Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — FY2024 Earnings Presentation
35 slides from Cox Abg Group Sa's earnings presentation, Mar 3, 2025
Slide 1: FY 2024 Results Presentation
FY 2024 Results Presentation Results Presentation FY 2024 March 3rd, 2025 Page 1
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation (the “Presentation”) has been prepared by Cox ABG Group, S.A. (“Cox” or the “Company”, together with its subsidiaries and other affiliates, the “Group”) and has not been independently verified (in particular, by the auditors of Cox). The Pres
Slide 3: Agenda
1. Introductory Remarks 2. Financial Information 3. Asset Co. Agenda 4. 5. Service Co. Closing Remarks 6. What to Expect From 2025 7. Appendix 2
Slide 4: Introductory Remarks
FY 2024 Results Presentation 01 Introductory Remarks Page 4 FY 2024 Results Presentation
Slide 5: A Water and Energy Utility in the Energy Transition Sector
INTRODUCTORY REMARKS FY 2024 Results OVERVIEW: A WATER AND ENERGY UTILITY IN THE ENERGY TRANSITION SECTOR Presentation A Vertically Integrated Utility of Water and Energy Asset Co.. Managing Water and Energy Concessions and Assets 8 Strategic Regions ~6,000 Service Co. Americas, Europe, MEA Direct E
Slide 6: FY 2024 Results
INTRODUCTORY REMARKS FY 2024 Results FY 2024 RESULTS Presentation €183m 26% EBITDA + 77% YoY Margin Net Profit €59m + 62% YoY 45% Short term liquidity instruments (1) €268m Cash Conversion(2) + 2 Owned Asset Co. growth Water Assets(3) + Khi Solar One + 2 T- Lines(4) €2,026m Contracted Services Co. 2
Slide 7: ESG Embedded in the DNA of the Company: CSRD
INTRODUCTORY REMARKS FY 2024 Results ESG EMBEDED IN THE DNA OF THE COMPANY Presentation ESG REPORTING AND AUDIT UNDER CSRD DIRECTIVE Ensuring availability of Making cities and human water settlements inclusive, and its sustainable safe, resilient and management and sustainable sanitation Ensuring ac
Slide 8: ESG Embedded in the DNA of the Company
INTRODUCTORY REMARKS ESG EMBEDED IN THE DNA OF THE COMPANY Generate pioneering solutions in the water and energy sectors to contribute to the development of our planet CREATING VALUE AND GENERATING A POSITIVE IMPACT ENVIRONMENT ➢ A climate strategy promoting the efficient management of environmental
Slide 9: Financial Information
FY 2024 Results Presentation 02 Financial Information Page 9 FY 2024 Results Presentation
Slide 10: Key Financial Highlights
FINANCIAL INFORMATION FY 2024 Results OVERVIEW: KEY FINANCIAL HIGHLIGHTS Presentation €m REVENUES EBITDA NET PROFIT HIGHLIGHTS EBITDA Margin 21% 18% 26% 62% • Revenues increased by 21% on the back of 702 77% • Better performance of the Asset Co. 581 • Increased Backlog and execution in the 183 Servi
Slide 11: Net Debt Position
FINANCIAL INFORMATION FY 2024 Results Presentation NET DEBT POSITION €m Net Debt/ Financial Net Debt/ 0.5x 0.3x EBITDA (1) EBITDA (3) Net Corporate Debt/ Fin. Net Corporate Debt/ (1.5x) (1.8x) Adj. EBITDA (2) Adj. EBITDA (4) 364 268 IFRS-16 34 Corporate Debt 40 96 62 From Assets w/o (Recourse Debt)
Slide 12: Gross Debt Structure
FINANCIAL INFORMATION FY 2024 Results Presentation GROSS DEBT STRUCTURE CORPORATE DEBT €m Other Debt Credit Credit Institutions Debt Maturity 14 Institutions GROSS DEBT EVOLUTION 20 (2) Project Finance Corporate Debt IFRS16 €74 m (Non-Recourse Debt) (Recourse-Debt) 18.7 0.6 0.8 0.1 0.0 IFRS-16 Lease
Slide 13: Asset Co.
