Cellnex Telecom S.A.

Interim / Quarterly Report • Aug 1, 2024

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

January – June 2024 1st August

1

Disclaimer

This presentation contains a brief summary of the information disclosed in the Interim Condensed Consolidated Financial Statements and Consolidated Interim Directors' Report for the 6-month period ended on 30 June 2024 (prepared in accordance with IAS 34 "financial reporting"). Therefore, for a comprehensive review please see the Interim financial reporting.

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.

An unconditional commitment to our "Next Chapter" objectives

1

Prioritizing deleveraging, capital discipline and shareholder remuneration

• Advanced negotiations after having received binding offers for Austria
• c.€971Mn cash proceeds from Ireland deal to be received upon closing. Process on track with antitrust review ongoing

New Investment Grade bond issuance used to repay debt at a variable cost

Investment Grade status by S&P and Fitch to be maintained, with long-term target leverage of 5.0-6.0x Net Debt / EBITDA

An earlier distribution / share buyback could be considered after closings, subject to leverage / rating commitments

An unconditional commitment to our "Next Chapter" objectives

2

Solid performance of key metrics in the period

• +9.3% new organic PoPs vs. H1 2023 (+6.3% equivalent)
• Total revenues ex-pass throughs €1,921Mn (+7.1% vs. H1 2023). Organic revenues growth +7.4% (1)
• EBITDAaL €1,114Mn (+8.4% vs. H1 2023). Organic EBITDAaL growth +10.7% (1)
• RLFCF €781Mn vs. €741Mn in H1 2023. FCF €49Mn vs. €-130Mn in H1 2023 (2)
• On track to meet the 2024 financial outlook performance consistent with all public targets

An unconditional commitment to our "Next Chapter" objectives

3

Restless focus on securing accretive agreements with clients and operational excellence

• Limited impact from MNO consolidation processes in Europe and potential value co-creation opportunities with clients
  • Enhanced renewal of CTIL contract in the UK previous contract with CTIL JV to be replaced by 2 independent MSAs with Vodafone and VMO2
  • MNO consolidation process in Italy will not affect negatively Cellnex's performance
• Agreement on Colocation-to-Suit (CTS) with Bouygues Telecom for around 150 CTS instead of BTS: operational process ongoing and contractualization before year end
• Celland entity structure created, for land acquisition / right of use / LT cash advances in Spain, Portugal, France, Italy, and UK

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H1 2024 Key Highlights

Key financial metrics

H1 2024 vs. H1 2023 trend impacted by positive energy pass-throughs in Q2 2023, change of perimeter (disposal of assets in France) in 2024 and higher installation services in the UK previously accounted for as Capex (FCF neutral) (1) Margin over revenues excluding pass-through

8

Key operational metrics Key operational metrics

PoPs from co-location and BTS in the quarter (total PoPs)

						RoE
Co-locations	24	317	125	5	298	509
BTS	-	19	479	76	217	237
CR (1)	2.2	2.2	1.2	1.4	1.4	1.4

Organic revenue growth

Organic revenue growth +7.4%

Organic revenue growth – Business lines

(1) Average Revenue Per Tower. Please see slides 26-29 for additional information related to this metric and limitations applicable to APMs

Efficiencies plan – Optimization of ground leases on track

• Rent renegotiation: ground lease fee reduction with low or no initial payments
• Cash advance: lump sum prepayment for leasehold contracts with optional small remaining recurring annual payments
• Land acquisition: purchase of land, acquisition of freehold rights on land or long-term cash advances
• 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

Free Cash Flow

€Mn	Jan-Jun 2023	Jan-Jun 2024
Towers	1,486	1,573
Fiber, Connectivity & Housing Services	78	96
DAS, Small Cells and RAN	105	123
Broadcast	125	129
Revenues	1,795	1,921	+c.7%
Staff costs	-138	-140
Repair and maintenance	-52	-54
Services	-124	-153
Operating Expenses	-314	-346
Net pass-through	10	3
Pass-through revenues	207	198
Pass-through costs	-197	-196
Adjusted EBITDA	1,490	1,578	+c.6%
% Margin over revenues	83%	82%
Net payment of lease liabilities	-462	-464
EBITDA after Leases	1,028	1,114	+c.8%
Maintenance Capex	-51	-37
Changes in working capital	0	-11
Net payment of interest	-202	-217
Income tax payment	-33	-57
Net dividends to non-controlling interests	0	-11
Recurring Levered FCF	741	781

