Structure and content of the Report

This document represents the Consolidated Management Report for 2023 which includes the information that complies with the provisions of Article 262 of the Capital Companies Law, establishing the content of the management report drafted in tandem with the company's annual accounts. Likewise, this report has incorporated best practices in corporate transparency during the 2023 period, applying the international framework of the Integrated Annual Report, presenting the company's financial and non-financial, management, corporate governance, and strategic information.

As a sign of Cellnex's commitment to transparency and responding to the applicable regulations in this regard, this report was prepared in accordance with Law 11/2018, which transposes Directive 2014/95/EU into Spanish law with regard to the dissemination of non-financial information and diversity. Annex 3 of this document includes the Index of contents required by Law 11/2018, as well as its location within the report.

Likewise, to ensure the credibility of the information and generate trust with its stakeholders, this report (including the materiality assessment process) has been verified by a third-party assurance provider, as outlined in Annex 9. Independent Limited Verification Report..

The structure of the Report follows the guidelines of the International Integrated Reporting Council (IIRC), Directive 2015/95/EU on non-financial information, and the CNMV guide for the preparation of listed companies' management reports. The document has been prepared with reference to the GRI Standards and the AA1000AP (2020), AccountAbility Principles Standard, in relation to the principles of inclusivity, materiality, responsiveness, and impact.

In 2023 the aspects identified in 2022 were considered to be still valid. However, at the end of 2023, a new double materiality assessment was started, to be completed in 2024 and also following the requirements of the CSRD and the EFRAG guidelines to carry it out.