Cellnex Telecom S.A.

Investor Presentation • Apr 27, 2022

Q1

January – March 2022 Results

April 27, 2022

Key takeaways

Strong operational and financial performance in the quarter owing to our resilient business model

Consistent and sustainable organic growth

+c.6.5% new PoPs vs. Q1 21

2021-2025 efficiencyplan on track: c.850 site actions in the period with c.€5Mn associated annualized lease efficiencies

Commitment from Digi in Portugal for up to 1,500 new PoPs

Strong financial performance

Revenues (1) €828Mn, +64% vs. Q1 2021 Adjusted EBITDA (2) €634Mn, +66% vs. Q1 2021 RLFCF (3) €300Mn, +67% vs. Q1 2021

Resilient response to an unprecedented situation

Controlled impact from rising energy prices due to hedging and pass-through mechanisms (4)

BTS Capex hedged (4)

With interest rates and inflation highly correlated, inflation-linked revenues offer a natural hedge (5)

Ready to execute targeted M&A – fully funded and hedged

c.86% debt fixed and c.14% linked to Euribor (at historical lows)

Liquidity €7.8Bn, firepower fully funded Flexible capital structure: no covenant, no pledge or guarantees

Callable contracts renewed at same terms

First batch of sites acquired from Telefonica automatically renewed

Follow-on transactions with existing customers strengthening market presence

Cellnex's win-win approach with deep industrial roots underpin ourstrong backlog

2022 outlook reiterated, delivering on all fronts

Organic PoP growth >5%

All metrics in line with financial outlook for 2022 and 2025 (medium term guidance)

ESG Master Plan on track

(1) Revenues correspond to Operating Income excluding Advances to customers (following the same methodology as in note 18a in our Consolidated Financial Statements ended 31 December 2021)

(2) Adjusted EBITDA 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 slide 23 for certain information on the limitations of APMs; (3) Recurring Leveraged Free Cash Flow ("RLFCF") is an APM. Please see slide 23 for certain information on the limitations of APMs

(4) Please see slide 16; (5) Please see slide 16 Results January –March 2022

2022 outlook

2022 outlook on track and all key metrics to increase every quarter due to current operations and the contribution from organic growth and change of perimeter

3

Leading independent TowerCo in Europe with up to c.137k sites, of which up to c.23k to be deployed through BTS programs

(1) Including transactions not yet closed

(2) Before remedies

(3) Management estimate; including progress on BTS programs and 3rd party tenants

Q1 2022 Business Performance

Wanda Metropolitano stadium

Spain

6

Consistent and solid organic growth, with a significant contribution from the progress made on BTS programs

Revenues, Adjusted EBITDA and RLFCF

Metrics continue to accelerate compared to previous quarters

RLFCF (€Mn)	Jan-Mar	Jan-Mar
	2021	2022
Telecom Infrastructure Services	426	750
Broadcasting Infrastructure	55	56
Other Network Services	26	23
Revenues	506	828 +64%
Staff costs	-44	-60
Repair and maintenance	-16	-21
Utilities	-28	-64
General and other services	-37	-49
Operating Expenses	-125	-195
Adjusted EBITDA	381	634 +66%
% Margin without pass through	76%	80%
Net payment of lease liabilities	-137	-222
Maintenance capital expenditures	-5	-12
Changes in working capital	-10	0
Net payment of interest	-48	-80
Income tax payment	-2	-19
Net dividends to non-controlling interests	0	0
Recurring Levered FCF	180	300 +67%

• Telecom Infrastructure Services up mainly due to organic growth, BTS programs and acquisitions
• Revenues up +€322Mn, of which c.€45Mn organic growth
• Like-for-like Opex flat (1), as a result of the efficiencies program in place
• Controlled impact from rising energy prices due to hedging and passthrough mechanisms (please see slide 16)
• Margin expansion due to operating leverage and change of perimeter
• Efficient management of leases despite increased perimeter
• Maintenance Capex to perform as per guidance throughout the year
• Interest paid consistent with capital structure in place and coupons payment schedule
• Taxes paid according to tax payments schedule

Backup Excel document available on Cellnex's website

(1) Including the contribution from efficiencies to payment of leases (not accounted for as Opex under IFRS 16)

Organic growth impact on RLFCF +c.25%

€Mn

(1) Including FTTT and MO/CO projects with Bouygues Telecom in France (Nexloop)

(2) 1 month CKH Sweden + 1 quarter T-Infra, Play, CKH Italy, Polkomtel, Hivory, MEO (additional c.700 sites acquired) - Group adaptation costs

