Cellnex’s 2024 Shareholders’ Meeting

Cellnex Telecom convened its Annual General Meeting today, during which shareholders greenlit the Consolidated Annual Accounts and Management Report for the fiscal year 2023, along with the Non-Financial Information.

This AGM marked the debut of Marco Patuano as CEO of Cellnex, having assumed the role in June of the preceding year, and the second for Anne Bouverot as non-executive Chair of the Group.

Addressing attendees in her inaugural speech, Anne Bouverot referenced the recent Capital Markets Day held in March, where the company outlined its strategic priorities for the “Next Chapter” of Cellnex’s journey. Emphasizing organic growth, operational efficiency, cash flow generation, debt reduction, and bolstering the balance sheet, Bouverot articulated how these objectives not only serve the long-term vision of Cellnex but also contribute to an appealing shareholder remuneration policy.

Highlighting a significant milestone, Bouverot noted the confirmation of Cellnex’s investment grade by Standard & Poor’s on the same day as the Capital Markets Day.

Bouverot reflected on Cellnex’s commendable performance in 2023 amidst a challenging external environment, characterizing it as a year of transformation, particularly in governance, with a revamped Board of Directors and the appointment of Marco Patuano as CEO. She underscored the establishment of a dynamic and experienced management team dedicated to executing the company’s strategic vision and delivering solid financial results.

Marco Patuano took the floor to present the financial highlights of 2023, citing it as a year where diligent commercial efforts and operational excellence bore fruit. Revenues and EBITDA met expectations, and the company achieved positive free cash flow ahead of schedule.

Patuano attributed these accomplishments to prudent investment management and stringent cost control measures, acknowledging the concerted efforts of the Cellnex team in navigating a landscape marked by change and organizational restructuring.

Delving into the pillars of Cellnex’s “Next Chapter,” Patuano outlined a strategy centered on simplicity, focus, efficiency, and responsibility. He stressed the company’s commitment to operational excellence, customer-centric growth, and sustainability, underscoring the importance of prudent financial management to uphold Cellnex’s investment grade rating and ensure disciplined capital allocation.

Anne Bouverot provided insights into the company’s evolving corporate governance, including the formation of the Capital Allocation Committee tasked with advising the Board on optimal capital allocation strategies. She highlighted the alignment between directors and shareholders, with directors committing to purchasing Cellnex shares equivalent to at least 20% of their annual remuneration.

On shareholder remuneration, Bouverot reiterated the company’s plans to enhance dividends and share buybacks from 2026 onwards, fueled by projected growth in free cash flow.

During the meeting, Bouverot also underscored Cellnex’s commitment to environmental, social, and governance (ESG) goals, citing achievements in sustainability and recognition from various indices and organizations for the company’s efforts in this domain. She emphasized Cellnex’s dedication to continued progress in sustainability practices.

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