Cellnex FY revenues hit €4bn
February 27, 2026
Spain’s Cellnex, Europe’s largest independent operator of wireless telcos and broadcasting infrastructures, has released its 2025 fiscal year results, delivering what it described as “another year of solid performance in line with the guidance provided to the market”.
Results were supported by consistent organic growth, strengthened profitability and an acceleration in free cash flow generation.
Cellnex delivered a strong organic financial performance across its core markets, confirming the company’s predictable performance: Revenues increased 5.8 per cent to €4 billion, driven by solid market demand (new sites and co-locations) and contractual escalator clauses. Adjusted EBITDA rose 7.1 per cent and EBITDAaL advanced 7.9 per cent, leveraging on the efficiency measures deployed across all the operations. EBITDAaL margin expanded to 62.2 per cent (from 60.6 per cent in 2024), reflecting the impact of industrialisation, enhanced process efficiencies and land optimisation.
Operating profit increased to €476 million in 2025, from €197 million in 2024. This performance reflects stronger underlying operating results and lower impact from non-recurring items compared with the previous year. Consolidated result before tax improved nearly €250 million year on year. Net profit ended at -€361 million, reflecting the one-off impact of the reorganisation plan in Spain and impairments, which weighed on bottom-line results despite the strong operational improvement.
Marco Patuano, Cellnex CEO, commented: “2025 marks a turning point in our transformation, with a structural improvement in free cash flow confirming the solidity of our organic growth and the continuous progress in operational efficiency. Cellnex showed that growth, financial discipline and shareholder value creation can advance in parallel.”
Outlook for 2026
The 2026 guidance for the key indicators is as follows:
- Revenues: between €4.07 and €4.17 billion
- Adjusted EBITDA: between €3.42 and €3.52 billion
- Recurring Levered Free Cash Flow (RLFCF): between €1.9 and €2 billion
- Free Cash Flow (FCF): between €600 and €700 million
The company also reaffirmed its guidance 2027, adjusting for change of perimeter and increased shareholder remuneration.
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