Cellnex stock falls 1.24 percent as cash growth meets caution

Published on 09/29/2026 at 10:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cellnex stock was trading at EUR 23.06 on September 29, 2026, down 1.24 percent in Madrid. H1 free cash flow reached EUR 301 million versus EUR 19 million in H1 2025.

Sendemast bei Sonnenuntergang über Barcelona, Symbolbild für Cellnex Telecom S.A — Fotorealistischer Funkmast bei Sonnenuntergang symbolisiert Cellnex Telecom S.A., ISIN ES0105066007, spanischer Infrastrukturbetreiber nahe Barcelona, Illustration mit AI erstellt.

Cellnex stock (ISIN ES0105066007) was trading at EUR 23.06 on BME on September 29, 2026, down 1.24 percent at 10:06 a.m. CEST. The market is weighing a sharp improvement in first-half cash generation against renewed analyst caution on European tower assets.

Cash flow sets a higher bar

Cellnex reported consolidated revenue of EUR 1,994 million for the first half of 2026, with organic revenue growth of 5.0 percent, according to Cellnex in its July 30, 2026 release. Adjusted EBITDA increased 6.4 percent and EBITDA after leases rose 7.7 percent during the same period.

The clearest change came below EBITDA. Free cash flow reached EUR 301 million in H1 2026, compared with EUR 19 million in H1 2025, while recurring leveraged free cash flow reached EUR 908 million. Cellnex also announced an additional EUR 200 million buyback, bringing planned shareholder remuneration for 2026 to EUR 1.0 billion, according to the company release.

Analyst targets split the view

Capital.com reports that Goldman Sachs downgraded Cellnex to Sell from Neutral and cut its price target from EUR 31 to EUR 26 on September 4, 2026, citing structural growth questions around European tower assets. The EUR 26 target stands 12.75 percent above the September 29 reference price.

The same Capital.com analysis cites a 24-analyst consensus target of EUR 35.60, with forecasts ranging from EUR 21.00 to EUR 45.80. That spread puts the cash-flow improvement and the debate over contract renewals at the center of the valuation discussion.

November results are next

Cellnex's next reporting event is scheduled for November 5, 2026, according to the company calendar shown on MarketScreener. The release should test whether the first-half acceleration in cash generation is carrying into the third quarter.

Cellnex stock remains below its yearly high

Cellnex stock was trading at EUR 23.06 on BME on September 29, 2026, at 10:06 a.m. CEST, with a 52-week range of EUR 22.77 to EUR 32.71. Its market capitalization was EUR 15.3 billion on the same date.