BARCELONA, Mar 5 (Reuters) - Spain's Cellnex expects to increase its adjusted operating profit by up to a third between now and 2027, benefiting from years of rapid expansion, which would allow Europe's largest mobile tower operator to focus more on rewarding shareholders and reducing debt.

The company unveiled its new forecasts on Tuesday, following a reshuffle of its top management last year, and after shifting its strategy from acquisitions to strengthening its balance sheet.

"This new approach will allow us to balance investments and return much more cash to shareholders from 2026, while strengthening our position as Europe's leading independent tower company," CEO Marco Patuano said in a statement ahead of an investor meeting in London.

Cellnex had 111,000 towers in 12 countries at the end of 2023, up from 14,000 in two countries at the time of its stock market debut in 2015.

The company said it expected revenue, excluding costs passed on to customers, of between €3.85 billion and €3.95 billion this year and between €4.5 billion and €4.7 billion in 2027.

It also forecast adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of between €3.15 billion and €3.25 billion in 2024 and between €3.8 billion and €4 billion in 2027.

Cellnex said it planned to spend a minimum of €3 billion in 2026-30 on dividends, and €7 billion through 2030 on potential share buybacks, industrial business opportunities and extraordinary dividends.

"From 2026, shareholders can expect a minimum dividend payout of €500 million per year, with a minimum annual growth rate of 7.5% in the following years," he said.

Cellnex shares were up 2.2% at 1140 GMT.

The Barcelona-based company set a medium- to long-term debt target of 5-6 times EBITDA, down from 6.9 last year, expecting annual reductions of 0.4-0.5 points, and reiterated its goal of obtaining a BBB- investment-grade rating from credit rating agency S&P this year, an upgrade from its current BB+.

It expects free cash flow to increase to €250-350 million this year, up from €150 million last year, and to reach €1.1-1.3 billion by 2027.

Cellnex also said it had reached an agreement to sell its Irish subsidiary to Phoenix Tower International for €971 million and would use the proceeds to cut debt.

In addition, it announced the creation of a real estate vehicle grouping around 10,000 of its towers and said it could potentially sell a minority stake in it to an investor.

(1 dollar = 0.9215 euros)

(Reporting by Joan Faus; edited by David Latona and Mark Potter; edited in Spanish by Javi West Larrañaga and Mireia Merino)