Cellnex: Q2 leaves estimates unchanged. New €0.2bn buyback. Focus remains on the known unknowns

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Cellnex: Q2 leaves estimates unchanged. New €0.2bn buyback. Focus remains on the known unknowns

J P M O R G A N Europe Equity Research

31 July 2026

Cellnex Neutral

CLNX.MC, CLNX SM

Q2 leaves estimates unchanged. New €0.2bn buyback. Price (30 Jul 26):€26.73

Focus remains on the known unknowns Price Target (Dec-27):€32.00

Cellnex reported its Q2 results yesterday after market close. Figures were largely in- European Telecommunication

line with consensus, with the exception of a 10% beat of RLFCF which we attribute Services

fully to phasing (WC, dividends to NCI). As a result our updated estimates are largely Akhil Dattani AC

unchanged with the exception of modest EFCF downgrades (reflecting higher (44-20) 7134-4725

ongoing expansion capex), and the incorporation of yesterday’s newly announced akhil.dattani@jpmorgan.com

€0.2bn buyback. Helpfully, management used the earnings call to try and address the J.P. Morgan Securities plc

many known unknowns, including: (1) The potential impact of French consolidation. Ankur Baheti, CFA

Cellnex’s CEO argued they remain confident of a win-win outcome, given “Europe (91-86) 5796-8820

ankur.baheti@jpmchase.com

needs more infrastructure investment” and France “still ranks 21st in Europe … on J.P. Morgan India Private Limited

network experience”, (2) The ongoing contract renegotiation debate at INWIT.

Cellnex argued the investment obligations in Italy’s spectrum renewal proposal will Specialist Sales contact details:

require meaningful ongoing network spend, (3) The satellite D2D debate. Cellnex’s Scott Silver - Specialist Sales -

COO stressed satellite is a “powerful and valuable technology”, but one that has European TMT

“structural limitations” that prevent it from competing in wireless. Nevertheless, with (44-20) 7134-0412