Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — Investor Day (October 2025)
85 slides from Cox Abg Group Sa's investor day presentation, Oct 16, 2025
Slide 1: Capital Markets Day 2025
COX Vie Capital Markets Day 2025 [@ 16 October 2025
Slide 2: Legal Notice: Disclaimer
LEGAL NOTICE DISCLAIMER This document has been prepared by Cox ABG Group, S.A. (“Cox” or the “Company”, together with its subsidiaries and other affiliates, the “Group”) exclusively for use during the presentation “Capital Markets Day” on October 16, 2025 and has not been independently verified (in
Slide 3: Legal Notice: Forward-looking statements
LEGAL NOTICE Profit forecasts or estimates and forward-looking statements This document contains certain “profit forecasts or estimates” and “forward-looking statements”. Profit forecasts or estimates and forward-looking statements contain certain estimates, projections and forecasts that are, by th
Slide 4: Agenda
AGENDA Welcome and Business Lunch 12:00 PM (BST) Presentations Presentations 1:00 PM (BST) 1 Strategic Vision 2 Business Update 3 Mexico: A transformational acquisition 4 The new Cox: What will Cox become after the acquisition Coffee Break 5 Strategic Roadmap 6 Financial Targets 7 Closing Remarks Br
Slide 5: Speakers
SPEAKERS Speakers Enrique Riquelme Nacho Moreno José Olivé Javier García Executive Chairman CEO CFO CSO Page 5 grupocox.com
Slide 6: Strategic Vision
Enrique Riquelme Executive Chairman 1 Strategic Vision
Slide 7: Delivery and Execution
STRATEGIC VISION DELIVERY AND EXECUTION The Company was successfully listed on the Spanish Stock Exchange in 2024 despite challenging market conditions. • Since then, the company has achieved every commitment acquired at IPO July 31, 2025 • The company has gained Credibility and Trust from stakehold
Slide 8: Consistently delivering on our commitments
STRATEGIC VISION WHAT HAVE WE DONE SINCE IPO? EXECUTE AND DELIVER ON OUR COMMITMENTS Investment Strategic Alliances Partnership with Grade AMEA Power Allianz: USPP Acquisition of Rating $115m Iberdrola Mexico (1) IPO Dec Mar Apr May Jun Jul Jul Jul Jul Aug Nov New Assets and New Assets and New Asset
Slide 9: Long-term predictable company
STRATEGIC VISION LONG-TERM PREDICTABLE COMPANY 2025 Asset Co. Service Co. 67% 91% 33% 9% Service Co. Service Co. Asset Co. Asset Co. EBITDA EBITDA EBITDA 2025E EBITDA 2025E 2025E 2025E Incl. Ibe. Mexico Incl. Ibe. Mexico Water Engineering Water Concessions Pipeline Water & Assets Desalination Water
Slide 10: Our Strategic Pillars: Vision 2028
STRATEGIC VISION OUR STRATEGIC PILLARS 1 2 EXPANDING …WITHIN OUR KEY Vision 2028 OUR ASSET CO… • Certainty of execution STRATEGIC REGIONS… • Water & Energy Our Strategic Pillars 5 3 Invest in our core …WHILE … LEVERAGING ON markets to increase MAINTAINING AN ACTIVE ASSET long-term value FINANCIAL RO
Slide 11: Geographically diversified in core regions
STRATEGIC VISION GEOGRAPHICALLY DIVERSIFIED IN 6 CORE REGIONS E 6 +1 STRATEGIC REGIONS A B F C A MEXICO E SPAIN B CENTRAL ARC F MIDDLE EAST & AFRICA (ME&A) Asset rotation C BRAZIL D of non-core assets in non- strategic D CHILE UNITED STATES regions Page 11 Executing on IPO commitments grupocox.com
Slide 12: 2026-2028 Investment Plan
STRATEGIC VISION 2026-2028 INVESTMENT PLAN 2026-2028 Organic Investment Plan PV BESS Wind Gas Energy Transmission Water CAPEX MEXICO 1,650 MWp 6,300 MWh 250 MW 500 MW - 500k m3/day ~ €2,600m CENTRAL ARC 910 MWp 1,100 MWh 90 MW - €200m - ~ €850m BRAZIL 250 MWp 500 MWh - - €50m - ~ €250m CHILE 450 MWp
Slide 13: Investment Plan 2026-2028
