Cellnex reduces its losses in 2022 and reaches its ebitda target

BARCELONA, March 1 (Reuters) – Europe’s largest mobile tower operator Cellnex on Wednesday posted a net loss of 297 million euros ($314.49 million) in 2022, lower than that of the previous year, when it corresponded to the forecasts of increasing its gross operating income by 37%, to 2,600 million euros.

Cellnex attributed the net loss to the impact of impairments and costs resulting from its intense period of acquisitions in recent years.

The group expects its gross operating income (EBITDA) to increase in 2023 to 2,950-3,050 million euros, while revenues will reach between 4,100 and 4,300 million euros and cash -free and recurring flow will be between 1,525 and 1,625 million euros.

Likewise, he reiterated the prospects announced for 2025 with a turnover of 4,100 to 4,300 million euros, an ebitda of 3,300 to 3,500 million and a free and recurring cash flow of 2,000 to 2 200 millions.

Revenue in 2022 rose 38% to 3.5 billion euros, beating the company’s latest outlook.

Reported net loss was slightly above Refinitiv’s estimate of €292 million, while EBITDA and revenue for the year were in line with estimates.

Cellnex slightly increased its reported net loss for 2021 to €363 million, due to an accounting update from past acquisitions.

On the other hand, the company indicated that “it does not rule out opening up the capital of certain Group subsidiaries to crystallize value and accelerate the investment grade process”.

(1 dollar = 0.9444 euros)

(Reporting by Joan Faus; Editing by David Latona;