Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — Cox Asset México — Debt Investor Presentation (May 2026)
36 slides from Cox Abg Group Sa's debt investor presentation, May 2026
Slide 1: Cox Asset Mexico Investor Presentation
May 2026 Cox Asset Mexico Investor Presentation Strictly private and confidential
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 that foll
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: Company Representatives
COMPANY REPRESENTATIVES Nacho Moreno Salvador JoséTorres Olivé Cano Javier García Arenas Begoña Morenés 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 in
Slide 5: Company Representatives
COMPANY REPRESENTATIVES Francisco Quintero Salvador Torres Cano Almudena Malo de Molina Alfonso Campos Chief Investment Officer Chief Operating Officer Investor Relations Commercial Director of COX Mexico ▪ Joined Cox as CIO in 2025 ▪ Joined Cox in 2026 as Chief ▪ Joined Cox in 2025 in Investor ▪ Jo
Slide 6: Executive Summary: Proposed Bond Issuance Rationale
EXECUTIVE SUMMARY PROPOSED BOND ISSUANCE RATIONALE Simplified Transaction Structure Issuer Cap Table | US$ mm As of December 31, 2025 Actual As Adjusted As Further Adjusted Equity Financing - 850 850 100% Controlling Interest Bridge Facility - 2,650 - Transaction $850mm Equity Contribution Secured T
Slide 7: Indicative Terms and Conditions
INDICATIVE TERMS AND CONDITIONS Summary of Offering Terms Issuer: Cox Asset México, S.A. de C.V. Guarantors Iberdrola México, S.A. de C.V. and Relevant Subsidiaries, as defined in the facility documentation Format: 144A / Reg S Ranking: Senior Secured Notes, pari passu with Senior Secured Term Loan
Slide 8: Agenda
1 Transaction & Company Overview AGENDA 2 Key Credit Highlights 3 Appendix Page 8 Strictly Private and Confidential
Slide 9: 1. Transaction & Company Overview
1. Transaction & Company Overview
Slide 10: Cox Group Overview
COX GROUP OVERVIEW AN INTEGRATED ENERGY AND WATER UTILITY WITH GLOBAL FOOTPRINT Simplified Organization Structure Vertically Integrated Business Model|excl. Cox Asset Mexico perimeter Cox ABG Group, S.A. AssetCo 1a Energy 1a 1b 1c 477 MW (1) +5.5 GW (1) Energy SPVs Water SPVs Operating Assets Pipeli
Slide 11: Cox Strong Track Record in Mexico; Iberdrola Mexico Acquisition Rationale
COX STRONG TRACK RECORD IN MEXICO DECADE-LONG PRESENCE AND ACQUISITION STRATEGIC ALIGNMENT Permission from Energy Sale of non-strategic Announcement of Regulatory Commission assets Iberdrola Mexico (CRE) divestment of 118MWp PV Acquisition to sell energy to qualified to X-Elio consolidation of a pre
Slide 12: Cox Mexico at a Glance
COX MEXICO AT A GLANCE DISTINCTIVE MARKET POSITION WITH GENERATION AND SUPPLY INTEGRATION Generation Business Supply Business Top 5 Generation 2.6GW Leading 19.2 TWh Platform in Mexico(1) Operating Portfolio Qualified Supplier(2) Energy Supplied 2025 11.8TWh 90.5% <0.2% 99%+ Own Generation 2025 Avai
Slide 13: 2. Key Credit Highlights
COX 2. Key Credit Highlights
Slide 14: Key Credit Highlights