STRATEGIC VISION INVESTMENT PLAN 2026-2028 TOTAL CAPEX TO BE COMMITTED ~ € 5.5bn €2.0bn €2.0bn €1.5bn TOTAL EQUITY ~ € 1.1bn 2026 2027 2028 CAPITAL STRUCTURE 40% Op. Cash 1.6 1.6 Flow 1.2 60% Asset 0.4 0.4 0.3 Rotation 2026 2027 2028 Equity Project Finance Page 13 grupocox.com
Slide 14: Assets Overview
STRATEGIC VISION ASSETS OVERVIEW (1) Today (2025e) Plan 2026-2028 TOTAL Standalone Water +1,000k m3/day - 1,650 m3/day 2,650 m3/day Solar 410 MW 643 MW 3,710 MW 4,763 MW BESS - - 10,000 MWh 10,000 MWh Wind - 590 MW 385 MW 975 MW Gas 220 MW 1,368 MW 500 MW 2,088 MW Energy Transmission €150m - €350m €
Slide 15: Key Financial Metrics 2025-2028
STRATEGIC VISION KEY FINANCIAL METRICS 2025-2028 €M REVENUES EBITDA OPERATING CASH FLOW(1) (€bn) (€m) (€m) 1,500 - 1,600 >2x 6.0 - 6.5 >2x >2x 1,250 - 1,350 700 - 710 550-560 2.6 - 2.7 1.2 150-160 220- 230 2025e 2025e 2028e 2025e 2025e 2028e 2025e 2025e 2028e Standalone Pro Forma Standalone Pro Form
Slide 16: Key Financial Metrics 2028
STRATEGIC VISION KEY FINANCIAL METRICS(1) 2028 Operating Capex Commitment Revenue EBITDA 2026-2028 Run Rate Run Rate Free Cash Flow Run Rate(2) ~€5.5bn ~€6-6.5bn ~€1.5-1.6bn €1.25-1.35bn >€10bn x6 x8 €150m vs Cox Standalone vs Cox Standalone Opportunities 2025e 2025 Standalone 2025e (1) Proforma (in
Slide 17: Increasing Free Cash Flow per Share
STRATEGIC VISION INCREASING FREE CASH FLOW PER SHARE 2025E FCF / Share 2028E FCF / Share (€ / Share) (€ / Share) 8x 2.64 0.60 +82% 0.33 2028e Standalone Pro Forma Page 17 grupocox.com
Slide 18: Business Update
Nacho Moreno CEO 2 Business Update What is Cox today?
Slide 19: Cox is a fully integrated utility of water and energy
Cox is a fully Integrated Utility of Water and Energy Page 19 grupocox.com
Slide 20: Long-term predictable company
BUSINESS UPDATE LONG-TERM PREDICTABLE COMPANY 2025 Asset Co. Service Co. 67% 91% 33% 9% Service Co. Service Co. Asset Co. Asset Co. EBITDA EBITDA EBITDA 2025E EBITDA 2025E 2025E 2025E Incl. Ibe. Mexico Incl. Ibe. Mexico Water Engineering Water Concessions Pipeline Water & Assets Desalination Water W
Slide 21: Asset Co: Water
BUSINESS UPDATE: ASSET CO. WATER KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS REVENUES EBITDA H1 25 LTM Jun2025e 25 Water Water Asset Co Asset Co Revenues €40m €70m - €80m 7% 23% EBITDA €22m €45m - €50m EBITDA Margin 55% 64% OPERATIONAL HIGHLIGHTS Drinking Water & 3 Operating Concessions (1) Irrigation 335,0
Slide 22: Asset Co: Energy
BUSINESS UPDATE: ASSET CO. ENERGY (GENERATION AND TRANSMISSION) KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS REVENUES EBITDA H1 25 LTM Jun2025e 25 Energy Asset Co Energy 16% Asset Co Revenues €73m €160m - €170m 45% EBITDA €35m ~€110m EBITDA Margin 47% 59% ENERGY GENERATION TRANSMISSION Solar PV 3 Transmissio
Slide 23: Service Co key highlights
BUSINESS UPDATE: SERVICE CO. SERVICEO CO KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS REVENUES EBITDA H1 25 2025e 77% 32% Revenues €385m €770 - €850m EBITDA €25m €65m - €70m EBITDA Margin 6% 8% SERVICES BACKLOG (SEP 25)(1) BREAKDOWN 10% BY Engineering & O&M 48% Margin BACKLOG BREAKDOWN BY TECHNOLOGY (SEP 25)
Slide 24: Service Co transformation program
BUSINESS UPDATE: SERVICE CO. SUPPORTED BY A 3 YEAR TRANSMFORMATION PROGRAM A 3-year transformation program to deliver over €45m-€50m EBITDA improvement through operational excellence, streamlined organization, and full integration, strengthening our path to long-term value creation Expected Savings
Slide 25: Mexico: A transformational transaction
Nacho Moreno CEO 3 Javier García CSO Mexico A transformational transaction
Slide 26: Investment Thesis
Investment Thesis What have we acquired? Page 26 grupocox.com
Slide 27: What did we acquire?
