Cellnex Telecom SA

CLNX: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	fS	LOCK\|%Z#$	LOCK\|V!YXq>j

Cellnex Earnings: Quarter Was Fine, but the Sector Debate Continues

Javier Correonero

Apr 30, 2026

Cellnex's first-quarter results were in line with company-compiled consensus, reaching revenue of EUR 984 million and adjusted EBITDAaL of EUR 595 million. EBITDAaL margin expanded 170 basis points to 60.5%, thanks to land renegotiation and purchases.

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Cellnex Telecom SA

Cellnex Earnings: Quarter Was Fine, but the Sector Debate Continues

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