KEY CREDIT HIGHLIGHTS COX MEXICO UNIQUE SET OF QUALITIES & STRENGHTS Leading Integrated Utility in Mexico 1 ✓ Top-5 Generation Platform & Leading Qualified Supplier: 2.6 GW regionally-diversified portfolio and 25% qualified supply market share(1) ✓ Unique Vertically Integrated Platform: leading posi
Slide 15: Leading Integrated Utility in Mexico
LEADING INTEGRATED UTILITY IN MEXICO TOP 5 GENERATION PLATFORM IN MEXICO AND #1 QUALIFIED SUPPLIER 1 Leading Energy Players in Mexico Benefits of Integration Strong Platform Supply • Direct sale of electricity to customers through supply Renewable Ranking by Capacity(1) (MW) Establishment Energy Foc
Slide 16: Leading Integrated Platform
LEADING INTEGRATED PLATFORM INTEGRATION TO CAPTURE EFFICIENCIES THROUGH THE VALUE-CHAIN 1 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
Slide 17: Sizable & Well Performing Generation Portfolio: Portfolio Snapshot
SIZABLE & WELL PERFORMING GENERATION PORTFOLIO PORTFOLIO SNAPSHOT 2 Portfolio Snapshot Geographical Footprint and Energy Breakdown Inst. Capacity Remaining 2025 Load Asset COD Permit Type Stake (MW) Useful Life Factor(1) 9 Assets strategically positioned 1 across highly populated areas, PIER 86.5 Ju
Slide 18: Own Generation Complemented by Long-Term Contracted Capacity
SIZABLE & WELL PERFORMING GENERATION PORTFOLIO OWN GENERATION COMPLEMENTED BY LONG-TERM CONTRACTED CAPACITY 2 FIEMEX Contracted Capacity Key Contractual Features Contracted % of Term Start Guaranteed Plant Capacity (MW) Capacity (years) Date Maturity Availability (%) Generation Risk Mitigation Gener
Slide 19: Strong Operational Track-Record, Gas Supply and O&M
SIZABLE & WELL PERFORMING GENERATION PORTFOLIO STRONG OPERATIONAL TRACK-RECORD SUPPORTED BY LONG-TERM GAS SUPPLY AND ROBUST O&M 2 Historic Generation & Availability (TWh) O&M and Gas Supply Strategy Availability (%) Gas Supply O&M CCGT 86,5% 82,9% & 9,3 9,1 Cogen Long-term gas supply Availability (%
Slide 20: Widely Diversified Client Base with Minimal Churn and Delinquency
ROBUST COMMERCIAL STRATEGY AND CONTRACTUAL FRAMEWORK WIDELY DIVERSIFIED CLIENT BASE WITH MINIMAL CHURN AND DELIQUENCY 3 Key Attributes of Supply Client Base Reputable Industrial Names Undisputable Leader Extensive Commercial Reach >500 blue-chip clients Up to 17-year contracts 4 commercial offices w
Slide 21: Balanced Contractual Arrangements
ROBUST COMMERCIAL STRATEGY AND CONTRACTUAL FRAMEWORK BALANCED CONTRACTUAL ARRANGEMENTS WITH >7-YR REMAINING AVERAGE LIFE 3 Contractual Arrangements Overview 1 Fixed Charges Strong Ability to Offer Tailored Solutions to a a Fixed Charges Pass-Through Large Addressable Market • Fixed priced for capaci
Slide 22: Contractual Framework Deep Dive
ROBUST COMMERCIAL STRATEGY AND CONTRACTUAL FRAMEWORK CONTRACTUAL FRAMEWORK DEEP DIVE 3 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 Hi
Slide 23: Favorable Fundamentals of Mexican Power Market
FAVORABLE FUNDAMENTALS OF MEXICAN POWER MARKET … WITH COX MEXICO UNIQUELY POSITIONED TO CAPTURE OPPORTUNITIES 4 Energy Demand Historically Rising Driven by Economic Growth... SIN Capacity Prices Evolution Energy Consumption Growth vs. GDP Growth CAGR (%) (2014A-2024A) US$k/MW per year 2.9 % 1.3% 28.