(3) Corresponds to the difference between the remaining RLFCF lines below Adjusted EBITDA (mainly payment of leases due to change of perimeter excluding efficiencies, maintenance Capex, change in WC, cash interest, cash tax and dividends to minorities)

Results January –March 2022

2021-2025 plan: leases optimization and network synergies on track

Cellnex's 2021-2025 efficiencies/synergies plan well on track

Expected to generate c.€90Mn-€100Mn efficiencies by 2025

• Rent renegotiation: ground lease fee reduction with small or none initial payments
• Cash advance: lump sum prepayment for long term leasehold contracts with optionally small remaining recurring annual payments
• Land acquisition: purchase of lands or acquisition of freehold rights on lands
• Leases and Capex reduction thanks to two or more anchor tenant networks allowing for decommissioning of redundant sites and a single BTS for more than one anchor tenant simultaneously

Balance sheet and consolidated income statement

Balance Sheet (€Mn)	Dec 2021	Mar 2022
Non Current Assets	36,712	36,584
Goodwill	5,980	5,956
Fixed Assets	26,666	26,581
Right of Use	3,283	a 3,240
Financial Investments & Other Fin. Assets	784	808
Current Assets	5,085	3,404
Inventories	3	4
Trade and Other Receivables	1,156	1,213
Cash and Cash Equivalents	3,927	b 2,187
Total Assets	41,797	39,988
Shareholders' Equity	15,858	c 14,323
Non Current Liabilities	23,216	23,045
Borrowings	14,911	14,874
Lease Liabilities	2,306	2,234 a
Provisions and Other Liabilities	5,999	5,937
Current Liabilities	2,723	2,620
Borrowings	719	708
Lease Liabilities	530	a 531
Provisions and Other Liabilities	1,474	1,381
Total Equity and Liabilities	41,797	39,988

Net Debt (4) 14,540

16,160

d

	Jan-Mar	Jan-Mar
Income Statement (€Mn)	2021	2022
Revenues	506	828
Operating Expenses	-125	-195
Non-recurring expenses Depreciation & amortization	-17 -323	-21 -564
Operating Profit	41	49
Net financial profit Income tax Attributable to non-controlling interests	-112 25 3	-177 28 7
Net Profit Attributable to the Parent Company	-43	-93

Prudent PPA (1) process leads to fixed assets allocation Goodwill not linked to cash paid over the course of M&A activity (2)

• The adoption of IFRS 16 helps the leverage comparability among peers, as it equalizes the treatment of both land ownership and the management of ground leases
• Strong liquidity position mainly due to cash generated and the issuance of debt instruments

• Cellnex has made the most from current market conditions and own shares >1% at €43.15 average price under discretionary Treasury Shares Transactions, the majority in Q1 2022 (3)

• Net income mostly reflects:

• D&A charges(prudent PPA process)
• Net interest increase due to strengthened liquidity position

(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 2021; (3) Please see https://www.cellnextelecom.com/content/uploads/2021/10/Cellnex-T reasury-Stock-Policy-ENG.pdf

(4) 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 slide 23 for certain information on the limitations of APMs

Financial structure as of April 2022– Excluding IFRS16 impact

2022 bond (3.1% coupon) refinanced at a lower cost (2.25% coupon) No significant refinancing until 2024

Key highlights

• Liquidity of c.€7.8Bn: c.€3.2Bn cash and c.€4.6Bn undrawn credit lines
• Fixed rate debt 86%
• Gross debt c.€16.8Bn (Bonds and Other Instruments)
• Net debt c.€13.6Bn
• Covenants: Cellnex Finance debt without financial covenants, pledges or guarantees
• (1) Includes EUR bonds swapped to GBP
• (2) Includes USD bonds swapped to EUR
• (3) 50% issuance has been swapped to variable rate

Results January –March 2022 Switzerland Rural Site

Frequently Asked Questions ESG highlights

Carbon footprint reduction across Cellnex's value chain

The emission reduction forecast within the SBT initiative has been accomplished aligned with the defined targets. Cellnex has reduced its carbon footprint by 13% in 2021

Additionally, the company has been recognised by CDP as 'Supplier Engagement Leader 2021' for its action fighting against climate change and its efforts to measure and reduce environmental impact on its supply chain

Human Rights Policy update and Due Diligence assessment

As part of the ESG agenda, in 2021 Cellnex carried out a Due Diligence process and Risk Impact Assessment on Human Rights with the aim of updating the business strategy and providing it with greater depth and scope

As part of this process, the group's Human Rights Policy has been updated in early 2022, aligned with the international standards and also with the Sustainable Development Goals (SDGs)

