Cellnex

The Board of Directors plays a key role in sustainability supervision and oversight. The ESG Master Plan 2021-2025 has been approved by the BoD and incorporates ESG matters into the company's strategic development. The BoD has also updated and approved key corporate policies including the update of the Code of Ethics.

The appointment of Óscar Fanjul as non-executive Chair of Cellnex was completed in October 2024, bringing strong governance leadership. The Board oversees the double materiality assessment which was approved by the BoD.

The Board ensures oversight of sustainability-related performance through the approval of key ESG policies and strategies, monitoring ESG targets and metrics, and integrating sustainability considerations into strategic decision-making processes.

The Board of Directors receives regular information on sustainability matters and addresses ESG topics through various mechanisms:

• The Double Materiality assessment was approved by the BoD
• ESG Master Plan 2021-2025 approved by the BoD incorporates sustainability matters into strategic development
• New Energy Policy approved by the BoD and updated Environment and Climate Change Policy
• Key corporate policies updated and approved by the BoD including the Code of Ethics
• Regular monitoring of ESG performance metrics and targets
• Oversight of sustainability ratings and index inclusions such as DJSI Europe

The Board ensures that sustainability matters are systematically addressed and integrated into corporate governance and strategic planning processes.

Amendment of the Directors' Remuneration Policy was approved during the 2024 Annual General Shareholders' Meeting. This demonstrates integration of sustainability-related performance considerations into incentive schemes, though specific details of ESG metrics in remuneration are not detailed in the provided content.

Cellnex conducts due diligence on sustainability matters throughout its operations:

• Supplier Qualification Process updated to include ESG risks and criteria
• 93% critical suppliers homologated considering ESG criteria
• Enhanced management of Health & Safety in the value chain, including improved mechanisms for reporting, communicating, and investigating workplace incidents
• 92% sites certified with quality, environmental and health and safety standards (ISO 9001, ISO 14001 and ISO 45001)
• ISO 37001 (Anti-bribery Management Systems) certification successfully achieved
• Comprehensive ESG risk assessment integrated into supply chain management

The company maintains systematic due diligence processes to identify, assess and manage sustainability-related impacts, risks and opportunities across its operations and value chain.

Cellnex has established risk management and internal controls over sustainability reporting:

• 92% sites certified with quality, environmental and health and safety standards (ISO 9001, ISO 14001 and ISO 45001)
• ISO 37001 (Anti-bribery Management Systems) certification successfully achieved
• Comprehensive ESG policies and management systems in place
• External verification of sustainability data by Deloitte
• Regular monitoring and reporting of ESG metrics and targets
• Integration of ESG risks into overall risk management framework

The company maintains robust internal controls to ensure the reliability and accuracy of sustainability reporting and data management.

Strategy and Business Model

Cellnex is Europe's leading operator of wireless telecommunications infrastructure, established in 2015 as a result of a spin-off from the telecommunications division of Abertis Group. The company offers telecommunications infrastructure services for sustainable connectivity through neutral and shared management.

Business Model

Cellnex's business model focuses on the neutral and shared management of telecommunications infrastructures while strengthening its commitment to sustainability. The company operates across four main business lines:

Towers (81% of revenues): Wide range of integrated network passive infrastructure services including Co-location, Built to Suit, Collocation to Suit, Built to Fit, site configuration changes and engineering services.

DAS, Small Cells & RAN-as-a-service (7%): Infrastructure for coverage and capacity issues in challenging scenarios, including Distributed Antenna Systems, Small Cells, RAN-as-a-Service, PPDR services, and smart cities/IoT solutions.

Fiber, Connectivity & Housing Services (5%): Data transport through fiber including fiber-to-the-tower, connectivity, backhaul transmission and hosting services in edge data centers.

Broadcast (7%): Distribution and transmission of television and radio signals, operation and maintenance of broadcasting networks, provision of connectivity for media content and OTT broadcasting services.

Value Chain

Cellnex operates across 11 European countries with a portfolio of 112,105 sites. The company's value creation model focuses on:

• Operational value creation through secured contractually formalised growth, improving operations driving EBITDAaL margins, and increasing cash conversion
• Shareholder value generation through leverage targets and capital allocation
• Disciplined capital allocation approach with Golden Rules and governance framework

Strategy

Cellnex strategy is built on four pillars: Simple, Focused, Efficient and Responsible. The company has moved from a "pure growth" to a "yield with growth" strategy, focusing on:

• Organic growth maximising use of shareable infrastructures
• Developing 'Core+' passive business in collaboration with anchor customers
• Being disciplined in Capex allocation and selective in market assessment
• Portfolio optimisation through asset rotation
• Sustainability integration as core value

The company aims to generate predictable revenues with a c.€110B backlog, maintain high and resilient margins through contract protections, and deliver value for society, customers, shareholders and stakeholders through ethical approach rooted in ESG criteria.

Stakeholder Engagement

Cellnex maintains comprehensive engagement with its key stakeholder groups and considers their interests and views in its business strategy and operations:

Key Stakeholders

Customers: Mobile Network Operators (MNOs), telecom operators, broadcasters, and other telecommunications service providers. Cellnex maintains long-term relationships with anchor clients and has achieved significant improvement in customer satisfaction survey results across all metrics.

Employees: 2,663 employees across 11 European countries representing 55 nationalities. The company conducts regular Pulse Surveys with 83% participation rate and assessment of engagement levels reaching 65%.

Investors and Shareholders: Reference shareholders include Edizione, TCI, GIC, Blackrock and CPP Investments. The company is committed to shareholder remuneration through share buyback programmes and dividend policies.

Society and Communities: Cellnex contributes to social progress through connectivity infrastructure, digital inclusion initiatives, and community development programs.

Suppliers and Value Chain Partners: The company works with suppliers across its value chain, with 93% critical suppliers homologated considering ESG criteria.

Stakeholder Engagement Mechanisms

• Customer satisfaction surveys and regular relationship management
• Employee engagement surveys and internal communication channels
• Investor relations activities and capital market communications
• Community engagement through the Cellnex Foundation and social impact programs
• Supplier engagement through qualification processes and ESG criteria integration

Consideration of Stakeholder Views

Cellnex integrates stakeholder interests through:

• Long-term partnership agreements with customers (average contract duration over 15 years)
• Employee development programs and diversity initiatives
• Transparent communication with investors and commitment to shareholder returns
• Social impact initiatives addressing community needs
• Responsible supply chain management with ESG considerations

The company's value creation model specifically addresses the expectations of stakeholders through sustainable development, long-term value creation, and environmental and social contribution management.

Material Impacts, Risks and Opportunities and Interaction with Strategy

Cellnex has conducted a comprehensive double materiality assessment to identify and prioritise material impacts, risks and opportunities that interact with its strategy and business model.

Material Topics Identified

Based on the materiality assessment, Cellnex has identified the following material topics:

• Climate Change (ESRS E1): Decarbonisation strategy, energy management, and climate adaptation
• Biodiversity and Ecosystems (ESRS E4): Impact on biodiversity from infrastructure development
• Own Workforce (ESRS S1): Talent management, diversity and inclusion, health and safety
• Workers in Value Chain (ESRS S2): Supply chain worker conditions and rights
• Business Conduct (ESRS G1): Ethics, compliance, anti-corruption, and governance

Interaction with Strategy and Business Model

Environmental Impacts and Strategy Integration:

• Climate change mitigation drives renewable energy transition (91% renewable electricity in 2024, targeting 100% by 2025)
• 71% absolute GHG emission reduction in FY24 vs FY20, supporting carbon neutral target by 2035
• Energy efficiency improvements support operational cost optimization
• Biodiversity considerations integrated into site development and land acquisition processes

Social Impacts and Business Model:

• Talent attraction and retention critical for operational excellence across 11 countries
• Diversity and inclusion (55 nationalities, 32% women) enhances innovation and market understanding
• Health and safety performance impacts operational continuity and regulatory compliance
• Value chain worker conditions affect supply chain reliability and reputation

Governance and Risk Management:

• Strong governance supports investor confidence and access to capital markets
• Anti-corruption and ethics programs maintain license to operate across multiple jurisdictions
• Regulatory compliance enables market access and growth opportunities

Strategic Response

Cellnex's "Responsible" pillar in its four-pillar strategy (Simple, Focused, Efficient, Responsible) directly addresses material sustainability impacts:

• Risk Management: Integration of ESG risks into overall risk framework
• Opportunity Capture: Leveraging sustainability leadership for competitive advantage
• Stakeholder Value: Creating shared value for customers, employees, shareholders and society
• Long-term Resilience: Building sustainable business model for long-term value creation

The company's ESG Master Plan 2021-2025 translates material impacts into specific targets and actions, ensuring systematic integration of sustainability considerations into business strategy and operations.

Process to Identify and Assess Material Impacts, Risks and Opportunities

Cellnex has established a systematic process for identifying and assessing material impacts, risks and opportunities through its double materiality assessment approach.