Slide 24: Highly Experienced Management and Robust Governance
HIGHLY EXPERIENCED MANAGEMENT AND ROBUST GOVERNANCE CONTINUITY OF CURRENT MANAGEMENT TEAM WITH AN IMPRESSIVE TRACK RECORD… 5 Cox Mexico has a highly experienced management team, with over 65 years of cumulative experience in the industry, who will continue exercising their functions after the integr
Slide 25: Rigorous and Comprehensive Corporate Governance Frameworks
HIGHLY EXPERIENCED MANAGEMENT AND ROBUST GOVERNANCE … SUPPORTED BY RIGOROUS AND COMPREHENSIVE CORPORATE GOVERNANCE FRAMEWORKS 5 Cox Mexico’s corporate governance is aligned with market best practices including highly experienced members, independent advisors, recurrent meetings, and scope covering a
Slide 26: Sustainable Cash Generation on Stable Margins and Capex
PREDICTABLE CASH GENERATION REINFORCED BY A STRICT FINANCIAL POLICY SUSTAINABLE CASH GENERATION ON THE BACK OF STABLE MARGINS AND CAPEX 6 Top-line growth, strong margins and resilient cash generation profile Total Energy Sold (TWh) Revenues ($mm) Adj. Gross Income($mm) Assets Avg. Market Price ($/ M
Slide 27: Conservative Financial Policy
PREDICTABLE CASH GENERATION REINFORCED BY A STRICT FINANCIAL POLICY CONSERVATIVE FINANCIAL POLICY 6 Financial Policy Pillars Effective Restrictive Limitation on Comfortable Hedging Dividend Maintenance Related Liquidity Policy Distribution Capex Only Parties • $100mm minimum • FX • No distributions
Slide 28: Key Takeaways
KEY TAKEAWAYS COX MEXICO UNIQUE SET OF QUALITIES & STRENGHTS 1 2 3 4 5 6 LEADING SIZABLE & WELL ROBUST STRATEGY FAVORABLE EXPERIENCED PREDICTABLE CASH INTEGRATED PERFORMING & CONTRACTUAL MEXICAN POWER MANAGEMENT GENERATION & STRICT UTILITY PORTFOLIO FRAMEWORK MARKET TEAM POLICIES Top-5 Generation >9
Slide 29: Appendix
Appendix 2
Slide 30: Cox Management Team
COX 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 Javier García Joined Joined Chief Financial Officer Cox in Chief of Strategy and Co
Slide 31: Evolution of Cox
COX: MORE THAN 10 YEARS OF SUCCESS AND PROVEN TRACK RECORD Evolution of Cox COX ABG Group Cox Energy is Public tenders in Energy Supply JV Cox Energy IPO's in IPO on Barcelona, founded in Spain with Nexus in Mexico the Mexican stock CTG acquires 619 Madrid, Bilbao, and Chile obtaining a 20- exchange
Slide 32: ESG Highlights
ESG HIGHLIGHTS: COX AND IBE MX DRIVE SUSTAINBLE AND RELIABLE ENERGY SOLUTIONS WITH THE LOWEST ENVIRONMENTAL IMPACT Responsibility on Carbon Emissions….. …and Surrounding Communities IBE MX already reduced Total Emissions by 55% since 2020. 1 Luces de Esperanza 2 Energía por México The goal is to rea
Slide 33: Overview of Key P&L Items
APPENDIX OVERVIEW OF KEY P&L ITEMS Key P&L Items Commentary $mm FY2024 FY2025 • Energy volumes remained broadly flat YoY at c.19.2 TWh (partially driven by an anticipated overhaul at Dulces 1 Nombres II and lower renewables resource) 1 Total Energy Sold (GWh) 19,184 c.19,210 • In 2025, revenues incr
Slide 34: Overview of Key Cash Flow Items
APPENDIX OVERVIEW OF KEY CASH FLOW ITEMS Key Cash Flow Items Commentary $mm FY2024 FY2025 • In 2025, Adj. EBITDA increased to $614mm (+13.9% YoY), implying an EBITDA of 32.0 $/MWh(4) compared to 28.1 $/MWh (4) in 2024, as result of a steady 1 increase in gross margin, mainly driven by higher revenue
Slide 35: Deep-Dive on Key Balance Sheet Items for Iberdrola Mexico
APPENDIX DEEP-DIVE ON KEY BALANCE SHEET ITEMS FOR IBERDROLA MEXICO Deep Dive on Key Balance Sheet Items for 2024 and 2025 (In US$, Thousands) Assets 2025 2024 Equity 2025 2024 Intangible Asset 10,755 13,422 Parent 2,336,754 3,766,858 Non-controlling interests 137,148 121,694 Property, Plant & Equipm
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