Slide 1: Corporate Presentation June 2025
Corporate Presentation June 2025
Slide 2: Agenda
1. Introduction to Cox 2. Asset Co. 3. Service Co. Agenda 4. Financials 5. What to Expect from 2025 6. ESG 7. Closing Remarks 8. Appendix 2
Slide 3: Introduction to Cox
FY 2024 Results Presentation 01 Introduction to Page 3
Slide 4: A Water and Energy Utility in the Energy Transition Sector
INTRODUCTION TO COX A WATER AND ENERGY UTILITY IN THE ENERGY TRANSITION SECTOR 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 Employees Benefitting from our Premium En
Slide 5: Vertically Integrated Utility with Innovative Solutions Around Water and Energy
INTRODUCTION TO COX VERTICALLY INTEGRATED UTILITY WITH INNOVATIVE SOLUTIONS AROUND WATER AND ENERGY (1) Overview Key Highlights Integrated business model encompassing the entire water and 13 Water and Energy Concessions/Projects(1) OPERATIONAL energy value chains: +945k m3/day desalination capacity(
Slide 6: Geographic Footprint
INTRODUCTION TO COX INTERNATIONAL PRESENCE COUPLED WITH ON-THE-GROUND EXPERTISE Geographic Footprint 8 strategic regions: Americas, Europe, Middle East and Africa Core strategic areas linked to: (1) water infrastructure demand and Agadir (2) fast-growing markets for energy SPP1 Presence in other cou
Slide 7: Fully-Integrated Business Model
INTRODUCTION TO COX INTEGRATED BUSINESS MODEL ENCOMPASSING THE ENTIRE WATER AND ENERGY VALUE CHAINS • Growth potential underpinned by critical population needs and narrow competitive landscape Experienced • Three operating and long-term cash flow generative concessions with attractive project terms
Slide 8: Energy follows Water
INTRODUCTION TO COX TWO MAIN SOURCES OF SYNERGIES FROM COMBINING WATER & ENERGY unlocks a new sion nces en er co gy Energy follows Water er pr t wa oje Water & Energy Highly One ct… Energy as main Complementary Sectors OpEx item of water concession Energy cost as key driver of water tariff: one wate
Slide 9: COX: Value creation in Water & Energy
INTRODUCTION TO COX WHAT WILL YOU GET BY INVESTING IN COX… 1 Every € 1,000,000 € 160,000 of CAPEX EBITDA converts into COX: Value WATER creation in Water & Energy 2 Every € 1,000,000 € 100,000 of CAPEX EBITDA ENERGY converts into GENERATION Note: The contents of this page may constitute or include f
Slide 10: Competitive edge at a glance
INTRODUCTION TO COX COX COMPETITIVE EDGE AT A GLANCE 1 Experienced Water Operator 2 Transmission & International Renewables Player A vertically and horizontally integrated 3 Premium Engineering Capabilities business model 4 Synergistic Set Up Experienced Management Combining Operational 5 & Financia
Slide 11: Asset Co.
FY 2024 Results Presentation 02 Asset Co. Page 11
Slide 12: Asset Co. Key Financial Highlights
ASSET CO. KEY FINANCIAL HIGHLIGHTS (1) WATER WATER ENERGY (GENERATION & TRANSMISSION) €m 2023 2024 %Chg. €m 2023 2024 %Chg. Revenues 49.5 75.5 52% Revenues 125.1 156.6 25% EBITDA 29.2 45.1 54% EBITDA 75.2 88.9 18% EBITDA margin 59% 60% EBITDA margin 60% 57% REVENUES BREAKDOWN BY CONCESSION REVENUES
Slide 13: Water
FY 2024 Results Presentation Water Page 13
Slide 14: Asset Co.: Water Key Highlights
ASSET CO.: WATER KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS Agadir Agadir ACCRA €m 2023 2024 %Chg. SEDA AEB Country Morocco Morocco Ghana Revenues 49.5 75.5 52% Type of use Drinking Irrigation Drinking EBITDA 29.2 45.1 54% Capacity 150k m3/day 125k m3/day 60k m3/day EBITDA margin 59%
