Cellnex Telecom S.A.

Investor Presentation • Mar 5, 2024

Capital Markets Day

March 5th, 2024

Next Chapter, a strengthened commitment

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.

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.

Non-IFRS 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. Consolidated Financial Statements and Consolidated Management Report for the twelve-month period ended 31 December 2023 (prepared in accordance with IAS 34), published on 29 February 2024 (available at: Informe Anual Integrado 2023_EN (cellnex.com)). 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 on 29 February 2024 by Cellnex Telecom, S.A. All documents are available on Cellnex website (www.cellnex.com).

Welcome to our Capital Markets Day, we're looking forward to sharing our view of Cellnex's future

Bouverot Chairperson Patuano CEO

Cuvillier CSO

Battiferri COO

Trias CFO

Gaitán Head of Investor Relations

Agenda for today

01

Cellnex's Next Chapter

Anne Bouverot - Chairperson Marco Patuano - CEO

6

As Europe's leading operator of wireless telecommunications infrastructure, Cellnex is now fully focused on operational excellence and shareholder returns

Strengthened Board of Directors governance and oversight…

… and new leadership team focused on operational performance

Reinforced governance rules, in particular for capital allocation…

… to ensure consistent execution of the new strategy

Management's Long Term Incentive Plan strongly aligned with shareholder value creation (TSR, FCF and ESG)

Note: 2023 figures considering constant perimeter as of Dec 2023. 1. Total Shareholder Return Annual Equivalent, including the effects of capital increase. 2. Excluding c.2k sites of Broadcast. 3. DAS & Small Cells nodes. Source: TowerXChange, Bloomberg, CapitalIQ.

To deliver value creation

2024+

Next Chapter

(1) Operational Value Creation

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

(2) Shareholder Value

• Set long-term leverage target of 5.0-6.0x Net Debt/Ebitda by 2025- 2026
• Make available >€10Bn cash resources by 2030
  • Allocate minimum c.€3Bn to dividends until 2030 starting paying in 2026 at the latest
  • Devote the remaining >€7Bn to buybacks, extraordinary dividends and industrial business opportunities, giving priority to value creation / shareholder return

(3) Disciplined and rigorous 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

A success story with highly predictable revenues and resilient margins

We are shifting focus to cement our leadership in the EU TowerCo industry

2015-2022 EU Tower market infancy

Incipient data driven growth Large portfolio availability Low cost of capital

Mainly inorganic growth

Since IPO in 2015

Driving industrial value, securing healthy growth and yield

• Focus on organic growth, selective expansions, prudence with CapEx

Today Established market

Data traffic growth & significant 5G investments Fewer in-market inorganic opportunities Higher cost of capital and inflation MNO consolidation/network sharing with limited risk

We will execute our strategy with four pillars moving forward

This chapter will set us on a path towards success and greater shareholder value

Upholding our core values… …delivering on our commitments… … and increasing shareholder value Neutral and independent Industrial group approach across markets Empowered & integrated teams Customer-centric with focus on anchors Achieving investment grade by S&P by end of 2024 Reiterating our 2025 Guidance Setting ambitious 2027 targets Long-term capital structure guiding our capital allocation strategy Expected increase in RLFCF¹ per share and a new approach to shareholder remuneration² • Predictable • Increasing over time • Possible additional remuneration subject to capital structure

Enhanced financial and operational disclosure

Strategic Positioning Vincent Cuvillier - CSO

Strategic Positioning

Strategic Positioning

Our growth story and business model strengths

Opportunities and challenges ahead

Our evolving strategy and the pillars to deliver on it

Simple: reviewing our portfolio to reduce complexity

Responsible: continue leading in ESG

Our growth story

Cellnex is the Pan-European TowerCo leader

At IPO… Today…

2 12 markets

2 16 anchors

111k tower sites1 14k

155k PoPs2 21k

Our growth story

National champions in over 80% of our markets

Cellnex Market share (in # of Towers) YE2023

Note: Considering perimeter as of Dec 2023. 1. Market share in UK includes EEBA (Economics Rights from H3G within MBNL). 2. Excludes c.2k Broadcast sites. 3. Includes sites acquired from Hi3G. Source: TowerXchange.

