Cellnex closed the first half of 2026 with “solid organic growth and a marked acceleration in Free Cash Flow generation”. The  European telco infrastructure company reported that noth revenue and EBITDAaL increased on an organic basis, driven by strong commercial momentum and continued operating discipline.

On a pro-forma organic basis1, revenues grew 5 per cent year-on-year. Adjusted EBITDA rose 6.4 per cent, EBITDAaL 7.7 per cent, RLFCF 11 per cent and RLFCF per share by 18.1 per cent, reflecting operating efficiency measures, proactive lease management and capital structure optimisation.

Reported consolidated revenues reached €1.99 billion in the first half of 2026 through sustained growth of all business areas. The Towers business remained the Group’s main growth driver, with revenues of €1.62 billion and organic growth of 5.2 per cent. Fibere, Connectivity and Housing Services grew by 7.8 per cent; DAS, Small Cells and RANaaS by 4.5 per cent; and Radio and Television Broadcasting by 0.5 per cent.

EBITDA after leases stood at €1.23 billion and Recurring Leveraged Free Cash Flow reached €908 million. Free Cash Flow increased to €301 million, compared with €19 million in H1 2025, reflecting solid RLFCF generation and lower BTS capex intensity.

“The first half of 2026 confirms the strength of Cellnex’s industrial model, with sustained organic growth, improved operating leverage and a clear acceleration in Free Cash Flow generation. We continue to execute with discipline, reinforcing our role as a trusted infrastructure partner for our customers while creating value for shareholders, as further evidenced by our announcement to launch an additional €200 million share buyback programme,” commented Marco Patuano, CEO of Cellnex. “Our long-term strategic partnerships, operational efficiency initiatives and proactive capital allocation are enabling Cellnex to combine predictable recurring growth with a more efficient financial profile. This positions the Group to continue delivering on its strategic roadmap.”

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Categories: Articles, Business, Results, Telco

Tags: Cellnex, telco