INVESTMENT THESIS WHAT DID WE ACQUIRE? SIZABLE WELL ROBUST COMMERCIAL LEADING PERFORMING STRATEGY AND RESILIENT AND INTEGRATED GENERATION CONTRACTUAL GROWING MEXICAN SOLID FINANCIAL UTILITY PORTFOLIO FRAMEWORK POWER MARKET FUNDAMENTALS Top-5 generation Proven Track Record Predictable Cash Flows Dema
Slide 28: A leading integrated utility
INVESTMENT THESIS A LEADING INTEGRATED UTILITY… Generation Business Supply Business Top 5 Generation 2.6GW Top 1 20+ TWh Platform in Mexico Operating Portfolio Qualified Supplier Energy Supplied 2025E 12+TWh 11.8GW <0.2% 99%+ Contract Renewal Generation 2025E RES Pipeline Delinquency Rate Rate Techn
Slide 29: Leading energy players in Mexico
INVESTMENT THESIS A LEADING INTEGRATED UTILITY WITH A WELL PERFORMING PORTFOLIO Leading Energy Players in Mexico National total electricity generation (2023) Strong Platform Renewable Supply Ranking by Capacity(1) (MW) Establishment Energy Focus Division FIEMEX 8,436 103 8,539 2024 ✓ 3,612 131 3,7
Slide 30: Business model illustration
INVESTMENT THESIS A LEADING INTEGRATED UTILITY… Business Model Illustration 2.a External Thermal Energy Qualified Suppliers (1,368 MW) 1 Renewable Energy (1,233 MW) 2.b 3 Third Parties Fixed Charges + CFE REF (1,244 MW FIEMEX) Self supply Generation Electricity Wholesale Market (646 MW) 1 Representa
Slide 31: Illustrative platform integration
INVESTMENT THESIS A LEADING INTEGRATED UTILITY… Illustrative platform integration Supply Generation Client Contract Fixed Charges Self-supply Self-supply Client Generation 9% CFE Reference Own Generation (646MW) 90% (2,601MW) Highly predictable Other Qualified Feedback Private contracts Suppliers LI
Slide 32: Key attributes of supply client base
INVESTMENT THESIS …AND A ROBUST COMMERCIAL STRATEGY AND CONTRACTUAL FRAMEWORK… Key Attributes of Supply Client Base Reputable Industrial Names Undisputable Leader >500 blue-chip clients Up to 17-year contracts Credit worthiness Market share of qualified suppliers >500 clients (Rating breakdown by Vo
Slide 33: Highly predictable contracted supply
INVESTMENT THESIS …AND A ROBUST COMMERCIAL STRATEGY AND CONTRACTUAL FRAMEWORK… Highly Predictable: 90% of electricity Only 10% supplied exposure to Spot Fixed CFE Other Power Charges Reference Supply Avg. Life Description Contracts Maturing contracts provide flexibility to Self-Supply - 5 years pote
Slide 34: Strong management team
INVESTMENT THESIS BENEFITING FROM A STRONG MANAGEMENT TEAM Katya Somohano Salvador Torres Vicente Aparicio CEO Iberdrola México COO Head of Commercial 1 20 21 23 12 23 21 18 23 23 5 Salvador Torres Alfonso Campos Marco Esquivel Vicente Aparicio Juan Canovas Chief Operating Head of Origination Head o
Slide 35: Transaction Overview
Transaction Overview Why did we acquire Iberdrola Mexico? Page 35 grupocox.com
Slide 36: Strategic rationale
WHY?: TRANSACTION OVERVIEW STRATEGIC RATIONALE 1. Strategic Fit 2. Geographical Fit Reinforced Integration and Asset Co. Weight Leading Platform in Mexico ✓ Transformation of Cox into an integrated ✓ Top-5 generation platform in Mexico (2.6 utility of scale with a market-leading GW) with a young, ma
Slide 37: Strategic fit
