Cellnex to Buy Back as Much as €800 Million in Stock in 2025

Cellnex Telecom SA said it will repurchase as much as €800 million in shares by the end of the year, ahead of the Spanish tower company’s plan to roll out a dividend in 2026.

The maximum number of shares bought will depend on the average acquisition price, Cellnex said in a regulatory filing on Tuesday. They equate to about 28 million shares at today’s market price.

Cellnex will also increase the notional amount of an equity swap to €550 million from €150 million, or about 2.7% of the share capital.

“The entire package is unconditional,” Chief Executive Officer Marco Patuano told journalists during a call. “The only event that should happen is the closing of Ireland that has already been signed and is in the process of completion.”

Patuano said the share buyback was equivalent to a 4% return to shareholders.

The CEO has previously said he wants to put Cellnex on par with its peers on shareholder remuneration, and has called a buyback “a no brainer” given the company’s share price. The stock has lost more than half of its value since its peak in 2021, following a period of dealmaking. The shares closed at €28.84 in Madrid on Tuesday.

At its capital markets day last year, Cellnex pledged to pay a dividend of at least €500 million in 2026 and to spend as much as €7 billion on share buybacks and investments between 2026 and 2030. The timing hinged on how quickly Cellnex could cut debt and go through negotiations with credit rating companies.

Patuano has led a major overhaul at Cellnex that’s included hiring new leadership and selling assets in countries where it can’t consolidate. Last year, the company made two large divestments that will bring in more than €1.7 billion, including the sale of the Irish unit announced in March.

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