Presence in 4 business lines, Towers being our CORE with >80% of revenues

Towers

Strategic Positioning Our growth story

Tower co-location

€3,010 Mn 2023 Revenues1

1. Excludes pass-through revenues.

DAS, Small Cells & RAN-as-a-Service

DAS & Small Cells RAN-as-a-Service Mission Critical Networks

€233 Mn

Fiber, Connectivity & Housing Services

FTTT Fiber Transmission Edge DC

Broadcast

TV Radio

€253 Mn

17

12 markets, with top 5 representing >80% of revenues

18

Cellnex has built a resilient business with predictable revenues and growth

Strategic Positioning Business model strengths Secured revenue base

Secured revenues with the largest backlog in the industry

Total long term backlog1

Existing long-term contracts with clients, including current assets and future BTS

Expected revenues 2027E vs 2023

1. Includes long term revenues until end of existing contracts. 2. Includes committed contracts from BTS, Fiber and Edge DCs. 3. Includes principally additional co-locations.

Proven ability to achieve organic growth

Customer Ratio increase through co-location

Cumulative growth in CR only considering organic co-locations1 (%) in 2017-2023 timeframe

Weighted growth across all markets

Value accretive BTS commitments

Implied EBITDAaL multiple of remaining BTS is well below our trading multiple

Additional upside potential from future organic co-location and efficiencies

Value

drivers

Diversified client base in developed markets

Note: Considering perimeter as of Dec 2023. 1. 4 anchor tenants in the US and 15 international customers. 2. Cellnex's top 3 clients are present in 9 different markets. 3. Excludes Poland, sold in 2023, and includes India, sold in Jan 2024 but still pending regulatory approval. Includes Australia and New Zealand, where they own land but no sites. Source: Company reports.

Long-term anchor relationships: committed, expanded, and extended

1. Reported contract lengths including renewals. 2. Doesn't consider remedies of 3.2k sites in France. 3. Fiber to the Tower = FTTT.

Strategic Positioning Business model strengths Future-proof industry

Growth in 5G coverage and data traffic demand will require scaling infrastructure

Room for growth from 5G coverage 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

Mobile Telco consolidation

We expect limited impact from consolidation and potential new business opportunities

2 important trends present opportunities and challenges

Strategic Positioning Changing context

Inflation Our margins benefit from moderate levels

Strategic Positioning Changing context MNO consolidation

MNO consolidations and network sharing present both opportunities and risks

Our contract protections limit the impact of potential mergers to our business

Existing protections

• Contractually protected PoPs
• "Take or Pay" and "all-or-nothing" clauses
• Existing contracts preventing RAN sharing or allowing RAN sharing fees

How to mitigate further

• Ongoing upfront negotiations with MergeCos to facilitate positive NPV
• Proactively seek business opportunities from new entrants as a result of regulatory remedies

At most, c.1% of our revenues are at risk1, with potential impacts starting after

Strategic Positioning Changing context Inflation

Our robust contract structure enables margin improvements from moderate inflation

Return to moderate inflation is expected… … allowing our EBITDAaL margin to increase

Our contract structure is protected from inflation

• c.65% of our revenues linked to CPI (majority with caps)
• c.35% are linked to escalators fixed between 1-2%
• Most contracts with floor at 0%

EBITDAaL improvement with moderate inflation

1. Eurostat's flash estimate for 1 Feb, 2024 showed HICP at 2.8% for January. 2. Market-based measures of inflation compensation Source: European Central Bank (ECB).

