Cellnex Telecom S A : Interim Consolidated Financial Ended 30 June 2021

Cellnex Telecom, S.A. and

Subsidiaries

Condensed Consolidated Interim Financial Statements and Consolidated Interim Directors' Report for the 6-month period ended on

30 June 2021 (prepared in accordance with IAS 34 "Interim financial reporting").

Translation of a report originally issued in Spanish and of condensed consolidated interim financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Group (see Notes 2 and 24). In the event of a discrepancy, the Spanish-language version prevails.

June 2021

Condensed Consolidated Interim Financial Statements

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TABLE OF CONTENTS
Consolidated balance sheet...........................................................................................................................................................	2
Consolidated income statement....................................................................................................................................................	4
Consolidated statement of comprehensive income.....................................................................................................................	5
Consolidated statement of changes in net equity........................................................................................................................	6
Consolidated statement of cash flows..........................................................................................................................................	7
1.	General information..................................................................................................................................................................	9
2.	Basis of presentation...............................................................................................................................................................	9
3.	Accounting policies and financial risk and capital management.........................................................................................	15
4.	Business combinations...........................................................................................................................................................	15
5.	Property, plant and equipment...............................................................................................................................................	27
6.	Intangible assets......................................................................................................................................................................	30
7.	Investments in associates.......................................................................................................................................................	32
8.	Current and non-currentfinancial investments.....................................................................................................................	33
9.	Derivative financial instruments...............................................................................................................................................	34
10.	Trade and other receivables...................................................................................................................................................	36
11.	Cash and cash equivalents.....................................................................................................................................................	38
12.	Net equity..................................................................................................................................................................................	38
13.	Borrowings................................................................................................................................................................................	45
14.	Leases.......................................................................................................................................................................................	54
15.	Trade and other payables.......................................................................................................................................................	57
16.	Income tax and tax situation...................................................................................................................................................	57
17.	Employee benefit obligations and provisions and other liabilities.......................................................................................	61
18.	Revenue and expenses...........................................................................................................................................................	66
19.	Contingencies, commitments and obligations......................................................................................................................	68
20.	Segment reporting...................................................................................................................................................................	72
21.	Related parties........................................................................................................................................................................	77
22.	Other disclosures.....................................................................................................................................................................	78
23.	Post balance sheet events......................................................................................................................................................	79
24.	Explanation added for translation to English.........................................................................................................................	79
Consolidated interim directors' report for the 6-month period ended on 30 June 2021.........................................................	80