FY 2024 Results Presentation 03 Asset Co. Page 13 FY 2024 Results Presentation
Slide 14: Strong Progress with Attractive Project Returns
ASSET CO: WATER AND ENERGY (GENERATION AND TRANSMISSION) FY 2024 Results STRONG PROGRESS WITH ATTRACTIVE PROJECT RETURNS Presentation WATER ENERGY (GENERATION & TRANSMISSION) 3 Operating Concessions 6 Operating Energy Generation Projects SEDA (Drinking Water) – Agadir SPP1 (Hybridization Solar Therm
Slide 15: Asset Co. Key Financial Highlights
ASSET CO: WATER AND ENERGY (GENERATION AND TRANSMISSION) FY 2024 Results (1) KEY FINANCIAL HIGHLIGHTS Presentation ASSET CO. HIGHLIGHTS €m • Revenues increased by 33% and EBITDA stood REVENUES EBITDA at €134m (+58%) EBITDA ▪ Water: 5 Concessions/Assets 33% 60% 58% Margin 232 ▪ 3 Concessions (460,000
Slide 16: Asset Co. Key Financial Highlights: Water and Energy
ASSET CO: WATER AND ENERGY (GENERATION AND TRANSMISSION) FY 2024 Results KEY FINANCIAL HIGHLIGHTS (1) Presentation WATER WATER ENERGY (GENERATION & TRANSMISSION) €m 2023 2024 %Chg. €m 2023 2024 %Chg. Revenues 49.5 75.5(2) 52% Revenues 125.1 156.6 25% EBITDA 29.2 45.1 54% EBITDA 75.2 88.9 18% EBITDA
Slide 17: Solid Project Equity Returns from Integrated Approach
ASSET CO: WATER AND ENERGY (GENERATION & TRANSMISSION) FY 2024 Results … WITH SOLID PROJECT EQUITY RETURNS GENERATED FROM OUR INTEGRATED APPROACH… Presentation TO BE FUNDED THROUGH HIGHLIGHTS 20% 80% EQUITY + PROJECT CASH FINANCE • Capex to be Committed in 2025: • >€600m • Throughout our 8 Key Strat
Slide 18: Service Co.
FY 2024 Results Presentation 04 Service Co. Page 18 FY 2024 Results Presentation
Slide 19: Service Co. Key Financial Highlights
SERVICE CO. FY 2024 Results KEY FINANCIAL HIGHLIGHTS Presentation SERVICE CO. HIGHLIGHTS €m TBD CAort FLOW REVENUE SPLIT REVENUES EBITDA GENERATION BY GEOGRAPHY • OPERATING Revenues increased by 16% up to €471m on 16% LEVERAGE the back of an increasing Services during EBITDA (0%) 10% 471 Margin the
Slide 20: Record Services Backlog and Strong Visibility for 2025
SERVICE CO. FY 2024 Results RECORD SERVICES BACKLOG AND STRONG VISIBILITY FOR 2025 Presentation SERVICES BACKLOG AS OF DECEMBER 31ST (1) 9% MARGINS Margin €m 2,230 >2027 163% YoY 1,558 1,184 1,064 769 Dec '23 Mar '24 Jun '24 Sep '24 Dec '24 Strong increase in Services Backlog in the second half of 2
Slide 21: Closing Remarks
FY 2024 Results Presentation 05 Closing Remarks Page 21 FY 2024 Results Presentation
Slide 22: Key Milestones 2024
CLOSING REMARKS FY 2024 Results KEY MILESTONES 2024 Presentation BUILDING A SOLID FOUNDATION FOR FURTHER GROWTH …laying the ground for a successful 2025: Key milestones achieved in 2024… growth and delivery ✓ Successful integration and new organizational structure across two divisions: Asset Co. and
Slide 23: Key Metrics: Solid Results, Strengthening Backlog
CLOSING REMARKS FY 2024 Results Presentation KEY METRICS: SOLID RESULTS, STRENTHENING BACKLOG AND STRONG FINANCIAL POSITION Asset Co. Service Co. COX +33% +16% +21% REVENUES €232m €471m YoY €702m YoY YoY €134m +28% €49m +644% €183m +77% EBITDA YoY YoY YoY EBITDA Margin: 58% EBITDA Margin: 10% EBITDA