	Jan-Jun 2023	Jan-Jun 2024
Recurring Levered FCF	741	781
Expansion Capex	-197	-198
Tower Expansion Capex	-142	-128
Other Business Expansion Capex	-21	-29
Efficiency Capex	-35	-41
BTS Capex and Remedies	-674	-534
Build-to-Suit Capex	-709	-687
Cash in from remedies	34	154
FCF	-130	49
M&A Capex and Divestments	-604	-45
Land acquisition and long-term right of use	-53	-52
Other M&A Capex	-550	-24
Divestments	0	31

H1 2024 vs. H1 2023 trend impacted by positive energy pass-throughs in Q2 2023 and change of perimeter (disposal of assets in France) in 2024

Debt Maturities Profile – New Investment Grade bond issuance

Liquidity c.€3.9Bn: c.€0.6Bn cash (2) and c.€3.2Bn undrawn credit lines

Fixed rate debt c.80%

Gross debt (3) c.€18.1Bn

Net debt (3) c.€17.5Bn

Cellnex Finance debt without financial

(2) Includes "Other financial assets"

(3) Bonds and other instruments. Excludes the deferred payment associated with the acquisition of OMTEL and lease liabilities

Balance Sheet

€Mn	Dec 2023	Jun 2024
Non Current Assets	40,623	39,678
Property, plant and equipment	11,667	11,818
Intangible assets	24,700	23,307
Right-of-use assets	3,101	3,337
Investments in associates	42	47
Financial investments	137	140
Derivative financial instruments	79	96
Trade and other receivables	295	314
Deferred tax assets	602	618
Current Assets	2,480	1,660
Inventories	6	7
Trade and other receivables	1,156	1,158
Receivables from associates	0	0
Financial investments	4	3
Derivative financial instruments	22	1
Cash and cash equivalents	1,292	491
Non-current assets held for sale	1,262	2,337
Total Assets	44,365	43,675

• 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	Jun 2024
Shareholders' Equity	15,147	14,849
Non Current Liabilities	25,687	25,252
Bank borrowings and bond issues	17,806	17,471
Lease liabilities	2,118	2,313
Derivative financial instruments	19	18
Provisions and other liabilities	1,722	1,657
Employee benefit obligations	56	39
Deferred tax liabilities	3,966	3,754
Current Liabilities	3,237	2,920
Bank borrowings and bond issues	906	680
Lease liabilities	696	721
Derivative financial instruments	1	19
Provisions and other liabilities	401	427
Employee benefit obligations	91	79
Payables to associates	0	0
Trade and other payables	1,142	993
Liab. Assoc. with non-current assets held for sale	294	654
Total Equity and Liabilities	44,365	43,675
Net Debt (3)	20,618	21,078

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 2023; (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 26-29 for additional information related to Gross and Net Financial debt and limitations applicable to APMs

Income Statement

€Mn	Jan-Jun 2023	Jan-Jun 2024
Revenues	2,001	2,119
Operating Expenses	-511	-542
Non-recurring expenses and non-cash items	-44	-28
Depreciation & amortization	-1,309	-1,344
Impairment losses on assets	0	-402
Results from disposals of fixed assets	1	59

Operating Profit	139	-137
Net financial profit	-404	-463
Profit of Companies Accounted for Using the Equity Method	-1	-2
Income tax	61	a 166
Attributable to non-controlling interests	9	19
Net Profit Attributable to the Parent Company	-196	-418

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

a

a

• The impairment loss in relation to the assets in Austria (€402Mn impairment - €137Mn positive tax impact = 265Mn impairment net from tax impact)
• The substantial effect of higher amortizations and financial costs associated with the intense investment process carried out in the past

Frequently Asked Questions

Our value creation roadmap

2024+

Next Chapter

• 1. Operational value creation
• Secure short and long-term growth
• Efficient operations improving EBITDAaL margins to 64% by 2027E
• Increase cash conversion from top line to FCF FCF 2027E = c.8x FCF 2023

2. Shareholder value

• Leverage target of 5.0-6.0x Net Debt / EBITDA by 2025-2026
• Available >€10Bn cumulative cash by 2030
  • A minimum of c.€3Bn for dividends until 2030 payable from 2026 the latest
  • Remaining >€7Bn available for buybacks, extraordinary dividends and industrial opportunities, prioritizing value creation / shareholder return

