Cellnex considers the inclusion and participation of stakeholders to be essential to its sustainability efforts. Stakeholders have been fundamental to the ESG Master Plan since its development and continue to play a key role in the company's regular materiality analyses. In addition, stakeholder engagement is embedded in the maintenance of Cellnex's Environmental Management System (ISO 14001), integrated into the Global IMS (Integrated Management System), in which their needs and expectations regarding environmental matters are periodically assessed and channels are implemented to guarantee communication with them. In this sense, it should be noted that the company applies external stakeholder engagement strategies on a national level. Moreover, Cellnex Telecom, Cellnex Spain and the Cellnex Foundation collaborate with the Life Nature Funds to implement measures for conserving agro-steppe habitats and species in the Natura 2000 Network. This project connects Cellnex with key stakeholders, such as the involved NGOs and landowners to collaborate on the conservation and restoration of crucial habitats.

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).