WHY?: TRANSACTION OVERVIEW 1. STRATEGIC FIT How Does the Acquisition Contribute to Our Strategy? Acquisition Highlights FULLY INTEGRATED BUSINESS MODEL Integrated business model with supply business ASSET CO SERVICE CO Integrated, predictable and GENERATION differentiated Business Model WATER AND EN
Slide 38: Geographical fit: decade-long presence in Mexico
WHY?: TRANSACTION OVERVIEW 2. GEOGRAPHICAL FIT: COX HAS A DECADE-LONG PRESENCE IN MEXICO Permission from Energy Sale of non-strategic Acquisition of Iberdrola Regulatory Commission assets Mexico (CRE) divestment of 118MWp PV consolidation of a pre- to sell energy to qualified to X-Elio established p
Slide 39: Mexican power sector tailwinds
WHY?: TRANSACTION OVERVIEW 3. THE RIGHT MARKET: MEXICAN POWER SECTOR TAILWINDS Energy-intensive industries are expected to continue growing, boosted by an industrialized economy and a well-defined action plan established by current Administration to increase private investment in the sector Strong F
Slide 40: Mexican power market
WHY?: TRANSACTION OVERVIEW 3. THE RIGHT MARKET: MEXICAN POWER MARKET Anexos? Energy Demand Historically Rising Supply Failed to Keep up with Demand, Driven by Economic Growth... Creating Structural Undersupply 3.0% 2.3% Energy Energy Consumption 1.1% Consumption 1.4% vs. Installed Growth vs. Capacit
Slide 41: Financing Structure
Financing Structure How are we going to fund it? Page 41 grupocox.com
Slide 42: Key transaction metrics
FINANCING STRUCTURE KEY TRANSACTION METRICS On July 31, 2025, Cox announced it had reached and agreement with Iberdrola to acquire a 100% stake in Iberdrola Mexico Acquirer Cash Consideration to $3,8bn Iberdrola Target Acquisition Financing, ~75%-80% % of cash consideration Equity Seller ~ 20%-25% %
Slide 43: Transaction structure: key components
FINANCING STRUCTURE TRANSACTION STRUCTURE: KEY COMPONENTS Acquisition Financing Acquisition Financing ~75%-80% designed to benefit from a solid credit profile validated by the Rating Acquisition Financing will Agencies benefit from a selected group of Tier-1 international banks (4-7) Rating Equity ~
Slide 44: Financing structure
FINANCING STRUCTURE FINANCING STRUCTURE Illustrative Transaction Structure Overview of Acquisition Financing Package ~75%-80% LTV 100.0% Rated Top-1 NewCo Equity Investor Instrument International Banks 100.0% Acquisition Financing designed to benefit from a Acquisition solid credit profile validated
Slide 45: Equity funding
FINANCING STRUCTURE EQUITY FUNDING Simplified Transaction Structure Overview of Equity Funding Sources ~20%-25% LTV 100.0% Common Equity Common Equity to be provided by Cox (~ 60%) Equity complemented by structured equity provided by NewCo Investor a Top Tier equity Partners (1 - 2 partners) 100.0%
Slide 46: Timeline
FINANCING STRUCTURE TIMELINE Key transaction milestones Timeline Rating agencies assessment STEP 1 • Aimed to support the credit profile of the transaction and Outcome expected October 2025 • Give comfort to Banks on the Take-out Acquisition Financing • 2-Year Bridge Facility to be provided by a sel
Slide 47: The new Cox
Nacho Moreno CEO 4 The new Cox What will Cox become after the acquisition?
