Cellnex sees “solid start” to Q1
April 30, 2026
Cellnex reports that it delivered a “solid start” to 2026, with consistent organic growth across core financial metrics and a clear turning point in Free Cash Flow generation, reflecting the strength and predictability of its long-term contracted business model and the execution of its capital allocation priorities.
Revenues (excluding pass-through) reached €984 million, representing organic pro forma growth of 4.7 per cent year-on-year, supported by continued network densification demand across the Group’s footprint. Adjusted EBITDA increased to €832 million (+6.4 per cent organic pro forma), while EBITDA after leases (EBITDAaL) rose to €595 million (+7.2% organic pro forma). The EBITDAaL margin expanded to 60.5 per cent, up from 58.8 per cent in Q1 2025, driven by operational efficiencies, proactive land management and strong operating leverage.
The improvement at operating level translated into a material acceleration in cash generation. Recurring Levered Free Cash Flow reached €378 million, up 12.2 per cent organic pro forma, while Free Cash Flow turned positive at €118 million, compared with €-66 million in Q1 2025, marking a clear turning point. Performance reflects higher EBITDA, disciplined capital expenditure execution and structurally lower capex intensity.
On a per-share basis, Recurring Levered Free Cash Flow increased by 18 per cent year-on-year, supported by both operational performance and the ongoing share buyback programme.
Commercial activity remained robust, with net organic PoPs growth of 4.7 per cent year-on-year (gross +5.4 per cent), confirming sustained demand from mobile operators. Towers continued to represent the core earnings contributor, generating €801 million of revenues, while diversification activities contributed €56 million from Fiber, Connectivity & Housing Services, €61 million from DAS, Small Cells and RAN, and €66 million from Broadcasting.
Marco Patuano, CEO of Cellnex, commented “Q1 2026 further validates the predictability of our earnings profile and confirms that Cellnex crossed the inflection point in Free Cash Flow generation confirming the robustness of its business. This acceleration reflects operating discipline, margin expansion and structurally lower capex intensity. At the same time, we continue to execute on portfolio optimisation, balance sheet strengthening and disciplined shareholder remuneration.”
Capital allocation, balance sheet and visibility
During the quarter, Cellnex continued to deliver against its capital allocation framework. The €250 million dividend paid in January marks the first tranche of the €500 million distribution for 2026, with the second €250 million tranche scheduled for July 15th. The share buyback programme progressed in line with plan, with €60 million executed in Q1, reaching €260 million completed as of March 31st out of the €500 million announced.
Portfolio optimisation further strengthened balance sheet flexibility, with €373 million generated from the sale of the French data center business and €170 million from the DIV II fund. In parallel, Cellnex proactively addressed refinancing needs through the issuance of €1.5 billion in dual-tranche bonds, extending maturities and securing pricing at 3.4 per cent.
As of March 2026, Cellnex reported liquidity of approximately €6 billion, comprising €3 billion in cash and €3 billion in undrawn credit lines. Around 78 per cent of gross debt is referenced at fixed rates, with an average cost of debt of 2.1 per cent and an average maturity of 4.3 years, maintaining a resilient and well-protected financial profile.
Outlook
Cellnex reiterates its financial guidance for 2026 and 2027, underpinned by long-term contracted revenues, limited churn, margin expansion and improving cash conversion. Management remains confident in the Group’s ability to continue delivering sustainable Free Cash Flow growth, disciplined capital allocation and progressive shareholder returns.