Integrated Annual Report

Financial key highlights


On track to meet the “Next Chapter” targets

  • FCF trending to neutral by the end of 2023
  • Committed to securing BBB- by S&P (by 2024 the latest) and maintaining BBB- by Fitch, with organic growth generation and efficiencies plan on track
  • Cellnex to assess opportunities to open the capital of our subsidiaries to crystallize value
  • Executive remuneration structure adjusted and consistent with new capital allocation framework


Strong organic growth and financial performance

  • +6% new PoPs vs. FY 2021 and strong progress on BTS programs
  • Revenues €3,499Mn, +38% vs. FY 2021
  • Adjusted EBITDA €2,630Mn, +37% vs. FY 2021
  • 2022-2025 efficiency plan on track, with l-f-l Opex performance significantly below inflation
  • RLFCF €1,368Mn, +39% vs. FY 2021


2022 – another year of delivery

  • New entrants generating organic growth: Iliad in Italy and Digi in Portugal
  • Key contracts renewed: Telefónica extended for a 30-year period and RTVE for another 5 years
  • Successful integrations: CK Hutchison UK deal and remedies closed and France remedies processes on track
  • Progress on ESG: included in Sustainalytics’ 2023 Top-Rated ESG Companies List


Building solid foundations for the future

  • Fully funded and hedged: c.€4.5Bn liquidity, c.77% debt fixed, with average interest rate in 2023 expected to be in line vs. 2022 despite current conditions
  • 2025 outlook reiterated – all operational and financial metrics on track
  • Cellnex has always listened to all its stakeholders and will remain disciplined, nimble and committed to its public targets




The ESG strategy is reinforced in 2022 with the update of the 2023-2025 Environment and Climate Change strategy, which has been redefined to reduce, offset and neutralize environmental and climate impacts in Cellnex's value chain

Purpose and values redefined conducting a bottom-up exercise

Double Materiality analysis carried out aligned and in advance to the Corporate Sustainability Reporting Directive.

Committed to achieve carbon neutrality by 2035 and net-zero by 2050

Cellnex has increased its visibility to be known as great employers: Employer Branding Strategy created.

Diverse balance in the Board of Directors with 55% of women directors, 73% of independent directors and 7 nationalities represented in the Board

Green energy targets achieved in 2022 within the Energy Transition Plan

Progress on social targets, being recognized externally: Included in Bloomberg Gender Equality Index 2023 and in the 2023 Sustainability Yearbook of S&P Global as Industry Mover (y-o-y improvement of +15p in the social dimension)

The new corporate website was launched to make it more accessible, multi-country, multi-language and multi-device

Natural Capital analysis to assess the impacts, dependencies, risks and opportunities carried out

Employee Engagement survey assessed periodically in all Cellnex Group

Improved the overall score in the sustainability ratings

Climate Change Adaptation Plan developed

Human Rights Policy updated and publication of the first report on Human Rights Due Diligence Assessment in 2022

The Board of Directors and Executive Committee received an ad hoc training course on ESG

Implementation of the environmental and emission reduction requirements under the company's new procurement risk management model

Supplier Risk Management model defined to integrate risks and ESG in the homologation, selection and evaluation of suppliers

Expanded the scope of the Global Integrated Management System to more Business Units

Update the Life Assessment Cycle Project through the Eco-design project

The Cellnex Foundation has launched the second edition of Cellnex Bridge, a programme with the aim of continuously supporting startups with a high social impact through technology and connectivity

2022 Annual Corporate Governance Report has been prepared in free format for the first time

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