Cellnex narrows FY net loss, meets core earnings target

BARCELONA, Mar 1 (Reuters) -Europe’s largest mobile phone tower operator Cellnex on Wednesday reported a net loss of 297 million euros ($314.49 million) for 2022, lower than in the prior year, while it achieved its forecast as core earnings grew 37% to 2.6 billion euros.

Cellnex attributed the loss to the impact of amortisations and costs derived from its intense acquisition period in recent years.

It expects its earnings before interest, tax, depreciation and amortisation (EBITDA) to grow in 2023 to 2.9-3 billion euros, and revenues to reach between 4.1 billion and 4.3 billion euros.

Revenues grew 38% to 3.5 billion euros in 2022, surpassing the company’s latest outlook.

The reported loss was slightly higher than Refinitiv’s estimate of 292 million euros, while EBITDA and revenues were in line with estimates.

Cellnex slightly increased its 2021 reported net loss to 363 million euros due to an accounting update of past acquisitions.

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