Our strategy will focus on boosting industrial value, guided by four pillars

Driving industrial value, securing healthy growth and yield

Historically: Supporting MNOs by enabling large investments

Mainly inorganic growth

We are strategically reviewing our portfolio on a constant basis

Strategic Positioning Simple: portfolio review

Assessment based on

Potential growth

a set of criteria

Strategic fit

Scale

We continue reviewing each market and business line with 3 objectives…

Finding relevant partners where beneficial to grow more profitably and efficiently

Enhance management focus

Increasing focus on core by disposing business lines with limited room for growth or scale

Improve balance sheet and rating

Disposing non-core assets if valuation is accretive, arbitraging the difference between public and private market valuation opportunistically Strategic Positioning Simple: portfolio review

…and have already started to build a simpler portfolio…

Strategic Positioning Simple: portfolio review

…with a clear portfolio strategy, focusing on our core and our anchor MNOs

1. Distributed Antenna Systems and Small Cells = DAS and SCs. 2. RAN as a Service = RANaaS. 3. Fiber to the Tower = FTTT. 4. MNO = Mobile Network Operator.

Strategic Positioning Responsible: leading in ESG

Sustainability is part of our DNA as a company, with a shared management of infrastructures

Keep ESG as a vital part of our strategy, not a consequence of it

Strategic Positioning Responsible: leading in ESG

We will achieve our ESG 2025 targets, and continue leading the industry

Strategic Positioning Key takeaways

Strategic Positioning

We have a diversified presence across 4 lines and 12 markets

• c.80% of revenues from Towers

1

• c.80% of revenues from Top 5 countries
• c.80% of our markets see us as #1 or #2

Our business is built on solid foundations: long term secured revenues and resilience to key risks 2

• c.80% of growth by 2027 is contracted
• We will focus on generating and sharing industrial value, acting on four pillars ³

Simple: our strategic portfolio review seeks to enable expansions, focus on core and improve our balance sheet & shareholder value creation 4

5 Responsible: we will continue leading in ESG

Simone Battiferri - COO

Delivering focused growth

Organic growth in Towers and selective investments in attractive and complementary adjacent businesses

Becoming operationally more efficient

Rationalizing assets, optimizing cash-cost base and improving the Group's productivity and quality of service to customers

Resulting in EBITDAaL margin and FCF boost

We will combine growth and efficiency adapting to market specificities and opportunities

Operations Focused

Prioritize co-location growth

Extract full value from BTS

Complement BTS with a "Co-location to Suit" mentality where possible

Invest selectively in opportunities beyond Towers

Drivers of growth across each business line

1. Average Revenue per Tower – see page 44 for expected evolution. Average Revenue per Tower is an APM, detailed in slide 82. Please refer to slide 2 for certain information on the limitations of APMs. 2. Distributed Antenna Systems and Small Cells = DAS and SCs. 3. RAN as a Service = RANaaS. 4. Fiber to the Tower = FTTT.

Operations Focused Tower business

PoPs will grow by increasing co-tenancy in existing sites and building new sites

• Increase of addressable market for new sites

42

c.90% 2024-2027E The evolving nature of our market requires a new lens to assess performance:

introducing the Total PoPs metric

The mix of PoP types in our towers has evolved with increased weight in RAN Sharing 2022 2023 2027E Mix of PoPs by type MNO physical MNO RAN Sharing Non-MNO 2022 2023 2027E ^{156 148} +5% 187 Given the mix change, the previous PoP metric would underestimate the total number of PoPs Non-MNO and RAN sharing PoPs previously weighted in line with revenue contribution

Operations Focused Tower business

Total PoPs: Total points of emission regardless of type Equivalent PoPs (historically reported)

172

PoPs evolution

155

208

+12%

Despite the dilutive effect of BTS, we expect c.1.64x CR while growing tower base

1. Excluding dilutive effects from BTS, CR would reach c.1.7x. 2. Average Revenue per Tower is an APM, detailed in slide 82. Please refer to slide 2 for certain information on the limitations of APMs. 3. Includes CPI and changes of perimeter.