Impact value creation through ESG-linked remuneration and oversight skills

Variable remuneration (annual and LTIP) includes ESG KPIs aligned with the ESG strategy of the company. On top of that, the Board of Directors together with the Executive Committee have successfully completed the tailored training designed by IESE in order to oversee sustainability issues and integrate ESG in the business strategy and decisions

Bloomberg Gender Equality Index 2022

G

S

Cellnex has been selected as one of 418 companies across 45 countries and regions to join the 2022 Bloomberg Gender-Equality Index (GEI), a modified market capitalization-weighted index that aims at tracking the performance of public companies committed to transparency in gender-data reporting

Find out more:https://bit.ly/3g1atIU

Main FY 2021 publications:

• 2021 Integrated Annual Report Microsite
• Business KPIs & ESG Performance Summary

E

S

How is the lease payment profile throughout the year?

Lease payments are more intense in H1, particularly during the first quarter as some contracts require payment for the whole period at the beginning of the year

2021 lease cash-out profile (1)

2022 lease cash-out is expected to follow a similar pattern

(1) On a like-for-like basis (excluding change of perimeter)

What is Cellnex's exposure to rising energy and construction costs?

Cellnex has a controlled exposure to rising energy prices and cost of raw materials

Energy consumption

• Energy consumption is related to either customer equipment consumption or Cellnex's own (direct) consumption
• Customer's energy consumption is invoiced to customers as a pass-through or other mechanisms
• Cellnex's own consumption is mainly related to cooling, data centers and active equipment
• Expected energy consumption in 2022 is price-protected, since c.90% is either passed-through (1) (c.70%) or forward hedged (2) (c.20%)

Raw materials

• Only c.1/3 of BTS Capex is associated with actual construction
• Hedging contracts with suppliers and customers in place to mitigate increases

Active strategy based on Forward hedging contracts and Power Purchase Agreements (2) resulting in long-term price certainty and more intensive use of renewable energy sources

(1) Passed through energy might be spot fixed or forward hedged

(2) Thanks to hedged prices through Forward contracts and Power Purchase Agreements (PPAs). In 2020 Endesa and Cellnex signed a long-term bilateral contract (PPA) under which Endesa would be the preferred supplier of 100% of Cellnex's energy in Spain for the next 10 years. Cellnex will actively promote and closely work with its customers to ensure that 100% of the Group's energy is green by 2025 for the current perimeter, and in not longer than 3 years for any new acquisition

How do Cellnex's revenues benefit from inflation?

Cellnex´s revenues are inflation-linked and cash flows are protected from interest rates hikes

Starting date	Initial term + renewals	Indexation
2012-2015	10 + 5 (2) 10 +	CPI-linked –No cap / floor
2015	15 + 15 (2)	80% of CPI – Cap at 3% / No floor
2016-2019	5 + … (2) 20 + 5 + 5 +	Fixed escalator 2%
2017	20 + 10 + 10 + 10 + … (2)	CPI-linked –No cap, floor at 0%	c.65% CPI-linked
2019	+ 10 + 10 + … (2) 20	Fixed escalator 1%
2019	+ 10 + 10 + … (2) 20	Fixed escalator 1%	• Vast majority of contracts have a floor at 0%
2019	10 + 10 + 1 + 1 + … (2)	CPI-linked –No cap / floor
2020	10	CPI-linked –No cap / floor	c.35% linked to escalators
2020	5 + … (2) 20 + 5 +	CPI-linked –Cap at 2%, floor at 0%	• Fixed escalators between 1% and 2%
2020	+ 15 + … (2) 15 + 15	CPI-linked –Cap at 2%, floor at 0%
2021	10 + … (2) 20 + 10 +	CPI-inked –Cap at 4%, no floor	Blended average escalator/inflation of
(1) 2022	+ 15 + 5 + … (2) 15	CPI-linked –Cap at 2.25%, floor at 0%	c.3% in 2022 vs. 2021 revenues
2021	(2) 15 + 10 + 10 + …	CPI-linked –Cap at 3.5%, floor at 0%
2021	(2) 18 + 5 + 5 + 5 …	Fixed escalator 2%
2021	(2) 25 + 15 + 15 +	CPI-linked

(1) UK pending to be closed; (2) Renewal on an all-or-nothing basis by the end of each period, with the MNO only having the right to renew 100% of the perimeter

Why are we proposing a new Remuneration Policy?

