Buybacks and Potential New Sales for Cellnex in 2025

Cellnex is Europe's largest independent tower firm. Since its inception, Cellnex’s strategy was to acquire European wireless tower portfolios from mobile network operators and lease the towers back to those MNOs while adding other tenants to take advantage of the towers’ operating leverage. MNOs find value in Cellnex’s proposition as they can monetize towers at good valuations and use the proceeds to reduce debt. Transactions are structured as sale/leaseback and provide Cellnex with long-term revenue and cash flow visibility, underpinned by 10- to 25-year contracts, which include annual rent escalators often tied to inflation.