Slide 15: Water: Experienced Operator in Fast Growing Water Markets
ASSET CO.: WATER WATER: EXPERIENCED OPERATOR IN FAST GROWING WATER MARKETS Attractive Portfolio Presence in fast-growing market + Experienced Team + of Concessions Global Desalination Market Expected to Double by 2030… >55 years 3 (€bn) Operating of track record Concessions + 2 Expansion rights 2030
Slide 16: 3 Operating Concessions + 2 New Water Desalination Projects
ASSET CO.: WATER POSITIONED IN KEY STRATEGIC REGIONS Agadir: largest desalination plant in Africa(1) 3 operating concessions ( Morocco) with attractive project terms 275,000 m3/day reverse osmosis desalination plant in Agadir, divided in 2 concessions + 2 new water desalination 1. SEDA (Drinking Wat
Slide 17: Deep Technical Know-How and Capabilities in Water
SERVICE CO. WATER: DEEP TECHNICAL KNOW-HOW & CAPABILITIES TO SUPPORT FUTURE WATER PLATFORM GROWTH Track Record Delivering COX Pioneer Track Record Client Certificates Posing a Vertical Integration In-House Experienced Team Recognised Concessions in the Water Sector Barrier to Entry(6) Creating Syner
Slide 18: Leading Desalination Engineering Provider
SERVICE CO. DEEP TECHNICAL KNOW-HOW & CAPABILITIES TO SUPPORT FUTURE WATER PLATFORM GROWTH LEADING DESALINATION ENGINEERING PROVIDER EXPERIENCED TEAM ACROSS TECHNOLOGIES Top 20 Plant Suppliers by Awarded Our engineering team, with over 55 years of experience in the industry, Desalination Capacity (2
Slide 19: Significant Market Share Across Key Markets
ASSET CO.: WATER WATER: COX HAS SIGNIFICANT MARKET SHARE ACROSS SELECTED KEY MARKETS Track Record in Strategic Countries Upcoming Tenders in Strategic Countries Present Total Country Total Capacity % of total Gov. Committed Total Capacity Tendered Total Project Amount Since Capacity (k MLD) built (M
Slide 20: Water Concessions Addressable Market & Target Share
ASSET CO: WATER WATER CONCESSIONS ADDRESSABLE MARKET & COX TARGET SHARE Key Considerations Agadir Middle Egypt Morocco Tunisia Market Latam Total East • Significant total addressable Desalination / Desalination / market across MENA and Technology Desalination Desalination Desalination Desalination L
Slide 21: Energy (Generation & Transmission)
FY 2024 Results Presentation Energy (Generation & Transmission) Page 21
Slide 22: Asset Co.: Energy Key Highlights
ASSET CO.: ENERGY (GENERATION & TRANSMISSION) KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS GENERATION TRANSMISSION €m 2023 2024 %Chg. Meseta de Lot 10 Lot 4 San Javier SPP1 KHI Sao Joao los Andes Sao Paulo Bahia Solar Thermal Energy / Solar PV Hybridization with ST Bioenergy Transmissi
Slide 23: Operating Generation Assets + 2 T-Lines Concessions Awarded
ASSET CO.: ENERGY (GENERATION & TRANSMISSION) 5 OPERATING GENERATION ASSETS + 2 T-LINES CONCESSIONS AWARDED Hybridization Solar BIOENERGY TRANSMISSION LINES Thermal Energy Solar Power Sao Joao Lot 10 Sao Paulo Lot 4 Bahia Plant 1 (SPP1)(1) Lenght: 108 Km Lenght: n.a.(1) Capacity: 70MW(6) % Ownership
Slide 24: Generation Strategy Predicated on Three Pillars
ASSET CO.: ENERGY (GENERATION & TRANSMISSION) COX GENERATION STRATEGY IS PREDICATED IN THREE PILLARS 3 main synergies 1 a Energy follows • Turning water concessions into sustainable projects Water • Energy optimizing water tariff (energy is main OpEx item for water concessions) • Water concession un
Slide 25: Service Co.
