Cellnex's strategy is based on the Sustainability Policy, updated in 2024, and formalized through the ESG Master Plan (2021-2025). The plan incorporates ESG elements into its strategy, efficiently and responsibly measuring and managing the impacts on society and the surrounding areas. Cellnex acknowledges the emergence of new risks and demands globally, such as climate change, transparency, shareholder engagement, and circular economy practices. These challenges have driven the company to reinforce its dedication to Environmental, Social, and Governance (ESG) matters in recent years.

Cellnex's business model focuses on the shared management of telecommunications infrastructure. The company's strategy is embedded in the Sustainability Policy, which is formalized through the ESG Master Plan (2021-2025). This plan measures and manages the impacts generated on society and the environment in an efficient and responsible manner. The plan is applicable to all Cellnex geographies and aligns with the Sustainable Development Goals (SDGs) over a five-year period, demonstrating the importance of ESG within the company.

Our employees are among the primary stakeholders groups impacted by our activities and are recognised as a key priority within the company’s strategy and business model. Cellnex is committed to its employees by taking them into account during the development of the ESG Master Plan, as included in one strategic axe: boosting our talent, being diverse and inclusive. To enhance engagement, specific communication tools and channels have been established. Cellnex consults its own workforce when it updates its materiality assessment, making it possible to obtain their feedback on issues that they identify as relevant for the company, in addition to expressing their expectations and needs.

Value chain workers are a key stakeholder group essential for the development of Cellnex’s activities and the achievement of its sustainability objectives. As part of its ongoing due diligence process, Cellnex is committed to identifying and addressing human rights risks and taking proactive measures to mitigate potential impacts. Insights from stakeholders have directly informed strategic priorities, including the development of a supplier code of conduct that emphasises fair labour practices, safe working conditions, and respect for human rights.

Cellnex defines value chain employees as individuals performing work within the company’s value chain, regardless of the existence or nature of a contractual relationship with the company. This includes both employees in the supply chain and employees of third parties, such as customer employees or suppliers’ employees working on Cellnex sites, as well as business partners’ employees performing tasks related to Cellnex activities but who are not part of the company’s direct workforce.

To better understand the perspectives of value chain workers, Cellnex consults directly with suppliers and workers through specific stakeholder engagement initiatives. This consultation process has provided valuable input on their needs, expectations, and concerns, which are incorporated into the company’s policies and procedures. To further reinforce its commitment, Cellnex has established specific communication channels to ensure transparency and continuous engagement with value chain employees.

Cellnex consults its own workforce when it updates its materiality assessment, making it possible to obtain their feedback on issues that they identify as relevant for the company, in addition to expressing their expectations and needs. Furthermore, Cellnex’s website improves transparency and access to information linked to the group’s ESG policies, as well as Corporate Governance and information to shareholders, where the company will publish all the information related to the social and environmental impact of its activity, as well as issues relating to its governance.

Cellnex ensures that employees’ legal representatives are regularly informed about the company’s strategy and business model. In compliance with Article 64.2 of the Spanish Workers’ Statute, the company provides quarterly updates on its economic situation, activity evolution, production, and sales, ensuring that worker representatives are aware of key developments. Cellnex also keeps employees and their representatives informed about changes to the company’s business strategy and model through meetings and internal communications at the group level, which are complemented at local level. This process ensures that employees’ perspectives are taken into account when assessing how the impact of the company’s strategy on its workforce, allowing the company to adjust its approach if needed.

Cellnex, as a leader in telecommunications infrastructure management, recognises the importance of its value chain and the potential impact that its operations may have on employees throughout the value chain. As part of the company’s double materiality exercise, Cellnex has identified material impacts and risks across its value chain that could affect the interests and rights of workers, including respect for their human rights. These insights are integral to shaping the company’s strategy and business model.

Cellnex recognises the role that its strategy and business model play in both the creation and mitigation of significant material impacts on its workforce. The company is committed to ensuring that its business practices support the well-being of its employees, minimising negative impacts, and creating an inclusive and supportive working environment.