Published by Global Banking & Finance Review®
Posted on February 27, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleCellnex’s adjusted core earnings rose 7.1% in 2025 amid strong demand, with revenues up 5.8% though net loss widened due to one‑off reorganisation costs; 2026 guidance projects continued growth in revenues and EBITDA.
BARCELONA, Feb 27 (Reuters) - Spain's Cellnex, Europe's largest mobile phone tower operator, reported an increase of 7.1% in 2025 adjusted core earnings on Friday, as revenues grew 5.8% to 4 billion euros ($4.72 billion), riding strong market demand.
Analysts polled by LSEG expected slightly higher revenues of 4.2 billion euros. Cellnex's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 3.3 billion euros were in line with expectations.
But Cellnex booked a 12 times higher net loss of 361 million euros versus 28 million in 2024, which it attributed to the one-off impact of its reorganisation plan in Spain, which has included layoffs, and impairments.
It was above analysts' expectations for a loss of 156 million euros.
In its 2026 guidance, Cellnex expects revenues of 4.075 billion euros to 4.175 billion euros, adjusted EBITDA of 3.425 billion to 3.525 billion; and free cash flow of 600 million to 700 million euros.
Its operating profit rose to 476 million euros last year, more than double that of 2024. The increase reflects "stronger underlying operating results and lower impact from non-recurring items compared with the previous year", Cellnex said in a statement.
It had a net financial debt of 20.8 billion euros in 2025.
Cellnex said the deployment of AI-enabled operational systems "enhanced visibility, accuracy and process reliability" as staff costs per tower decreased by 1.9%.
($1=0.8476 euros)
(Reporting by Joan Faus; Editing by Emma Pinedo and Clarence Fernandez)
The widened net loss (€361 m vs €28 m in 2024) was due to one‑off costs from its reorganisation plan in Spain, including layoffs and impairments.
Revenues rose 5.8% to €4 billion, while adjusted core earnings (EBITDA) increased 7.1% to about €3.3 billion.
For 2026, Cellnex expects revenues of €4.075–4.175 billion, adjusted EBITDA of €3.425–3.525 billion, and free cash flow of €600–700 million.
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