Cellnex, a leading European operator of wireless telecommunications infrastructure, has disclosed its financial performance for the first quarter of 2024, showing robust growth in revenue and adjusted EBITDA.
Marco Patuano, the Chief Executive Officer of Cellnex, expressed satisfaction with the company’s performance, stating, “All key indicators – from revenues to cash flow and key business metrics related to the expansion of the points of presence at our sites – reflect a solid start of the year in line with the objectives that we announced at the Capital Markets Day held on 5 March in London.”
The revenue breakdown revealed that towers remained the primary revenue generator, accounting for 82 percent of total revenues, amounting to €776 million, an approximate increase of 5 percent. Other segments contributing to the revenue included DAS, Small Cells, and RAN as a service, contributing 6 percent with €59 million (a surge of approximately 21 percent), Fiber, Connectivity, and Housing, contributing 5 percent with €47 million (a surge of approximately 24 percent), and Broadcasting, contributing 7 percent with €64 million (a modest increase of approximately 2 percent).
As of March 31, Cellnex boasted a total of 112,247 operational telecom sites across various regions. Notably, the company’s five main markets included France, Italy, Poland, the United Kingdom, and Spain, collectively accounting for 82 percent of the operational sites. The remaining sites were distributed across other countries, including Portugal, Switzerland, Austria, the Netherlands, Sweden, Denmark, and Ireland.
The report also highlighted significant organic growth in points of presence at sites, which witnessed a surge of 10.7 percent compared to the same period in 2023. This growth was attributed to a 7.5 percent increase from new colocations in existing sites and a 3.2 percent rise from the rollout of 1,454 new Points of Presence (PoPs), mainly driven by progress in Built to Suit (BTS) programs in France, Italy, and Poland.
Furthermore, Cellnex announced its decision to divest its business in Ireland to Phoenix Tower International for €971 million, equivalent to a multiple of 24 times EBITDAaL. This strategic move is expected to further streamline Cellnex’s operations and optimize its portfolio.