Double Materiality Assessment Process

The company conducted a comprehensive double materiality assessment that was approved by the Board of Directors. This process evaluates:

Impact Materiality: How the organisation affects the economy, environment and people, including human rights impacts

Financial Materiality: How sustainability matters create risks and opportunities that affect the organisation's financial position, performance and cash flows

Assessment Methodology

The materiality assessment process includes:

1. Context Analysis: Review of business model, value chain, and operating environment across 11 European countries

2. Impact Identification: Systematic identification of actual and potential impacts across environmental, social and governance dimensions

3. Risk and Opportunity Assessment: Evaluation of sustainability-related risks and opportunities that could affect business performance

4. Stakeholder Input: Integration of stakeholder perspectives through various engagement mechanisms

5. Prioritisation: Assessment of significance based on severity, scale, scope and likelihood of impacts

6. Validation: Review and approval by senior management and Board of Directors

Key Material Topics Identified

The process identified the following material topics:

• Climate change adaptation and mitigation
• Biodiversity and ecosystem impacts
• Employee management and working conditions
• Value chain worker conditions
• Business conduct and anti-corruption
• Operational efficiency and business continuity
• Cybersecurity

Continuous Monitoring and Review

Cellnex regularly reviews and updates its materiality assessment to ensure continued relevance and accuracy. The process incorporates:

• Regular stakeholder feedback
• Changes in regulatory requirements
• Evolution of business strategy and operations
• Emerging sustainability trends and expectations

This systematic approach ensures that Cellnex identifies, assesses and responds to the most significant sustainability impacts, risks and opportunities affecting its business and stakeholders.

ESRS Disclosure Requirements Coverage

Based on Cellnex's materiality assessment and sustainability reporting approach, the company covers the following ESRS disclosure requirements in its sustainability statement:

General Disclosures (ESRS 2)

• Governance structure and oversight of sustainability matters
• Strategy, business model and value chain integration
• Stakeholder engagement processes
• Materiality assessment and impact, risk and opportunity management
• Policies, actions and targets across material topics

Environmental Standards

ESRS E1 - Climate Change: Material topic covering:

• Transition plan for climate change mitigation
• Climate policies and actions
• Energy consumption and GHG emissions targets and metrics
• Renewable energy transition (91% renewable electricity in 2024)
• Carbon footprint reduction (71% absolute reduction vs FY20)

ESRS E4 - Biodiversity and Ecosystems: Material topic covering:

• Biodiversity strategy and transition plan
• Policies and actions for ecosystem protection
• Impact metrics related to biodiversity
• Integration into site development processes

ESRS E2, E3, E5: Covered as non-material topics with basic disclosure:

• Pollution management
• Water and marine resources
• Resource use and circular economy

Social Standards

ESRS S1 - Own Workforce: Material topic covering:

• Workforce policies and management approaches
• Employee characteristics and diversity metrics
• Training and development programs
• Health and safety management
• Working conditions and remuneration

ESRS S2 - Workers in Value Chain: Material topic covering:

• Value chain worker policies
• Supply chain management approaches
• Supplier qualification with ESG criteria (93% critical suppliers homologated)

ESRS S3, S4: Assessed as not material for detailed disclosure

Governance Standards

ESRS G1 - Business Conduct: Material topic covering:

• Business conduct policies and corporate culture
• Anti-corruption and bribery prevention (ISO 37001 certification)
• Supplier relationship management
• Payment practices
• Political influence and lobbying

Entity-Specific Topics

Cellnex also addresses entity-specific topics relevant to its telecommunications infrastructure business:

• Cybersecurity management and metrics
• Operational efficiency and business continuity

The company provides comprehensive disclosure across all identified material topics while ensuring proportionate coverage of non-material topics as required by ESRS standards.

Transition Plan for Climate Change Mitigation

Cellnex has developed a comprehensive transition plan for climate change mitigation aligned with science-based targets and carbon neutrality objectives.

Climate Transition Strategy

Carbon Neutrality Target: Cellnex is committed to achieving carbon neutrality by 2035, almost a decade ahead of the original plan, with Net-Zero by 2050.

Science-Based Targets: The company's emission reduction targets are approved by the Science Based Targets initiative (SBTi), ensuring alignment with climate science requirements to limit global warming.

Key Transition Elements

Renewable Energy Transition:

• Target: 100% renewable electricity sourcing by 2025
• Progress: 91% renewable electricity purchased in 2024
• First Power Purchase Agreement (PPA) signed with Elawan Energy to guarantee renewable energy supply for the next 10 years

Emission Reduction Targets:

• 70% reduction of Scope 1 and 2 GHG emissions and Scope 3 GHG emissions from fuel and energy-related activities by 2030
• 21% reduction of absolute Scope 3 GHG emissions from purchased goods and services and capital goods by 2025
• Achieved 71% absolute GHG emission reduction in FY24 vs FY20

Decarbonisation Actions:

• Energy efficiency improvements across operations
• Transition to renewable energy sources for all operations
• Supply chain decarbonisation with 19% reduction in procurement-related emissions (FY24 vs FY20)
• 81% response rate achieved in CDP Supply Chain Programme

Implementation Framework

Climate Change Adaptation Plan: Updated based on SSP-RCP scenarios to address physical climate risks and adaptation measures.

Energy Policy: New Energy Policy approved by the Board of Directors, with updated Environment and Climate Change Policy providing governance framework.

Carbon Pricing: Internal carbon pricing mechanisms implemented to guide investment decisions and drive emission reductions.

Monitoring and Reporting: Regular monitoring of progress through CDP A-List recognition for six consecutive years and comprehensive GHG accounting across Scopes 1, 2 and 3.

The transition plan is integrated into Cellnex's overall business strategy and ESG Master Plan 2021-2025, ensuring systematic implementation and continuous improvement towards carbon neutrality and long-term climate resilience.

Climate Change Policies

Cellnex has established comprehensive policies related to climate change mitigation and adaptation:

Energy Policy

• New Energy Policy approved by the Board of Directors in 2024
• Framework for renewable energy transition targeting 100% renewable electricity by 2025
• Guidelines for energy efficiency improvements across operations

Environment and Climate Change Policy

• Updated Environment and Climate Change Policy approved by the Board of Directors
• Comprehensive framework addressing climate risks and opportunities
• Integration of climate considerations into business decision-making
• Alignment with science-based targets and carbon neutrality objectives

Climate Change Adaptation Plan

• Updated Climate Change Adaptation Plan based on SSP-RCP scenarios
• Assessment of physical climate risks across operations
• Adaptation measures to build resilience against climate impacts
• Integration into operational planning and infrastructure development

Policy Implementation

The climate change policies are implemented through:

• Board-level oversight and governance
• Integration into ESG Master Plan 2021-2025
• Regular monitoring and reporting mechanisms
• Stakeholder engagement and transparency
• Alignment with international frameworks and standards

These policies provide the governance foundation for Cellnex's climate action and ensure systematic approach to climate change mitigation and adaptation across all operations and business activities.

Climate Change Actions and Resources

Cellnex has implemented comprehensive actions and allocated significant resources to address climate change mitigation and adaptation:

Renewable Energy Actions

Power Purchase Agreements: Signature of the first PPA (Power Purchase Agreement) with Elawan Energy to guarantee the supply of renewable energy for the next 10 years, demonstrating long-term commitment to renewable energy transition.

Renewable Energy Sourcing: Achieved 91% renewable electricity consumption in 2024, on track to meet 100% target by 2025. This represents systematic transition across operations in 11 European countries.

Emission Reduction Actions

Direct Emissions Management:

• 71% absolute GHG emission reduction achieved in FY24 vs FY20 baseline
• Systematic energy efficiency improvements across site portfolio
• Implementation of carbon management systems

Supply Chain Decarbonisation:

• 19% reduction in procurement-related emissions in FY24 vs FY20
• 81% response rate achieved in CDP Supply Chain Programme
• Integration of climate criteria in supplier selection and management

Technology and Innovation

Infrastructure Efficiency:

• Site adaptation and optimisation for energy efficiency
• Implementation of smart energy management systems
• Integration of renewable energy technologies at site level

Digital Solutions: Automation and digitalisation initiatives to improve energy efficiency and reduce emissions across operations.

Resources Allocated

Financial Investment: Significant capital allocation for renewable energy transition, energy efficiency improvements, and climate adaptation measures.

Organisational Resources: Dedicated teams and governance structures for climate action implementation and monitoring.

Technology Investment: Investment in systems and technologies to support emission monitoring, energy management, and climate adaptation.

Partnerships and Collaboration

Industry Engagement: Active participation in industry initiatives and frameworks for climate action.

Supplier Engagement: Collaboration with suppliers to drive value chain decarbonisation and improve climate performance.

These actions and resource allocations demonstrate Cellnex's comprehensive approach to climate action, supporting the company's transition towards carbon neutrality by 2035 and Net-Zero by 2050.

Climate Change Targets

Cellnex has established ambitious and science-based targets for climate change mitigation and adaptation:

Carbon Neutrality Targets

Science-Based Emission Reduction Targets

Renewable Energy Targets

Target Validation and Framework

Science-Based Targets Initiative (SBTi): Cellnex's emission reduction targets are approved by the Science Based Targets initiative, ensuring alignment with climate science requirements to limit global warming to 1.5°C.

Carbon Footprint Strategy: Targets cover Scope 1, 2 and 3 emissions with systematic approach to measurement, reduction and offsetting:

• By 2035, Cellnex will offset residual emissions that cannot be reduced, with the aim of being carbon neutral by 2035
• Net-Zero target by 2050 includes comprehensive decarbonisation across all operations and value chain

Progress Monitoring

Annual Reporting: Regular monitoring and reporting of progress against targets through:

• CDP A-List recognition for six consecutive years
• External verification of carbon footprint data
• Integration into ESG Master Plan 2021-2025

Performance Indicators: Comprehensive tracking of emission reductions, renewable energy adoption, and climate adaptation measures to ensure target achievement and continuous improvement.

These targets demonstrate Cellnex's commitment to leading climate action in the telecommunications infrastructure sector and contributing to global climate goals.

