Cellnex Telecom Reports Strong Financial Performance and Strategic Shift in 2023

Cellnex Telecom has disclosed its financial results for the fiscal year 2023, showcasing impressive revenue growth and EBITDA figures.
Anne Bouverot of Cellnex
The telecom tower company reported revenue of EUR 4,053 million, marking a substantial 16 percent increase, while adjusted EBITDA reached EUR 3,008 million, up by 14 percent compared to the previous year.

Notably, the infrastructure services for mobile telecommunications operators (TIS business) emerged as the primary revenue driver, contributing 91 percent to the total revenue, amounting to EUR 3,685 million, reflecting a 16 percent surge from 2022.

Additionally, the broadcasting infrastructure business accounted for 6 percent of revenue, totaling EUR 230 million.

Meanwhile, the business segment focused on security, emergency service networks, and solutions for smart urban infrastructure management (MCPN and IoT and Smart cities) contributed 3 percent of revenue, amounting to EUR 138 million.

As of December 31, 2023, Cellnex boasted a total of 113,175 operational sites across various regions, with significant concentrations in France, Italy, Poland, the United Kingdom, Spain, Portugal, Switzerland, Austria, the Netherlands, Sweden, Ireland, and Denmark. Moreover, the company reported organic growth in points of presence at sites, recording a notable increase of +6.4 percent compared to 2022.

Anne Bouverot, Chair of the Cellnex Board, remarked on the transformative journey undertaken by the company in 2023, emphasizing a renewed focus on integrating acquisitions and driving organic growth. Anne Bouverot highlighted significant changes in corporate governance to align with the company’s evolving vision.

Marco Patuano, CEO of Cellnex, expressed satisfaction with achieving financial targets and industrial key performance indicators (KPIs), attributing success to prudent management of capital expenditure and rigorous cost control measures. Patuano also noted progress in debt reduction through strategic asset disposals, including the sale of sites in France and the Nordic deal with Stonepeak.

In line with its strategic realignment, Cellnex finalized the sale of sites in France to Phoenix Tower International (PTI) and a joint venture between PTI and Bouygues Telecom, complying with remedies set by the French Competition Authority. The company received EUR 631 million for the sale, with plans to add an additional EUR 360 million in 2024.

Moreover, Cellnex closed a significant deal with Stonepeak, selling a 49 percent stake in Cellnex Sweden and Cellnex Denmark for EUR 730 million. Additionally, the company divested its private networks business unit to Boldyn Networks, aligning with its focus on telecom towers business.

Cellnex Telecom’s robust financial performance and strategic maneuvers underscore its commitment to sustainable growth and adaptation to evolving market dynamics.