Cellnex Telecom reported solid financial and operational results for the first nine months of 2024, expanding lease up of its sites and advancing divestments in Austria and Ireland.
The company’s revenue increased by 7%, reaching €2,903 million, while EBITDA after leases (EBITDAaL) rose by 8.9% to €1,723 million. Organic growth remained strong, with Points of Presence increasing by 9.5% year-on-year, driven by new placements at existing sites and the roll-out of new sites in markets like France and Poland.
Cellnex’s CEO, Marco Patuano, emphasised the company’s progress toward key targets, citing strengthened customer relationships and expanded infrastructure in primary markets. Revenue growth was complemented by gains in organic EBITDAaL, which increased by 9.8% due to improved operating efficiencies and additional site roll-outs.
Strategically, Cellnex is advancing its asset sales in Austria and Ireland, with the Austrian divestment expected to close by the end of 2024 and the Irish sale anticipated in early 2025. These moves are part of Cellnex’s broader strategy to streamline operations, enhance free cash flow, and accelerate shareholder returns, while maintaining its commitment to an investment-grade rating.
The company’s financial stability is underpinned by a €17.5 billion debt load, 80% of which is set at a fixed rate, and approximately €4 billion in available liquidity. Cellnex’s long-term contracts in key markets, including new agreements with Vodafone UK, Virgin Media O2, and MasOrange, are expected to drive growth well into 2025. Additionally, the company recently signed a Power Purchase Agreement to ensure 100% renewable electricity by 2025.
