Over the past years, Cellnex has conducted a series of analyses to assess its interrelationships with nature and identify key impacts and dependencies. The objective has been to better manage nature-related risks and opportunities by minimizing its environmental impact and enhancing the organization's resilience. As a result, nature has been integrated into Cellnex's risk management framework and strategic planning. Additionally, Cellnex is developing a dedicated nature strategy to guide employees in incorporating the mitigation hierarchy into decision-making. This strategy will align with the company's broader sustainability framework, ensuring consistency. Furthermore, geographic analyses enable Cellnex to factor nature into the planning of new assets and to identify critical natural spaces for the stakeholders, as well as assets best suited for adaptations to mitigate nature-related impacts and dependencies.

The risks are defined as follows:

• Policy and legal risk (NR1): Bird species using telecom infrastructure as a nesting location can lead to increased maintenance costs.
• Reputational risk (NR2): Difficulties in deploying and operating telecommunications infrastructure in natural areas due to potential conflicts over visual and/or environmental impacts.
• Physical risk (NR3): Rising temperatures can increase the risk of wildfires leading to increased maintenance and repair costs for greenfield sites. These risks are considered to have a low potential financial impact, with an economic impact of <1% of revenue. The time horizons are short-term (0 to 5 years) and medium-term (5 to 10 years).