Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — Cox Asset Mexico — Debt Investor Presentation (September 2026)
48 slides from Cox Abg Group Sa's debt investor presentation, Sep 7, 2026
Slide 1: Cox Asset Mexico Roadshow Presentation
September 2026 Strictly private and confidential Cox Asset Mexico Roadshow Presentation THE NOTES MAY NOT BE PUBLICLY OFFERED IN MEXICO. THE INFORMATION CONTAINED IN THE DOCUMENTS USED FOR THIS OFFERING IS THE EXCLUSIVE RESPONSIBILITY OF THE ISSUER AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV
Slide 2: Disclaimer
DISCLAIMER IMPORTANT : You must read the following before continuing . The following applies to this document, the oral presentation of the information in this document by Cox Asset México, S .A . de C .V . (the “Issuer”) or any person on behalf of the Issuer, and any question - and - answer session
Slide 3: Disclaimer (cont'd)
DISCLAIMER (cont’d) The financial information of Iberdrola Mexico has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”), and the related interpretations issued by the International Financial Reporting Interpretations Committ
Slide 4: Disclaimer (cont'd)
DISCLAIMER (cont’d) SOLELY FOR THE PURPOSES OF EACH MANUFACTURER’S PRODUCT APPROVAL PROCESS, THE TARGET MARKET ASSESSMENT IN RESPECT OF THE NOTES HAS LED TO THE CONCLUSION THAT : (I) THE TARGET MARKET FOR THE NOTES IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY, EACH AS DEFINED IN MiFID II
Slide 5: Company Representatives
COMPANY REPRESENTATIVES Nacho Moreno Salvador José Torres Olivé Cano Javier Garcia Begoña Morenes Chief of Strategy and Corporate Chief Executive Officer Chief ChiefOperating Financial Officer Officer Global Head of Investor Relations Development ▪ Joined Cox as CEO in 2023 ▪ Joined Cox as CFO inas2
Slide 6: Company Representatives (cont'd)
COMPANY REPRESENTATIVES (cont’d) Salvador Torres Alfonso Campos Francisco Quintero Alexander Goyeneche Almudena Malo de Molina Chief Operating Officer of Commercial Director of Cox Finance and Investor Relations Chief Investment Officer Investor Relations Cox Asset Mexico Asset Mexico Director ▪ Joi
Slide 7: Hybrid Notes Indicative Terms and Conditions
HYBRID NOTES INDICATIVE TERMS AND CONDITIONS Summary of Offering Terms Issuer Cox Asset Mexico, S.A. de C.V. (“CoxAsset Mexico”) ▪ Iberdrola Mexico, S.A. de C.V. and other subsidiaries (aligned with the 144A / Reg. S senior bonds) Guarantors ▪ Non-Guarantor Subsidiaries may represent up to 15% of co
Slide 8: Hybrid Notes Indicative Terms and Conditions (cont'd)
HYBRID NOTES INDICATIVE TERMS AND CONDITIONS (cont’d) Summary of Offering Terms Optional Interest On any interest payment date, the Issuer, at its sole discretion, may elect to defer interest in whole or in part (cumulative and compounding) Deferral In the event interest payments are deferred, the I
Slide 9: Roadshow Agenda
Roadshow Agenda Presentation 1. Transaction Overview and Rationale 2. Business Update 3. Market and Sector Update 4. Closing Remarks 5. Appendix
Slide 10: Transaction Overview and Rationale
Transaction Overview and Rationale 01
Slide 11: The Proposed Transaction Flow of Funds
TRANSACTION OVERVIEW AND RATIONALE DELIBERATE ACTION TO STRENGTHEN CAPITAL STRUCTURE & ENHANCE FINA NCIAL FLEXIBILITY Cox Asset Mexico (the “Issuer” or “CAM”) (1) is issuing benchmark sized Hybrid Notes (the “Transaction”) to fully repay its outstanding Senior Term Loan, eliminating scheduled Term L
Slide 12: Transformational Step for CAM's Credit Profile and Growth Strategy
TRANSACTION OVERVIEW AND RATIONALE TRANSFORMATIONAL STEP FOR CAM’S CREDIT PROFILE AND GROWTH STRATE GY The proposed Transaction and the subsequent contemplated potential Re - IPO (1), reshape CAM’s credit profile, accelerate its path to Investment Grade by Moody’s, reinforcing the balance sheet and
