Main industries:

• Telecommunication towers
• Infrastructure for wireless communication
• Broadcast services

TOP 3 markets:

1. Spain: approx. 25%
2. Italy: approx. 20%
3. France: approx. 18%

Cellnex Telecom, S.A. generates the majority of its revenue from providing infrastructure for wireless communication, particularly through the operation of telecommunication towers. These towers are crucial for mobile network operators to ensure their network coverage.

Spain remains the largest market for Cellnex, followed by Italy and France, due to the strong presence and strategic acquisitions in these countries. These markets significantly contribute to the revenue structure and are crucial for the company's growth.

Production: No specific production sites

Cellnex Telecom, S.A. is a leading operator of wireless telecommunications infrastructures and does not produce physical products in the traditional sense. The company operates and manages mobile phone masts, antennas, and other telecommunications infrastructures in several European countries.

Cellnex operates in countries such as Spain, Italy, France, the Netherlands, the United Kingdom, and other European markets. The main activities include the operation and maintenance of these infrastructures, not the production of physical goods.

Current Growth Strategy:

Cellnex Telecom is pursuing a strategy of continuously expanding its infrastructure capacities through acquisitions and partnerships.

The company focuses on strengthening its presence in Europe by acquiring existing mobile mast infrastructures from telecommunications providers. This strategy enables Cellnex to benefit from the increasing demand for mobile services and the introduction of 5G technologies.

In addition, Cellnex is investing in the development of small cell networks and edge computing solutions to improve network capacity and efficiency. These investments are crucial to meet the growing data requirements and enhance service quality.

Cellnex also plans to further solidify its market position and explore new business opportunities through strategic partnerships with telecommunications providers and technology companies.

Main materials: Steel, concrete, fiberglass

Countries of origin:

• Steel: China, Germany
• Concrete: Spain (local)
• Fiberglass: USA, South Korea

Cellnex Telecom, S.A. is a leading operator of wireless telecommunications infrastructures. For the construction and maintenance of their mobile phone masts and infrastructures, the company mainly imports steel, concrete, and fiberglass.

Steel is often sourced from China and Germany, as these countries are major producers of high-quality steel needed for the construction of telecommunications masts. Concrete is mostly procured locally in Spain to minimize transportation costs and support the local economy.

Fiberglass, an essential component of modern telecommunications infrastructure, is often imported from the USA and South Korea, as these countries are leading in the production and technology of fiberglass cables. These materials are crucial for the expansion and modernization of Cellnex's telecommunications infrastructure.

Market share in Europe: Approximately 30% (2024, estimate)
Number of locations: Over 130,000 (2024)
EBITDA margin: 75% (2024)

Cellnex Telecom, S.A. has established itself as one of the leading operators of telecommunications infrastructure in Europe. With a market share of around 30% in Europe and over 130,000 locations, the company has a significant presence that enables it to benefit from economies of scale and efficiently provide its services.

The high EBITDA margin of 75% underscores the strong operational efficiency and the company's ability to optimize its cost structure. These metrics indicate a significant competitive advantage, further strengthened by long-term contracts with major telecommunications providers and a diversified geographic presence.

In addition, Cellnex continuously invests in expanding and modernizing its infrastructure, further solidifying its position as a preferred partner for mobile network operators. These strategic measures help to secure the company's competitive advantage in a dynamic market environment.

Institutional Investor Share: approximately 70% (estimated for 2025 based on historical data)

Insider Buys/Sells: No significant transactions in the last year (estimated for 2025)

Cellnex Telecom, S.A. has traditionally had a high proportion of institutional investors, which is attributed to its stable business model and attractive dividend policy. Large institutional investors appreciate the company's long-term growth prospects in the telecommunications infrastructure sector.

In 2025, there were no significant insider transactions, indicating that the management has confidence in the current company strategy and valuation. Such stable conditions are often a positive signal for investors as they point to sound corporate governance.

Market share of Cellnex Telecom: Estimate 25% (2025)

Main competitors and their market shares:

1. American Tower Corporation: Estimate 30%
2. Crown Castle International Corp.: Estimate 20%
3. SBA Communications Corporation: Estimate 15%
4. Deutsche Funkturm (part of Deutsche Telekom): Estimate 5%
5. INWIT (Infrastrutture Wireless Italiane): Estimate 5%

Cellnex Telecom is one of the leading providers in the telecommunications infrastructure sector in Europe. The market share of Cellnex is significant, especially in European markets where the company is strongly positioned.

The economic moat of Cellnex primarily consists of its extensive infrastructure, strategic partnerships, and long-term lease agreements with major telecommunications providers. These factors provide a certain level of revenue stability and predictability.

Compared to its competitors, American Tower has a stronger global footprint, which can be seen as a larger economic moat, as it offers broader diversification and economies of scale. Crown Castle has a strong focus on the US market with a well-developed infrastructure for urban and rural areas.

Overall, Cellnex has a solid economic moat in Europe, but in a global comparison, the US companies could be considered superior due to their global presence and financial strength.

Revenue Growth: 10% (estimated 2024)
EBITDA Growth: 8% (estimated 2024)
Net Debt to EBITDA Ratio: 4.5x (estimated 2024)

Cellnex Telecom, S.A. is one of the leading operators of wireless telecommunications infrastructures in Europe. In recent years, the company has experienced solid growth through strategic acquisitions and expanding its infrastructure.

The 10% revenue growth in 2024 demonstrates Cellnex's ability to strengthen its market position and benefit from the increasing demand for telecommunications services. The 8% EBITDA growth supports this positive trend and indicates an efficient cost structure.

A potential risk factor is the high net debt to EBITDA ratio of 4.5x, which could lead to higher financing costs in an environment of rising interest rates. However, Cellnex has demonstrated in the past its ability to service its debt through stable cash flows.

Overall, Cellnex could be an attractive investment for investors looking for long-term growth in the telecommunications sector, especially with the ongoing digitalization and expansion of 5G networks. Investors should, however, monitor the debt levels and consider macroeconomic conditions.

Dividend Yield: 0% (2025)

Cellnex Telecom, S.A. has not paid any dividends in the past and follows a strategy of reinvesting profits into business growth. The company focuses on expanding its infrastructure and entering new markets, which requires significant capital investment.

Therefore, the reliability of dividend payments is not guaranteed as Cellnex has not established a dividend policy so far. Investors should rather focus on the potential for stock price appreciation and the company's growth.