Slide 1: A Different Cox
A Different Cox July 28th, 2026
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation (the “Presentation”) has been prepared by Cox Infrastructure 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
Slide 3: Agenda
Agenda 1. H1 2026 Highlights 2. Asset Co. • Cox Asset Mexico 3. Service Co. 4. Group Financials 5. Looking Ahead 6. Closing Remarks Appendix
Slide 4: H1 2026 Highlights
H1 2026 Highlights _ O1 a THAT
Slide 5: Cox - a play on scarcity infrastructure in critical energy & water assets
COX - a play on SCARCITY INFRASTRUCTURE IN CRITICAL ENERGY & WATER ASSETS GENERATION SUPPLY Successful acquisition of Iberdrola Mexico ~3.9GW #1 1 Op. portfolio MEXICO: operational strength across the board (owned & contracted) Qualified supplier in Mexico Plug-and-play from day one, progressing in
Slide 6: What it means to be a different Cox
WHAT IT MEANS TO BE A DIFFERENT COX H1 2025 H1 2026 OPERATING ASSETS 10 X 2.7 27 owned A step-change in business profile, becoming a true scarcity infrastructure OPERATING 297 MW 297 MW X 14.1 2.9 GW owned ~1.3 GW contracted player in critical energy & CAPACITY(1) 335,000mm 335,000 3/Day 3/Day 335,0
Slide 7: Impact from Cox Asset Mexico reveals new group scale
IMPACT FROM COX ASSET MEXICO REVEALS NEW GROUP SCALE REVENUES EBITDA BACKLOG Asset Co Service Co 2.5x (1) +3.0x * (1) H1 2026 Margin +24% Corporate 11% €m +80% +15% 245 3,346 2,698 1,243 94 894 82 1,184 498 50(2) 306 Jun 2024 Jun 2025 Jun 2026 H1 2024 H1 2025 H1 2026 H1 2026 H1 2024 H1 2025 H1 2026
Slide 8: Group structure
GROUP STRUCTURE Asset Co Service Co Critical water and energy assets Engineering, Procurement and O&M Services for Cox and Third-Party Assets Water Energy Infra Cox Asset Mexico Power Generation + Supply Iberdrola Mexico integrated in Asset Co as Cox Asset Mexico Page 8
Slide 9: Asset Co.
Asset Co. 02
Slide 10: Asset Co - the principal source of earnings & cash flow
ASSET CO - THE PRINCIPAL SOURCE OF EARNINGS & CASH FLOW Strong earnings visibility through long-term contracted assets & recurring Cash Flows €m REVENUES ADJ. EBITDA STRONG PERFORMANCE of COX ASSET MEXICO: €869m Proforma H1 2026 €289m Proforma H1 2026 REVENUES +7.7x Adj. EBITDA +5.1x HERITAGE ASSETS
Slide 11: Cox Asset Mexico - validating the acquisition thesis
COX ASSET MEXICO - VALIDATING THE ACQUISITION THESIS WHAT WE SAID … … WHAT IT HAS PROVED GENERATION assets maintain very high availability “High & improving availability” Availability 2021-2025 ~90% 94.1% Availability H1 2026 SUPPLY platform remains resilient “Recurrent business” Avg. Renewal Rate H
Slide 12: Cox Asset Mexico - resilient operating performance
COX ASSET MEXICO – RESILIENT OPERATING PERFORMANCE… Total Energy Sold (TWh) Revenues(1) ($m) Adj. EBITDA ($m) +8% +24% +7% $870m $302m 10.2 $282m 9.4 $704m 8.8 8.2 1.2 1.4 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Proforma Proforma Proforma Proforma Proforma Proforma (2) Self-supply sales Mark
Slide 13: Cox Asset Mexico - across generation & supply
COX ASSET MEXICO - … ACROSS GENERATION & SUPPLY Generation Supply OWN PRODUCTION EBITDA ENERGY SOLD EBITDA +15% +25% +8% -22% $220m 10.2 TWh $106m 6.1 TWh 9.4 TWh 5.3 TWh $176m $82m H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Proforma Proforma Proforma Proforma Proforma Proforma
Slide 14: Cox Asset Mexico - strong recurring cash flow generation
COX ASSET MEXICO - STRONG RECURRING CASH FLOW GENERATION CASH FLOW CONVERSION LEADING TO ORGANIC DELEVERAGING Adjusted OCF $m H1 2025 H1 2026 59% OPERATING CASH FLOW CONVERSION Adj. EBITDA 282 302(1) $m €m(2) $302m €258m Adj. Operating Cash Flow 195 178 % Adj OCF Conversion 69% 59% $178m €152m €m(2)
Slide 15: Heritage - solid fundamentals despite market turbulences
HERITAGE - SOLID FUNDAMENTALS DESPITE MARKET TURBULENCES Long-term contracted asset portfolio, with Underlying asset performance remains solid, supported performance affected by the inherent seasonality of by high contract visibility and strong cash flow certain assets and contractual structures. ge
Slide 16: Service Co.