Slide 13: Measurable Improvement in Capitalization and Debt Maturity Profile
TRANSACTION OVERVIEW AND RATIONALE MEASURABLE IMPROVEMENT IN CAPITALIZATION AND THE DEBT MATURITY P ROFILE Issuer Cap Table (US$mm ) Sources and Uses (1) (US$mm ) 2Q 2026 Actuals As Adjusted (1) Sources Uses Consolidated Equity 850 850 Hybrid Notes Issuance [750] Senior Term Loan Repayment [713] Hyb
Slide 14: A Long-Standing Commitment to a Full Investment Grade Profile
TRANSACTION OVERVIEW AND RATIONALE A LONG - STANDING COMMITMENT TO ACHIEVING A FULL INVESTMENT GRADE PROFILE CAM’s path toward a full Investment Grade profile reflects a consistent track record of strategic actions, with the Transaction representing an acceleration in this journey Progress to Date a
Slide 15: Hybrid Issuance Value Proposition for Investors
TRANSACTION OVERVIEW AND RATIONALE HYBRID ISSUANCE VALUE PROPOSITION FOR INVESTORS Attractive Hybrid Structure Clear relative value and transparent pricing , underpinned by a Junior to Senior Indebtedness , pari passu with Parity Securities, and US$2.0bn senior benchmark curve senior only to Capital
Slide 16: Business Update
Business Update O2 YHTUTATTIT ITD
Slide 17: Leading Integrated Power Generation and Supply Platform in Mexico
A REMINDER OF COX ASSET MEXICO LEADING INTEGRATED POWER GENERATION AND SUPPLY PLATFORM IN MEXIC O Simplified Corporate Structure Vertically Integrated Business Model Top 5 Technology Breakdown (6M 2026) Generation Platform in Mexico (2) Cogeneration 100% Controlling 7% Interest 12.6TWh Wind CCGT Own
Slide 18: 6M 2026 Shows a Resilient Operating Performance
BUSINESS UPDATE 6M 2026 SHOWS A RESILIENT OPERATING PERFORMANCE Total Energy Supplied (TWh) Revenue (1) (US$mm ) Adj. EBITDA (US$mm ) Adj. EBITDA Margin (2) (%) Self-supply Sales Market Sales +15% 41% 36% 1,183 +8 % +4 % 10.2 9.4 1,033 302 289 8.8 8.2 1.2 1.4 6M 2025 6M 2026 6M 2025 6M 2026 6M 2025
Slide 19: Resilient Across Both Generation and Supply
BUSINESS UPDATE RESILIENT ACROSS BOTH GENERATION AND SUPPLY Generation Supply OWN PRODUCTION (TWh) EBITDA ( US$mm ) ENERGY SOLD (TWh) EBITDA ( US$mm ) +15% +20% +8% (22%) 220 (2) 106 6.1 (1) 10.2 183 9.4 5.3 82 6M 2025 6M 2026 6M 2025 6M 2026 6M 2025 6M 2026 6M 2025 6M 2026 Pro Forma Pro Forma Pro F
Slide 20: Performance Shows Sustainable Cash Generation
BUSINESS UPDATE PERFORMANCE SHOWS SUSTAINABLE CASH GENERATION ON STABLE MARGINS & CAPEX Top - line growth, strong margins and resilient cash generation profile, with only ~5% merchant exposure Revenue (1) (US$mm ) Gross Income (US$mm ) Assets Gross Income per MWh (2) (US$/MWh) 2,503 2,352 37 .2 40.9
Slide 21: El Carmen & Dulces Nombres II: Operational Performance
BUSINESS UPDATE EL CARMEN & DULCES NOMBRES II: OPERATIONAL PERFORMANCE, FLEET AV AILABILITY & RELIABILITY Cox Asset Mexico's combined - cycle fleet has delivered a marked availability recovery in 2026 with El Carmen (“EMN”) and Dulces Nombres II (“DNO ”), supported by a structured fleet - wide avail
Slide 22: Reinforced Management Team
BUSINESS UPDATE REINFORCED MANAGEMENT TEAM: PROVEN TEAM WITH STRONG TRACK RECORD AND EXPERIENCE… Cox Asset Mexico is led by a highly experienced management team, with an average of over 20 years of industry experience Management Team CEO since 2026 COO since 2024 Head of Commercial since 2026 Head o
Slide 23: Supported by Rigorous Corporate Governance Frameworks
BUSINESS UPDATE … SUPPORTED BY RIGOROUS AND COMPREHENSIVE CORPORATE GOVERNANCE F RAMEWORKS Cox de Mexico’s Board of Directors oversees Cox Asset Mexico through a robust corporate governance framework characterized by ex perienced board members, independent advisors, recurring meetings, and oversight
Slide 24: Market & Sector Update
Market & Sector Update O3 YHTUTATTIT ITD
