Cellnex delivered robust organic growth in Q1 2025, reporting revenues of €964mn, up 6.3% on an organic basis year-on-year, and adjusted EBITDA of €798mn, up 7.7%. Organic EBITDA after leases (EBITDAaL) grew by 8.7% to €566mn, with a 4.3% increase in Points of Presence (PoPs), reflecting both new site roll-outs and additional tenancies.

Cellnex confirmed that its long-term inflation-linked contracts will shield it from tariff-related geopolitical volatility. CEO Marco Patuano emphasised that “despite the geopolitical turbulence, we continue to fulfil every one of our objectives,” highlighting a 36% increase in EBITDAaL and a 46% increase in RLFCF over three years. He said the company is on track to “open the third chapter of Cellnex, focused on growth”.

Q1 also saw Cellnex complete the €971mn sale of its Irish business to Phoenix Tower International and progress towards completing its €800mn share buyback programme, with 93% of shares already repurchased.

Operationally, Cellnex reported 109,357 sites at the end of March across ten markets, with France and Poland leading new build activity. Telecom towers accounted for 80.7% of revenues, DAS and small cells 6.4%, fibre and housing 6.1%, and broadcasting 6.8%.

The company reiterated its full-year 2025 guidance, forecasting revenues of €3.95–4.05bn, adjusted EBITDA of €3.275–3.375bn and RLFCF of €1.9–1.95bn.

Debt is at €16.8bn, though 80% is at fixed rates. Cellnex secured a €625mn syndicated loan in Q1 and retains €4.7bn in liquidity. Investment grade ratings from Fitch and S&P remain intact.

Cellnex continues to earn sustainability recognition, maintaining its place on the CDP ‘A List’ and Financial Times’ Top 15 Climate Leaders Europe.