Slide 48: Long-term predictable company
THE NEW COX LONG-TERM PREDICTABLE COMPANY Asset Co. Service Co. 67% 91% 33% 9% Service Co. Service Co. Asset Co. Asset Co. EBITDA EBITDA EBITDA 2025E EBITDA 2025E 2025E 2025E Incl. Ibe. Mexico Incl. Ibe. Mexico Water Engineering Water Concessions Pipeline Water & Assets Desalination Water WWT(2) Tre
Slide 49: 2025 Proforma
THE NEW COX 2025 PROFORMA 2025E REVENUES EBITDA OPERATING CASHFLOW(2) (€bn) (€m) (€m) Asset Co. Service Co. 2.8x ~4x 2.6 - 2.7 550 - 560 700 - 710 c.10% >2x >3x >3.4x 1.2 c.90% 220 - 230 150 - 160 c.30% c.70% Standalone Pro Forma Standalone Pro Forma Standalone Pro Forma Gross Leverage (1) Consideri
Slide 50: A new organization to tackle the new Cox
THE NEW COX A NEW ORGANIZATION TO TACKLE THE NEW COX Efficiencies at Industry best Facilitate the the Service Co practices of integration of to unlock full Governance financial discipline new Assets potential and and risk mg. increase margins Lean holding structure Strategy and Control Asset Co. Ser
Slide 51: Organized to execute the deal and sustain growth
THE NEW COX ORGANIZED TO EXECUTE THE DEAL AND SUSTAIN LONG TERM GROWTH Risk Management Executive Chairman Alejandro García Enrique Riquelme Internal Audit Andrés Fernández Board of Directors CEO HR Financial Control CET (1) Compliance Nacho Moreno Pablo Barrasa José F. Giraldez Stefan Linde Miguel A
Slide 52: Strategic Road Map
Enrique Riquelme Executive Chairman 5 Nacho Moreno CEO Strategic Road Map What’s Next?
Slide 53: Pillars of our strategic plan
STRATEGIC ROAD MAP PILLARS OF OUR STRATEGIC PLAN - Focus on expanding our - 6 Core Regions to leverage on deep local knowledge and Asset Co. Division - Extending our leadership 1 2 regulatory expertise. with clear focus in core o High growth countries …WITHIN OUR KEY strategic Assets of Water EXPAND
Slide 54: Investment opportunities
STRATEGIC ROAD MAP INVESTMENT OPPORTUNITIES Total investment opportunities in our core regions PV +10 GW BESS +3,000 MWh Wind 400 MW Gas 100 MW +€10bn Transmission + 400 Km Water Opportunities +2,800 k m3 …identifying and selecting … aligning our growth … preserving our Financial the most attractive
Slide 55: 2026-2028 investments and equity investment
STRATEGIC ROAD MAP 2026-2028 INVESTMENTS AND EQUITY INVESTMENT Water Generation Transmission Capex c.€1,450m c.€3,700m c.€300m 2026-2028 Cox Equity Investment €200m - €300m €700m - €800m €50m - €60m 2026-2028 Our Equity Investment, considers Asset Rotation Policy and local financial partners Page 55
Slide 56: Capital allocation strategy
STRATEGIC ROAD MAP CAPITAL ALLOCATION STRATEGY Funding Growth While Preserving Flexibility Financial Asset rotation of non-core Asset Co. Partnerships c. 650m assets in non- Organic Cash Project and local Assetstrategic Rotation Flow Finance Asset Rotation investors regions • Financial • Predictable
Slide 57: Mexico strategy
STRATEGIC ROAD MAP MEXICO STRATEGY KEY FINANCIALS • Growth strategy: A highly attractive market, offering significant investment opportunities in EBITDA 2028e €800m-€900m the Water and Energy sectors to meet the country’s growing demand. • Footprint in Power Generation unlocks Water Op. CF 2028e(1)
Slide 58: Central Arc strategy
STRATEGIC ROAD MAP CENTRAL ARC: PANAMA, ECUADOR, GUATEMALA AND COLOMBIA STRATEGY KEY FINANCIALS • Countries: Panama and Ecuador (followed by Colombia and Guatemala). EBITDA 2028e €130m-€140m • The energy needs of the region represent a significant growth opportunity with an Op. CF 2028e(1) €120m-130
