Socioeconomic impact

In 2023, Cellnex, once again, carried out a study, with the support of PwC, on Cellnex's socioeconomic impact. This estimated impact refers to the 12 main countries in which Cellnex operates, which account for 99% of the Group's global turnover in 2023. It covers the contributions of 77 companies that belong to the Group. It's important to consider that the impacts in each country depend on Cellnex's investment cycle within that country and how these investments are accounted for in the annual financial statements.

Source: PwC analysis and Cellnex (2023)

The impact includes the contribution to GDP and employment generated directly, indirectly, and induced, estimated using the Input-Output methodology. Direct impact refers to the economic activity generated directly by the company. Indirect impact refers to the increase in economic activity generated by the expenses and investments made by the company. Finally, induced impact represents the increase in economic activity derived from the increase in labour income from employment created directly and indirectly. The contribution to Gross Domestic Product (GDP) is measured in terms of Gross Value Added (GVA), and the contribution to employment is measured in terms of total employment (FTE).

Impact on GDP

Revenue serves as a valid metric for gauging a company's scale, yet it may not fully capture the true economic value it generates. To precisely assess a company's economic value, Gross Value Added (GVA) should be employed. GVA signifies the disparity between the value of goods and services sold (Revenue) and those consumed as intermediate inputs during its production process.

In 2023, considering the direct, indirect, and induced impact, Cellnex generated a socioeconomic contribution totalling €7,334Mn, in terms of GDP. €3,259Mn (44.5%) corresponds to Cellnex's Direct Impact - in other words, Cellnex's direct contribution to the GDP of the analysed countries. The impact generated by Cellnex’s supply chain expenses and investments (Indirect Impact) accounts

for a total of €3,097Mn (42.2%). The remaining €978Mn (13.3%) represents the Induced Impact generated by Cellnex, triggered by the rise in consumption stemming from the increase in labour income linked to both direct and indirect employment.

Source: PwC analysis based on Cellnex (2023) and OECD.

1) Refers to the weight of each country in Cellnex’s total impact on GDP.

Impact on employment

Quantifying the socioeconomic impact on employment is essential for assessing its magnitude and identifying areas for improvement in labour market conditions and economic sustainability.The employment generated by Cellnex in 2023 reached a total of 59,834 jobs. 2,866 (4.8%) were employees directly hired by Cellnex (Direct Impact), and 43,150 jobs (72.1%) were supported by Cellnex’s supply chain expenses and investments (Indirect Impact). The impact supported by the increase in consumption resulting from the increase in labour income associated with direct and indirect employment (Induced Impact) reached a total of 13,817 jobs (23.1%).

Source: PwC analysis based on Cellnex (2023) and OECD.

1) Refers to the weight of each country in Cellnex’s total impact on employment.