Spain secondary PoP renewal and Management presentation

Research evidence excerpt

Spain secondary PoP renewal and Management presentation

Deutsche Bank

Research

Rating Company Date

Buy CELLNEX 6 July 2026

Breaking News

Europe

Spain

Reuters Bloomberg Exchange Ticker Price at 3 Jul 2026 (EUR) 26.68

CLNX.MC CLNX SM MCE CLNX

Price Target (EUR) 42.50

Telecommunications

52-week range (EUR) 33.60 - 24.93

Wireless Services

Spain secondary PoP renewal and

Valuation & Risks Management presentation

Roshan Ranjit, CFA

Secondary PoP renewal with scope for extra growth Research Analyst

Late Friday Cellnex announced the renewal of its framework agreement with +44-20-754-52908

Vodafone Spain (owned by Zegona (DB Buy, last close GBp 15.50), a long term

Robert Grindle, Ph.D.

customer of many years. This agreement covers 2k existing points of presence Research Analyst

(PoPs), extending the contract for 10 years under existing pricing. Furthermore +44-20-754-58490

CLNX has an agrement to host an additional 'few hundred' VOD Spain PoPs which

Keval Khiroya, CFA

should materialise after 2028 under same commercial terms. We believe these

Research Analyst

additional sites could be to replace existing sites, with Zegona having been vocal it

+44-20-754-18164

intends to leave Vantage Towers unless it gets improved terms (contract renewal

2028). We think ordinarily CLNX would not comment on a secondary PoP renewal, Vijay Saravanan

however, given a Bloomberg article late Fri reporting on a potential deal between Research Associate

ZEG, CLNX and American Tower (n/r), for the former to migrate sites, it felt the need

to clarify terms. BUY. Ankit Sharma

Research Associate

CLNX maintaining discipline

CLNX will not replicate site locations and additional PoPs as part of the wider

Price/price relative

renewal would be hosted on existing towers under same pricing as the original 2k.