Cellnex is committed to protecting the environment as part of its company strategy, formalizing this through its Environment and Climate Change Policy. This policy applies to all of the Company's geographies and sets out basic principles for action in its own operations, with its suppliers and business partners, and in interactions with stakeholders in the value chain. In 2024, the Board of Directors approved an update to this Policy to incorporate Cellnex Net-Zero commitment, the TNFD as a framework on natural capital and biodiversity issues, and updates to other legal frameworks (CSRD, CSDDD, and others).

The Environment & Climate Change Policy includes principles for action such as minimizing greenhouse gas emissions to achieve Net-Zero target, protecting biodiversity, ensuring responsible and circular use of resources, and strengthening environmental stewardship. It extends commitments to environmental management, mitigation, and adaptation to climate change and protection of natural capital in the value chain.

Cellnex has established commitments and lines of action to address climate change mitigation and adaptation, protection of natural capital, and environmental management. This includes the establishment and monitoring of GHG emission reduction targets, deployment of a decarbonisation plan, disclosure of carbon footprint results, analysis of infrastructure vulnerability to climate change, and promotion of infrastructure resilience through climate change adaptation measures.

Cellnex's Net-Zero strategy is structured around seven key pillars: 1. Science-based reduction targets, 2. Energy transition, 3. Value chain engagement, 4. Circular economy practices, 5. Sustainable mobility, 6. Neutralisation of residual emissions, 7. Transparency and governance. The company plans to address residual emissions by financing high-quality carbon reduction and removal projects outside its value chain, aiming to foster positive impacts on ecosystems and local communities. Cellnex also aims to verify its Net-Zero target through the Science Based Targets initiative (SBTi). Key components of the reduction strategy include leveraging renewable energy through the purchase of Guarantees of Origin (GoOs) and expanding solar panel deployments.

The Energy Transition Plan includes several adaptation solutions: Energy 4.0 leverages advanced technologies to create a smart ecosystem for energy consumption traceability. Green energy sourcing ensures 100% of electricity consumed at sites comes from renewable sources by 2025. Energy efficiency improvements are made by increasing passive equipment efficiency and optimizing customer equipment. Self-generation involves expanding on-site renewable energy solutions such as solar panels and hydrogen batteries. The anticipated financial effects from material physical and transition risks are not explicitly quantified in the provided text.