Cellnex clocks revenue hike for first nine months of the year

Cellnex raked in total revenues of €2.9 billion for the period – a 7% hike. Meanwhile organic revenue, which ‘mainly excludes the impact of the sale of sites in France’, increased by 7.4%.

EBITDA after leases came in at €1,723 million which is an 8.9% jump, while recurring leveraged free cash flow (RLFCF) increased to €1,256 million, compared to €1,171 million the previous period.

Meanwhile it reported a1 €40 million loss compared to €198 million in the same period of the previous year. Cellnex says this is ‘due mainly to the classification of assets in Austria as undergoing sale (with a negative impact of €265 million, net of the corresponding tax effects), and the effect of higher amortisations and financial costs associated with the intense investment process carried out to date.’

Cellnex CEO Marco Patuano is quoted in the release as pointing to the “strength of our key indicators quarter after quarter - from revenues to cash flow to key business metrics related to the expansion of points of presence at our sites - in line with our short and medium-targets and thus confirming the outlook for 2024. Furthermore, we are making progress in extending and broadening contracts with our customers in the main markets in which we operate.”

“In just over a year, we’ll have achieved many of the main strategic objectives we set for the next chapter of Cellnex, which we expect to complete with the acceleration of shareholder returns –once the sales deals in Ireland and Austria have been completed– thus fulfilling each and every one of our commitments to the market.”

Cellnex says it is currently in advanced negotiations with MasOrange to ‘extend and unify into a single contract its relationship in the context of their consolidation process in Spain’, extending it until 2048.

In July the company signed a new long-term agreement with Vodafone and Virgin Media O2 to provide the operators with tower infrastructure and associated services.

Cellnex also says it plans to close the sale of Austria before the end of the year and the sale of Ireland in the first quarter of 2025.