Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — Investor Presentation (May 2026)
21 slides from Cox Abg Group Sa's investor presentation, May 12, 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026
Slide 2: Disclaimer
DISCLAIMER THE INFORMATION CONTAINED IN THIS COMMUNICATION MUST NOT BE DISSEMINATED, DISCLOSED, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, THE UNITED STATES OR JAPAN, OR IN ANY JURISDICTION WHERE SUCH DISSEMINATION, DISCLOSURE, PUBLICATION OR DISTRIBUTION WOULD BREACH AN
Slide 3: Disclaimer
DISCLAIMER Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developmen
Slide 4: Acquisition closing and US$2.0bn bond issuance
ACQUISITION CLOSING AND US$2.0BN BOND ISSUANCE CONCLUSION OF KEY STEPS IN COX’S TRANSFORMATION JOURNEY DELIVERY OF EXECUTION PLAN April 24, 2026 • Transformational acquisition completed within May 5, 2026 expected timeline • Key step towards a long-term capital structure with take-out strategy subst
Slide 5: Acquisition funding structure: from short-term bridge to long-term capital structure
ACQUISITION FUNDING STRUCTURE FROM SHORT TERM BRIDGE TO LONG-TERM CAPITAL STRUCTURE Leverage is structured, longer dated, aligned with cash flows and supported by a disciplined financial framework Equity Bridge Facility Long-Term Capital Structure US$850m US$2.65bn Bond – US$2.0bn • Demand of close
Slide 6: Take-out execution: long-term capital structure optimization
TAKE-OUT EXECUTION LONG-TERM CAPITAL STRUCTURE OPTIMIZATION Disciplined take-out execution to optimize the capital structure for long-term flexibility 1 2 Transition from acquisition financing to a Deleveraging in Cox Mexico primarily driven stable long-term capital structure by organic cash flow ge
Slide 7: Transformational acquisition
TRANSFORMATIONAL ACQUISITION A TESTIMONY TO COX POSITIONING TOWARDS LONG-TERM GROWTH • Cox announced, completed and successfully executed acquisition of Iberdrola Mexico and 2/3 DELIVERY of its take-out financing plan (final 1/3 already secured) • Cox has successfully accessed the US institutional d
Slide 8: Cox Mexico at a glance
COX MEXICO AT A GLANCE DISTINCTIVE MARKET POSITION WITH GENERATION AND SUPPLY INTEGRATION Generation Business Supply Business Top 5 Generation 2.6GW Leading 19.2 TWh Platform in Mexico(1) Operating Portfolio Qualified Supplier(2) Energy Supplied 2025 11.8TWh 90.5% <0.2% 99%+ Own Generation 2025 Avai
Slide 9: Cox Mexico unique set of qualities and strengths
COX MEXICO UNIQUE SET OF QUALITIES & STRENGHTS A UNIQUELY POSITIONED PLATFORM UNDER FAVORABLE MARKET DYNAMICS LEADING SIZABLE & WELL ROBUST STRATEGY FAVORABLE PREDICTABLE CASH INTEGRATED PERFORMING & CONTRACTUAL MEXICAN POWER GENERATION & UTILITY PORTFOLIO FRAMEWORK MARKET STRICT POLICIES Top-5 Gene
Slide 10: Cox Mexico financial highlights
COX MEXICO FINANCIAL HIGHLIGHTS SUSTAINABLE CASH GENERATION ON THE BACK OF STABLE MARGINS AND CAPEX Top-line growth, strong margins and resilient cash generation profile Total Energy Sold (TWh) Revenues ($mm) Adj. Gross Income($mm) Assets Avg. Market Price ($/ MWh) Adj. Gross Income per MWh (3) ($ /
Slide 11: Cox Group post-acquisition
COX GROUP POST-ACQUISITION AN INTEGRATED ENERGY AND WATER UTILITY WITH GLOBAL FOOTPRINT Simplified Organization Structure Vertically Integrated Business Model AssetCo Cox ABG Group, S.A. 1a Energy 3.077 MW (1) +17.0 GW (1) Operating Assets Pipeline 1 2 Service Co 1b Water Asset Co Engineering & Proc
Slide 12: Financial highlights: taking Cox to the next level
FINANCIAL HIGHLIGHTS TAKING COX TO THE NEXT LEVEL €m REVENUES EBITDA ADJ. OPERATING CASH FLOW >2x >3x >4x 2.551 786 592 1.140 225 127 2025A 2025P 2025A 2025P 2025A 2025P Pre-Acquisition Pro Forma Pre-Acquisition Pro Forma Pre-Acquisition Pro Forma Asset Co. Service Co. 64% 90% 36% 10% Asset Co. Asse
Slide 13: Cox Mexico: organic deleveraging trajectory
COX MEXICO: ORGANIC DELEVARING TRAJECTORY FROM ACQUISITION LEVERAGE TO TARGET CAPITAL STRUCTURE SUSTAINED DELEVERAGING: Leverage Ratio (Gross Debt/EBITDA) 4.3x <3.0x 2025 Proforma 20230E Source: Market estimates based on external advisors (ENEGENCE) DELEVERAGING PATH We have addressed We are focused
Slide 14: Where we go from here
WHERE WE GO FROM HERE WHAT INVESTORS CAN EXPECT Today Medium term April 2026 • Scale in core regions • Acquisition of Iberdrola • Capture growth opportunities Mexico successfully • Preserve financial discipline completed • Create shareholder value May 2026 through visible cash flow • Full refinancin
Slide 15: Closing: delivered, changed, focused
CLOSING STRONG STRATEGIC FIT REINFORCING OUR INTEGRATED BUSINESS MODEL Delivered • Acquisition successfully closed • Refinancing executed through a US$2.0bn bond issue • Strong investor demand (initial issue size 5x oversubscribed) validated the transaction and the company’s long-term strategy Chang
Slide 16: Appendix
Appendix
Slide 17: Leading integrated platform
LEADING INTEGRATED PLATFORM INTEGRATION TO CAPTURE 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 o
Slide 18: Sizable and well performing generation portfolio
SIZABLE & WELL PERFORMING GENERATION PORTFOLIO PORTFOLIO SNAPSHOT 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 Jul-
Slide 19: Robust commercial strategy and contractual framework
ROBUST COMMERCIAL STRATEGY AND CONTRACTUAL FRAMEWORK WIDELY DIVERSIFIED CLIENT BASE WITH MINIMAL CHURN AND DELIQUENCY 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 wit
Slide 20: ESG highlights: Cox and IBE MX
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
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