Operations Focused Tower business

We are committed to improve co-tenancy to maximize asset value

We will further optimize new BTS commitments, balancing build-to-suit with co-location-to-suit where possible…

…to provide additional industrial and financial value for Cellnex and our clients

We have an ambitious and profitable BTS growth plan…

• … which will be further enhanced with a smart development of CTS…
  • Use current infrastructure whenever possible to gain scale
  • Maintaining the financial component of the contract and the anchor tenant conditions while saving on construction and leases

… To unleash additional financial value for ourselves and clients

Potential savings c.30% 1: CapEx Further OpEx reduction

For DAS, Small Cells & RAN-as-a-Service and Fiber, Connectivity & Housing Services, we will invest selectively

These business lines are expected to move from c.11% in 2023 to c.15% of our revenue in 2027E

Small but fast-growing DAS & Small Cells markets are a clear complement to our core tower portfolio

Clear demand drivers

• Increase of network data traffic
• MNOs demand to improve coverage in high-traffic spots
• Complex permitting for macro towers
• Growth of high-band spectrum
• Large property owners demand to improve user experience in venues

Success case Etihad Stadium

• Stadium of 55k spectators
• 188 5G-ready antennas
• Complete coverage provided by Cellnex

Infrastructure model

• 2+ MNOs
• Cellnex has initial investment and owns asset
• CapEx intensive, high margins
• c.10-year contracts

Asset-light model 2

• Demand from venue owner, starting with 1 MNO
• Initial investment is one-off payment from the venue owner
• No CapEx, lower margins
• Shorter contracts

Ambition Maintain European leadership

Cementing current European leadership

Operations Focused RANaaS

Pioneering the industry through RAN-as-a-Service in Poland

We are leaders in exploring an integrated passive + active model

Model will serve as a test case for a TowerCo-driven network rationalization

We are disciplined and prudent on the allocation of resources

• Consolidating business case in Poland before assessing expansion
• RANaaS representing c.2% of 2023 revenue

FTTT is imperative for 5G expansion, and we will selectively invest to add further value to our assets and strengthen our relationship with anchors

We see Fiber to the Tower as a clear value add to our tower assets…

Important criteria for MNOs to choose between tower providers

Substantial synergies with core tower business

Key enabler of 5G deployment

… and we will be focused when choosing our target segment

Operations Efficient

Optimize our operations

Increase organizational productivity

Capitalize on economies of scale

Accelerate unlocked value

Operations Efficient Lease cost optimization

We expect c.8% reduction in lease cost vs. inertial cost base

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, with initial set of c.10k sites (largest in EU)

Site securitization

Enhance securitization plan and site at risk management

c.8% savings vs. inertial cost base

1. Includes CPI or contracted rent upgrades with landlords. 2. Includes BTS growth (primarily) and changes of perimeter/remedies. 3. Includes lease cost reduction, tower rationalization and land acquisitions.

Creating a LandCo to help accelerate value creation in lease cost optimization

Accelerate lease cost optimization

LandCo creation

Site securitization

• Vehicle for land acquisition acceleration initially in some countries

• Carve out of real estate assets: initial set of c.10k sites
• Cellnex Telecom to be the anchor client, without affecting existing obligations
• Efficient corporate structure to maximize value for shareholders, keep synergies and allow tax benefits

• The potential entry of a minority shareholder has not been ruled out1

• Cellnex is considering various strategic options in relation to the vehicle, among which the potential entry of a minority shareholder has not been ruled out, although no decision has been taken in this regard.

Segmenting our tower portfolio allows us to identify opportunities to increase revenue and margin per tower, while optimizing CapEx

1. Savings in leases, Maintenance OpEx and Maintenance CapEx.

Operations Efficient Operation and Maintenance Optimization

Optimizing tower maintenance and operations through high-impact initiatives

c.10% savings vs. inertial cost base

Maintenance OpEx + CapEx bridge

Plan to decrease by c.-3% the average maintenance OpEx + CapEx per tower by 20272

1. BTS and remedies. 2. 3% is a net impact including a forecasted CPI-driven growth of c.6% (requiring a c.9% gross reduction) in the period.

