By Joan Faus

BARCELONA (Reuters) – Cellnex mentioned on Friday its web loss greater than doubled in 2021 as Europe’s largest cell phone tower operator took on increased prices associated to expansions and job cuts.

The Spanish firm nonetheless reported a 63% rise in adjusted core earnings to 1.92 billion euros and a 58% surge in income, each barely above its outlook and Refinitiv IBES estimates.

Cellnex attributed half of final yr’s lack of 351 million euros to the prices of an early retirement plan for workers in Spain and a company tax hike in Britain. It additionally entered the Poland market and consolidated its presence in 4 different nations.

The corporate reported a lack of 133 million euros in 2020.

In 2022, Cellnex expects earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) to develop to between 2.65 billion euros and a pair of.7 billion euros, whereas revenues are estimated to achieve 3.46 billion euros to three.51 billion euros.

The corporate maintained its 2025 goal for an EBITDA above 3 billion euros and revenues above 4 billion euros.

Shares of Barcelona-based Cellnex, which has a market capitalization of 27 billion euros, have marked an over 20% fall to this point this yr.

It at the moment plans to manage round 130,000 masts in 12 European nations by 2030, as soon as its introduced acquisitions are finalised.