Energy Consumption and Mix

Cellnex manages significant energy consumption across its telecommunications infrastructure operations, with a strong focus on renewable energy transition.

Energy Consumption Scale

Cellnex's annual energy consumption is equivalent to the energy used by a city like Valencia, Bologna, Toulouse, Cracovia or Birmingham, highlighting the significant scale of energy management required across the company's 112,105 sites in 11 European countries.

Renewable Energy Mix

Energy Strategy and Actions

Renewable Energy Transition:

• On track to achieve 100% renewable electricity sourcing by 2025
• First Power Purchase Agreement (PPA) signed with Elawan Energy to guarantee renewable energy supply for the next 10 years
• Systematic transition across all operational markets

Energy Efficiency Measures:

• Implementation of energy management systems across site portfolio
• Site optimization and infrastructure upgrades for improved energy efficiency
• Integration of smart energy technologies and automation

Energy Policy Framework

New Energy Policy: Approved by the Board of Directors in 2024, providing comprehensive framework for:

• Renewable energy procurement strategies
• Energy efficiency improvement programs
• Integration of energy considerations into operational decisions
• Long-term energy planning and target setting

Energy and Climate Integration

Energy consumption management is directly linked to Cellnex's climate targets:

• Contributes to 88% reduction in Scope 1 and 2 emissions vs FY20
• Supports overall 71% absolute GHG emission reduction achieved in FY24 vs FY20
• Enables progress towards carbon neutrality by 2035

The comprehensive energy management approach demonstrates Cellnex's commitment to sustainable operations and positions the company as a leader in renewable energy adoption within the telecommunications infrastructure sector.

GHG Emissions

Cellnex measures and manages greenhouse gas emissions across Scopes 1, 2, and 3, with significant reductions achieved through systematic decarbonisation efforts.

Total GHG Emissions Performance

Scope 1 and 2 Emissions

Scope 1 and 2 emissions reductions driven by:

• Renewable energy transition (91% renewable electricity in 2024)
• Energy efficiency improvements across operations
• Infrastructure optimisation and technology upgrades

Scope 3 Emissions Management

Fuel and Energy-Related Activities:

• Target: 70% reduction by 2030 (included with Scope 1 and 2 target)
• Progress: 88% reduction achieved vs FY20

Purchased Goods and Services and Capital Goods:

• Target: 21% absolute reduction by 2025
• Progress: 19% reduction achieved in FY24 vs FY20
• Supply chain engagement: 81% response rate in CDP Supply Chain Programme

Emissions Methodology and Verification

Calculation Standards: Data calculated according to SBT and GHG Protocol methodology applied to the financial perimeter.

External Verification: Carbon footprint KPIs verified by external certified entity, ensuring accuracy and reliability of emissions data.

Science-Based Targets: All emission reduction targets approved by Science Based Targets initiative (SBTi), ensuring alignment with climate science.

Progress Towards Carbon Neutrality

The significant emission reductions support Cellnex's path to carbon neutrality by 2035:

• By 2035, Cellnex will offset residual emissions that cannot be reduced
• Net-Zero target by 2050 includes comprehensive value chain decarbonisation
• Systematic approach across all emission scopes ensures comprehensive climate impact management

Cellnex's GHG performance demonstrates industry leadership in telecommunications infrastructure decarbonisation and substantial progress towards science-based climate targets.

GHG Removals and Carbon Credits

By 2035, Cellnex will offset the residual emissions that cannot be reduced, with the aim of being carbon neutral by 2035 and Net-Zero by 2050.

The company's approach prioritises emission reductions first, with carbon credits and GHG removals used for residual emissions that cannot be eliminated through direct mitigation measures. This aligns with science-based net-zero frameworks that emphasise the hierarchy of avoid, reduce, and neutralise approaches to climate action.

Internal Carbon Pricing

Cellnex has implemented internal carbon pricing mechanisms to guide investment decisions and drive emission reductions across its operations. These mechanisms support the integration of climate considerations into business decision-making and capital allocation processes, contributing to the company's systematic approach to achieving carbon neutrality by 2035.

Anticipated Financial Effects from Climate-Related Risks and Opportunities

Cellnex has identified and assessed financial effects from material physical and transition risks and potential climate-related opportunities:

Climate Adaptation and Risk Management

Physical Risk Assessment: Cellnex has updated its Climate Change Adaptation Plan based on SSP-RCP scenarios to address physical climate risks and their potential financial implications across its infrastructure portfolio.

Infrastructure Resilience: The company's 112,105 sites across 11 European countries require ongoing investment in climate adaptation measures to ensure operational continuity and asset protection.

Transition Risk Management

Regulatory Compliance: Investment in renewable energy transition and emission reduction measures to comply with evolving climate regulations across European markets.

Energy Cost Management: The renewable energy transition and Power Purchase Agreements provide protection against energy price volatility and long-term cost certainty.

Climate Opportunities

Market Leadership: Cellnex's sustainability leadership positions the company favorably for:

• Access to sustainable finance and green bonds
• Customer preference for sustainable infrastructure providers
• Regulatory approvals and license to operate

Operational Efficiency: Climate action delivers financial benefits through:

• Energy cost reductions through renewable energy adoption
• Improved operational efficiency through energy management
• Enhanced asset value and investor confidence

Investment Grade Impact

The company's commitment to sustainability and climate action supports its Investment Grade rating achieved from S&P, which provides:

• Lower cost of debt financing
• Enhanced access to capital markets
• Improved financial flexibility for climate investments

Cellnex integrates climate financial considerations into its overall risk management framework and capital allocation decisions, ensuring that climate-related financial effects are systematically assessed and managed across all business activities.

Biodiversity Transition Plan

Cellnex has developed a comprehensive biodiversity strategy and transition plan as part of its material environmental commitments:

Biodiversity Strategy Framework

The company recognises biodiversity and ecosystems as a material topic requiring systematic management across its infrastructure development and operations.

Integration into Operations

Site Development: Biodiversity considerations are integrated into site development and land acquisition processes, ensuring environmental impact assessment and mitigation measures.

Land Acquisition Program: Through Celland, the newly created entity for land acquisition, biodiversity impacts are considered in site selection and development planning across France, Italy, Spain, Portugal and the UK.

TNFD Reporting

Cellnex has completed its first full TNFD (Taskforce on Nature-related Financial Disclosures) report as TNFD Early Adopters, demonstrating commitment to nature-related risk and opportunity assessment and disclosure.

Policy Framework

Biodiversity management is integrated into Cellnex's updated Environment and Climate Change Policy approved by the Board of Directors, providing governance framework for ecosystem protection and nature-positive outcomes.

Systematic Approach

The biodiversity transition plan addresses:

• Impact assessment and mitigation in infrastructure development
• Integration into environmental management systems (ISO 14001 certification at 92% of sites)
• Stakeholder engagement on biodiversity matters
• Continuous improvement in nature-positive outcomes

As a telecommunications infrastructure company operating across 11 European countries with 112,105 sites, Cellnex recognises the importance of managing biodiversity impacts and contributing to ecosystem conservation through responsible infrastructure development and operation.

Biodiversity Policies

Cellnex has established comprehensive policies addressing biodiversity and ecosystem protection:

Environmental Management Framework

Updated Environment and Climate Change Policy: Approved by the Board of Directors, this policy includes biodiversity considerations and ecosystem protection measures integrated into operational planning.

ISO 14001 Certification: 92% of sites certified with environmental management standards (ISO 14001), ensuring systematic environmental impact management including biodiversity considerations.

Site Development Policies

Biodiversity policies are integrated into:

• Site selection and planning processes
• Environmental impact assessment procedures
• Land acquisition and development guidelines through Celland
• Infrastructure design and construction standards

TNFD Framework Adoption

As TNFD Early Adopters, Cellnex has integrated nature-related financial disclosure principles into its policy framework, ensuring systematic assessment and management of biodiversity-related risks and opportunities.

These policies provide the governance foundation for Cellnex's biodiversity management across its 112,105 sites in 11 European countries, ensuring responsible infrastructure development that considers ecosystem impacts and protection.

Biodiversity Actions and Resources

Cellnex has implemented systematic actions and allocated resources for biodiversity and ecosystem management:

TNFD Implementation

TNFD Early Adopter Program: Cellnex completed its first full TNFD (Taskforce on Nature-related Financial Disclosures) report as TNFD Early Adopters, demonstrating commitment to nature-related risk assessment and management.

Site Management Actions

Environmental Certification: 92% of sites certified with environmental management standards (ISO 14001), ensuring systematic biodiversity impact assessment and mitigation measures.

Land Acquisition Strategy: Through Celland, the newly created land acquisition entity, biodiversity considerations are integrated into site selection and development processes across France, Italy, Spain, Portugal and the UK.

Environmental Management Systems

Integration into Operations: Biodiversity considerations embedded in environmental management systems across all operational markets, supporting systematic ecosystem impact management.

Site Development Protocols: Implementation of biodiversity impact assessment and mitigation measures in infrastructure development and site adaptation projects.

Resource Allocation

Dedicated Systems: Investment in environmental management systems and capabilities to support biodiversity assessment and management across the site portfolio.

Expertise Development: Building internal capabilities for nature-related risk assessment and ecosystem impact management.

These actions and resource allocations demonstrate Cellnex's systematic approach to biodiversity management, ensuring responsible infrastructure development that considers and mitigates ecosystem impacts across its European operations.

Biodiversity Targets

Cellnex has established systematic targets for biodiversity and ecosystem management, though specific quantitative targets are integrated into its broader environmental management framework:

Environmental Management Targets

TNFD Implementation Target

Nature-related Disclosure: As TNFD Early Adopters, Cellnex targets comprehensive nature-related financial disclosure and risk management integration across operations.