Slide 59: Brazil strategy
STRATEGIC ROAD MAP BRAZIL STRATEGY KEY FINANCIALS • Growth Strategy: Brazil presents a compelling opportunity in infrastructure in the energy sector. EBITDA 2028e €60m-€65m • Active transmission concession processes, solid regulatory frameworks and high–quality Op. CF 2028e(1) €50m-€55m transmission
Slide 60: Chile strategy
STRATEGIC ROAD MAP CHILE STRATEGY KEY FINANCIALS • Growth Strategy: Compelling investment opportunity. Increasing needs coming from the EBITDA 2028e €40m-€50m mining industry. Op. CF 2028e(1) €40-45m • Market active with transmission concession processes, power generation with storage and water, wit
Slide 61: Middle East & Africa strategy
STRATEGIC ROAD MAP MIDDLE EAST & AFRICA STRATEGY KEY FINANCIALS • Growth Strategy: Water and Energy Investments in Key infrastructures across the EBITDA 2028e €150-€160m region • Energy follows Water Strategy. Op. CF 2028e(1) €130m-€140m • Strategic Alliance with AMEA Power. • Search for a Financial
Slide 62: Spain strategy
STRATEGIC ROAD MAP SPAIN STRATEGY KEY FINANCIALS • Growth strategy focused on wastewater treatment and generating synergies with other EBITDA 2028e €20m-€25m regions. • Vertical Integration identified as the key Op. CF 2028e(1) €15m - €20m strategic lever in the region. • Asset Disposal may be consi
Slide 63: United States strategy
STRATEGIC ROAD MAP UNITED STATES STRATEGY • Growth Strategy: Energy supply to data centers using our existing equipment and office in Mexico. • Opportunities in the water distribution market. • Investment on an opportunistic basis. • Gradual and limited growth. TECHNOLOGIES CAPITAL ALLOCATION STRATE
Slide 64: Financial Targets
José Olivé 6 CFO Financial Targets
Slide 65: Key Financial Metrics 2025-2028
FINANCIAL TARGETS KEY FINANCIAL METRICS 2025-2028 €M REVENUES EBITDA OPERATING CASH FLOW(1) (€bn) (€m) (€m) 1,500 - 1,600 >2x 6.0 - 6.5 >2x >2x 1,250 - 1,350 700 - 710 550-560 2.6 - 2.7 1.2 150-160 220 - 230 2025e 2025e 2028e 2025e 2025e 2028e 2025e 2025e 2028e Standalone Pro Forma Standalone Pro Fo
Slide 66: Capital structure: EBITDA & gross debt proforma
FINANCIAL TARGETS CAPITAL STRUCTURE: EBITDA & GROSS DEBT PROFORMA EBITDA GROSS DEBT €7,900m-8,300m €1,500 - 1,600m 2% €700 - €710m 98% ~€2,850m(1) 9% 91% 2025e 2028e 2025e 2028e Project Finance Recourse Debt (1) Excluding other debt related to acquisition of Iberdrola Mexico Page 66 grupocox.com
Slide 67: Recourse EBITDA & recourse net debt
FINANCIAL TARGETS CAPITAL STRUCTURE: RECOURSE EBITDA & RECOURSE NET DEBT RECOURSE >2.5X RECOURSE EBITDA(1) NET DEBT(2) <1x <(1x) €340 - 350m ~€120m €130 - 140m ~(€70m) 2025e 2028e 2025e 2028e Recourse EBITDA Recourse Debt Recourse Debt / Recourse EBITDA (1) Recourse EBITDA: Total EBITDA excluding as
Slide 68: Run-rate targets
FINANCIAL TARGETS RUN-RATE(1) REVENUES EBITDA OPERATING CASHFLOW (€bn) (€m) (€m) x2 x2 x2 6.0 - 6.5 6.0 - 7.0 1,500 - 1,750 1,800 - 2,200 1,250 - 1,350 1,500 - 1,600 2.6 - 2.7 700 - 710 550 - 560 2025e 2028e Run-Rate 2025e 2028e Run Rate 2025e 2028e Run Rate (1) Run Rate: when all the assets under t
Slide 69: Closing Remarks
Enrique Riquelme Executive Chairman 7 Nacho Moreno CEO Closing Remarks Page 69 grupocox.com
Slide 70: A conservative strategic 2026-2028 plan
