Cellnex stock keeps BBB- rating as Fitch sees deleveraging

Published on 10/30/2026 at 09:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fitch kept Cellnex stock at BBB- with a stable outlook after citing deleveraging progress. The agency sees durable tower cash flows ahead.

Credit profile and operating outlook

Fitch links the rating affirmation to Cellnex's debt reduction capacity and progress in completing its build-to-suit tower program.
The agency expects positive double-digit free cash flow before dividends from 2027 as EBITDA margins remain above 50 percent.
Long-term mobile infrastructure contracts and customer diversification support revenue visibility, while capital spending is expected to moderate.

Cellnex, ES0105066007, Illustration mit AI erstellt.

Fitch Ratings affirmed Cellnex Telecom's long-term issuer rating at BBB- with a stable outlook on Tuesday, October 27, 2026. Europa Press reported that the decision reflected the Spanish telecom infrastructure group's debt reduction capacity, progress in completing its build-to-suit tower program and diversification across European tower assets.

Fitch also pointed to Cellnex's long-term contracts for critical mobile infrastructure. Those agreements provide revenue visibility, while the agency estimates that no single contract represents more than 8 percent of total revenue. The diversified portfolio reduces exposure to individual customers and gives Cellnex scale in its main operating markets.

Fitch sees cash flow improving

The rating agency expects EBITDA margins above 50 percent to translate into positive double-digit free cash flow before dividends from 2027. Fitch also expects mid-single-digit organic growth in 2026 and 2027, supported by new contracted activity and inflation-linked price adjustment clauses.

Capital expenditure is expected to begin moderating from 2026, with a more pronounced decline in 2027. Fitch said Cellnex should maintain a prudent shareholder remuneration policy while keeping financial leverage under control. The outlook gives investors a credit-market reference ahead of the company's third-quarter results scheduled for November 5, 2026.

At Lang & Schwarz, the real-time quote of Cellnex stock was EUR 25.95 on Friday, October 30, 2026, at 09:36 Berlin time.

Europa Press reported the rating decision and Fitch's operating rationale in its article Fitch confirms Cellnex rating with stable outlook.