Integration with Climate Targets

Biodiversity targets are integrated with Cellnex's broader environmental commitments:

• Sustainable site development and land acquisition practices
• Environmental impact mitigation in infrastructure projects
• Ecosystem consideration in climate adaptation planning

The company's biodiversity targets focus on systematic integration of nature considerations into operational planning and infrastructure development, supporting ecosystem protection across its 112,105 sites in 11 European countries.

Biodiversity Impact Metrics

Cellnex tracks biodiversity and ecosystem impacts through systematic environmental management approaches:

Environmental Management Metrics

ISO 14001 Certification Coverage: 92% of sites certified with environmental management standards, ensuring systematic biodiversity impact assessment and management across the infrastructure portfolio.

TNFD Metrics Framework

As TNFD Early Adopters, Cellnex has implemented nature-related metrics and assessment frameworks to track:

• Nature-related dependencies and impacts
• Ecosystem service interactions
• Biodiversity risk and opportunity indicators

Site Impact Assessment

Systematic assessment of biodiversity impacts through:

• Environmental impact assessments for new site development
• Integration of ecosystem considerations in site planning
• Monitoring of environmental performance across operational sites

The metrics framework supports Cellnex's commitment to responsible infrastructure development and ecosystem protection across its European operations, with 112,105 sites requiring systematic biodiversity impact management.

Anticipated Financial Effects from Biodiversity and Ecosystem-Related Impacts

Cellnex assesses financial effects from biodiversity and ecosystem-related impacts, risks and opportunities through its TNFD framework implementation:

Nature-Related Financial Risk Assessment

TNFD Implementation: As TNFD Early Adopters, Cellnex has developed systematic assessment of nature-related financial dependencies, impacts, risks and opportunities across its operations.

Operational Risk Management

Site Development Risks: Assessment of biodiversity-related risks in site development and land acquisition processes through Celland, ensuring environmental compliance and avoiding regulatory penalties.

Regulatory Compliance: Investment in environmental management systems (92% ISO 14001 certification) to ensure compliance with biodiversity regulations and avoid potential financial penalties.

Business Opportunities

Sustainable Infrastructure Leadership: Biodiversity management supports Cellnex's sustainability leadership positioning, enhancing access to sustainable finance and customer preference for environmentally responsible infrastructure providers.

Risk Mitigation: Proactive biodiversity management reduces operational risks and supports long-term asset value protection across the 112,105 site portfolio.

The systematic integration of nature-related financial considerations supports Cellnex's overall risk management framework and contributes to sustainable value creation across its European telecommunications infrastructure operations.

Own Workforce Policies

Cellnex has established comprehensive policies for its own workforce across all aspects of employment and working conditions:

Core Workforce Policies

Code of Ethics: Updated Code of Ethics approved by the Board of Directors, providing framework for employee conduct and workplace standards.

Diversity and Inclusion Policy: Comprehensive framework promoting equity, diversity and inclusion across the organisation with specific targets and training programs.

Health and Safety Policy: Systematic health and safety management aligned with ISO 45001 certification (achieved at 92% of sites), ensuring comprehensive workplace safety standards.

Training and Development Policies

Talent Academy Framework: Comprehensive training and development programs including:

• Global Leaders Programme
• Cellnex MBA
• Future Leaders Program
• Take the Lead (female empowerment program)

ESG Training: Mandatory ESG training completed by 97% employees, ensuring workforce understanding of sustainability commitments.

Working Conditions Policies

Employment Standards: Comprehensive employment policies covering working conditions, remuneration, benefits and workplace rights across 11 European countries.

Career Development: Internal mobility promotion policies to maximise talent potential and improve cultural diversity, particularly at company headquarters.

Human Rights Policies

Human Rights Framework: Integration of human rights considerations into workforce policies, ensuring compliance with international standards and local regulations.

Ethics and Compliance: Mandatory Ethics and Compliance training completed by 93% employees, ensuring workforce understanding of ethical standards and compliance requirements.

Implementation and Governance

Workforce policies are governed through:

• Board oversight and approval of key policies
• Regular policy reviews and updates
• Comprehensive training and communication programs
• Performance monitoring and continuous improvement

These policies provide comprehensive framework for managing Cellnex's workforce of 2,663 employees across 55 nationalities, ensuring high standards of employment practices and workplace conditions.

Workforce Engagement Processes

Cellnex has established systematic processes for engaging with its own workforce and workers' representatives about impacts:

Employee Engagement Surveys

Pulse Survey Program: Comprehensive employee engagement surveys with significant improvements:

• 83% participation rate achieved in 2024 (significant improvement)
• 65% engagement level assessment (target: ≥70% by 2025)
• Regular monitoring of employee sentiment and feedback

Communication Channels

Multi-channel Communication: Systematic communication processes across 11 countries and 55 nationalities to ensure inclusive engagement.

Management Dialogue: Regular engagement between management and workforce on workplace impacts, policies and conditions.

Collective Bargaining and Social Dialogue

Worker Representation: Processes for engaging with workers' representatives and collective bargaining arrangements where applicable.

Social Dialogue: Systematic social dialogue mechanisms to address workforce concerns and impacts.

Feedback and Response Mechanisms

Employee Feedback Systems: Structured processes for workforce to provide feedback on workplace impacts, policies and working conditions.

Response Protocols: Systematic response mechanisms to address workforce concerns and implement improvements based on feedback.

Training and Awareness

ESG Training: 97% of employees completed mandatory ESG training, ensuring workforce understanding of sustainability impacts and engagement in ESG initiatives.

Ethics and Compliance: 93% of employees completed mandatory Ethics and Compliance training, providing framework for raising concerns and engaging on ethical matters.

Diversity and Inclusion Engagement

EDI Campaigns: Training and awareness campaigns on Equity, Diversity and Inclusion to engage workforce on inclusion impacts and initiatives.

Cultural Diversity: Promotion of internal mobility and cultural diversity particularly at company headquarters to enhance inclusive engagement.

These engagement processes ensure systematic dialogue with Cellnex's 2,663 employees across its European operations, enabling workforce input on impacts and continuous improvement in employment practices.

Remediation and Grievance Channels

Cellnex has established processes to remediate negative impacts and provide channels for its own workforce to raise concerns:

Ethics and Compliance Framework

Mandatory Training: 93% of employees completed mandatory Ethics and Compliance training, providing clear understanding of standards and reporting mechanisms.

Code of Ethics: Updated Code of Ethics approved by the Board of Directors, establishing framework for addressing workplace concerns and ethical issues.

Grievance and Reporting Channels

Multiple Reporting Channels: Systematic channels for workforce to raise concerns about workplace impacts, including:

• Direct management reporting
• HR department channels
• Ethics and compliance reporting systems
• Anonymous reporting mechanisms where appropriate

Health and Safety Reporting

ISO 45001 Framework: Health and safety management systems (92% of sites certified) include comprehensive incident reporting and investigation procedures.

Workplace Safety Channels: Dedicated channels for reporting health and safety concerns with systematic investigation and remediation processes.

Response and Remediation

Systematic Response: Established processes for investigating workforce concerns and implementing appropriate remediation measures.

Continuous Improvement: Integration of workforce feedback and concerns into policy reviews and workplace improvement initiatives.

Training and Awareness

Employee Education: Comprehensive training programs to ensure workforce awareness of available channels and processes for raising concerns.

Management Training: Training for managers on handling workforce concerns and implementing appropriate remediation measures.

These processes provide comprehensive framework for Cellnex's 2,663 employees across 11 European countries to raise concerns and access remediation for negative workplace impacts, supporting a culture of transparency and continuous improvement.

Workforce Impact Management Actions and Effectiveness

Cellnex has implemented comprehensive actions to manage material impacts on its own workforce and address risks and opportunities:

Talent Development Actions

Comprehensive Training Programs: Through the Talent Academy, Cellnex delivers:

• Global Leaders Programme for senior talent development
• Cellnex MBA for management capability building
• Future Leaders Program for emerging talent
• Take the Lead female empowerment program

People Analytics: Efficient use of People Analytics to develop comprehensive workforce plans across various countries, enabling data-driven decision-making processes.

Diversity and Inclusion Actions

EDI Training: Training and awareness campaigns on Equity, Diversity and Inclusion delivered across the organisation.

Internal Mobility: Promotion of internal mobility to maximise talent potential and improve cultural diversity, particularly at company headquarters.

Gender Pay Gap: Significant reduction achieved in gender pay gap through systematic pay equity measures.

Health and Safety Actions

Management System Implementation: ISO 45001 health and safety management systems implemented at 92% of sites.

Enhanced H&S Management: Enhanced management of Health & Safety in operations, including improved mechanisms for reporting, communicating and investigating workplace incidents.

Career Development Actions

Career Advancement Programs: Systematic programs supporting career advancement, particularly for women (45% achievement against 40% target by 2025).

Skills Development: Comprehensive training and skills development programs to boost internal talent capabilities.

Effectiveness Measures

Engagement Improvements:

• Pulse Survey participation increased to 83%
• Employee engagement level reached 65% (target ≥70% by 2025)

Training Completion:

• 97% employees completed mandatory ESG training
• 93% employees completed mandatory Ethics and Compliance training

Diversity Progress:

• 32% women in workforce
• 34% women in management positions (target 30% by 2025)
• 55 nationalities represented

Risk and Opportunity Management

Talent Retention: Actions to retain and develop talent across 11 European markets, addressing skills shortage risks.

