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

Cellnex Telecom reported a stronger cash performance for the first nine months of 2026, while a new European Investment Bank loan supports its 5G infrastructure plans. The company released the results on Thursday, November 5, and said its full-year guidance remains unchanged.

Cellnex stock traded at 26.82 euros on Lang & Schwarz at 10:17 CET on Monday, November 9, 2026. Investors can follow the real-time quote of Cellnex stock.

Free cash flow accelerates

Free cash flow more than doubled to EUR 474 million from EUR 186 million in the comparable period of 2025. Cellnex attributed the increase to organic growth, operating efficiencies and lower investment intensity. Growth investment fell 22 percent to EUR 860 million from EUR 1.114 billion.

Revenue excluding pass-through costs rose 2.4 percent to EUR 3.008 billion. Organic like-for-like revenue growth reached 4.9 percent, while organic EBITDA after leases increased 8.9 percent. Operating expenses declined 4.4 percent on a like-for-like basis despite a larger tower portfolio, lifting the adjusted EBITDA margin to 84.8 percent from 83.1 percent.

Operating profit rose to EUR 410 million from EUR 353 million. The net loss attributable to the parent narrowed to EUR 219 million from EUR 263 million. Recurring leveraged free cash flow increased 11.2 percent organically to EUR 1.390 billion, and recurring leveraged free cash flow per share rose to EUR 2.09 from EUR 1.77.

Investment supports future growth

Cellnex agreed with Polkomtel to expand infrastructure sharing in Poland. The project includes about 3,200 new co-locations by 2030, roughly 4,200 antenna relocations and site decommissionings, and EUR 500 million of incremental capital expenditure between 2026 and 2030. Cellnex expects the tenancy ratio to rise above 2 times by 2035 and said the project offers a double-digit unlevered post-tax internal rate of return.

The Polish investment will reduce 2027 free cash flow by EUR 300 million, according to the company's outlook update. Cellnex nevertheless reiterated its 2026 targets for revenue excluding pass-through costs of EUR 4.075 billion to EUR 4.175 billion, adjusted EBITDA of EUR 3.425 billion to EUR 3.525 billion and like-for-like free cash flow of EUR 600 million to EUR 700 million.

Balance-sheet progress remains central to the investment case. Net financial debt stood at EUR 21.044 billion on September 30, 2026, while the net debt-to-adjusted EBITDA ratio improved to 6.13 times from 6.28 times at the end of 2025. Cellnex is targeting leverage of 5 to 6 times in 2027 and reported available liquidity of EUR 5.0 billion.

New financing for 5G rollout

On November 3, the European Investment Bank and Cellnex signed a EUR 375 million loan for mobile telecommunications infrastructure in Spain, France, Italy and Portugal. Cellnex said the financing will mobilize total investment of EUR 770 million for towers, urban sites, shared-network upgrades, distributed antenna systems and modernization of Spain's digital terrestrial television network. The agreement is the companies' third financing operation.

Cellnex's finance release is available through the nine-month results announcement. The EIB financing announcement provides the details of the infrastructure programme.

Spanish equities offer the relevant market context for Cellnex investors through the IBEX 35.

Further developments can be followed in more news and analyses on Cellnex stock.