This report is the first publication of Cellnex Telecom as an independent group. In this first publication the Company wanted to incorporate best practices in corporate information, applying the integrated report framework as far as possible, presenting financial, management, corporate governance and strategic information to give a comprehensive overall picture of the Company.

Structure and content of the report

The report is structured in accordance with the guidelines of the International Integrated Reporting Council and abides by the drafting principles set out by version G4 of the Global Reporting Initiative.

Following the guidelines laid down by those two standards, the content of this report was defined on the basis of a materiality study, which was used to identify the relevant internal issues for the Company, expectations and concerns of Cellnex stakeholders and relevant corporate social responsibility issues in the sector.

Reporting scope

The report covers the current two geographical areas of the organisation, Cellnex Spain and Cellnex Italy, and is supplemented with the information presented in the Cellnex annual accounts, the management report and the corporate governance report, all publicly available on the Company website.

The GRI content that Cellnex has addressed in this report is detailed in the GRI table presented in the Annex, with the scope of information reported by each of them as shown in the table, depending on whether it applies specifically to Cellnex Spain, Cellnex Italy or both.

Determination of the content of the report

The Materiality Study helped to identify the key issues that the Company intends to address, since they entail creating value and a contribution to society by the Company. After obtaining the results of the study, Cellnex carried out a transparency and accountability exercise, by publishing this integrated report.

The study was conducted in accordance with the AccountAbility AA1000 standard and was structured into the following phases:

1. Initial phase of identifying relevant issues;
2. Prioritising issues on the basis of the analysis results;
3. Assessment and validation of the issues identified by the main stakeholders of Cellnex Group;
4. Detailed examination of the material issues identified.

GRI: G4-18, G4-19, G4-20, G4-21, G4-32

Calculation methodology

In calculating CO₂ emissions generated by Cellnex, we took as a reference the emission factors established by the British Department of Environment, Food & Rural Affairs (DEFRA) in the 2015 version.

GRI: G4-18, G4-19, G4-20, G4-21