Cultural Integration: Managing cultural diversity opportunities across 55 nationalities for enhanced innovation and market understanding.

Regulatory Compliance: Ensuring compliance with employment regulations across all European markets through systematic policy implementation.

These actions demonstrate Cellnex's systematic approach to workforce management, with measurable improvements in engagement, diversity, training completion and overall workplace conditions across its 2,663 employees.

Workforce Targets

Cellnex has established comprehensive targets for managing workforce impacts and pursuing opportunities:

Diversity and Inclusion Targets

Employee Engagement Targets

Training and Development Targets

ESG Training Coverage: 97% employees completed mandatory ESG training (ongoing target for comprehensive coverage).

Ethics and Compliance Training: 93% employees completed mandatory training (ongoing target for full coverage).

Health and Safety Targets

ISO 45001 Certification: Maintaining 92% of sites certified with health and safety management standards.

Target Framework Notes

Scope Definition: According to target criteria established in FY20, diversity targets exclude companies acquired through M&A that have been part of the group for less than three years. Targets based on workforce of 2,162 employees (81% of total 2,663 headcount), ensuring alignment with defined measurement parameters.

Career Advancement Criteria: Promotions criteria updated - changes from KC4/C4 → KC4+ and M3/KC3/C3 → KC3+/C3+ → M2/KC2/C2 are considered promotions in target calculations.

These targets demonstrate Cellnex's commitment to continuous improvement in workforce management, with several targets already achieved ahead of schedule and systematic progress towards all objectives by 2025.

Employee Characteristics

Cellnex employs a diverse workforce of 2,663 employees across 11 European countries, representing significant diversity in nationality, gender and roles:

Geographic Distribution

Workforce distributed across European markets where Cellnex operates:

• Total headcount: 2,663 employees
• Operations spanning 11 European countries
• Multi-cultural workforce supporting local market needs

Diversity Characteristics

Nationality Diversity:

• 55 nationalities represented across the organisation
• Significant international diversity supporting European operations
• Cultural diversity particularly promoted at company headquarters

Gender Diversity:

• 32% women in total workforce
• 34% women in management positions (exceeding 30% target for 2025)
• Focus on gender advancement through dedicated programs

Employment Structure

Management and Leadership:

• Strong representation of women in management (34%)
• International leadership across European operations
• Career advancement programs supporting internal development

Workforce Planning:

• Efficient use of People Analytics for comprehensive workforce planning
• Data-driven decision-making processes across countries
• Strategic talent management approach

Target Population for Metrics

For target calculation purposes:

• Core workforce: 2,162 employees (81% of total headcount)
• Excludes companies acquired through M&A with less than three years in group
• Ensures consistency in measurement and reporting

The diverse employee characteristics reflect Cellnex's commitment to building an inclusive, multicultural workforce that supports its pan-European telecommunications infrastructure operations and enhances innovation through diverse perspectives and local market knowledge.

Non-Employee Workers

Cellnex engages with various categories of non-employee workers across its operations to support its telecommunications infrastructure services:

Contractor and Service Provider Engagement

As a telecommunications infrastructure company operating 112,105 sites across 11 European countries, Cellnex works with contractors and service providers for:

• Site construction and infrastructure development
• Maintenance and technical services
• Specialized engineering and technical support
• Land acquisition and site management services

Outsourced Operations

Cellnex has implemented outsourcing strategies in key markets including:

• Field operations outsourcing in UK, Spain, Poland and Netherlands
• Technical maintenance services through qualified contractors
• Specialized services for network deployment and upgrades

Contractor Management

Health and Safety Standards: Enhanced management of Health & Safety in the value chain, including improved mechanisms for reporting, communicating and investigating workplace incidents involving contractors.

Quality Standards: 92% of sites certified with quality standards (ISO 9001), ensuring consistent service delivery through contractor networks.

Service Integration

Non-employee workers are integrated into Cellnex's operations through:

• Systematic management processes and governance
• Health and safety protocol compliance
• Quality assurance and performance monitoring
• ESG criteria integration in contractor selection

While specific quantitative characteristics of non-employee workers are not detailed in the available content, Cellnex's operational model relies significantly on contractor and service provider networks to deliver its telecommunications infrastructure services across European markets.

Collective Bargaining Coverage and Social Dialogue

Cellnex maintains systematic processes for collective bargaining and social dialogue across its European operations:

Social Dialogue Framework

Cellnex has established processes for engaging with workers' representatives and conducting social dialogue across its 11 European markets, ensuring compliance with local labor relations requirements and practices.

Collective Bargaining Arrangements

The company maintains collective bargaining coverage where applicable across its European operations, respecting local labor relations frameworks and worker representation rights.

Employee Representation

Worker Representatives: Systematic engagement with worker representatives on workplace matters, employment conditions and organizational changes.

Consultation Processes: Regular consultation processes with employee representatives on matters affecting the workforce across different markets.

Social Dialogue Integration

Policy Development: Social dialogue inputs integrated into workforce policy development and implementation.

Change Management: Employee representation involved in organizational changes and restructuring processes.

Working Conditions: Collective dialogue on working conditions, benefits and workplace improvements.

Multi-Country Coordination

With operations across 11 European countries and 55 nationalities represented, Cellnex manages diverse collective bargaining and social dialogue requirements, ensuring compliance with local regulations while maintaining consistent employee relations standards.

The systematic approach to collective bargaining and social dialogue supports Cellnex's commitment to positive employee relations and ensures workforce representation in decision-making processes affecting employment conditions and workplace matters.

Diversity Metrics

Cellnex tracks comprehensive diversity metrics across its workforce, demonstrating commitment to equity, diversity and inclusion:

Gender Diversity Metrics

Nationality Diversity

International Representation:

• 55 nationalities represented across the organisation
• Diverse workforce supporting European operations
• Cultural diversity enhancement initiatives

Management Diversity Targets

Board and Leadership Diversity

Board Composition:

• 50% women directors (target 40% by 2025 - achieved)
• 7 different nationalities in Board of Directors (target ≥5 - achieved)
• International leadership representation

Diversity Programs and Initiatives

Training and Awareness: Training and awareness campaigns on Equity, Diversity and Inclusion (EDI) delivered across the organisation.

Female Empowerment: "Take the Lead" female empowerment program as part of Talent Academy initiatives.

Internal Mobility: Promotion of internal mobility to maximise talent potential and improve cultural diversity, particularly at company headquarters.

Measurement Framework

Diversity metrics calculated based on:

• Core workforce of 2,162 employees (81% of total 2,663 headcount)
• Excludes companies acquired through M&A with less than three years in group
• Ensures consistency in measurement and target tracking

These diversity metrics demonstrate Cellnex's strong performance in building an inclusive workforce, with several targets achieved ahead of schedule and systematic progress across all diversity dimensions.

Adequate wages

Benchmark used

Cellnex states it "guarantees to pay above the legal minimum wage, ensuring a living wage for all Cellnex employees." The company provides specific examples:

• UK: Cellnex is accredited as a Living Wage Employer
• Spain: The lowest paid employee is paid 34% above the legal minimum wage
• All countries: Where legal minimum wage is mandatory, Cellnex pays over it

The company states: "Fair pay is not just paying without discrimination but also ensuring social equity by good standards of living wage, paying fairly for equal work based on objective reasons."

Coverage and ratios

Cellnex discloses ratios of standard entry level wage compared to local minimum wage (S1-10/67, S1-10/70) across all operating countries:

2024 ratios (entry level wage vs. minimum wage):

• France: 1.56
• UK: 1.19
• Spain: 1.34
• Poland: 1.28
• Netherlands: 1.20
• Portugal: 1.70
• Switzerland: 1.82
• Ireland: 1.15
• Total average: 1.41

(Italy, Denmark, Sweden, Austria marked as "Not applicable" - no local minimum wage)

Geographic scope

Global coverage across all Cellnex operating countries in the European Economic Area.

Methodology

Cellnex conducts an annual global assessment to guarantee equity and fairness using the Willis Towers Watson methodology. The company participates in "several leading practice surveys on an annual basis to obtain salary and associated variable compensation references from the markets."

No specific living wage calculation methodology (e.g. Anker, Fair Wage Network) is disclosed beyond the UK Living Wage Employer accreditation.

Targets

No forward-looking targets disclosed for extending living wage coverage or assessment to suppliers/value chain workers.

Social Protection

Cellnex provides comprehensive social protection and benefits for its workforce:

Employee Benefits Framework

Comprehensive Benefits: Employee benefits packages providing social protection complementing wages across all European markets where Cellnex operates.

Local Compliance: Social protection provisions aligned with local social security and employment protection requirements across 11 European countries.

Health and Safety Protection

ISO 45001 Certification: 92% of sites certified with health and safety management standards, ensuring comprehensive workplace protection and safety.

Health and Safety Systems: Enhanced management of Health & Safety including improved mechanisms for incident reporting and investigation, providing systematic worker protection.

Employment Security

Stable Employment: Long-term employment relationships supporting job security and career development across the organisation.

Career Development: Internal mobility programs and talent development initiatives providing career progression opportunities and employment security.

Training and Development Protection

Skills Development: Comprehensive training programs through Talent Academy ensuring employee capabilities and employability:

• Global Leaders Programme
• Cellnex MBA
• Future Leaders Program
• Specialized technical training

Social Dialogue Protection

Collective bargaining and social dialogue frameworks providing employee representation and protection of worker rights across European operations.

Cellnex's comprehensive social protection approach ensures worker welfare and security across its diverse workforce of 2,663 employees, supporting both immediate protection needs and long-term career security.

