We will, of course, follow with great interest the economic health of the telecom sector, on which the Cellnex Group's activities depend to a large extent, and, to a lesser extent, the radio sector.

Cellnex's network investments, including investments in 5G, may also be important to the growth of this company.

We will carefully monitor the strategic partnerships and major contracts that Cellnex may put in place with certain operators or with other large companies.

Likewise, the purchase or sale of subsidiaries in Spain or abroad will be a key element in this analysis.

Finally, we will of course be interested in the various publications of results from this group.

Iliad 

This French group is specialized in the telecommunications sector and has been in existence since 1991. It operates not only in France but also in other European countries such as Italy and Morocco. Although the Iliad group makes most of its profits in the Internet sector, it also generates income in the mobile telephone sector.

American Tower

This American company, which is currently present mainly in the United States, is beginning to set up in Europe and can therefore be considered as a potential adversary of Cellnex Telecom. It is notably in charge of managing mobile infrastructures for various operators.

Sigfox

In Spain, the Cellenex Telecom group has set up a strategic partnership with Sigfox in order to multiply by 6 the capacity of their 0G network for connected objects and to offer more functionalities such as the capacity to transmit images, to send audio messages or to optimize the reception of messages broadcasted in movement. The two companies also intend to extend their coverage in Portugal with the aim of becoming the official network operator there, as is already the case in Spain. As part of this partnership, the two companies have also extended their existing partnership with Securitas Direct, which is one of the main users of the Sigfox-Cellnex 0G network. Securitas Direct will use this agreement to offer innovative security services to its customers. Securitas will retain its proprietary ATN network for alarm transmission and will increase its range, coverage and capacity in order to develop its most innovative solutions.

Bouygues Telecom

When Cellnex partnered with Bouygues Telecom several months ago, the two companies decided to invest €1 billion over a 7-year period. Cellnex has created and managed a new company in charge of operating a fiber optic network connecting rooftops, towers, telecom sites and edge computing centers. This new infrastructure will connect the telecomdot towers used by Bouygues telecom to the core network and to the Metropolitan offices network which host the data processing centers. The agreement covers the deployment of more than 90 new Metropolitan Offices by 2027. Bouygues Telecom will be the main customer for this new network and will sign a 30 + 5 year contract, adding more than €4 billion to Cellenex's order book for a total of €44 billion in expected revenues.

Linkem

In 2016, it was through its subsidiary Cellnex Italia that Cellnex Telecom signed a partnership with the company Linkem. This agreement strengthens an existing partnership between the two companies in the development of the LTE network in Italy for fixed wireless access services. Cellenex has made its portfolio of nearly 8,000 towers available to Linkem. This agreement will also result in a 5% increase in the sharing rate of Cellnex sites in Italy and a continued growth rate.