liquidity. Adjusted EBITDA does not have a standardized meaning and, therefore, cannot be compared to the Adjusted EBITDA of other companies. One commonly used metric that is derived from Adjusted EBITDA is Adjusted EBITDA margin. Adjusted EBITDA is an APM. Please see slide 30 for certain information on the limitations of APMs
Adjusted EBITDA margin	Adjusted EBITDA Margin corresponds to Adjusted EBITDA, divided by "revenues ex pass through". Thus, it excludes elements passed through to customers from both expenses and revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others. The Group uses Adjusted EBITDA Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. Adjusted EBITDA margin is an APM. Please see slide 30 for certain information on the limitations of APMs
Average Revenue Per Tower (ARPT)	It is calculated as dividing the revenues ex Pass-through associated to the Tower business unit by the number of telecom sites at the end of the reporting period. Tower revenues are expressed on an annual basis as per the last 12 months ended the last day of the reporting period. ARPT is expressed in € thousand. ARPT is and APM. Please see slide 30 for certain information on the limitations of APMs
Available Liquidity	The Group considers as Available Liquidity the available cash and available credit lines at period-end closing, as well as other financial assets.
Anchor tenant/customer	Anchor customers are telecom operators from which the Company has acquired assets
Backlog	Represents management's estimate of the amount of contracted revenues that Cellnex expects will result in future revenue from certain existing contracts. This amount is based on a number of assumptions and estimates, including assumptions related to the performance of a number of the existing contracts at a particular date but do not include adjustments for inflation. One of the main assumptions relates to the contract renewals, and in accordance with the consolidated financial statements, contracts for services have renewable terms including, in some cases, 'all or nothing' clauses and in some instances may be cancelled under certain circumstances by the customer at short notice without penalty.
Build-to-suit (BTS) Capex	Corresponds to committed Build-to-suit programs (consisting of new and dismantled sites, backhaul, backbone, edge computer centers, DAS nodes or any other type of telecommunication infrastructure as well as any advanced payment related to it). Ad-hoc maintenance capital expenditure required eventually may be included. Cash-in from the disposal of assets (or shares) due to, among others, antitrust bodies' decisions are considered within this item. BTS Capex is an APM. Please see slide 30 for certain information on the limitations of APMs
Customer ratio	The customer ratio relates to the average number of operators in each site. It is obtained by dividing the number of PoPs by the average number of Telecom Infrastructure Services sites in the year
DAS	A distributed antenna system is a network of spatially separated antenna nodes connected to a common source via a transport medium that provides wireless service within a geographic area or structure agreed with clients
EBITDAaL	EBITDAaL refers to Adjusted EBITDA after leases. It deducts payments of lease instalments in the ordinary course of business to Adjusted EBITDA. EBITDAaL is an APM. Please see slide 30 for certain information on the limitations of APM 27

Definitions

Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs

Term	Definition
EBITDAaL Margin	EBITDAaL Margin corresponds to EBITDAaL, divided by "revenues ex pass through". Thus, it excludes elements passed through to customers from both expenses and revenues, mostly electricity costs, the utility fee, as well as Advances to customers, business rates, rents and others. The Group uses EBITDAaL Margin as an operating performance indicator and it is widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders. EBITDAaL margin is an APM. Please see slide 30 for certain information on the limitations of APM
Expansion Capex	Expansion Capital expenditures includes three categories: Tower Expansion Capex, Other Business Expansion Capex and Efficiency Capex. Please note that Tower Expansion Capex includes Tower Upgrades, consisting of works and studies Cellnex carries out on behalf of its customers such as adaptation, engineering and design services at the request of its customers, which represent a separate income stream and performance obligation. Tower Upgrades carried out in Cellnex' Infrastructure are invoiced and accrued when the customer's request is finalised and collected in accordance with each customer agreement with certain margin. The costs incurred in relation to these services can be an internal expense or otherwise outsourced and the revenue in relation to these services is generally recognised when the capital expense is incurred. The Company considers capital expenditures as an important indicator of its operating performance in terms of investment in assets. Other Business Expansion Capex consists mainly of investments related to non Passive projects as Active Equipment, DAS, Network or others. Efficiency Capex consists of investment related to business efficiency that generates additional RLFCF, including among others, decommissioning, advances to landlords (excluding long-term cash advances) and efficiency measures associated with energy and connectivity. This indicator is widely used in the industry in which the Company operates as an evaluation metric among analysts, investors, rating agencies and other stakeholders. Expansion Capex is an APM. Please see slide 30 for certain information on the limitations of APMs
Engineering services	On request of its customers Cellnex carries out certain works and studies such as adaptation, engineering and design services, which represent a separate income stream and performance obligation. The costs incurred in relation to these services can be internal expense or outsourced. The revenue in relation to these services is generally recognized as the capital expense is incurred.
Free Cash Flow	Free Cash Flow is defined as RLFCF after deducting BTS Capex and Expansion Capex. Free Cash Flow is an APM. Please see slide 30 for certain information on the limitations of APMs
Greenfield projects	Organic growth projects regarding new telecom infrastructure which are gradually deployed such as new telecom sites, optic fiber, edge computing or DAS, mainly for the use of Cellnex's anchor tenants, with tower-like characteristics
Gross Financial Debt	The Gross Financial Debt corresponds to "Bond issues and other loans", "Loans and credit facilities", "Lease liabilities" and "the deferred payment in relation to Omtel acquisition" and does not include any debt held by Group companies registered using the equity method of consolidation, "Derivative financial instruments" or "Other financial liabilities". "Lease liabilities" is calculated as the present value of the lease payments payable over the lease term, discounted at the rate implicit or at the incremental borrowing rate. Gross Financial Debt is an APM. Please see slide 30 for certain information on the limitations of APMs
Leverage Ratio	Leverage Ratio is frequently used by analysts, investors and rating agencies as an indication of financial leverage. It is calculated as dividing the Net Financial Debt by Adjusted EBITDA. It will be reported once a year, as of the January-December reporting periods. Leverage ratio is an APM. Please see slide 30 for certain information on the limitations of APMs
M&A Capex	Corresponds to investments in: i) land acquisition and long term right of use (including long-term cash advances), ii) shareholdings of companies (excluding the amount of deferred payments in business combinations that are payable in subsequent periods) as well as significant investments in acquiring portfolios of sites (asset purchases) and, iii) cash in from divestments M&A Capex is an APM. Please see slide 30 for certain information on the limitations of APMs

