Cellnex stock faces EUR 300 million 2027 cash-flow hit in Poland

Published on 11/06/2026 at 17:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cellnex stock faces a lower 2027 cash-flow outlook after a major Polish investment. Third-quarter results remained broadly in line with expectations.

Results reshape the cash flow outlook

A Polish investment plan is expected to reduce 2027 free cash flow by EUR 300 million.
Third-quarter revenue and adjusted EBITDA were broadly in line with market expectations.
Cellnex maintained its 2026 guidance and its 2027 deleveraging target.

Cellnex, ES0105066007, Illustration mit AI erstellt.

Cellnex reported third-quarter results broadly in line with expectations on Friday, November 6, while a new Polish investment plan shifted the focus to near-term cash flow. According to Yahoo Finance, the company reiterated its guidance despite the investment burden.

What changed after the results

Cellnex plans to invest EUR 500 million in Poland between 2026 and 2030 under an agreement with Polkomtel. The project includes about 3,200 new co-locations by 2030, a further 2,000 committed beyond that date, and about 4,200 antenna relocations and site decommissionings.

Management expects the project to generate a double-digit unlevered post-tax return. The additional investment is nevertheless expected to reduce 2027 free cash flow by about EUR 300 million, while the company said the accelerated build-to-suit schedule was already included in its broader plans.

Quarterly figures stay near forecasts

Third-quarter revenue excluding pass-through items reached EUR 1.01 billion, compared with a EUR 1.02 billion consensus. Adjusted EBITDA rose to EUR 863 million, slightly above the EUR 860 million expectation, while EBITDA after leases reached EUR 658 million.

Recurring levered free cash flow was EUR 471 million and free cash flow reached EUR 172 million. For the first nine months, free cash flow more than doubled to EUR 474 million as growth investment fell 22% year over year to EUR 860 million.

Net debt stood at EUR 21.04 billion at the end of September. Net debt to adjusted EBITDA improved to 6.13 times from 6.28 times at the end of 2025, keeping the company on track for its 2027 target range of 5 to 6 times.

Guidance remains unchanged

Cellnex retained its 2026 free-cash-flow guidance of EUR 600 million to EUR 700 million and its 2027 like-for-like target of EUR 975 million to EUR 1.18 billion. The company also remained on track to return EUR 1 billion to shareholders in 2026, with EUR 924 million delivered by September 30.

Cellnex stock traded at EUR 26.66 on Lang & Schwarz at 5:39:45 p.m. CET on Friday, November 6, 2026.

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