Digital Transf. and Productivity Improvement

Digital transformation fueling further efficiency through standardization, automation, and data-driven solutions with a "One Cellnex" mindset

Digital Transformation and Productivity Improvement

Process automation & integration

Full cloud architecture

Applied AI

Accelerating simplification and automation to reduce manual interventions (e.g., through RPA1), integrating with customers and vendors where possible

Common Cellnex tech stack and platforms across markets to drive a common operating model and guarantee data quality, with accelerated roll-out across geos within 2025

Big Data and Analytics Enabling data-driven decision making, developing and integrating new capabilities

Developing digital twins of our operations to help us identify productivity/efficiencies opportunities (e.g., predictive maintenance)

1. Robot Process Automation = RPA.

Operations Key takeaways

Operations

1 Continued focus on Towers, with average annual PoP growth of c.5%, equally divided in BTS and co-locations

2 Revenue per tower growing at c.3%, while Customer Ratio expects to reach c.1.64x by 2030 (total PoPs)

3 Selective investment in complementary growing adjacencies, which will contribute c.15% of revenues

4 Decrease of c.8% of lease costs and c.10% operational cost vs. inertial cost base

5 Improvement of c.500bps in the Group's EBITDAaL margin by 2027

04

New Reporting, Capital Structure & Allocation Raimon Trias - CFO

A more transparent Cellnex with increasing shareholder value

Capital Structure and Allocation

prioritizes deleveraging, capital discipline and

Our enhanced financial disclosure provides more granular level of detail

Expansion CapEx, Efficiency CapEx

New reporting provides more granularity across business lines and markets

1. Telecom Infrastructure Services. 2. In previous reporting, Pass-through revenues included in Telecom Infrastructure Services (TIS).

New Reporting Org. Rev. Composition

Breakdown of organic revenue composition

Removing the impact from Pass-through costs

Previous reporting New reporting

€Mn	Jan-Dec 2023
Staff costs	-282
Repair and maintenance	-111
Utilities	-366
General and other services	-286
Operating Expenses	-1,045
Adjusted EBITDA	3,008

€Mn	Jan-Dec 2023
Staff costs	-282
Repair and maintenance	-111
Services2	-253
Operating Expenses (w/ Pass-through)	-646
Net Pass-through	-4
• Pass-through revenues	394
• Pass-through costs	-399
Adjusted EBITDA	3,008
Payments of lease instalments	-851
EBITDAaL	2,157

Net contribution of Passthrough (mostly utility cost along with other elements such as business rates1)

1

EBITDA after leases as a key metric to track the profitability of the business 2

These changes do not affect Adjusted EBITDA nor Cash Flow metrics

1

2

Providing more granularity on CapEx allocation

€Mn	Jan-Dec 2023
Maintenance CapEx	139
Expansion CapEx1	458
Expansion CapEx (Build to Suit programs) and Remedies	937
• Expansion CapEx (Build to Suit programs)	1,568
• Remedies	-631
M&A CapEx	696
Total Investment	2,230

€Mn	Jan-Dec 2023
Maintenance CapEx	139
Expansion CapEx1	458
• Tower Expansion CapEx 1	313	services
• Other Business Expansion CapEx 2	77	2
• Efficiency CapEx 3	68
Build to Suit CapEx and Remedies	937
• Build to Suit CapEx	1,568	3
• Remedies	-631
M&A CapEx	696
Total Investment	2,230

Previous reporting New reporting Investment related to tower business expansion that generates additional RLFCF, including among others, telecom site adaptation for new tenants. Certain tower upgrades carried out on request of our customers such as adaptation, engineering and design

1

Investment related to other business expansion that generates additional RLFCF

Investment related to business efficiency that generates additional RLFCF, including among others, decommissioning, advances to landlords and efficiency measures associated with energy and connectivity

CapEx over Revenues (including Pass-through) unchanged

A more transparent Cellnex with increasing shareholder value

New Cellnex Financial Policy Priorities

Maximizing shareholder returns at Investment Grade

• Ireland sale on track 1H24

Cellnex first priority is to focus on deleveraging to achieve IG by S&P in 2024

1. Please see Leverage Ratio APM and its associated APMs, Gross Financial Debt and Net Financial Debt, on slides 82 and 83. Please refer to slide 2 for certain information on the limitations of APMs.

