The operator of mobile telephone towers and other telecommunications infrastructure Cellnex recorded losses of 140 million euros in the first nine months of the year, 29.2% lower than those of the same period in 2023, while its income reached 2,903 million euros, 7% more, according to the company has informed.
The company attributes this year’s losses to the negative effect of its assets in Austria, among other factors. The company said it plans to sell its subsidiary in Austria before the end of the year and its business in Ireland in the first quarter of 2025.
The gross operating result (Ebitda), after leases, was 1,723 million euros, 8.9% more, and the recurring leveraged free cash flow increased to 1,256 million compared to 1,171 million the previous year.
Cellnex slightly reduced its net financial debt to 17.5 billion euros until September of this year. The company said it has immediate access to liquidity worth about €4 billion.
The CEO of Cellnex, Marco Patuano, has highlighted the “solidity” of the indicators until September in line with the company’s short and medium-term objectives, thus confirming its prospects for 2024.
As of September 30, Cellnex had a total of 113,741 operational locations: 24,401 in France, 22,586 in Italy, 16,612 in Poland, 13,533 in the United Kingdom, 8,770 in Spain (its five main markets), and another 27,839 locations in the rest of countries in which it operates.
Contract with MasOrange
The company has announced that it is in “advanced” negotiations with MasOrange, to extend and unify in a single contract its relationship with the mobile operator within the framework of its merger process in Spain, extending it until 2048 (with an option to renew all or nothing in 2038).
The company has indicated that it will adapt “flexibly” to MasOrange’s network strategy in the short term, which it will provide with additional services for its densification.
In addition, Cellnex is evaluating with the rating agencies the “potential” advance in shareholder remuneration in 2025, although it advances that it will keep its debt commitments and investment grade rating “intact.”
“In just over a year we will have achieved a good part of the main strategic objectives that we set for the new chapter of Cellnex, which we expect to be able to complete with the advancement of the remuneration to our shareholders (once the sales operations in Ireland and Austria), thus fulfilling each and every one of our commitments to the market”, according to the CEO of Cellnex, Marco Patuano.
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