A placard with the logo of SpainÕs telecoms infrastructures firm Cellnex is seen attached to the wall of main telecom tower "Torrespana" , known as "Piruli", in Madrid, Spain, March 10, 2016.
A placard with the logo of SpainÕs telecoms infrastructures firm Cellnex is seen attached to the wall of main telecom tower "Torrespana" , known as "Piruli", in Madrid, Spain, March 10, 2016. Reuters / Sergio Perez

Cellnex said on Friday its net loss more than doubled in 2021 as Europe's largest mobile phone tower operator took on higher costs related to expansions and job cuts.

The Spanish company still reported a 63% rise in adjusted core earnings to 1.92 billion euros and a 58% surge in revenue, both slightly above its outlook and Refinitiv IBES estimates.

Cellnex attributed half of last year's loss of 351 million euros to the costs of an early retirement plan for employees in Spain and a corporate tax hike in Britain. It also entered the Poland market and consolidated its presence in four other countries.

The company reported a loss of 133 million euros in 2020.

In 2022, Cellnex expects earnings before interest, taxes, depreciation and amortisation (EBITDA) to grow to between 2.65 billion euros and 2.7 billion euros, while revenues are estimated to reach 3.46 billion euros to 3.51 billion euros.

The company maintained its 2025 target 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 so far this year.

It currently plans to control around 130,000 masts in 12 European countries by 2030, once its announced acquisitions are finalised.