Cellnex announced it expects to pay at least 3.000 billion euros in dividends between 2026 and 2030, a figure disclosed during its Capital Markets Day held in London. The company highlighted a target of a minimum annual dividend of 500 million euros starting in 2026, with a path for sustained growth.
With about 10.0 billion euros of available cash projected through 2030, the new capital allocation framework aims to balance shareholder distributions with selective share buybacks and investments in industrial growth opportunities, potentially reaching up to 7.0 billion euros.
The technology operator explained that from 2026 shareholders should receive a minimum annual dividend of 500 million euros, rising at a minimum annual pace of 7.5 percent in subsequent years. The company may also advance dividend payments and/or pursue share repurchases depending on leverage levels and the credit rating Edmund the company holds.
Cellnex anticipates reporting a cash income, excluding pass-through costs, of between 4.5 and 4.7 billion euros in 2027. This reflects a solid order book and projected equipment placements. The leadership clarified that pass-through includes energy costs charged directly to customers.
Additionally, as the owner of telecommunications towers, the group expects adjusted EBITDA to be between 3.8 and 4.0 billion euros in 2027. It also foresees leveraged recurring free cash flow between 2.1 and 2.3 billion euros and ordinary free cash flow between 1.1 and 1.3 billion euros.
Cellnex also plans to unveil a new financial information framework with greater detail across all business lines. This includes information on four business lines, expanding from the current three, and removing revenue recognized from energy refactoring to customers. The company will present a concrete, specific capital allocation framework aimed at materially increasing returns for shareholders.
Debt at five to six times EBITDA
Following the achievement of investment-grade status in 2024, a medium- to long-term target for the net debt to EBITDA IFRS 16 ratio is set at 5.0x to 6.0x. This is intended to provide additional resources that can be used to reward shareholders or to fund new industrial projects.
The proposed range is designed to give Cellnex the flexibility to adapt its strategy to different scenarios while remaining aligned with its investment-grade commitment.