Service Co. 03 fe YHA TTT LTT
Slide 17: Geopolitical volatility impacts project execution timings
GEOPOLITICAL VOLATILITY IMPACTS PROJECT EXECUTION TIMINGS Service Co impacted by project execution delays on the back of international geopolitical uncertainty, however supported by a healthy backlog €m REVENUES EBITDA In H1 2026, decrease in Revenues and EBITDA, due to: Engineering ENGINEERING & PR
Slide 18: Solid backlog with healthy margins
SOLID BACKLOG WITH HEALTHY MARGINS SERVICE CO BACKLOG MARGINS MAINTAINED ACROSS TECHNOLOGIES €m €m 10% +24% % Margin YoY 1,737 9% EXECUTION 17% 1,029 3,346 PLAN (1) 580 2,698 2026 Water Generation Transmission 2027 BY SERVICE BY GEOGRAPHY Chile United 18% States O&M Brazil 5% 2028+ 17% 6% Spain Cent
Slide 19: Group Financials
Group Financials 04
Slide 20: P&L overview: Cox Asset Mexico changes group profile
P&L OVERVIEW: COX ASSET MEXICO CHANGES GROUP PROFILE €m REVENUES (1) ADJ. EBITDA(1) ADJ. EBIT(1) ADJ. NET INCOME(2) 2.5x 3.0x 2.9x 5.3x Asset Co Service Co Corporate 1,243 374 498 245 869 147 385 66 82 289 51 32 13 113 57 (7) (15) H1 2025 H1 2026 (29) H1 2025 H1 2026 H1 2025 H1 2026 Proforma H1 2025
Slide 21: Resilient cap structure with matching maturity profile
RESILIENT CAP STRUCTURE WITH MATCHING MATURITY PROFILE DELEVERAGING IS NOW THE GROUP’S PRINCIPAL FINANCIAL PRIORITY €m Cash & Short- Total Financial Leverage ratio & deleveraging capacity Total Term Liquidity Total Net Debt Gross Debt(1) Instruments Net Debt (Ex-IFRS-16) Organic Cash Flow Total 3,71
Slide 22: Lower financial risk: from short-term financing to long-term structure
COX ASSET MEXICO - ELIMINATION OF SHORT-TERM FINANCIAL RISK Take-Out Take-Out Announcement of Bridge financing Closing Phase 1: Phase 2: the acquisition of secured with top-tier of the $2bn $733m Iberdrola Mexico financial institutions acquisition Bond issuance Term-Loan Jul 31st Jan Apr May Jun 202
Slide 23: Cox Asset Mexico - from ST bridge to LT capital structure
COX ASSET MEXICO - FROM ST BRIDGE TO LT CAPITAL STRUCTURE Following Bridge Loan refinancing, leverage is structured, long-term, aligned with CF and supported by a disciplined financial framework Equity Bridge Facility Long-Term Capital Structure Largest debut $850m $2.73bn Bond – $2.0bn Issued in Ma
Slide 24: Strong operating cash flow at group level
STRONG OPERATING CASH FLOW AT GROUP LEVEL Key CASH FLOW Items (Proforma H1 2026) ADJUSTED OPERATING CASH FLOW €m H1 2025 H1 2026 €245m 16 (2) Adjusted EBITDA(1) 82 245 (81) 52% (58) €129m OCF Conversion Adj. Operating Cash Flow 38 129 % Adj OCF Conversion 46% 52% Adjusted EBITDA Adj. Operating Cash
Slide 25: Looking ahead
Looking ahead Q5 YHVUTATT TTT
Slide 26: Generation + supply integration = differentiation & resilience
GENERATION + SUPPLY INTEGRATION = DIFFERENTIATION & RESILIENCE 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 margin Leading Qualified Supplier Strong Platf
Slide 27: Strong Mexico market: demand growth meets limited supply
STRONG MEXICO MARKET: DEMAND GROWTH MEETS LIMITED SUPPLY Strong Fundamentals… …In a Tight Energy Sector… …With Capacity Expansion Opportunity A rising private consumption index reflects Reserve margin(5) of the national interconnected In the next 15 years, installed capacity is the strength of Mexic
Slide 28: Strong Mexico market: demand growth meets limited supply
STRONG MEXICO MARKET: DEMAND GROWTH MEETS LIMITED SUPPLY Energy Demand Historically Rising Driven by Economic Growth... Unmatched Position to Capitalize Energy Consumption Growth vs. GDP Growth CAGR (%) (2014A-2024A) 2.9 % • Low levels of Operating Reserve 1.3% Margin • Electricity system facing con
