Cellnex Telecom: Thoughts post France mobile M&A announcement

Research evidence excerpt

Cellnex Telecom: Thoughts post France mobile M&A announcement

Equity Research

European Telecom Services

8 June 2026

Cellnex Telecom

Thoughts post France mobile M&A

announcement

The “4 to 3” merger has been announced today. A key CLNX.MC/CLNX SM EQUAL WEIGHT

question will be the impact on TowerCos, given that Cellnex European Telecom Services NEUTRAL

has material French Tower exposure. Given public comments Price Target EUR 32.00

Price (05-Jun-26) EUR 28.40

from the operators today, we see limited sign of disruption, Potential Upside/Downside +12.7%

which should be taken positively for Cellnex in our view. Source: Bloomberg, Barclays Research

European Telecom ServicesMaterial synergies – Limited insight on future of Towers. Potential mobile consolidation in

Maurice Patrick

our view presents an overhang for Tower companies, as mobile network rationalisation is

+44 (0)20 3134 3622

typically a key part of the delivery of cost synergies. As such a key question for Cellnex (and maurice.patrick@barclays.com

TowerCos as a whole) is the extent to which proposed cost synergies actually result in mobile Barclays, UK

network rationalisation (i.e. few radio sites/towers, as opposed to just rationalising equipment).

Mathieu Robilliard

In the case of SFR today, we note that the total opex/capex synergies announced by the three

+44 (0)20 3134 3288

acquiring operators is €2bn/year in aggregate – well ahead of our c€1.1bn mid point estimate. mathieu.robilliard@barclays.com

We also note that the cost to acquire the synergies appears high – with a relatively long timeline BBI, Paris

to achieve, suggesting complexity in implementation. From the Orange presentation, they

Maxime Delaugerre

stated that the mobile network of SFR is set to remain inside the consortium (i.e. not broken/