Cellnex's losses rise to €361 million due to its reorganization, but its revenue improves.

BarcelonaCellnex posted losses of €361 million last year, compared to €28 million the previous year, due to the extraordinary impact of its reorganization in Spain, according to information submitted to the Spanish National Securities Market Commission (CNMV). In the midst of a focus on core businesses after the first 10 years of acquisitions, the telecommunications infrastructure operator was also affected by "impairment losses, which weighed down the final result despite a strong operational improvement." Revenue increased by 5.8% to €4.418 billion thanks to strong market demand. Operating profit rose from €197 million to €476 million in 2025, more than doubling compared to the previous year. According to Cellnex, "this performance reflects stronger underlying operating results and a lower impact from non-recurring items compared to the previous year." The telecommunications tower business, the largest group, generated €3.225 billion in revenue, a 5.5% increase. "2025 marks a turning point in our transformation, with a structural improvement in free cash flow that confirms the strength of our organic growth and continued progress in operational efficiency," said Marco Patuano, the company's CEO. For 2026, Cellnex forecasts revenue between €4.075 billion and €4.175 billion and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) between €3.425 billion and €3.525 billion. The company states that the results are "solid" and in line with the forecasts communicated to the market. It also affirms that it "has reinforced its position as a leading operator of communications infrastructure in Europe." The company highlights the increase in shareholder remuneration, exceeding initial targets through a €1 billion share buyback program. In January, it began paying the first tranche of its committed annual dividend of €500 million.

By business line, in addition to telecommunications towers, the company also offers DAS (Distributed Antenna System) services. small cillos Other network services contributed €272 million, up 4.9% organically; the broadcasting segment brought in €264 million, growing 1.9%; and fiber, connectivity, and hosting services generated €234 million, up 16.1%, driven primarily by the deployment of the Nexloop fiber project in France. On the operational side, points of presence (PoPs) increased by 4.5%, colocation grew by 3.6%, and the deployment of base transceivers (BTSs) contributed 2.2%, while the churn rate remained at -1.2%.