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Vantage Towers H1 Pro Forma Adjusted EBITDAaL In Line With Management Expectations

Vantage Towers reported its first set of results as a standalone company. First half consolidated pro forma adjusted EBITDAaL was 267 million euros, in line with management expectations. Pro forma revenue (excl. pass through) was 479 million euros, for the period.

For fiscal 2021, Vantage Towers projects: pro forma adjusted EBITDAaL in a range of 530 million euros-540 million euros; and pro forma revenue (ex. pass-through) in a range of 955 million euros-970 million euros.

Vantage Towers has a portfolio of macro sites, which is split between ground-based towers and rooftop towers. It has secured commitments to a significant new build, or build-to-suit, programme of 7,100 sites of which Vodafone has committed to 6,850 macro sites and Wind Hellas has committed to 250 macro sites.

Vodafone (VOD.L,VOD) currently holds a 50% co-controlling shareholding in Cornerstone, the joint venture in the UK which owns 14,300 towers. Vodafone plans to transfer this shareholding into Vantage Towers. Based on current market anchor tenancy rates and the attributable cost base in Cornerstone, the estimated fiscal 2020 pro forma adjusted EBITDAaL for the 50% share of Cornerstone is expected to be between 50 million euros and 70 million euros.

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