FY 2024 Results Presentation 03 Service Co. Page 25
Slide 26: Focus on E & P with C Only for Transmission Projects
SERVICE CO. FOCUS ON “E” & “P” WITH “C” ONLY FOR TRANSMISSION PROJECTS Coxgroup outsources the construction to local partners in water and energy generation to optimize project costs and minimize risks, but retains transmission construction to optimize project timing, costs and reduce execution risk
Slide 27: More than €108bn Opportunities in Engineering and O&M
SERVICE CO. FY 2024 Results COX HAS IDENTIFIED MORE THAN €108BN OPPORTUNITIES IN ENGINEERING AND O&M Presentation Water EP Transmission EPC Generation EP O&M By Geography By Status By Geography By Technology By Status By Technology By Status 12% 19% 11% 7% 5% 17% 33% 11% 30% 35% €48.8 €48.8 €39.4 1%
Slide 28: Record Services Backlog and Strong Visibility for 2025
SERVICE CO. RECORD SERVICES BACKLOG AND STRONG VISIBILITY FOR 2025 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 2024, providing strong visibil
Slide 29: Services Contracted During 2024 Amount to €2.0bn
SERVICE CO. SERVICES CONTRACTED DUNRING 2024 AMOUNT TO €2.0B WITH PROVED COMMERCIAL CAPABILITIES AND VISIBILITY SERVICES CONTRACTED DURING 2024 TOTAL 2024 Contracts WATER GENERATION TRANSMISSION CONTRACTS breakdown by country(1) FY 2024(1) Middle €720m €2,026m East Africa North 9% 13% America 8% €1,
Slide 30: Financials
FY 2024 Results Presentation 04 Financials Page 30
Slide 31: Key Financial Highlights
FINANCIALS OVERVIEW: KEY FINANCIAL HIGHLIGHTS €m REVENUES EBITDA NET PROFIT HIGHLIGHTS EBITDA Margin 21% 18% 26% 62% • Revenues increased by 21% on the back of 77% • Better performance of the Asset Co. 702 • Increased Backlog and execution in the 581 183 Service Co. 59 103 36 • EBITDA stood at €183m
Slide 32: Asset Co. Key Financial Highlights
FINANCIALS KEY FINANCIAL HIGHLIGHTS (1) 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 m3/day) 28% including 125,000 m3 /day from the 175 Agadir expansion in Mor
Slide 33: Capex and Project Equity Returns
FINANCIALS 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 Strategic Regions • 2024 Capex: €110m (1) ENERGY
Slide 34: Service Co. Key Financial Highlights
FINANCIALS KEY FINANCIAL HIGHLIGHTS 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 year 2024, thanks to: Middle E
Slide 35: Gross Debt Structure
FINANCIALS 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 Leases 34 6 2025 2026 2027 2028 >2028 €364m 3
Slide 36: Net Debt Position
FINANCIALS 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) 218 Project Finance Project Finance 290
Slide 37: What to Expect From 2025
FY 2024 Results Presentation 05 What to Expect From 2025 Page 37
Slide 38: 2023-2025 Key Financial Highlights
WHAT TO EXPECT FROM 2025 2023-2025: KEY FINANCIAL HIGHLIGHTS €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% 1.4x >3,000 <1.0x 2.230 CAPEX
Slide 39: ESG
FY 2024 Results Presentation 06 ESG Page 39
Slide 40: Environmental Highlights
ESG ENVIRONMENTAL HIGHLIGHTS Supplying 4.2M MWh Energy Consumption desalinated water via existing 208M m3 Water Consumption ISO 14001 ISO 50001:2018 concessions to >80% of the Energy Management 3-5 million people 1.25m tons of CO2 Environmental System Implemented Carbon footprint Management Systems
Slide 41: Social: People, Suppliers and Social Action
ESG SOCIAL PEOPLE 5,711 8.3 / 10 >100 >346,000 Direct Employee Health and Safety Training Employees Satisfaction committees hours Survey SUPPLIERS SOCIAL ▪ Suppliers in 52 countries with a ▪ Social action initiatives purchasing volume of €351m conducted in Spain, South 6,707 ▪ Risk analysis conducte
Slide 42: Governance
ESG GOVERNANCE Coxgroup is committed by implementing best practices to ensure a sound and long-term oriented governance Cox in line with good Corporate Governance practices and recommendations Executive Chairman BOARD COMMITTEES ✓ Compliant with the Spanish Corporate Governance Code Proprietary Dire
Slide 43: Closing Remarks
FY 2024 Results Presentation 07 Closing Remarks Page 43
Slide 44: The Perfect Combination of Water and Energy
CLOSING REMARKS A WATER AND ENERGY UTILITY IN THE ENERGY TRANSITION SECTOR PREDICTABILITY 73% THE PERFECT COMBINATION OF 1 Concession driven business model of 2024 EBITDA is coming from assets & concessions COX: Differentiated FOCUS IPO proceeds mostly destinated to Water concession- 2 Water and cap