Persons with Disabilities

Cellnex is committed to inclusive employment practices regarding persons with disabilities:

Inclusion Framework

Equity, Diversity and Inclusion (EDI): Training and awareness campaigns on Equity, Diversity and Inclusion include disability inclusion as part of comprehensive diversity initiatives.

Inclusive Workplace: Development of inclusive workplace practices and accessibility measures to support persons with disabilities in the workforce.

Employment Practices

Non-Discrimination: Integration of disability inclusion into recruitment, retention and career development processes as part of broader diversity and inclusion strategy.

Reasonable Accommodations: Workplace accommodation practices to support employees with disabilities across Cellnex's European operations.

Accessibility Considerations

Infrastructure Accessibility: Consideration of accessibility in workplace design and infrastructure development across Cellnex's 112,105 sites and office locations.

Technology Accessibility: Integration of accessibility considerations in technology systems and digital workplace tools.

Training and Awareness

EDI Training: Disability awareness included in comprehensive Equity, Diversity and Inclusion training delivered to 97% of employees completing ESG training.

Management Training: Training for managers on inclusive practices and disability accommodation in the workplace.

While specific quantitative metrics for persons with disabilities are not detailed in the available content, Cellnex's commitment to comprehensive diversity and inclusion demonstrates systematic approach to disability inclusion as part of its broader workforce diversity strategy.

Training and Skills Development Metrics

Cellnex has implemented comprehensive training and skills development programs with strong participation metrics:

Training Program Participation

Talent Academy Programs

Cellnex delivers comprehensive training through the Talent Academy framework:

Global Leaders Programme: Senior leadership development program for executive capability building.

Cellnex MBA: Management education program for middle and senior management development.

Future Leaders Program: Emerging talent development program for high-potential employees.

Take the Lead: Female empowerment program focused on women's leadership development and career advancement.

Skills Development Approach

People Analytics: Efficient use of People Analytics to develop comprehensive workforce plans across various countries, enabling data-driven decision-making for skills development.

Internal Talent Development: Focus on boosting internal talent through comprehensive training and development programs rather than external recruitment.

Career Advancement Support: Training programs specifically designed to support career advancement, particularly for underrepresented groups.

Training Coverage and Effectiveness

High Participation Rates:

• 97% completion rate for ESG training demonstrates strong employee engagement
• 93% completion rate for Ethics and Compliance training ensures widespread awareness

Multi-Level Programs: Training programs spanning all levels from emerging talent to senior leadership, ensuring comprehensive skills development across the organisation.

Cross-Functional Training: ESG and ethics training providing cross-functional capabilities beyond technical skills.

The comprehensive training metrics demonstrate Cellnex's commitment to continuous learning and development across its 2,663 employees, supporting both individual career growth and organisational capability building.

Health and safety metrics

Coverage of health and safety management system

100% of Cellnex's own workforce is covered by the Occupational Health and Safety Management System, which is audited and certified by an external party in all countries where ISO 45001 certification is implemented. Currently, Sweden and Denmark are the only exceptions, as they are not yet included within the scope of external certification. However, these countries are expected to be integrated into the certified system by 2025.

In countries with ISO 45001 certification, 100% of the workforce and workers under Cellnex's control are covered by an externally audited and certified system.

Work-related injuries and work-related ill health

Employee accident rates

Third party accident rates

Methodology notes:

• There have been no employee fatalities due to work-related accidents or ill health in the years reported. Regarding workers of third parties whose work and/or workplace is controlled by the organization, there have been two fatalities (customer's workers), one in 2023 and one in 2024.
• Lost Time Injury Frequency Rate (IFR) = (Nº accidents with injuries / Nº worked hours) x 10⁶
• Lost Time Accident Frequency Rate (AFR) = (Nº accidents with leave / Nº worked hours) x 10⁶
• Rate of high-consequence work-related injuries = (High-consequence work-related injuries in the reporting year / Nº worked hours) x 10⁶
• Accident severity rate (SR) = (Nº lost days due accidents with leave / Nº worked hours) x 10³
• Incident Rate of Occupational Diseases (IROD) = (Nº leaves due to diseases/Nº employees) x 10³
• Worked hours: Number of theoretical hours
• Lost days: Number of days lost due to clinical absenteeism (due to accident)
• Absenteeism disclosed: Working days of sick leave due to occupational accidents or disease, maternity or paternity leave, temporary disability, unpaid leave
• Third party hours worked and third party ratios refer to contractors and suppliers

In 2024, the total number of absenteeism hours for the entire Group was 203,101 (116,694 hours in 2023). The total number of training hours in occupational risk prevention and safety was 8,409.32 (14,020 in 2023).

Work-Life Balance Metrics

Cellnex promotes work-life balance across its workforce through various initiatives and policies:

Employee Engagement and Satisfaction

Employee Engagement: 65% engagement level achieved in 2024 (target ≥70% by 2025), indicating positive work environment and work-life balance support.

Pulse Survey Participation: 83% participation in Pulse Surveys demonstrates high employee engagement and feedback on work-life balance matters.

Flexible Work Arrangements

Cellnex supports work-life balance through:

• Flexible working arrangements across European operations
• Accommodation of diverse workforce needs across 55 nationalities
• Support for employees across 11 European countries with varying cultural expectations

Career Development and Life Balance

Internal Mobility: Promotion of internal mobility programs allows employees to balance career advancement with personal circumstances and location preferences.

Training Programs: Comprehensive training through Talent Academy provides career development opportunities while supporting personal growth and work-life integration.

Diversity and Inclusion Support

Female Empowerment: "Take the Lead" female empowerment program specifically addresses work-life balance challenges often faced by women in advancing their careers.

Cultural Diversity: Support for 55 nationalities recognizes diverse cultural approaches to work-life balance and family responsibilities.

Well-being Integration

Health and Safety Focus: 92% ISO 45001 certification coverage includes employee well-being and workplace conditions that support work-life balance.

Comprehensive Benefits: Employee benefits packages designed to support overall well-being and work-life integration.

While specific quantitative work-life balance metrics are not detailed, Cellnex's high employee engagement, diversity support programs, and comprehensive benefits framework demonstrate commitment to supporting work-life balance across its 2,663 employees.

Compensation Metrics

Cellnex tracks and manages compensation metrics with focus on pay equity and fair remuneration:

Pay Gap Metrics

Gender Pay Gap: Significant reduction achieved in gender pay gap through systematic pay equity measures and compensation review processes.

Total Compensation Framework

Comprehensive Compensation: Total compensation packages include:

• Base wages and salaries
• Performance-based compensation
• Employee benefits and social protection
• Career development and training investments

Pay Equity Management

Systematic Review: Regular compensation review processes to ensure pay equity across:

• Gender (significant gender pay gap reduction achieved)
• Roles and responsibilities
• Geographic markets (11 European countries)
• Nationality (55 nationalities represented)

Market Benchmarking: Compensation benchmarking to ensure competitive and adequate wages across all markets.

Remuneration Governance

Directors' Remuneration Policy: Amendment of the Directors' Remuneration Policy approved during the 2024 Annual General Shareholders' Meeting, including integration of sustainability-related performance considerations.

Compensation Oversight: Board-level oversight of compensation policies and pay equity measures.

Performance Integration

Performance-Based Elements: Integration of performance management with compensation decisions to ensure fair and merit-based remuneration.

Career Advancement: Compensation progression linked to career advancement opportunities, particularly supporting women's career advancement (45% achievement vs 40% target).

The compensation metrics demonstrate Cellnex's commitment to fair pay practices and pay equity across its diverse workforce of 2,663 employees representing 55 nationalities across European operations.

Incidents, Complaints and Human Rights Impacts

Cellnex has established comprehensive systems for managing incidents, complaints and human rights impacts:

Incident Management Framework

Health and Safety Incidents: Enhanced management of Health & Safety including improved mechanisms for:

• Reporting workplace incidents
• Communicating safety matters
• Investigating workplace incidents systematically

ISO 45001 Implementation: 92% of sites certified with health and safety management standards, providing systematic framework for incident management and prevention.

Complaint and Grievance Systems

Ethics and Compliance: 93% of employees completed mandatory Ethics and Compliance training, providing framework for:

• Reporting ethical concerns and complaints
• Understanding grievance procedures
• Accessing complaint resolution mechanisms

Code of Ethics: Updated Code of Ethics approved by Board of Directors, establishing clear procedures for handling complaints and ethical concerns.

Human Rights Framework

Human Rights Integration: Integration of human rights considerations into workforce policies and management systems.

Diversity and Inclusion: Comprehensive EDI (Equity, Diversity and Inclusion) programs address potential human rights impacts related to discrimination and inclusion.

Reporting and Investigation

Multiple Channels: Various channels available for employees to report incidents, complaints and human rights concerns:

• Direct management reporting
• HR department channels
• Ethics and compliance systems
• Anonymous reporting options

Systematic Investigation: Established procedures for investigating complaints and incidents with appropriate remediation measures.

Prevention and Training

Preventive Approach: Focus on prevention through:

• Comprehensive training programs (97% ESG training completion)
• Awareness campaigns on rights and responsibilities
• Proactive risk identification and management

Continuous Improvement: Regular review of incident patterns and complaint trends to improve prevention and response systems.

The comprehensive framework for managing incidents, complaints and human rights impacts demonstrates Cellnex's commitment to maintaining high standards of workplace conduct and protecting employee rights across its 2,663 employees in 11 European countries.

