Identity and headquarters
Cellnex Telecom, S.A. is the group’s Spanish parent company. It was incorporated in Barcelona on 25 June 2008 and has its registered office at Calle Juan Esplandiú, 11, Madrid. The current contact page identifies Barcelona as its headquarters and Madrid as its head office: legal domicile and operational location are different concepts. This profile covers the consolidated group, rather than only the parent company or all the businesses of its customers. 2025 integrated annual report: accounts and sustainability; Cellnex addresses and offices.
From Abertis Telecom to a European group
The Cellnex name was adopted on 19 March 2015, following the Abertis Telecom period. The May 2015 flotation began an expansion phase involving tower portfolio acquisitions and agreements with operators. Subsequent growth requires a distinction between assets acquired and assets sold: the business at the end of 2025 does not match its cumulative historical footprint. Its recent development places greater emphasis on integrating operations, generating cash and selecting investments. 2025 integrated annual report: accounts and sustainability; First shareholder meeting after the flotation; January–September 2026 results.
Changes in share ownership
The separation from Abertis and flotation of 66% of the capital in May 2015 changed the ownership structure. In July 2018, Edizione announced that it had acquired a 29.9% interest from Abertis through ConnecT, then controlled by its subsidiary Sintonia. First shareholder meeting after the flotation; Edizione: acquisition of a Cellnex interest in 2018.
At year-end 2025, the accounts record holdings notified to the CNMV of 10.25% for Edizione, 10.15% for The Children’s Investment Master Fund and 7.03% for GIC, among other significant shareholders. These are direct and indirect interests at that date, rather than a daily update at November 2026. The accounting note states that none of the significant shareholders, individually or together, controlled the parent. Chains of intermediate companies explain indirect ownership and must not be added again as separate interests. 2025 integrated annual report: accounts and sustainability.
What it does and how it earns revenue
The core business provides infrastructure to telecommunications operators through service or lease agreements. Sharing a tower allows several customers to install equipment without Cellnex thereby owning those operators. Alongside towers, activities include distributed antenna systems and small cells, radio access networks as a service, fibre, connectivity, equipment hosting and broadcasting. Site counts do not equal customer counts: one location can accommodate several commercial presences. 2025 integrated annual report: accounts and sustainability.
Countries, subsidiaries and associates
The 2025 report presents operations in Spain, France, Italy, the United Kingdom, Poland, the Netherlands, Portugal, Switzerland, Denmark and Sweden. The Irish business was sold to Phoenix Tower International on 28 February 2025; Austria had left the group in December 2024. Controlled subsidiaries enter the accounts within the relevant consolidation scope. Torre de Collserola, S.A., in which the group indirectly holds 41.75%, is accounted for using the equity method. The tower photograph illustrates a specific business connection, rather than full ownership or Cellnex’s headquarters. 2025 integrated annual report: accounts and sustainability; Completion of the Irish business sale.
2025 results: two different revenue figures
The January–December 2025 consolidated accounts report operating income of €4,418.346 million, compared with €4,353.201 million in 2024. The total comprises €4,120.257 million of net services and €298.089 million of other operating income. The latter mainly represents costs recharged to customers, including electricity, business rates and rent. The revenue policy assesses whether Cellnex acts as principal or agent in each case: it recognises gross revenue as principal and the net margin as agent. 2025 integrated annual report: accounts and sustainability.
The report presents this total as revenue, including recharges from the infrastructure business; gains and losses on disposals appear separately. It is therefore retained as this profile’s consolidated measure. The €3,995.126 million alternative measure, revenues excluding pass-through, starts with €4,124.018 million of gross services and deducts the €128.892 million utility fee. This measure also excludes other operating income and the −€3.761 million adjustment for advances to customers. It equals neither the accounting total nor net services. 2025 integrated annual report: accounts and sustainability.
Operating profit was €476.052 million, but the net result attributable to the parent was a loss of €360.776 million. The consolidated net loss, before allocation between the parent and non-controlling interests, was €352.674 million. Depreciation, amortisation, impairments and financing costs help explain why positive adjusted EBITDA does not equal net profit. Subsidiary figures are already included in consolidation. 2025 integrated annual report: accounts and sustainability; Reconciliation of 2025 alternative performance measures.
Scale and employment
At year-end 2025, Cellnex reported 113,801 sites and 2,511 employees, including 1,050 in Spain. Average annual headcount was 2,561; these are counts of people, rather than full-time equivalents or all contractor personnel working across the network. The report records 112 voluntary departures in 2025 associated with the workforce adjustment plan in Spain and corporate functions. This boundary matters: the figure does not represent all group turnover or a count of compulsory dismissals. 2025 integrated annual report: accounts and sustainability.
Leadership and responsibility
The sources reviewed identify Marco Patuano as chief executive and Óscar Fanjul as chair. The 30 April 2026 shareholder meeting re-elected both and introduced annual board re-election. For occupational prevention, policy assigns oversight to the nomination, remuneration and sustainability committee and functional responsibility to the group’s people function. Corporate policies do not remove each employer’s obligations or automatically place every task undertaken by customers and suppliers under Cellnex’s direct control. Current board membership; April 2026 shareholder meeting decisions; January–September 2026 results; 2025 integrated annual report: accounts and sustainability.
Innovation and infrastructure maintenance
TELECO DIGITAL TWIN is a project by group company Tradia Telecom with the University of Salamanca. It researches digital twins and 5G technologies for network management, simulation, operation and maintenance, with funding through UNICO 5G Sectorial and NextGenerationEU. Separately, the 2025 report envisages inspection drones and digital models fed with their data to reduce travel and exposure to work at height. These are projects and objectives: the reviewed sources do not demonstrate a group-wide reduction in accidents attributable to them. TELECO DIGITAL TWIN project; 2025 integrated annual report: accounts and sustainability.
