1) Strategic Overview and Leadership Changes - CEO Marco Patuano emphasized the company's resilience and successful execution of its strategy in a volatile environment, confirming the delivery of 2025 guidance and reiterating the 2027 outlook. - A new organizational structure was announced to enhance strategic focus, customer relationships, and decision-making speed, aimed at supporting continued organic growth. - The company aims to leverage its leadership position in Europe to capture new opportunities in specialized connectivity solutions.

2) Financial and Segment Results - In 2025, Cellnex achieved a 5.8% organic revenue growth, 7.1% EBITDA growth, and 11.5% increase in recurring levered free cash flow. - Free cash flow reached EUR 350 million, with a per-share increase of 16.7%. - The company returned EUR 1 billion to shareholders through buybacks, achieving a total yield of 4.5%. - The net debt to EBITDA ratio improved to 6.28x, down from 6.39x in 2024.

3) Operational Highlights and Growth Drivers - The company reported strong demand for digital infrastructure, with significant growth in points of presence (PoPs) and colocation services, particularly in Spain and Italy. - The colocation and build-to-suit deployments reached 3,043 in Q4 2025, indicating sustained customer demand. - The operational efficiency initiatives have led to a 300 basis points increase in EBITDA margins to 62.1%.

4) Challenges and Market Dynamics - The company faces challenges from market consolidations affecting PoP growth, particularly in Spain, where churn was influenced by network reconfigurations. - There is ongoing uncertainty regarding contract renegotiations in Italy, but the company has successfully renegotiated contracts with major operators without significant issues. - The impact of the Cybersecurity Act and potential capital expenditures related to it remains unclear, although the company is preparing for compliance.

5) Guidance and Future Outlook - Cellnex maintains confidence in its growth trajectory, with guidance for 2026 and 2027 reflecting a commitment to operational excellence and shareholder returns. - The company anticipates continued organic growth driven by colocation and RAN sharing agreements, despite a projected decline in build-to-suit activities post-2026. - The transcript lacks specific numerical guidance for 2026 and 2027, particularly regarding revenue growth expectations.

Bottom line: Cellnex's strong operational performance, strategic leadership changes, and disciplined capital allocation position it well for sustained growth and shareholder returns, despite facing market challenges and uncertainties.