Cellnex stock: Free cash flow more than doubles to EUR 474 million

Published on 11/11/2026 at 10:29 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cellnex stock is backed by stronger cash generation after the first nine months. Management retained its 2026 guidance and 2027 leverage target.

Cash flow strengthens as Poland expands

Cellnex reported stronger operating leverage, lower investment intensity and improved cash conversion for the first nine months.
A Polish agreement adds near-term capital spending while targeting higher co-location and long-term returns.
Management retained its 2026 guidance and 2027 leverage objective.

Cellnex, ES0105066007, Illustration mit AI erstellt.

Cellnex reported a sharp improvement in cash generation for the first nine months of 2026, while keeping its full-year guidance intact. In its results release published on November 5, the Spanish telecommunications infrastructure operator said lower investment, organic growth and operating efficiencies had strengthened cash conversion.

Cellnex stock traded at 26.17 euros on Lang & Schwarz at 10:18 CET on Wednesday, November 11. The quote provides the latest trading context as investors assess whether the improved cash profile can offset higher near-term investment in Poland.

Operating leverage lifts cash generation

Revenue excluding pass-through items rose 2.4 percent year on year to 3.008 billion euros in the nine months ended September 30. Organic like-for-like revenue growth reached 4.9 percent, supported by inflation protection and customer demand. Co-location and Build-to-Suit activity added 104 million euros of revenue.

Operating performance improved despite a larger tower base. Like-for-like operating expenses fell 4.4 percent, or 22 million euros, while Cellnex operated about 2,900 more towers. The adjusted EBITDA margin widened to 84.8 percent from 83.1 percent, and the EBITDAaL margin rose to 62.9 percent from 60.7 percent.

Growth investment declined 22 percent to 860 million euros from 1.114 billion euros a year earlier. Operating profit increased to 410 million euros from 353 million euros. Recurring leveraged free cash flow rose 11.2 percent organically on a like-for-like basis to 1.390 billion euros, while recurring leveraged free cash flow per share increased to 2.09 euros from 1.77 euros.

Poland adds investment and capacity

Cellnex agreed with Polkomtel to increase infrastructure sharing across two partially overlapping tower portfolios in Poland. The plan combines new co-locations, antenna relocations, site decommissioning and radio access network renewal to improve portfolio efficiency and support 5G deployment.

The programme envisages about 3,200 new co-locations by 2030 and another 2,000 after that date. It also includes approximately 4,200 antenna relocations and site decommissionings, with incremental capital expenditure of 500 million euros between 2026 and 2030. Cellnex expects the tenancy ratio in Poland to exceed two times by 2035 and forecasts a double-digit unlevered post-tax internal rate of return.

Chief Executive Marco Patuano said the project is intended to combine additional co-locations with network rationalisation, unlocking higher returns from existing assets. The company expects the benefits to emerge as the network changes are completed and occupancy increases.

Guidance remains unchanged

Cellnex reiterated 2026 guidance for revenue excluding pass-through items of 4.075 billion to 4.175 billion euros, adjusted EBITDA of 3.425 billion to 3.525 billion euros and free cash flow of 600 million to 700 million euros. The company also retained its 2027 outlook for revenue, adjusted EBITDA and recurring leveraged free cash flow.

The like-for-like 2027 free cash flow outlook remains 975 million to 1.175 billion euros before the impact of the Polish project. Cellnex said the investment plan and accelerated Build-to-Suit deliveries will reduce 2027 free cash flow by 300 million euros, while the broader targets remain in place. Net debt stood at 21.044 billion euros at September 30, and leverage improved to 6.13 times from 6.28 times at the end of 2025.