business lines
Infrastructure services for mobile network operators remained the cornerstone of Cellnex’s business, delivering the majority of revenue at 90.4 percent, or 3.163 billion euros. This core segment posted a robust 42.8 percent year‑over‑year increase, underscoring its expanding footprint and capabilities across markets. It continues to serve as the backbone for wireless connectivity and digital infrastructure, enabling operators and enterprises to deploy and manage networks with greater speed and reliability.
Broadcast infrastructure activities contributed 6.4 percent of total revenue, amounting to 224 million euros. The strategic emphasis shifted toward essential services for security and emergency networks, alongside the deployment of smart urban management solutions through IoT and smart city initiatives, which generated 3.2 percent of revenue, or 112 million euros. These segments highlight Cellnex’s broader push into critical communications and urban digitalization that support safer, more connected communities.
By year end, Cellnex reported a total of 110,830 operational sites, with plans to deploy 19,759 more by 2030. The geographic spread included 4,529 sites in Austria, 1,563 in Denmark, 10,462 in Spain, 24,598 in France, 1,921 in Ireland, 21,287 in Italy, 4,079 in the Netherlands, 15,298 in Poland, 6,398 in Portugal, 12,410 in the United Kingdom, 2,864 in Sweden, and 5,421 in Switzerland. An incremental 7,539 DAS and Small Cells nodes were added to strengthen coverage and capacity across these networks, reflecting a dedicated effort to optimize signal quality and network density for customers across Europe and beyond.
financial performance and year‑end results
The company closed 2022 with a net loss of 297 million euros, an 18 percent improvement versus 2021 amid a landscape of consolidation and expansion among operators. Depreciation continued to rise, up 38 percent from the prior year, while financial costs grew by 20 percent due to the consolidation of acquisitions and related integrations that broadened the group’s periphery. These dynamics illustrate the ongoing investments required to scale infrastructure and prepare for future capacity demands.
Adjusted gross operating income (EBITDA) reached 2,630 million euros, and recurring free cash flow rose to 1,368 million, up 36.9 percent from 981 million in the previous year. These metrics signal a company actively scaling operations while managing capital expenditures to create long‑term value for shareholders.
Bertrand Kan, the chairman, highlighted the growth trajectory for 2022, noting that the network footprint surpassed 130,000 locations and that a refreshed capital allocation policy had been introduced to optimize returns. The policy aims to accelerate value creation for shareholders through prudent investment and portfolio management across markets.
CEO Tobías Martínez stressed that key financial indicators grew well beyond the pace forecast for the year, with organic growth leading the charge. The management team reiterated that the company would not hesitate to unlock value by potentially opening capital to some subsidiaries to crystallize value and speed the path toward investment grade.
forecasts for 2023
From a balance sheet perspective, net financial debt excluding lease liabilities stood at 16,900 million euros, with a large portion tied to fixed‑rate debt to provide predictability in a volatile rate environment. The company also reported liquidity of 4,400 million euros and a total tax contribution of 513 million.
Looking ahead, Cellnex projected revenue in a band of 4,100 to 4,300 million euros for the year, with EBITDA expected to reach between 2,950 and 3,050 million and a recurring free cash flow target of 2,000 to 2,200 million. These projections reflect continued expansion of the business while maintaining disciplined capital management aimed at sustainable growth and value creation for stakeholders. [Source: Cellnex Annual Report 2022]