Slide 25: Growing Demand and Constrained Supply
MEXICAN MARKET: THE RIGHT SUPPLY - OFFER COMBINATION GROWING DEMAND AND CONSTRAINED SUPPLY SUPPORT A FAVORABLE OPERAT ING ENVIRONMENT… Strong Fundamentals… …In a Tight Energy Sector… …Driving Capacity Additions A rising private consumption index reflects Reserve margin (2) of the national interconne
Slide 26: Cox Asset Mexico Uniquely Positioned to Capture Tailwinds
MEXICAN MARKET: THE RIGHT SUPPLY - OFFER COMBINATION … AND COX ASSET MEXICO IS UNIQUELY POSITIONED TO CAPTURE MARKET TAILWINDS Energy Demand Driven by Economic Growth... Cox’s Unmatched Position to Capitalize ✓ Energy Consumption Growth vs. GDP Growth CAGR (%) (2014A - 2025A) Low levels of Operating
Slide 27: A Mandated Growth Market for Battery Storage
MEXICAN POWER SECTOR: A MANDATED GROWTH MARKET FOR BATTERY STORAGE PLADESE turns battery storage into a mandated, fast - scaling market —Cox's renewable fleet and supply franchise are built to cap ture it Cumulative battery storage (BESS) in the SEN (1) (MW) How Cox Mexico Is Prepared +8,647MW 8,647
Slide 28: Autoabasto Wind-down Results in Demand Re-contracted to Cox
WHAT IS NEW IN REGULATION: AUTOABASTO WIND - DOWN RESULTS IN DEMAND RE - CONTRACTED TO COX The legacy self - supply ( autoabasto ) regime is being wound down on a fixed calendar —re- contracting industrial demand toward Cox's qualified - supply franchise The Autoabasto Wind - down Calendar 18- Mar-
Slide 29: Closing Remarks
Closing Remarks 04
Slide 30: A Differentiated Hybrid Notes Offering
A DIFFERENTIATED HYBRID NOTES OFFERING BACKED BY A STRENGTHENING CREDIT PROFILE Immediate Credit Benefits and Future Upside Catalysts Stronger Capital Clear Path to Compelling Yield Robust Investor Structure Today Rating Improvement Upside Opportunity Protections ▪ Repayment of US$[713]mm ▪ Reinforc
Slide 31: If We Could Leave You With Simple Ideas
IF WE COULD LEAVE YOU WITH 6 SIMPLE IDEAS… Why Cox Asset Mexico •1 Vertically integrated power generation and supply player, combining a 2.6GW diversified generation portfolio and Mexico's leading qualified supplier •2 Strong EBITDA - generating platform , providing visibility into debt service capa
Slide 32: Appendix
Appendix O5 HH
Slide 33: Key Credit Update & Highlights
APPENDIX: KEY CREDIT UPDATE & HIGHLIGHTS HYBRID NOTES ISSUANCE SUPPORTED BY COX ASSET MEXICO’S UNIQUE SET OF QUALITIES & STRENGTHS A Differentiated Hybrid Notes Offering Backed by a Strengthening Credit Profile ✓ Capital Structure Optimization: Hybrid notes to replace US$[713]mm of amortizing senior
Slide 34: Unique Vertically Integrated Power Generation and Supply Player
APPENDIX: COX ASSET MEXICO UNIQUE VERTICALLY INTEGRATED POWER GENERATION AND SUPPLY PLAYER IN MEXICO ONLY PRIVATE INTEGRATED UTILITY IN MEXICO GENERATION Direct sale of electricity to customers through supply division , SUPPLY Top - 5 Generation Platform capturing the full generation - to - supply m
Slide 35: Capturing Efficiencies Through the Value Chain
APPENDIX: COX ASSET MEXICO CAPTURING EFFICIENCIES THROUGH THE VALUE - CHAIN Operations through two integrated divisions: Cox Mexico Generacion (Power Generation) and Cox Mexico Clientes (Qualified Supply Business). Integrated structure mitigates merchant exposure by matching generation output and th
Slide 36: Contractual Framework Deep Dive
APPENDIX: COX ASSET MEXICO CONTRACTUAL FRAMEWORK DEEP DIVE Illustrative Platform Integration % of electricity commercialized Generation Supply Client Contract Self - Supply Generation ~2% Fixed Charges ~12% Self - Supply Client 95% Own Generation (646MW) ~10% CFE Reference (2,601MW) Highly predictab
Slide 37: Portfolio Snapshot
