Cellnex stock heads into results with Jefferies forecast

Published on 11/02/2026 at 09:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cellnex stock approaches its November 5 results with analysts focused on revenue growth and deleveraging. Jefferies still sees long-term upside.

Results set the next test

Cellnex is scheduled to publish third-quarter and first-nine-month results on November 5.
Jefferies maintains a positive long-term view despite lowering its price target.
Deleveraging, cash generation and refinancing costs remain central issues for investors.

Cellnex, ES0105066007, Illustration mit AI erstellt.

Cellnex stock is heading into a key reporting date on Thursday, November 5, when the company is scheduled to publish third-quarter and first-nine-month 2026 results. A Bolsamania report published on October 20 said Jefferies retained its buy recommendation while cutting its price target to 34 euros from 36 euros.

Cellnex stock traded at 26.00 euros on Lang & Schwarz at 09:40 CET on Monday, November 2, 2026. Investors are now looking beyond the headline revenue figure to the pace of cash generation and the company's progress in reducing leverage.

Analyst expectations set the bar

Jefferies expects third-quarter revenue excluding pass-through items to reach 1.015 billion euros, an increase of 4.2 percent from the comparable period. The estimate is close to the 1.017 billion euro consensus cited by Bolsamania, leaving limited room for a material sales surprise.

Adjusted EBITDA is forecast at 860 million euros, up 5.6 percent year over year but 0.7 percent below consensus. Jefferies also estimates EBITDAaL at 657 million euros and recurring levered free cash flow at 475 million euros, compared with a consensus estimate of 488 million euros for the latter measure.

Regional performance will be another focus. Jefferies expects France to contribute 225 million euros of revenue, up 11.4 percent, while it forecasts growth in Spain, Italy, Poland and the rest of Europe. The United Kingdom is the exception in the preview, with revenue expected to slip 0.7 percent.

Debt and cash flow remain central

Jefferies argues that the underlying operating trajectory remains attractive despite higher refinancing costs. The broker expects Cellnex's 2026 revenue to reach 4.140 billion euros and adjusted EBITDA to total 3.485 billion euros.

The forecast also points to a decline in net debt relative to adjusted EBITDA, from 6.3 times in 2025 to 5.7 times in 2026 and 5.3 times in 2028. That path makes deleveraging and free cash flow key measures for the upcoming report, particularly as investors assess the effect of higher financing costs.

Jefferies says concerns about direct-to-device technology are overstated and believes greater visibility on deleveraging and an improved return on invested capital could support a re-rating. The broker also identifies a planned medium-term objectives update next year as a later catalyst, with free cash flow and debt reduction likely to remain central.

Investors can follow the real-time quote of Cellnex stock for the latest trading indication.