Definitions

Please see our most recent Integrated Annual Report for a comprehensive explanation of APMs

Term	Definition
Net Financial Debt	The Net Financial Debt corresponds to "Gross Financial Debt" less "Cash and cash equivalents" and "Other financial assets". Together with Gross Financial Debt, the Company uses Net Financial Debt as a measure of its solvency and liquidity as it indicates the current cash and equivalents in relation to its total debt liabilities. One commonly used metric that is derived from Net Financial Debt is "Net Financial Debt / Adjusted EBITDA" which is frequently used by analysts, investors and rating agencies as an indication of financial leverage. Net Financial Debt is an APM. Please see slide 30 for certain information on the limitations of APMs
PoP (Point of Presence)	A customer configuration based on the most typical technological specifications for a site within which the active equipment and antennas are owned by the customer or by Cellnex. Furthermore, a PoP must also have an associated income. The definition is always subject to management's view, independently of the technology used or type of service such customer provides. In the 5G/IoT network ecosystem, this definition of PoP could be reviewed as new customer configurations might also be considered a PoP, especially in relation to new site adjacent asset classes, subject again to the management's view.
Revenues	Revenues correspond to Operating Income excluding Advances to customers (please see note 19a in our Interim Financial Statements ended 30 June 2024)
Revenues ex pass-through	Revenues ex Pass-through exclude from the Operating Income all elements passed through to customers and advances to customers, business rates, rents and others. The Company uses Revenues ex Pass-through as an operating performance indicator of its business units, once excluding high-volatility elements that do not contribute to the Company's EBITDA. The Company believes it will be widely used as an evaluation metric among analysts, investors, rating agencies and other stakeholders, as a clearer indicator of its performance." Revenues ex pass-through is an APMs. Please see slide 30 for certain information on the limitations of APMs
RLFCF	Recurring Operating Free Cash Flow plus/minus changes in working capital, plus interest received, minus interest expense paid, minus income tax paid, and minus recurring dividends to minorities. Recurring Leveraged Free Cash Flow ("RLFCF") is an APMs. Please see slide 30 for certain information on the limitations of APMs

Non-IFRS and Alternative Performance Measures (APMs)

This presentation 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 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 the definition and explanation on the use of APMs and Non-IFRS Measures please see the section on "Alternative performance measures" of Cellnex Telecom, S.A. Interim Condensed Consolidated Financial Statements and Consolidated Interim Directors' Report for the six-month period ended 30 June 2024 (prepared in accordance with IAS 34), published on 1 August 2024. Additionally, for further details on the calculation and reconciliation between APMs and Non-IFRS Measures and any applicable management indicators and the financial data of the corresponding reported period, please see the backup excel file published today by Cellnex Telecom, S.A. All documents are available on Cellnex website (www.cellnex.com).

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 investmentstrategy of Cellnex.

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.

IR Team & Supplemental Materials

Contact our Investor Relations team

investor.relations@cellnextelecom.com

Investor Relations Director Juan José Gaitán

Investor Relations Manager

Gonzalo García-Carretero

Investor Relations Manager Antonio Sala

FY 2024 Results

Gráfico 29

Webcast: Click here

Essential information available on the Investor Relations section of Cellnex's website