3. Disciplined approach to capital allocation

• Articulate investments by Golden Rules
  • Return > WACC + Risk premium (country, business, safety margin)
• Capital Allocation Committee
  • Members with strong expertise in capital allocation
  • Stringent delegation thresholds

5G coverage and data traffic to underpin our organic growth prospects

5G coverage per country (2023, % population covered)

Room for growth from 5G coverage More data traffic will lead to long-term growth

Throughput increase requires more telecom infrastructure

• Congestion decreases a cell's effective size
• Densification requires additional infrastructure

A restless focus on lease management

21

Lease cost optimization

Accelerate lease cost optimization

Enhance our lease efficiency program to increase savings rate

LandCo creation

Launch a vehicle for land acquisition acceleration

Site securitization

Enhance securitization plan and site at risk management

c.8% savings vs. inertial cost base

Disciplined capital allocation framework to maximize value creation and shareholder return

1. Assuming re-leveraging at 5.5x. 2. All proceeds allocated to buybacks accrue to shareholders (no tax leakage). 3. Only applies in the event of a share capital reduction which, if approved, shall be executed through the corresponding share buyback program or tender offer

Financial outlook

€Mn	2023	2024E1	2025E1	2027E1	CAGR (23-27E)
Revenues (ex pass-through)	3,659	3,850 – 3,950	4,100 – 4,200	4,500 – 4,700	+6%
Adjusted EBITDA	3,008	3,150 – 3,250	3,400 – 3,500	3,800 – 4,000	+7%
EBITDAaL	2,157			2,850 – 3,050	+8%
RLFCF	1,545	1,650 – 1,750	2,000 – 2,050	2,100 – 2,300	+9%
FCF	150	250 – 350	350 – 450	1,100 – 1,300	c.8x growth 23-27E

ESG – Key initiatives

Roadmap for integration of ESRS requirements into the group's ESG strategy and Action Plan

In progress
Double Materiality validation and update of ESG related policies	Value Chain Strategic Plan	ESG reporting & monitoring system
Validation of the Double Materiality analysis:  Validation of the results of the analysis by top management;  External validation of the methodology used in line with EFRAGs implementation Guidance  Final approval of the list of material issues by the BoD Update of ESG related policies:  Update of the ESG and Environmental and Climate Change policies in line with the results of the materiality analysis and CSRD requirements	To establish a strategic plan and a value chain governance model that complies with the requirements of ESRS S2  Value chain analysis and prioritisation  Study of the available value chain information  Identification of opportunities and roadmap  Definition of the Stakeholder Relationship Policy	To establish a digitalisation and automation roadmap for the group's current systems and tools ensuring the correct and technical definition of the ESG KPI's  Update the inventory of ESG management KPI for the Group  Functional and technical definition of ESG KPIs  Implementation of the roadmap for the digitization of KPIs, after completing a definition phase

Cellnex awarded Platinum medal in EcoVadis sustainability rating 2024 for the second year in a row

Cellnex has received 88 points in the latest EcoVadis Sustainability Rating and was awarded for the second consecutive year with the highest recognition – the Platinum medal. With this score, the company ranks in the top one percent of about 73,000 companies that were assessed worldwide by EcoVadis, a leading provider of business sustainability ratings.

Cellnex ranks top 12 most sustainable company in the world by Time Magazine

Cellnex has been recognized by Time Magazine and Statista for its adherence to respected climate programs, including the Science Based Targets initiative (SBTi), CDP (Carbon Disclosure Project) scores, Scope 1 and 2 emissions, recent reductions in emissions, and the percentage of renewable energy used.

ESG – Sustainability ratings

Data as of June 2024

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 29 for certain information on the limitations of APMs
Adjusted EBITDA margin	Adjusted EBITDA Margin corresponds to Adjusted EBITDA, divided by "Services (Gross) excluding Utility Fee". 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 29 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 29 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 29 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 29 for certain information on the limitations of APM 26

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 "Services (Gross) excluding Utility Fee". 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 29 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 29 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 29 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 29 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 29 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 29 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 29 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. 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.
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 29 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 minorities. Recurring Leveraged Free Cash Flow ("RLFCF") is an APMs. Please see slide 29 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).