Significant cash generation driven by end of BTS programs and organic EBITDA growth to accelerate de-leverage

1. Net Debt/EBITDA IFRS 16. Please see Leverage Ratio APM and its associated APMs, Gross Financial Debt and Net Financial Debt, on slides 82 and 83. Please refer to slide 2 for certain information on the limitations of APMs. EBITDA IFRS 16 is Adjusted EBITDA as per definition in slide 82

Well-designed debt maturities profile

Liquidity +€3Bn: including cash and undrawn credit lines

Fixed rate debt 76%

Asset rotation proceeds to be used for repayment of maturities

Gross debt c.€18Bn (bonds and other instruments)

Flexibility preserved: Cellnex Finance debt without financial covenants, pledges or third-party guarantees

Considering the current perimeter and the expected future approach to shareholder remuneration, cost of debt projected to remain at or below 2.6%2 until 2027

1. Net Debt position calculated as Gross Debt + OMTEL deferred payment – Cash & Cash Equivalents. 2. Please see Leverage Ratio APM and its associated APMs, Gross Financial Debt and Net Financial Debt, on slides 82 and 83. Please refer to slide 2 for certain information on the limitations of APMs. 3. S&P definition.

Significant cash generation potential boosted by re-leveraging capacity

• Provides significant flexibility to:
  • Distribute an attractive minimum dividend
  • Further shareholder remuneration through acquisition of own shares and/or extraordinary dividends
  • Implement industrial business opportunities

New approach to shareholder remuneration1 aims to provide a visible, recurring and growing remuneration to shareholders

1. The formal dividend policy and its implementation is subject to approval by the competent bodies of the company.

Clear and disciplined capital allocation framework to maximise 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.

New Reporting, Capital Structure & Allocation Key takeaways

New Reporting, Capital Structure & Allocation

1. Please see Leverage Ratio APM and its associated APMs, Gross Financial Debt and Net Financial Debts, on slides 82 and 83. Please refer to slide 2 for certain information on the limitations of APMs. 2. The formal dividend policy and its implementation is subject to approval by the competent bodies of the company. 1 Improved financial disclosure

2 Commitment to reach investment grade by S&P in 2024

3 Target leverage of 5.0-6.0x Net Debt/Ebitda IFRS 161

4 €500Mn minimum dividend payable from 2026, with 7.5% annual growth thereafter2

5 Additional >€7Bn to be allocated by 2030 based on a disciplined capital allocation framework

05

Guidance Juan Gaitán – Head of Investor Relations

Short term financial outlook

2023 guidance achieved and ambitious targets set for 2024E and 2025E

1. Assuming current perimeter. 2. Revenues ex Pass-through is an APM, detailed in slide 82. Please refer to slide 2 for certain information on the limitations of APMs.

Medium term financial outlook

New guidance disclosed for 2027

1. Assuming current perimeter. 2. Revenues ex Pass-through is an APM, detailed in slide 82. Please refer to slide 2 for certain information on the limitations of APMs.

06

Closing Remarks Marco Patuano - CEO

Closing Remarks

2

79

We have the Team and the Governance to deliver the next chapter of success 1

We will deliver growth and operational excellence leveraging on a rigorous industrial approach, focused on 4 pillars:

• Simple – playing in markets and businesses where we have scale and leadership
• Focused – maintaining an 80/20 revenue distribution with Towers as core and a solid 6% CAGR revenue growth
• Efficient – optimizing operations increasing EBITDAaL margin by 500bps.
• Responsible – Keep leading the industry in ESG
• Once investment grade is achieved,we consider a Capital Structure of 5.0-6.0x Net Debt/Ebitda which will allow a new approach to Shareholder Remuneration improving TSR 3
• We will have cumulative >€10Bn to be allocated by 2030 4
  • €500Mn minimum dividend1 from 2026-2030 growing at a minimum rate of 7.5% a year

  • €7Bn to buybacks, extraordinary dividends and industrial investments for enhancing value creation and TSR Our governance guarantees a disciplined capital allocation

We set a 2027 Guidance that will increase RLFCF by c.€650Mn vs. 2023 5

New Alternative Performance Measures disclosed in this document (I/II)

New Alternative Performance Measures disclosed in this document (II/II)