Slide 29: CMD: a strategic direction, not a short-term yardstick
CMD: A STRATEGIC DIRECTION, NOT A SHORT-TERM YARD-STICK CMD STRATEGIC PILLARS EXECUTION TO FOLLOW CLEAR 01 REMAIN AS DESCRIBED 02 PRINCIPLES ALIGNED WITH STRATEGY DISCIPLINED CAPITAL EXECUTION DRIVEN BY ALL REGIONS ALLOCATION FINANCIAL CAPACITY FINANCIALLY Growth aligned with & INVESTMENT SELF-SUFFI
Slide 30: H2 2026 priorities for Cox
H2 2026 PRIORITIES FOR COX ASSET CO DIGESTION DISCICIPLINE DELEVERAGE DELIVERY ▪ Cox to continue increasing the overall weight of Asset Co ▪ Sustain Cox Asset Mexico’s strong performance from Operating a strategic Disciplined capital Clear and focused Delivering on our recurring operations acquisiti
Slide 31: Closing remarks
Closing remarks YHTATU TTT
Slide 32: Final remarks
FINAL REMARKS Cox is larger, stronger - a play on SCARCITY INFRASTRUCTURE IN CRITICAL ENERGY & WATER assets Cox investment case strengthened, on successful acquisition of Iberdrola Mexico & solid performance of Mexico across the board Advancing in our strategy of becoming an Asset Co business which
Slide 33: Appendix
Appendix ‘S I
Slide 34: P&L
P&L € ‘000s H1 2025 H1 2026 H1 2026 Proforma Revenues 497,878 893,849 1,243,176 Changes in inventories (5,833) (7,573) (7,547) Other operating income 33,046 22,830 24,999 Raw materials (225,465) (498,491) (658,447) Employee benefits expense (114,703) (149,560) (169,287) Other operating expenses (103
Slide 35: Cash flow
CASH FLOW € ‘000s Jun 2025 Jun 2026 Jun 2026 Proforma Net Income 12,570 (113,428) (4,677) Amortization & depreciation 27,035 57,973 98,458 Impairment 3,648 204 187 Financial expenses / income 20,597 106,614 108,069 Exchange rate differences 9,368 9,663 17,323 Other financial expenses / income 8,778
Slide 36: Balance sheet
BALANCE SHEET Equity & Liabilities in € ‘000s Jun 2026 Dec 2025 Assets in € ‘000s Jun 2026 Dec 2025 Equity 394,421 362,444 5,471,756 786,209 Share capital 8,490 8,490 Non-current assets Share premium 219,548 219,548 Intangible assets 1,976,563 40,253 Reserves (16,583) (2,451) Conversion differences
Slide 37: Net debt
NET DEBT € ‘000s Jun 2026 Dec 2025 Recourse - Gross Debt (Inc. IFRS – 30,574) 685,022 234,693 Recourse - Short-Term Liquidity Instruments -177,707 -233,413 Recourse - Net Debt 507,315 1,280 Recourse - IFRS -30,574 -31,473 Recourse - Financial Net Debt 476,741 -30,193 Hybrid Capital(1) – Gross Debt 3
Slide 38: Exchange rates
EXCHANGE RATES Period USD/EUR Form of use Avg. Jan-Jun 2026 0.85727 Cox Asset Mexico Proforma EBITDA (May-Jun 2026) Avg. Jan-Jun 2026 0.85727 Cox Asset Mexico Proforma CF (H1 2026) Avg. Jan-Apr 2026 0.85427 Cox Asset Mexico EBITDA (Jan-Apr 2026) Avg. Jan-Jun 2025 0.9161 Cox Asset Mexico Proforma CF
Slide 39: Cox Asset Mexico - sizable & well performing generation portfolio
COX ASSET MEXICO - SIZABLE & WELL PERFORMING GENERATION PORTFOLIO Own Generation Third-Party Generation Contracted Inst. Capacity Permit Remaining % of Term Start Guaranteed Asset COD Stake Availability Plant Capacity Maturity (MW) Type Useful Life Capacity (years) Date Availability (MW) 1 PIER 86.5
Slide 40: Cox Asset Mexico - leading supply business, high-quality clients
COX ASSET MEXICO – LEADING SUPPLY BUSINESS, HIGH-QUALITY CLIENTS +143 MW >99% <0.2% New Clients Supplied Renewal Rate Delinquency Rate +195 GWh of additional on the back of a Rigorous onboarding energy sold YTD proactive renewal planning and risk monitoring >500 blue-chip clients Credit Worthiness C
Slide 41: Thank you
Thankyou |1]TITTTTTTTTTHTTMESE