Slide 45: Closing Remarks Key Highlights
CLOSING REMARKS KEY HIGHLIGHTS 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(3) of 45% over EBITDA HEALTHY
Slide 46: Cox AMEA Power Strategic Partnership
A STRATEGIC PARTNERSHIP TO FURTHER STRENGTHEN ITS PRESENCE IN WATER AND ENERGY INFRASTRUCTURE PROJECTS IN THE MIDDLE EAST AND AFRICA COX AMEA POWER Experienced team in Water markets Strong presence in Middle East & Africa ▪ >55 years track record ▪ +20 countries with operating assets in Middle ▪ 253
Slide 47: Share Price Performance and Shareholder Structure
CLOSING REMARKS SHARE PRICE PERFORMANCE AND SHAREHOLDER STRUCTURE SHARE PRICE PERFORMANCE (YTD) SHAREHOLDER STRUCTURE Free float 200.000 12,00 11,88% 190.000 AMEA Power 180.000 3,76% 170.000 10,00 Enrique Corporación 160.000 €9.2 CUNEXT Riquelme 150.000 5,34% 64,94% 140.000 130.000 8,00 Alberto Zard
Slide 48: Appendix
FY 2024 Results Presentation Appendix Page 48
Slide 49: Highly Experienced Industry Team Across All Verticals
APPENDIX HIGHLY EXPERIENCED INDUSTRY TEAM ACROSS ALL VERTICALS Management Leadership Corporate Functions José Olivé Enrique Riquelme Nacho Moreno CFO Executive Chairman CEO 31 <1 15 15 28 <1 Javier García Head of Corporate Strategy Water Energy 12 8 Pablo Infante Jose A. Hurtado Head of Water Head o
Slide 50: Strong Progress with Attractive Project Returns
APPENDIX STRONG PROGRESS WITH ATTRACTIVE PROJECT RETURNS WATER ENERGY (GENERATION & TRANSMISSION) 3 Operating Concessions 6 Operating Energy Generation Projects SEDA (Drinking Water) – Agadir SPP1 (Hybridization Solar Thermal) Morrocco Algeria 150,000 m3/day (51% Own.) +Expansion (1) 150 MW(3) (51%
Slide 51: SEDA (Agadir)
APPENDIX SEDA (AGADIR)(1) Overview Largest desalination plant in Morocco(2) Type of Use Designed for drinking water Type of Contracts WPA “Take-or-pay”(3) 1.5m People Supplied with Water Type of Concession BOOT (2.0m after expansion) Concession Term 2022-2049 Technology Reverse Osmosis Desalination
Slide 52: AEB (Agadir)
APPENDIX AEB (AGADIR)(1) Desalination plant providing irrigation water Overview for agricultural purposes 13,600ha Designed for irrigation water Irrigated Land Type of Use Farmers: WPA “Take-or-pay”(2) Type of Contracts SEDA: O&M Service Agreement Awarded by the International Type of Concession BOOT
Slide 53: Agadir Expansion & Energy Project Case Study
APPENDIX AGADIR EXPANSION & ENERGY PROJECT CASE STUDY Agadir Extension Details Agadir >50k m3/day c.€100m(1) >75k m3/day Drinking Expected Irrigation Water Investment Water Extension brought forward from 2030 to AEB: 2024 given 80% June/July €11.5m(2) urgent need Financed by 2024 SEDA: of water Moro
Slide 54: Accra
APPENDIX ACCRA Overview Desalination Plant in Accra Type of Use Drinking water Type of Contracts WPA “Take-or-pay”(1) 0.5m People Supplied with Water Type of Concession BOOT Concession Term 2015-2040 Ultrafiltration + reverse osmosis Technology Desalination Payment Currency USD (Guaranteed by MIGA)
Slide 55: Coxgroup Has Participated in Top Desalination Plants
APPENDIX COXGROUP HAS PARTICIPATED IN 3 OUT OF TOP 10 DESALINATION PLANTS Top 10 Global Largest Desalination Operating Plants by Capacity(1) as Engineering provider thousands m3/day Desalination Plant of the Year Taweelah (2023) Currently the world largest World’s largest desalination plant in opera
Slide 56: Capital Structure and Cash Flow Generation
APPENDIX CAPITAL STRUCTURE AND CASH FLOW GENERATION 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 OPERATING CASH FLOW (1) GROSS DEBT EB
Slide 57: Revenues to EBITDA Bridge
APPENDIX REVENUES TO EBITDA BRIDGE Asset Co. Service Co. Water Energy O&M Engineering 471 232 1 (1) (29) (5) (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 of Other Oper. Project inven
Slide 58: Track Record and Experience in Generation and Transmission
APPENIDX TRACK RECORD AND EXPERIENCE IN GENERATION AND TRANSMISSION Generation Transmission Experienced 13 GW >31k km >330 Transmission Substations player in asset Generation projects c.1.3GW 1 development, construction constructed or #PPA signed/ lines built and sold built worldwide over the last u
Slide 59: www.grupocox.com
www.grupocox.com