Spain’s Cellnex sticks to forecasts despite wider net loss

BARCELONA: Europe’s largest mobile phone tower operator Cellnex stuck to its outlook on Thursday as core earnings in the first nine months rose by 59%, outweighing a net loss which widened by 73% to 145 million euros ($169 million).

Telecom towers have been the target of several big takeovers in recent years as Spain’s Cellnex and U.S.-based American Tower Corp race to increase their European footprint with a focus on the roll-out of next-generation 5G technology.

Cellnex currently plans to control around 130,000 masts in Europe by 2030, once its announced acquisitions are finalised.