Occupational hazards associated with the business
The training programme identifies work at height, electromagnetic field exposure, electricity, road safety, hazardous materials, extreme weather and office and warehouse safety. Prevention at shared infrastructure requires an understanding of which equipment is active and who is involved in each task. As an occupational safety interpretation of the model, coordination between site owners, operators and contractors is particularly relevant to planning access and interventions. This interpretation explains the importance of those hazards; it does not verify implementation of a particular procedure at every tower. 2025 integrated annual report: accounts and sustainability.
Prevention system and specific training
Cellnex reports risk assessment, incident investigation and reporting through a unified system, quarterly indicator monitoring and internal audits. In 2025, its occupational health and safety management system covered 100% of its own workforce. The scope externally certified to ISO 45001 then excluded Sweden and Denmark; their planned inclusion in 2026 is not presented here as an already verified achievement.
In Switzerland, the Excellence Training Center offers on-site safety training tailored to specific portfolios and SUVA, Sunrise and Salt standards. This is a local example and does not establish that every European employee attended the centre. 2025 integrated annual report: accounts and sustainability.
Employee occupational safety results
For 2025, the group reports seven accidents with injuries and five accidents involving leave among employees, across 4,655,039 theoretical hours. The injury frequency rate is 1.50 and the accident-with-leave frequency rate 1.07 per million hours; in 2024 they were 2.17 and 1.19 respectively. The categories should not be added together: an accident involving leave can already be included among injury accidents.
The report states there were no employee occupational fatalities in the years presented. This does not mean risks were absent or describe the entire contracting chain. Rates per million hours are also not directly comparable with indicators published per 200,000 hours. 2025 integrated annual report: accounts and sustainability.
Third parties: reporting boundaries and limitations
The third-party table covers technical operations at sites under Cellnex’s direct responsibility and excludes activities outside that boundary, such as certain new-site construction work. It records nine accidents with injuries and eight involving leave in 2025. However, the published rates do not reconcile with those counts and the tabulated hours when applying the report’s own formulas. They are therefore not used here to compare performance.
In the historical series, the table on page 158 records one third-party fatality in 2024 and another in 2023. However, footnote 35 on page 159 mentions a single fatality, in 2023, involving a customer’s worker. The report also states that third-party hours and rates refer to contractors and suppliers. Without a reconciliation of dates and worker populations, no fully reconciled third-party fatality series is presented here. 2025 integrated annual report: accounts and sustainability.
Health, wellbeing and work organisation
The report describes hybrid working and digital disconnection policies, flexible hours, physical activity support and work–life balance measures. It puts access to on-site medical services at over 30% of the workforce, a partial scope that should remain explicit. Benefits depend on the country. The organisation reports almost twenty wellbeing actions in 2025, supplemented by local initiatives; holding activities does not by itself demonstrate clinical or psychosocial improvement. Its broad absenteeism indicator, which includes various types of leave, should also not be read as an exclusive measure of occupational harm. 2025 integrated annual report: accounts and sustainability.
Energy and emissions with their methodology
The 2025 inventory reports 5,137 tonnes of CO₂ equivalent in Scope 1 and 603,073 in Scope 3. For Scope 2 it provides two measures: 28 tonnes using the market-based method and 288,926 using the location-based method. The difference reflects electricity accounting methods; it does not mean operations have no emissions. Comparative inventories were recalculated for boundary and methodology changes. Energy consumption includes energy passed through to customers, another reason not to interpret the figures as office-only consumption. 2025 integrated annual report: accounts and sustainability.
Competition, capital and a critical reading
In March 2022, the UK Competition and Markets Authority, CMA, required the sale of more than a thousand sites to address its competition concerns over the CK Hutchison tower transaction. The authority considered that remedy sufficient for the transaction to proceed. This was merger control, rather than an occupational safety penalty.
Assessing Cellnex requires consideration of service continuity, investment and financial commitments alongside employee and third-party safety. Differences in reporting boundaries, asset disposals and the inconsistencies identified limit quick comparisons. An improvement in one particular rate does not establish universal improvement in working conditions. CMA: competition conditions for the UK transaction; CMA Cellnex and CK Hutchison case record; 2025 integrated annual report: accounts and sustainability.
Frequently asked questions
Is Cellnex a Spanish company?
Yes. Cellnex Telecom, S.A. is a Spanish company with its registered office in Madrid. Its contact page identifies Barcelona as its headquarters and Madrid as its head office. 2025 integrated annual report: accounts and sustainability; Cellnex addresses and offices. [1] · [2]
Does Cellnex sell mobile subscriptions to consumers?
Its principal model provides infrastructure and services to operators and other professional customers. Sharing its towers does not turn those customers into Cellnex subsidiaries. 2025 integrated annual report: accounts and sustainability. [1]
Why are there two 2025 revenue figures?
The €4,418.346 million operating income total includes €4,120.257 million of net services and €298.089 million of other income, mainly costs recharged to customers. Revenues excluding pass-through of €3,995.126 million are an alternative measure with their own adjustments. The accounting policy distinguishes gross recognition as principal from net recognition as agent. 2025 integrated annual report: accounts and sustainability. [1] · [2]
Was every operation ISO 45001 certified in 2025?
No. Although the occupational safety system covered all employees, the report excludes Sweden and Denmark from the 2025 external certification scope. System coverage and certification are not equivalent. 2025 integrated annual report: accounts and sustainability. [1]