Slide 24: Key Highlights
CLOSING REMARKS FY 2024 Results KEY HIGHLIGHTS Presentation POSITIVE FINANCIAL RESULTS IN 2024 ▪ Revenues grew by +21% ▪ EBITDA grew by 77%, reaching €183m(1) ▪ Net Profit stood at €59m (+62%) SOLID CASH FLOW GENERATION WITH ADJ. OPERATING CASH FLOW OVER EBITDA(2) OF €83m COX ▪ Adj. Cash Conversion(
Slide 25: What to Expect From 2025
FY 2024 Results Presentation 06 What to Expect From 2025 Page 25 FY 2024 Results Presentation
Slide 26: 2023-2025: Key Financial Highlights
WHAT TO EXPECT FROM 2025 FY 2024 Results 2023-2025: KEY FINANCIAL HIGHLIGHTS Presentation €m REVENUES EBITDA NET PROFIT 71% 26% 36% >1,200 >230 >80 183 59 702 581 103 36 (1) 2023 2024 2025E 2023 2024 2025E 2023 2024 2025E ADJ. CASH CONVERSION(2) FINANCIAL NET DEBT/EBITDA (3) SERVICES BACKLOG(4) 45%
Slide 27: Capital Markets Day 2025
CAPITAL MARKETS TBD DAY 2025 Página 27
Slide 28: Appendix
FY 2024 Results Presentation Appendix Page 28 FY 2024 Results Presentation
Slide 29: P&L
APPENDIX FY 2024 Results P&L Presentation € ‘000s FY 2024 FY 2023 Chg. (%) Revenues 702,459 580,715 21% Changes in inventories (989) 11,530 Other operating income 105,930 49,424 Raw materials (241,353) (194,457) Employee benefits expense (193,432) (168,600) Other operating expenses (189,301) (175,23
Slide 30: Cash Flow
APPENDIX FY 2024 Results CASH FLOW Presentation € ‘000s FY 2024 FY 2023 a Includes Capital Gains Net Income 59,133 36,482 from the acquisition of Khi Solar One and Ibox Non-Cash Items Adjustments 88,312 91,784 Amortization & depreciation, provisions and impairments 68,205 42,354 b Includes positive
Slide 31: Balance Sheet
APPENDIX FY 2024 Results BALANCE SHEET Presentation Assets in € ‘000s Dec 2024 Dec 2023 Equity & Liabilities in € ‘000s Dec 2024 Dec 2023 Equity 332,328 108,595 Non-current assets 732,267 521,884 Share capital 7,790 61 Intangible assets 41,556 18,088 Share premium 174,226 6,000 Property, plant and e
Slide 32: Net Debt Build Up
APPENDIX FY 2024 Results NET DEBT BUILD UP Presentation € ‘000s Dec 2024 Dec 2023 Total Gross Debt 363,875 280,048 Khi Solar One Project Finance (Non-Recourse Debt) included(3) 289,550 218,571 Corporate Debt (Recourse Debt) 74,325 61,477 Debt with Credit Institutions 19,540 5,992 Leases (1) 40,422 4
Slide 33: Capital Structure and Cash Flow Generation
APPENDIX FY 2024 Results CAPITAL STRUCTURE AND CASH FLOW GENERATION Presentation Strong profitability and Free Cash Flow Balance Sheet flexibility to support Group’s growth generation with €183m EBITDA and €83m story (0.3x Net Financial Debt /EBITDA(3)) Adjusted Operating Cash Flow ADJUSTED OPERATIN
Slide 34: Revenues to EBITDA Bridge
APPENDIX FY 2024 Results Presentation REVENUES TO EBITDA BRIDGE Asset Co. Service Co. Water Energy O&M Engineering 471 232 1 (1) (5) (29) (16) (141) (11) (2) (22) 157 134 (57) (19) 371 (130) 89 (8) (58) 76 49 45 100 (21) 41 8 Revenues Chg. in Raw Cost of Other Oper. Project Revenues Chg. in Raw Cost
Slide 35: www.grupocox.com
www.grupocox.com