Cellnex Telecom S.A.

Earnings Release • May 7, 2021

Q1 2021

Q1 2021 Results

May 7, 2015 (IPO) - May 7, 2021: 6 years of sustained value creation

Strong operational and financial performance in the period Solid organic growth across all markets, supported by colocations, escalators, BTS progress and connectivity projects

Consistent and sustainable organic growth

+c.5.5% new PoPs vs. Q1 20

+c.40% DAS nodes, excluding Metrocall acquisition

728 site actions in the period with c.€4Mn associated annualized lease efficiencies

2021-2025 efficiency plan on track

5G becoming a reality

New special connectivity opportunities crystallized: Mobile connectivity along the Dutch railways (ProRail) and London-Brighton Network Rail projects awarded (1)

Combined EV of c.€50Mn and EBITDA of c.€5Mn

Strong financial performance

Revenues €506Mn +c.40% vs. Q1 2020 Adjusted EBITDA €381Mn +c.45% vs. Q1 2020 RLFCF €180Mn, +c.40% vs. Q1 2020 Strong backlog of c.€110Bn post closing of transactions announced to date

Outstanding rights issue execution

Commitment to M&A discipline Oversubscription >45x and take-up of 99.4%

Structural flexibility in Cellnex's approach to funding growth (2)

A wide array of funding options available, including project financing at local level and equity partners at OpCo / local level (3) Corporate debt without covenants, pledges or guarantees

2021 outlook on track, delivering on all fronts

Organic PoP growth >5%

All metrics aligned with financial outlook for 2021 and 2025 (medium term guidance)

Integrations on track – CK Hutchison Sweden and Play already closed ESG Master Plan on track

(1) Please see slide 22 for more information

(2) Please see slide 20 for more information

(3) Partners at the subsidiary company (operating company level)

2021 outlook

2021 outlook on track and all key metrics to increase every quarter thanks to current operations and the contribution from new M&A deals closed

(1) Arqiva, Nos, Hutch Austria, Ireland and Denmark already closed in 2020. Hutch UK and Polkomtel expected to be closed in 2022

Results January – March 2021

Integration processes on track

Project	Omtel	Bouygues FTTT	Arqiva	NOS	CKH IE	CKH AT	CKH DK	CKH SW	Play	Deutsche Telekom	CKH IT	SFR	CKH UK	Cyfrowy Polsat
Closing										H1 21E ON TRACK	H2 21E ON TRACK	H2 21E ON TRACK	H1 22E ON TRACK	H1 22E ON TRACK
ment Pre-closing Integration Assess
Transition (3 months) Control Take								46%	23%
mization Integration Industrial (9 months) Model Plan Opti			79%	82%	61%	44%	56%

Leading independent TowerCo in Europe with up to c.129k sites, of which up to c.21k to be executed through BTS programs

(1) Including transactions not yet closed (Hutchison Italy & UK, T-Mobile Netherlands, SFR, Polkomtel)

Results January – March 2021

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

Shareholding structure

Update after €7Bn Rights Issue

Source: CNMV

Spain

Wanda Metropolitano stadium

Results January – March 2021 7

Strong financial performance underpinned by solid and consistent organic growth

Revenues, Adjusted EBITDA and RLFCF

Revenues +c.40%, Adjusted EBITDA +c.45%, and RLFCF +c.40%, Metrics expected to grow at a faster speed in the coming quarters

RLFCF (€Mn)	Jan-Mar 2020	Jan-Mar 2021
Telecom Infrastructure Services	273	426
Broadcasting Infrastructure	59	55
Other Network Services	25	26
Operating Income	358	506	+41%
Staff costs	-35	-44
Repair and maintenance	-11	-16
Utilities	-23	-28
General and other services	-29	-37
Operating Expenses	-98	-125
Adjusted EBITDA	260	381	+47%
% Margin without pass through	74%	76%
Net payment of lease liabilities	-81	-137
Maintenance capital expenditures	-5	-5
Changes in working capital	-4	-10
Net payment of interest	-41	-48
Income tax payment	-1	-2
Net dividends to non-controlling interests	0	0
Recurring Levered FCF	127	180	+42%

• Telecom Infrastructure Services up mainly due to organic growth, BTS programs and acquisitions
• Broadcast Infrastructure impacted by contract renegotiations now providing higher visibility and deflation protection
• Like-for-like Opex flat (1), as a result of the efficiencies program in place
• 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 according to capital structure in place and coupons payment schedule
• Taxes paid according to payments schedule

Backup Excel file available on Cellnex's website

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

Recurring Levered Free Cash Flow (RLFCF)

Organic growth impact on RLFCF +c.20%

€Mn

(1) Contribution from: 1 quarter Arqiva + NOS + Iliad Italy (additional c.20% of existing perimeter) + Hutch (Denmark + Ireland + Austria) + 2 months Hutch Sweden - Group adaptation costs

(2) 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 2021

2021-2025 Plan: Leases optimization and network synergies on track

Balance Sheet and Consolidated Income Statement

1

2

3

Balance Sheet (€Mn)
	Dec 2020	Mar 2021
Non Current Assets	18,910	22,029
Goodwill Fixed Assets Right of Use Financial Investments & Other Fin. Assets	2,676 13,563 2,134 538	3,206 15,974 2,306 1 544
Current Assets	5,159	5,794
Inventories Trade and Other Receivables Cash and Cash Equivalents	2 505 4,652	4 593 2 5,198
Total Assets	24,070	27,824
Shareholders' Equity	8,933	9,320
Non Current Liabilities	14,066	17,362
Borrowings Lease Liabilities Provisions and Other Liabilities	9,314 1,479 3.273	12,028 1,515 1 3,819
Current Liabilities	1,071	1,142
Borrowings Lease Liabilities Provisions and Other Liabilities	76 284 711	70 1 391 681
Total Equity and Liabilities	24,070	27,824
Net Debt	6,500	8,806

