Quick Take: Cellnex 2Q26 - Solid results, topping up the share buybacks

Research evidence excerpt

Quick Take: Cellnex 2Q26 - Solid results, topping up the share buybacks

30 July 2026

Ulrich Rathe

+44 20 7762 5157

European Telecom Services ulrich.rathe@bernsteinsg.com

Cellnex Telecom SA Dan Corcuera-Robbins, ACA

+44 20 7762 5184

Rating dan.corcuera-robbins@bernsteinsg.com

Outperform Qingchuan Lu

Price Target +44 20 7762 1322

Qingchuan.Lu@bernsteinsg.com

CLNX.SM 42.00 EUR Specialist Sales

Kiran Shah, CFA

+44 20 3547 1533

kiran.shah@bernsteinsg.com

Quick Take: Cellnex 2Q26 - Solid results, topping up the share

buybacks

Solid results, topping up the share buybacks. Cellnex reported revenue in-line and Close Date 30 Jul 2026

EBITDAaL 1.5% ahead of consensus, with RLFCF materially (10.5%) ahead. In the EBITDA

CLNX.SM Close Price (EUR) 26.97

mix, Italy look strong. Management reiterated the outlook for both FY26 and FY27 and

Price Target (EUR) 42.00

announced an additional €200m share buyback, to be executed until year-end. This

Upside/(Downside) 56%

would take the total remuneration to €1bn for 2026. Bottom line: A rather solid set of

52-Week Range 32.22/23.92

results. In the bigger picture, Cellnex remains affected by investor concerns over contract

EDME 1,601.43

renegotiations and the impact of potential operator consolidation, with the addition of

FYE Dec

more recent questions over potential risks to tower demand from LEO satellite services.

Div Yield NA

Management engages pro-actively on these points, with known arguments. While this

Market Cap (EUR) (M) 18,405

stalemate is unlikely to be resolved anytime soon, Cellnex delivers strong operational results

EV (EUR) (M) 38,719

and buys back shares.

Performance YTD 1M 6M 12M

2Q26 results. Revenue (excl. pass-through) of €1,010m was a slight beat (+0.4% vs Absolute (%) 1.2 4.7 5.2 (11.5)

company-collated cons), while adj.