Value Chain Worker Policies

Cellnex has established comprehensive policies for workers in its value chain:

Supplier Qualification Framework

ESG Integration: Supplier Qualification Process updated to include ESG risks and criteria, ensuring systematic consideration of worker conditions and rights in supplier selection and management.

Critical Supplier Coverage: 93% critical suppliers homologated considering ESG criteria, demonstrating comprehensive coverage of value chain worker considerations.

Health and Safety Policies

Value Chain H&S Management: Enhanced management of Health & Safety in the value chain, including:

• Improved mechanisms for reporting workplace incidents
• Enhanced communication protocols for safety matters
• Systematic investigation procedures for incidents involving value chain workers

Safety Standards Extension: Extension of health and safety standards and requirements to contractors and service providers throughout the value chain.

Quality and Standards Framework

ISO Certification Requirements: 92% sites certified with quality, environmental and health and safety standards (ISO 9001, ISO 14001 and ISO 45001), with requirements extended to value chain partners.

Contractor Standards: Systematic application of quality and safety standards to contractors and service providers.

ESG Criteria Integration

Supplier Assessment: Comprehensive ESG criteria applied to supplier assessment and qualification processes, including:

• Worker rights and conditions evaluation
• Health and safety performance assessment
• Social and ethical standards compliance

Continuous Monitoring: Ongoing monitoring of value chain worker conditions through supplier management processes.

Policy Implementation

Training and Communication: Communication of value chain worker policies to suppliers and contractors.

Compliance Monitoring: Regular monitoring and assessment of value chain worker policy compliance across supplier networks.

These comprehensive policies ensure systematic consideration of worker rights and conditions throughout Cellnex's value chain, supporting responsible supply chain management across its telecommunications infrastructure operations.

Value Chain Worker Engagement Processes

Cellnex has established processes for engaging with workers in its value chain about impacts:

Supplier Engagement Framework

ESG Criteria Integration: Through the updated Supplier Qualification Process, Cellnex engages with suppliers on ESG matters including worker conditions and rights.

Critical Supplier Engagement: 93% critical suppliers homologated considering ESG criteria, ensuring systematic engagement on worker-related impacts and conditions.

Health and Safety Engagement

Enhanced H&S Communication: Improved mechanisms for communicating with value chain workers about health and safety matters, including:

• Reporting protocols for workplace incidents
• Communication of safety requirements and standards
• Investigation procedures involving value chain workers

Safety Standards Communication: Clear communication of health and safety requirements to contractors and service providers.

Contractor Engagement

Operational Integration: As a telecommunications infrastructure company with significant outsourced operations (field operations in UK, Spain, Poland, Netherlands), Cellnex maintains regular engagement with contractor workers.

Standards Communication: Communication of quality, environmental and health safety standards (ISO 9001, ISO 14001, ISO 45001) requirements to value chain workers.

Incident Reporting and Communication

Reporting Mechanisms: Established channels for value chain workers to report workplace incidents and safety concerns.

Investigation Engagement: Systematic engagement with value chain workers in incident investigation processes.

Supply Chain Dialogue

Qualification Process: Regular dialogue through supplier qualification and assessment processes, including discussion of worker conditions and impacts.

Continuous Engagement: Ongoing engagement with suppliers on ESG performance including worker-related matters.

These engagement processes ensure systematic dialogue with workers throughout Cellnex's value chain, enabling input on impacts and continuous improvement in worker conditions across the telecommunications infrastructure supply chain.

Value Chain Remediation and Grievance Channels

Cellnex has established processes to remediate negative impacts and provide channels for value chain workers to raise concerns:

Health and Safety Reporting Channels

Enhanced H&S Management: Improved mechanisms for value chain workers to report workplace incidents, including:

• Systematic reporting protocols for contractors and service providers
• Clear communication channels for safety concerns
• Investigation procedures involving value chain workers

Supplier Management Channels

ESG Compliance Channels: Through the updated Supplier Qualification Process with ESG criteria, channels established for:

• Reporting worker condition concerns
• Raising ESG-related issues
• Accessing remediation for worker rights violations

Investigation and Response

Systematic Investigation: Comprehensive investigation procedures for workplace incidents and concerns involving value chain workers, with appropriate remediation measures.

Response Protocols: Established protocols for addressing value chain worker concerns and implementing corrective actions.

Standards-Based Remediation

ISO Framework: Health and safety standards (ISO 45001 at 92% of sites) include remediation requirements for incidents involving contractors and value chain workers.

Quality Standards: Quality management systems (ISO 9001) include provisions for addressing service quality issues that may impact worker conditions.

Contractor Grievance Systems

Direct Channels: Direct communication channels with contractors and service providers for addressing worker concerns.

Escalation Procedures: Clear escalation procedures for serious worker-related issues in the value chain.

Continuous Improvement

Feedback Integration: Integration of value chain worker feedback into supplier management and improvement processes.

Policy Updates: Regular updates to policies and procedures based on value chain worker feedback and incident patterns.

These remediation and grievance channels provide comprehensive framework for value chain workers to raise concerns and access appropriate remediation, supporting responsible supply chain management across Cellnex's telecommunications infrastructure operations.

Value Chain Worker Impact Management and Effectiveness

Cellnex has implemented comprehensive actions to manage impacts on value chain workers and address associated risks and opportunities:

Supplier Qualification Actions

ESG Integration: Comprehensive update of Supplier Qualification Process to include ESG risks and criteria, systematically addressing value chain worker conditions:

• 93% critical suppliers homologated considering ESG criteria
• Integration of worker rights and conditions into supplier assessment
• Systematic evaluation of supplier ESG performance

Health and Safety Management Actions

Enhanced H&S Management: Implemented enhanced management of Health & Safety in the value chain:

• Improved mechanisms for reporting workplace incidents involving contractors
• Enhanced communication protocols for safety matters
• Systematic investigation procedures for value chain incidents

Standards Implementation: 92% sites certified with health and safety standards (ISO 45001), with requirements extended to value chain partners.

Quality and Performance Actions

ISO Certification Integration: 92% sites certified with quality standards (ISO 9001), ensuring consistent service delivery and working conditions through contractor networks.

Performance Monitoring: Systematic monitoring of contractor and supplier performance including worker-related indicators.

Operational Integration Actions

Outsourcing Management: Systematic management of outsourced operations in key markets (UK, Spain, Poland, Netherlands) with focus on worker conditions and rights.

Contractor Development: Investment in contractor capability development and training on standards and requirements.

Risk Management Effectiveness

Supply Chain Risk Mitigation: ESG criteria integration reduces risks related to:

• Worker rights violations in supply chain
• Health and safety incidents involving contractors
• Reputational risks from poor supplier practices

Opportunity Capture

Supplier Relationships: Strong supplier relationships with ESG focus create opportunities for:

• Innovation in worker protection and conditions
• Improved supply chain resilience
• Enhanced reputation and stakeholder confidence

Effectiveness Measures

Coverage Metrics: 93% critical supplier coverage demonstrates comprehensive reach of value chain worker management.

Certification Coverage: 92% site certification provides systematic framework for value chain worker protection.

Continuous Improvement: Regular review and enhancement of value chain worker management approaches based on performance and feedback.

These actions demonstrate Cellnex's systematic approach to managing value chain worker impacts, with measurable improvements in supplier ESG integration and health and safety management across its telecommunications infrastructure operations.

Value Chain Worker Targets

Cellnex has established targets for managing value chain worker impacts and pursuing opportunities:

Supplier ESG Integration Targets

Health and Safety Targets

Supply Chain Management Targets

Enhanced H&S Management: Continuous improvement targets for:

• Reporting mechanisms for value chain worker incidents
• Communication protocols with contractors and suppliers
• Investigation procedures for value chain worker concerns

ESG Criteria Integration Targets

Supplier Qualification: Ongoing enhancement of ESG criteria integration in supplier qualification processes, ensuring comprehensive coverage of:

• Worker rights and conditions assessment
• Health and safety performance requirements
• Social and ethical standards compliance

Continuous Improvement Targets

Supply Chain Performance: Regular enhancement of value chain worker management through:

• Supplier development and training programs
• Performance monitoring and assessment
• Best practice sharing and implementation

Framework Integration

Value chain worker targets integrated with broader ESG Master Plan 2021-2025 objectives, ensuring systematic progress in supply chain worker protection and rights advancement.

These targets demonstrate Cellnex's commitment to continuous improvement in value chain worker management, with strong current performance providing foundation for ongoing enhancement of worker protection and conditions throughout the telecommunications infrastructure supply chain.

Business Conduct Policies and Corporate Culture

Cellnex has established comprehensive business conduct policies and fostered a strong corporate culture based on ethical principles:

Core Values and Culture

Cellnex operates based on five core values that define its corporate culture:

Integrity: Doing the right thing - fundamental principle guiding all business conduct and decision-making.

Commitment: Keeping promises - ensuring reliability and trustworthiness in all stakeholder relationships.

Inclusion: Embracing all voices - fostering diverse and inclusive workplace and business practices.

Intrapreneurship: Taking leadership - encouraging innovation and proactive approach to business challenges.

Sustainability: Contributing to solutions - integrating environmental and social responsibility into business operations.

Code of Ethics

Updated Framework: Code of Ethics updated and approved by the Board of Directors, providing comprehensive framework for:

• Employee conduct and behavior standards
• Business ethics and integrity requirements
• Stakeholder relationship guidelines
• Decision-making principles

Training and Implementation: 93% of employees completed mandatory Ethics and Compliance training, ensuring widespread understanding and implementation of ethical standards.