Income Statement (€Mn)	Jan-Mar 2020	Jan-Mar 2021
Operating Income	358	506
Operating Expenses	-98	-125
Non-recurring expenses Depreciation & amortization	-18 -204	-17 -323
Operating Profit	38	41
Net financial profit Income tax Attributable to non-controlling interests	-84 13 3	-112 25 3
Net Profit Attributable to the Parent Company	-30	-43 3

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, capital increases and the issuance of debt instruments

• 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 2020 Integrated Annual Report

Debt maturity profile

Financial structure as of April 2021 – Excluding IFRS16 impact

Total available and fully contracted liquidity of c.€23Bn, and an average cost of debt at c.1.2%

Key highlights

• Liquidity of c.€22.7Bn: €11.9Bn cash and €10.8Bn undrawn credit lines
• Average maturity 6.9 years (drawn debt) and 6.2 years (both drawn and undrawn debt)
• Average cost 1.6% (drawn debt) and 1.2% (both drawn and undrawn debt)
• Fixed rate debt 86%
• Gross debt c.€12.1Bn (Bonds and Other Instruments)
• Net debt c.€0.2Bn
• Covenants: corporate debt without covenants, pledges or guarantees

Netherlands

TIS site and data center

Results January – March 2021

(1) Includes €Bonds swapped to GBP

Annual expected evolution towards 2025 guidance on track

What do our customers think?

Cellnex Spain customers gave Cellnex an average overall satisfaction score of 8.16 and appreciate Cellnex's involvement, proactivity and flexibility (1)

(1) This survey was carried out by an independent consultant, ensuring the privacy and impartiality of the results, which allow the company to continuously improve its service

How can Cellnex foster organic growth?

Cellnex has a wide range of levers to generate organic growth on all kind of sites as an industrial player, thanks to its unique technical know-how

rooftop site

Cellnex has unlocked a market regarding urban sites using innovative solutions

Compact multiband + 5G Multi Technology Antenna

From monotenant to multitenant site

• Cellnex ensures an optimal utilization of the space, reducing visual impacts and fostering an acceleration of 5G rollout

Sharing levers (II/II)

An example of innovation to improve multitenancy in rural areas: the shared monopole

A wide array of funding options available

Structural flexibility in Cellnex's approach to fund growth

Solid capital structure 1. No hedges, pledges, covenants or guarantees • All debt pari passu 2. Strong liquidity position of c.€23Bn • €11.9Bn cash and €10.8Bn undrawn credit lines 3. Backlog reaching c.€110Bn • Post closing of all transactions signed 4. First significant refinancing in 2024 5. Long term maturities • c.7 years 6. Highly attractive terms • c.1.2% average cost, c.85% debt fixed Available funding alternatives 1. Strong cash generation/conversion • Solid annual de-leveraging 2. BTS programs and further growth initiatives allowing for gradual contribution / payment for assets • This Capex is self-funded (through the cash flows generated by these portfolios) 3. Staggered closing processes to delay upfront payments 4. Project financing at local level (optimized amount and cost) 5. Equity partners at OpCo / local level • Switzerland, Iliad… 6. Access to a wide range of capital markets instruments • Both straight and convertible bonds • Plus equity if pipeline highly visible

• 7. Excellent business risk profile by credit rating agencies and client diversification
• 7. Securitization and other instruments

EU €750Bn Next Generation EU Fund (NGEU) to boost connectivity

NGEU is based on 3 pillars: Ecological transition, Digital transition and Reindustrialization, with Cellnex's markets accounting for c.60% of the total funds

(1) Also may apply to "corridor type of project"

What other opportunities can Cellnex benefit from?

Some practical examples of ESG initiatives

Project Stork targets: i) protect biodiversity, ii) improve security of maintenance works and, iii) put a cap on weight and O&M Opex savings

A nest weights c.100 kg on average In-house solution

• Significant weight reduction and site structure protection
• Weight is stabilized and more balanced Reduce the impact of nests on the radiant functioning of antennas

Standardized solution, easy to install, can adapt to different sites

ESG – Which are the main developments in Q1 2021?

Outcome of recent rights issue

2nd largest offering globally since Sep 2020, largest European offering since 2017 and the largest offering by a European non-financial corporate since 2011

99.4%	€7Bn	x46 Times demand exceeded supply	SP +4%
% Rights holders who subscribed in the offering	193 Million new shares (40% of capital)	+8,783 Million shares in demand	Share Price performance since the day of announcement

Outstanding execution, with demand exceeding €319Bn (8,783 million shares) when €7Bn were offered (193 million new shares)

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 margin	Adjusted EBITDA divided by total revenues excluding elements pass-through to customers (mostly electricity) from both expenses and revenues
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 or Works & Studies 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 operators 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 decommissioning, telecom site adaptation for new tenants and prepayments of land leases
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 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 sites in good working order, but which excludes investment in increasing the capacity of sites
M&A Capex	Investments in shareholdings of companies, significant investments in acquiring portfolios of sites and/or land

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), 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 often owned by the customer. 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 PoPs that 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
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
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 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.

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