Cellnex Expects Swing to Positive Cash Flow Ahead of Plan

By Adria Calatayud

Cellnex Telecom expects to reach a positive free cash flow this year, earlier than it expected, and reported a narrowed net loss and higher revenue for the first nine months.

The Spanish telecommunications-infrastructure company had previously targeted to achieve a neutral free cash flow by the end of the year, before turning positive in 2024. It now expects a free cash flow of between 100 million euros and 150 million euros ($106.7 million-$160.1 million) this year.

For the first nine months, Cellnex reported a narrowed pretax loss of EUR198 million compared with a loss of EUR255 million for the same period last year.

Revenue for the period climbed to EUR3.01 billion from EUR2.57 billion.

Adjusted earnings before interest, taxes, depreciation and amortization rose to EUR2.25 billion from EUR1.94 billion.

The company confirmed its 2023 outlook for adjusted Ebitda and revenue excluding energy costs reinvoiced to customers, but said it will generate lower revenue from energy pass-through.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 10, 2023 06:11 ET (11:11 GMT)

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