2Q26 Results Due on 30 July

Research evidence excerpt

2Q26 Results Due on 30 July

EUROPE | Infrastructure

Cellnex Telecom EquityJulyResearch12, 2026

COMPANY UPDATE2Q26 Results Due on 30 July

CLNX continues to operate in a difficult sentiment environment, down ~15% RATING BUY

since June as investors assess the potential threat of Starlink. We continue PRICE €25.18^

to see little risk to the terrestrial model from satellites, expect guidance to PRICE TARGET | % TO PT €36.00 | +43%

be fully reiterated, and see the economic outlook for CLNX firmly intact. On 52W HIGH-LOW €33.79 - €24.64

a ~12% RLFCF yield, CLNX screens as cheap, and this underpins our Buy, FLOAT (%) | ADV MM (USD) 81.8% | 52.92

however we also acknowledge the stock lacks a near-term catalyst to drive MARKET CAP €17.0B | $19.4B

a re-rating. TICKER CLNX SM

^Prior trading day's closing price unless otherwise

noted.

A tough six months for Towers. At €25, Cellnex shares are feeling beaten up YTD. Down ~15%

from June highs, the stock has sold off on fears of disruption from LEO satellite technology

and Starlink. The SpaceX IPO, and headlines of a potential partnership with Charter (Reuters/ FY (Dec) CHANGE TO JEFe JEF vs CONS

FT), have weighed on tower stocks globally, as investors react to the prospect of Elon Musk- 2025 2026 2025 2026

style disruption to the traditional terrestrial model. We see satellites as a complementary REV NA NA NM +1%

technology to towers, offering continuous coverage to consumers in rural areas rather than EPS NA NA NA NA

replacing the need for cell densification in urban areas. We remain convinced the overlap in the

addressable market is limited (see here, plus expert call notes available), and view Cellnex's

role in developing European digital infrastructure as unimpaired by the growth of Starlink.

Looking ahead to H1 and beyond.