Cellnex Telecom, S.A. (CLNXF) Q1 2025 Earnings Call Transcript

2025-05-09 21:42:42 ET

Cellnex Telecom, S.A. (CLNXF)

Q1 2025 Earnings Conference Call

May 09, 2025 03:30 PM ET

Company Participants

Juan Gaitan - Director of Investor Relations

Marco Patuano - Chief Executive Officer

Raimon Trias - Chief Financial Officer

Conference Call Participants

Maurice Patrick - Barclays

Andrew Lee - Goldman Sachs

Roshan Ranjit - Deutsche Bank

Emmet Kelly - Morgan Stanley

Rohit Modi - Citi

David Wright - Bank of America

Ondrej Cabejsek - UBS

Ottavio Adorisio - Bernstein

Luigi Minerva - HSBC

Fernando Cordero - Santander

Presentation

Juan Gaitan

Good afternoon, everyone, my name is Juan Gaitan, Director of Investor Relations at Cellnex, and thank you for joining us today for our Q1 2025 Results Conference Call.

Today, I'm joined by our CEO, Marco Patuano; and our CFO, Raimon Trias, who will go through the key highlights of the period, and then we will open the line for your questions. [Operator Instructions]

So, without further ado, over to you, Marco.

Marco Patuano

Thank you. Good morning, good afternoon, everyone, and thank you so much for your time. I started with a key highlight of the first quarter, 2025, which have been marked by consistent execution reflecting our commitment with our objective.

Let me remind that our reported numbers are impacted by a change of perimeter, and there is no contribution for Austria this year, and Ireland has only contributed two months in 2025. On a like-for-like basis, the quarter has been characterized by solid performance across key metrics. We have achieved the remarkable growth with revenues reaching EUR964 million and representing an organic growth of 6.3% in our EBITDA after lease reaching EUR566 million, implying an organic growth of 8.7%. Once again, we delivered on efficiencies, on which Raimon will give you more details.

In Spain, we are implementing a voluntary redundancy plan encompassing around 200 people, which is another example of our efforts to continuously optimize our operations, focusing exclusively on our core activities and improving our performance. A notable achievement has been the successful completion of the sale of our operation in Ireland. This strategic move allow us to further streamline our portfolio, focusing on core markets where we can drive the most of the value and generate financial flexibility.

From a capital structure standpoint, we have secured a new syndicated loan for EUR625 million for refinancing purposes at very competitive terms, even in the current environment. Another highlight comes from the execution of our equity swap and the progress on our share buyback program, which started upon the completion of the Irish deal. As of the 2nd of May, we have almost completed the program. We have acquired shares for approximately EUR755 million. This transaction reinforced our commitment to returning value to our shareholders, and as we shared in previous occasions, EUR800 million constitutes our new floor for a shareholder remuneration perspective from 2026 onwards. Additional disposal may generate additional financial flexibility....

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