• 1. The new Remuneration Policy is perfectly aligned with best market practices, and includes the feedback provided by relevantinvestors
• Fixed Remuneration unchanged
• No possibility of extraordinary remuneration
• ESGmetricsincluded in both Annual Variable Remuneration and Long-TermIncentive
• LTIP Booster only applicable if exceptional performance and under objective criteria
• Limitsthe severance and non-compete termsto a maximumof 2x Fixed Remuneration
• 2. LTIP includes demanding targets and already rewards value creation. Booster only applies in the event of significant outperformance (between €70 and €114 per share by the end of 2024), consistent with pay for performance

The maximum opportunity only applies if all targets are met (financial and non-financial) + #1 Relative position + Absolute TSR of atleast 30% (>40% using today'sshare price)

The new Policy is a strategic element to retain Management and key talent in a highly competitive sector

3. The total cost of the plan for Cellnex included in our 2021 audited accounts amounts to c.€18 million for c.225 employees (c.€80k per employee), and other relevant positive developments have been included,such asthe increase of component ofpay atrisk (26% fixed vs. 74% atrisk)

69%

Peers

74% Remuneration at risk Cellnex

Cellnex

Experiences on mobility

Definitions

Term	Definition
Adjusted EBITDA	Profit from operations before D&A and after adding back certain non-recurring and non-cash items (such as advances to customers and prepaid expenses). Adjusted EBITDA is an APM. Please see slide 23 for certain information on the limitations of APMs
Adjusted EBITDA margin	Adjusted EBITDA divided by total revenues excluding elements pass-through to customers from both expenses and revenues. Adjusted EBITDA margin is an APM. Please see slide 23 for certain information on the limitations of APMs
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 sites, backhaul, backbone, edge computing centers, DAS nodes or any other type of telecommunication infrastructure as well as any advanced payment related to it or further initiatives) and also adjacent Engineering Services that have been contracted with different clients, including ad-hoc capex eventually required
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
Expansion Capex	Investment related to business expansion that generates additional RLFCF, including among others, decommissioning, telecom site adaptation for new tenants, Engineering Services and prepayments of land leases. Expansion Capex is an APM. Please see slide 23 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
Maintenance Capex	Investments in existing tangible or intangible assets, such as investment in infrastructure, equipment and information technology systems, and are primarily linked to keeping infrastructures, active and passive equipment, in good working order. Maintenance Capex is an APM. Please see slide 23 for certain information on the limitations of APMs
M&A Capex	Investments in shareholdings of companies, significant investments in acquiring portfolios of sites and/or land. M&A Capex isan APM. Please see slide 23 for certain information on the limitations of APMs

Definitions

Term	Definition
MNO	Mobile Network Operator
Net Debt	Excludes PROFIT grants and loans
New colocations and associated revenues	Includes new third party colocations as well as further initiatives carried out in the period such as special connectivity projects (please see slide 8 Q320 Results Presentation or slide 22 Q1 2021 Results Presentation), indoor connectivity solutions based on DAS (please see slide 7 Q120), mobile edge computing (please see slide 7 Q220), fiber backhauling, site configuration changes as a result of 5G rollout and other Engineering Services
Node	A Node receives from the fiber optical signal from several MNOs and transforms it into radio frequency signal to transfer it to antennas after amplifying it. The definition of a Node is always subject to managements view, and could be reviewed as new configurations might occur following technological developments. Please note that Nodes that generate revenues for Cellnex but that are not hosted by Cellnex (marketing rights) may be excluded from the Company's reported KPIs
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. The definition of PoP 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. Please note that PoPsthat generate revenues for Cellnex but that are not hosted on sites owned by Cellnex (marketing rights) may be excluded from the Company's reported KPIs
Revenues	Revenues correspond to Operating Income excluding Advances to customers (please see note 18a in our Consolidated Financial Statements ended 31 December 2021)
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 minorities. Recurring Leveraged Free Cash Flow ("RLFCF") is an APMs. Please see slide 23 for certain information on the limitations of APMs
TIS	Telecom Infrastructure Services

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 forwardlooking statement contained in this presentation. All forward-looking statements and otherstatements 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 offerto sell or the solicitation of an offerto purchase any security and nothing hereinmay be used as the basisto enterinto any contract or agreement.

Non-IFRS and alternative performance measures

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 to, and are not meant to substitute IFRSmeasures. Furthermore, companies in ourindustry and others may calculate or use APMs and non-IFRSmeasures 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" (page 93 et seq.) of Cellnex Telecom, S.A. Consolidated Financial Statements and Interim Consolidated Directors' Report for the twelve-month period ended 31 December 2021 (prepared in accordance with IAS 34), published on 25 February 2022. 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 three-month period ended 31 March 2022, please see the backup excel file published today by Cellnex Telecom, S.A. All documents are available on Cellnex website (www.cellnextelecom.com).

Essential information available on the Investor Relations section of Cellnex's website for further details on key items