Cellnex reported fourth-quarter revenue of €1.06 billion, exceeding the €1.05 billion consensus by €64 million. Adjusted EBITDA reached €881 million, surpassing the €872 million estimate by €51 million. Recurring levered free cash flow (RLFCF) totaled €613 million, ahead of the €571 million consensus. Cellnex guided for 2026 revenue of €4.08 billion to €4.18 billion and 2027 revenue of €4.26 billion to €4.46 billion, both above analyst expectations. The stock rose 0.6% after the results, signaling relief for investors wary of sector headwinds. Jefferies analysts led by Graham Hunt noted the beat and confident guidance should alleviate fears of slowing demand in key markets.

Cellnex has faced repeated cuts to analyst expectations, making this clean Q4 performance and upward-revised 2027 targets significant. The company's improved free cash flow, driven by stronger EBITDA and better working capital, supports its bullish 2027 view. While consensus estimates for 2027 revenue and EBITDA remain below Cellnex's guidance, the market appears cautiously optimistic, at least for now. The guidance increase reflects confidence in continued demand for telecom infrastructure despite broader economic uncertainty.

The results provide a clearer picture of Cellnex's operational health and growth trajectory, potentially easing near-term investor concerns about a sector slowdown. Cellnex's ability to deliver above-consensus results and raise its 2027 outlook could attract renewed investor interest, though sustained execution will be key to validating the more optimistic projections.