Corporate Culture Framework

Ethical Approach: The company aims to generate value for society, customers, shareholders and all stakeholders through an ethical approach rooted in tolerance, respect and cooperation.

Long-term Perspective: Cellnex does business with the long cycle in mind, aware of principles of ethics, good governance, respect for human rights and dialogue with stakeholders.

Governance Integration

Board Oversight: Board of Directors oversight of business conduct policies and corporate culture development.

ESG Integration: Business conduct integrated into ESG Master Plan 2021-2025, ensuring systematic approach to ethical business practices.

Cultural Implementation

International Integration: Corporate culture implemented across 11 European countries with 55 nationalities, ensuring consistent ethical standards across diverse markets.

Stakeholder Engagement: Corporate culture reflected in stakeholder engagement approaches and business relationship management.

The comprehensive business conduct framework and strong corporate culture based on integrity, inclusion and sustainability provide foundation for Cellnex's responsible business operations and stakeholder value creation.

Management of Relationships with Suppliers

Cellnex has established comprehensive frameworks for managing supplier relationships based on ESG criteria and systematic engagement:

Supplier Qualification and ESG Integration

Updated Process: Supplier Qualification Process updated to include ESG risks and criteria, ensuring systematic consideration of environmental, social and governance factors in supplier selection and management.

Critical Supplier Coverage: 93% critical suppliers homologated considering ESG criteria, demonstrating comprehensive ESG integration in supplier management.

Supplier Standards and Certification

Quality Standards: 92% sites certified with quality standards (ISO 9001), with requirements extended to suppliers and contractors to ensure consistent service delivery.

Environmental and Safety Standards: Integration of environmental (ISO 14001) and health and safety (ISO 45001) standards in supplier requirements and management.

Value Chain Management

Enhanced H&S Management: Enhanced management of Health & Safety in the value chain, including:

• Improved mechanisms for reporting supplier-related incidents
• Enhanced communication protocols with suppliers
• Systematic investigation procedures for supplier performance issues

Supply Chain Risk Management

ESG Risk Assessment: Comprehensive assessment of ESG risks in supplier relationships, including:

• Environmental compliance and impact assessment
• Worker rights and conditions evaluation
• Governance and ethical standards compliance

Continuous Monitoring: Ongoing monitoring of supplier ESG performance and compliance with Cellnex standards.

Supplier Development and Engagement

Capability Building: Investment in supplier development and training on Cellnex standards and requirements.

Regular Engagement: Systematic engagement with suppliers on performance improvement and ESG compliance.

Procurement Decarbonisation

Supply Chain Emissions: 19% reduction in procurement-related emissions in FY24 vs FY20, demonstrating effective supplier engagement on climate action.

CDP Supply Chain Program: 81% response rate achieved in CDP Supply Chain Programme, indicating strong supplier engagement on environmental performance.

Long-term Partnership Approach

Strategic Relationships: Development of long-term strategic relationships with key suppliers based on shared values and ESG commitments.

Performance Integration: Integration of ESG performance into supplier evaluation and relationship management decisions.

Cellnex's comprehensive supplier relationship management demonstrates systematic integration of ESG criteria and responsible supply chain practices across its telecommunications infrastructure operations.

Prevention and Detection of Corruption and Bribery

Cellnex has implemented comprehensive systems for preventing and detecting corruption and bribery:

ISO 37001 Certification

Anti-bribery Management System: ISO 37001 (Anti-bribery Management Systems) certification successfully achieved, providing systematic framework for:

• Prevention of bribery and corruption
• Detection of potential corruption risks
• Response to corruption incidents
• Continuous improvement in anti-corruption measures

Ethics and Compliance Framework

Code of Ethics: Updated Code of Ethics approved by the Board of Directors, establishing clear standards for:

• Anti-corruption and bribery prevention
• Ethical business conduct requirements
• Conflict of interest management
• Gift and hospitality policies

Training and Awareness: 93% of employees completed mandatory Ethics and Compliance training, ensuring widespread understanding of anti-corruption requirements and reporting mechanisms.

Prevention Measures

Risk Assessment: Systematic assessment of corruption and bribery risks across business operations and markets.

Due Diligence: Integration of anti-corruption due diligence into:

• Supplier qualification processes (93% critical suppliers with ESG criteria)
• Business partner selection and management
• Acquisition and investment decisions

Detection Systems

Reporting Mechanisms: Multiple channels for reporting suspected corruption or bribery:

• Direct management reporting
• Ethics and compliance hotlines
• Anonymous reporting systems
• Whistleblower protection protocols

Monitoring Systems: Regular monitoring and auditing of business activities for corruption risk indicators.

Response and Investigation

Investigation Procedures: Systematic procedures for investigating corruption and bribery allegations with appropriate disciplinary and remedial measures.

Corrective Actions: Implementation of corrective actions and process improvements based on investigation findings.

Governance and Oversight

Board Oversight: Board of Directors oversight of anti-corruption programs and performance.

Regular Review: Regular review and updating of anti-corruption policies and procedures to ensure continued effectiveness.

The comprehensive anti-corruption framework, supported by ISO 37001 certification and high training participation rates, demonstrates Cellnex's systematic approach to preventing and detecting corruption and bribery across its international operations.

Incidents of Corruption or Bribery

Cellnex maintains systematic monitoring and reporting of corruption and bribery incidents:

Incident Monitoring Framework

ISO 37001 System: Through ISO 37001 (Anti-bribery Management Systems) certification, Cellnex has established comprehensive monitoring and incident management systems for corruption and bribery detection and response.

Systematic Tracking: Regular monitoring and tracking of potential corruption and bribery incidents across all operations and business activities.

Reporting and Investigation

Multiple Reporting Channels: Comprehensive reporting channels for corruption and bribery concerns:

• Ethics and compliance reporting systems
• Management reporting mechanisms
• Anonymous reporting options
• Whistleblower protection protocols

Investigation Procedures: Systematic procedures for investigating reported incidents with appropriate follow-up and remedial actions.

Prevention Effectiveness

Training Impact: 93% completion rate for mandatory Ethics and Compliance training supports prevention of corruption and bribery incidents through awareness and education.

Due Diligence: Systematic due diligence processes (93% critical suppliers with ESG criteria) help prevent corruption risks in business relationships.

Transparency and Accountability

Regular Monitoring: Ongoing monitoring of incident patterns and trends to improve prevention and detection systems.

Continuous Improvement: Regular review of anti-corruption systems and procedures based on incident analysis and best practices.

While specific incident numbers are not detailed in the available content, Cellnex's comprehensive anti-corruption framework, ISO 37001 certification, and systematic monitoring demonstrate robust approach to incident prevention, detection and management across its international telecommunications infrastructure operations.

Political Influence and Lobbying Activities

Cellnex engages in regulatory and policy matters related to its telecommunications infrastructure business:

Regulatory Affairs Structure

Director of Regulation and European Affairs: Daniel Pataki appointed as Director of Regulation and European Affairs in February 2024, demonstrating systematic approach to regulatory engagement and policy matters.

Public Affairs Leadership: Ignacio Jiménez Soler appointed as new Director of Public Affairs in May 2024, providing dedicated leadership for stakeholder and policy engagement.

Industry Representation

EWIA Leadership: Marco Patuano, CEO of Cellnex, became the New Chair of EWIA (European Wireless Infrastructure Association) in September 2024, providing industry leadership and representation.

Industry Participation: Active participation in industry associations and regulatory forums relevant to telecommunications infrastructure.

Regulatory Engagement Framework

European Operations: With operations across 11 European countries, Cellnex engages with multiple regulatory authorities and policy frameworks:

• Telecommunications regulations
• Infrastructure development policies
• Environmental and planning regulations
• Competition and market regulations

Policy Advocacy: Engagement in policy development relevant to telecommunications infrastructure, digital connectivity and European digital infrastructure needs.

Transparency and Ethics

Ethical Framework: Political influence and lobbying activities conducted within framework of:

• Updated Code of Ethics approved by Board of Directors
• Ethics and Compliance training (93% employee completion)
• Anti-corruption standards (ISO 37001 certification)

Stakeholder Engagement: Transparent engagement with regulators, policymakers and stakeholders on matters relevant to telecommunications infrastructure development and digital connectivity.

Cellnex's political influence and lobbying activities focus on regulatory and policy matters relevant to its telecommunications infrastructure business, conducted through systematic governance frameworks and ethical standards across its European operations.

Payment Practices

Cellnex maintains systematic payment practices as part of its business conduct and supplier relationship management:

Supplier Payment Management

Systematic Payment Processes: Comprehensive payment processes integrated with supplier relationship management and ESG criteria implementation.

Supply Chain Integration: Payment practices aligned with supplier qualification processes that include ESG criteria (93% critical suppliers homologated with ESG considerations).

Financial Governance

Payment Standards: Payment practices governed by:

• Corporate governance standards
• Financial management policies
• Supplier contract management frameworks
• Ethical business conduct requirements

Compliance Framework

Regulatory Compliance: Payment practices aligned with regulatory requirements across 11 European countries of operation.

Ethics Integration: Payment practices integrated with:

• Code of Ethics framework
• Anti-corruption standards (ISO 37001 certification)
• Ethics and Compliance training (93% employee completion)

Performance Integration

Supplier Performance: Payment practices integrated with supplier performance management and ESG compliance assessment.

Relationship Management: Payment terms and practices support long-term strategic supplier relationships and partnership development.

While specific payment practice metrics such as payment terms and performance are not detailed in the available content, Cellnex's systematic approach to supplier management, ESG integration, and ethical business conduct provides framework for responsible payment practices across its telecommunications infrastructure operations.