CLOSING REMARKS A CONSERVATIVE STRATEGIC 2026-2028 PLAN A transformational transaction and growth Plan… taking Cox to the A CONSERVATIVE STRATEGIC PLAN 2026-28 GROWTH AND FINANCIAL KEY REGIONS CAPITAL ALLOCATION PROFITABILITY DISCIPLINE Revenues 2028e 6 €6.0bn - €6.5bn EBITDA 2028e €5.5bn Investment
Slide 71: Unique utility of water and energy
CLOSING REMARKS A CONSERVATIVE STRATEGIC 2026-2028 PLAN 1 2 4 Increasing Margins and Unique Utility High Cash Flow Operational of Water and generation and Efficiencies and Energy predictability Synergies 3 5 Cash Flow per share and Financial attractive Discipline with discount in the balanced capita
Slide 72: Increasing free cash flow per share
CLOSING REMARKS INCREASING FREE CASH FLOW PER SHARE 2025E LFCF / Share 2028E LFCF / Share (€ / Share) (€ / Share) 8x 2.64 0.60 +82% 0.33 2028e Standalone Pro Forma Page 72 grupocox.com
Slide 73: Driving Cox to the next level
Driving Cox to the Page 73 grupocox.com
Slide 74: Q&A
next level Q&A Page 74 grupocox.com
Slide 75: Capital Markets Day 2025
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Slide 76: Appendix
Appendix Page 76 grupocox.com
Slide 77: Energy demand & supply outlook in Mexico
APPENDIX ENERGY DEMAND & SUPPLY OUTLOOK IN MEXICO Mexico’s energy demand is expected to grow steadily, supported by strong GDP correlation and nearshoring-driven industrial activity, with Iberdrola Mexico well-positioned in the regions of highest consumption growth Energy Demand Historically Rising
Slide 78: Non financial indicators
APPENDIX NON FINANCIAL INDICATORS Aligned with the Corporate Sustainability Reporting European Taxonomy 80% 96,6% Directive (CSRD), Cox has faced on: 3,4% 0,3% 20% • Fight against climate change with the goal of carbon neutrality by 2050 % Eligibility Not eligible 1,2% • Circular economy and biodive
Slide 79: Sustainability strategy
APPENDIX SUSTAINABILITY STRATEGY Company Business Culture Performance Measurement Response to IG expectations Transparency and reliability 14 Strategic lines ESG Strategic Plan 39 Objetives Social - Cox Social Action and Volunteering plan 86 Actions - Well-being, attracting, caring for and retaining
Slide 80: Desalination plants positioned in key strategic regions
APPENDIX DESALINATION PLANTS POSITIONED IN KEY STRATEGIC REGIONS Water 3 Operating Concessions Asset Capacity Ownership Country Agadir - SEDA (Drinking 150,000 m3/day 51% Morrocco water) 125,000 m3/day Agadir - AEB (Irrigation) 100% Morrocco + 125,000 m3/day expansion (COD 2026-27) Accra 60,000 m3/d
Slide 81: Energy generation assets
APPENDIX ENERGY GENERATION ASSETS Energy (Generation, Transmission & Distribution) Cox Operating Generation Capacity Iberdrola Mexico Operating Capacity(1) Inst. Capacity Asset Technology Ownership Inst. Capacity (MW) Asset Technology Ownership Country (MW) 1 PIER 221 Wind 51% 2 PIER II 66 Wind 51%
Slide 82: Board of Directors
APPENDIX BOARD OF DIRECTORS 23% Women in the Independent Board of Lead Director Directors Dámaso Quintana Alejandro Elena Sánchez Mar Gallardo Fernández Enrique Riquelme Alberto Zardoya Executive Chairman Vice Chairman 77% Executive Chairman Independent directors Proprietary Directors Ignacio Maluqu
Slide 83: www.grupocox.com
www.grupocox.com
Slide 84: Coffee break
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Slide 85: Break
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