APPENDIX: COX ASSET MEXICO PORTFOLIO SNAPSHOT Owned Portfolio Snapshot Geographic Footprint and Energy Breakdown Inst. Remaining Asset Capacity COD Permit Type Stake Availability Useful Life 9 (MW) 1 PIER 86.5 Jul - 2020 Self - Supply 25 yrs 51% 97.8% Assets strategically located across highly popul
Slide 38: Own Generation Complemented by Contracted Capacity
APPENDIX: COX ASSET MEXICO OWN GENERATION COMPLEMENTED BY CONTRACTED CAPACITY FIEMEX Contracted Capacity Key Contractual Features Plant Contracted Term Start Maturity Guaranteed Generation Risk Mitigation Capacity (MW) (years) Date Availability (%) Generation ▪ Reliable availability + pooling arrang
Slide 39: Strong Operational Track Record Supported by Gas Supply and O&M
APPENDIX: COX ASSET MEXICO STRONG OPERATIONAL TRACK - RECORD SUPPORTED BY LONG - TERM GAS SUPPL Y AND ROBUST O&M Historic Generation (TWh) & Availability (%) O&M and Gas Supply Strategy Availability (%) 91.8% 90.3% 86.5% 82.9% Gas Supply O&M CCGT 9.3 9.1 10.0 72.6% & 4.0 4.9 Cogen 2024 2025 LTM 6M 2
Slide 40: Balanced Contractual Arrangements Overview
APPENDIX: COX ASSET MEXICO BALANCED CONTRACTUAL ARRANGEMENTS WITH >7 - YR REMAINING AVERAGE L IFE Contractual Arrangements Overview Strong Ability to Offer Tailored Solutions to a 1 Large Addressable Market Fixed Charges a Fixed Charges Pass - Through 1 Fixed 2 CFE Fixed Charges Average (Qualified S
Slide 41: Widely Diversified Client Base
APPENDIX: COX ASSET MEXICO WIDELY DIVERSIFIED CLIENT BASE WITH MINIMAL CHURN AND DELINQUENC Y Key Attributes of Supply Client Base Reputable Names Undisputed Leader Extensive Commercial Reach > 50 0 blue - chip clients Up to 17 - year contracts 4 commercial offices with Creditworthiness Market Share
Slide 42: ESG Highlights
APPENDIX: COX ASSET MEXICO ESG HIGHLIGHTS Responsibility on Carbon Emissions… …and Surrounding Communities IBE MX already reduced Total Emissions by 65% since 2020. Cox remains committed to supporting the energy transition and the 1 Luces de Esperanza 2 Energia por Mexico responsible management of e
Slide 43: Overview of Key P&L Items
APPENDIX: COX ASSET MEXICO OVERVIEW OF COX ASSET MEXICO KEY P&L ITEMS Key P&L Items Commentary Pro Forma • 1 Gross revenue rose US$150mm (+15%) to US$1,183mm in 6M 2026 from US$1,033mm in LTM 6M US$mm FY2025 FY2024 6M 2025, driven by an 8% increase in total energy supplied to c.10,200GWh and a 9% 6M
Slide 44: Adjusted Cash Flow Tables
APPENDIX: COX ASSET MEXICO ADJUSTED CASH FLOW TABLES Consolidated Adj. Free Cash Flow Pro Forma US $k LTM 6M 2026* FY 2025 FY 2024 6M 2026 6M 2025 Further Consolidated Adj . EBITDA 302,068 289,452 626,492 613,876 539,263 (1) Income Tax (excl . Corporate Income Tax for MIP transaction) (54,482) (145,
Slide 45: Deep-Dive on Key Balance Sheet Items
APPENDIX: COX ASSET MEXICO DEEP - DIVE ON COX ASSET MEXICO KEY BALANCE SHEET ITEMS Deep Dive on Key Balance Sheet Items for 2024, 2025, 6M 2025, and 6M 2026 (US$mm ) Assets 6M 2026 6M 2025 2025 2024 Equity 6M 2026 6M 2025 2025 2024 Intangible Asset 2,212 12 11 13 Parent 814 2,222 2,337 3,767 Non - c
Slide 46: An Integrated Energy and Water Utility with Global Footprint
APPENDIX: COX INFRASTRUCTURE AN INTEGRATED ENERGY AND WATER UTILITY WITH GLOBAL FOOTPRINT Simplified Organization Structure Vertically Integrated Business Model Cox Infrastructure Group, S.A. AssetCo 1a Energy 1a 2 ~3.9 G W(1) +17.0GW ServiceCo AssetCo Operating Assets Pipeline Engineering & Procure
Slide 47: Cox Infrastructure Management Team
APPENDIX: COX INFRASTRUCTURE MANAGEMENT TEAM EXPERIENCE Enrique Riquelme Founded Founder & Executive Chairman Cox in 2014 EXPERIENCE EDUCATION Nacho Moreno Joined Chief Executive Officer Cox in 2023 Business Administration and Law José Olivé Begoña Morenes Javier Garcia Joined Joined Joined Chief Fi
Slide 48: Thank you
Thank you |/]]HTTTTTTTTTTTTTIESE
Cox Asset Mexico — Debt Investor Presentation (September 2026) on 6ix