Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — Cox — Investor Presentation (January 2026)
51 slides from Cox Abg Group Sa's investor presentation, January 2026
Slide 1: Corporate Presentation January 2026
Corporate Presentation January 2026
Slide 2: Agenda
1. Cox Today 2. H1 2025 Financials Agenda 3. 4. Mexico Transaction Strategic Roadmap 2026-2028 5. Closing Remarks 2
Slide 3: Cox Today
FY 2024 Results Presentation 01 Today Page 3
Slide 4: A Water and Energy Utility in the Energy Transition Sector
COX TODAY A WATER AND ENERGY UTILITY IN THE ENERGY TRANSITION SECTOR A Vertically Integrated Utility of Water and Energy Asset Co. Service Co. Premium Engineering and O&M Long term value predictable, recurring and stable source of revenues Services Extending our leadership with clear focus in core s
Slide 5: Geographically Diversified in Core Regions
COX TODAY 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 5 Borrador sujeto a cambios
Slide 6: Consistently delivering on our commitments
COX TODAY 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(1) $115m Iberdrola Mexico IPO Dec Mar Apr May Jun Jul Jul Jul Jul Aug Nov New Assets and New Assets and New Assets and Ne
Slide 7: Asset Co. Water
FY 2024 Results Presentation Asset Co. Water Page 7
Slide 8: Water: Deep Technical Know-How & Capabilities
COX TODAY: ASSET CO. - WATER WATER: DEEP TECHNICAL KNOW-HOW & CAPABILITIES TO SUPPORT FUTURE WATER PLATFORM GROWTH Track Record Delivering Water COX Pioneer Track Record Client Certificates Posing a Vertical Integration In-House Experienced Team Recognised Concessions in the Water Sector Barrier to
Slide 9: Water Key Highlights
COX TODAY: ASSET CO. - WATER WATER KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS H1 2025 REVENUES H1 2025 EBITDA Water H1 25 LTM Jun2025e 25 Water Water Asset Co Asset Co €70m - Revenues €40m 7% 23% €80m €45m - EBITDA €22m €50m EBITDA 55% 64% OPERATIONAL HIGHLIGHTS Margin Drinking Water & 3 Operating Concessi
Slide 10: Desalination Plants Positioned in Key Strategic Regions
COX TODAY: ASSET CO. - WATER DESALINATION PLANTS POSITIONED IN KEY STRATEGIC REGIONS Water 3 Operating Concessions Asset Capacity Ownership Country Agadir - SEDA 150,000 m3/day 51% Morrocco (Drinking water) Agadir - AEB 125,000 m3/day 100% Morrocco (Irrigation) + 125,000 m3/day expansion (COD 2026-2
Slide 11: Water: Significant Market Share Across Selected Key Markets
COX TODAY: ASSET CO. - WATER WATER: COX HAS SIGNIFICANT MARKET SHARE ACROSS SELECTED KEY MARKETS WATER OPPORTUNITIES UNDER BIDDING PROCESS 3,900k m3/day (2025-2027) Water WPA precedent conditions in 50% Cox 100k Award MIDDLE EAST, Togo 50% AMEA Power the negotiation phase with the Government m3/day
Slide 12: Asset Co Energy (Generation & Transmission)
FY 2024 Results Presentation Asset Co Energy (Generation & Transmission) Page 12
Slide 13: Energy Key Highlights
COX TODAY: ASSET CO. - ENERGY ENERGY KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS H1 2025 REVENUES H1 2025 EBITDA Energy (Generation, Transmission & Distribution) H1 25 LTM Jun2025e 25 Energy Asset Co Energy Revenues €73m €160m - €170m 16% Asset Co 45% EBITDA €35m ~€110m EBITDA 47% 59% ENERGY GENERATION TRAN
Slide 14: Energy Market Outlook: Global Investment Is Accelerating
COX TODAY: ASSET CO. - ENERGY ENERGY MARKET OUTLOOK: GLOBAL INVESTMENT IS ACCELERATING Energy (Generation, Transmission & Distribution) Cox Operating Generation Capacity Cox T-Lines Awarded Inst. Capacity Length Asset Technology Ownership Country Asset COD Stake Country (MW) (Km) 1 Khi Solar One 50
Slide 15: Service Co
FY 2024 Results Presentation Service Co Page 15
Slide 16: Premium Engineering Services and O&M
COX TODAY: SERVICE CO. PREMIUM ENGINEERING SERVICES AND O&M Premium Engineering Services Transmission Experience in international projects in Water & Distribution Generation Other fast growing water, energy generation and transmission markets Engineering ✓ Engineering ✓ Engineering ✓ Procurement ✓ P
Slide 17: Record Services Backlog and Strong Visibility for 2025
COX TODAY: SERVICE CO. RECORD SERVICES BACKLOG AND STRONG VISIBILITY FOR 2025 FINANCIAL HIGHLIGHTS REVENUES EBITDA H1 25 2025e 77% 32% Revenues €385m €770 - €850m EBITDA €25m €65m - €70m EBITDA 6% 8% SERVICES BACKLOG (SEP 25)(1) Margin 10% 48% Margin BACKLOG BREAKDOWN BY TECHNOLOGY (SEP 25) YoY €1,7
Slide 18: Efficiency Programme
COX TODAY EFFICIENCY PROGRAMME A 3-year transformation programme 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 €45-50m €m, aggregate EBITDA Actual Oct’25
Slide 19: H1 2025 Financials
FY 2024 Results Presentation 04 H1 2025 Financials Page 19
Slide 20: Overview: Key Financial Highlights
H1 2025 FINANCIALS OVERVIEW: KEY FINANCIAL HIGHLIGHTS €m REVENUES EBITDA(1) HIGHLIGHTS EBITDA Margin FIN. NET CORP. 62% 16% 16% 498 DEBT/ADJ. • Revenues improved by 62% YoY, driven primarily 63% EBITDA(3)(6) by strong performance in the Service Co. and the growing contribution of the operating asset
Slide 21: Asset Co. Highlights
H1 2025 FINANCIALS KEY FINANCIAL HIGHLIGHTS Asset Co. HIGHLIGHTS €m REVENUES EBITDA • Revenues in the Asset Co. reached €113m, +14% YoY, while EBITDA EBITDA amounted to €57m, +9% YoY driven 14% 52% 50% Margin primarily by the contribution of the new Asset in South Africa (Khi Solar One) 9% 113 and t
Slide 22: Service Co. Highlights
H1 2025 FINANCIALS KEY FINANCIAL HIGHLIGHTS Service Co. HIGHLIGHTS HIGHLIGHTS TBD €m CAort FLOW REVENUE SPLIT REVENUES EBITDA(1) GENERATION BY GEOGRAPHY OPERATING EBITDA • Strong increaseLEVERAGE in the Service Co. (1%) 6% revenues, primarily driven by new Margin 86% Middle East Africa contracts cur
Slide 23: Gross Debt Structure
H1 2025 FINANCIALS GROSS DEBT STRUCTURE CORPORATE DEBT €m Credit Credit Institutions Debt Maturity Other Debt Institutions GROSS DEBT EVOLUTION 43 44 Project Finance Corporate Debt IFRS16 €123 m (Non-Recourse Debt) (Recourse-Debt) 18.3 23.0 2.3 0.1 0.0 (1) (1) IFRS-16 Leases €403m 6 2025 2026 2027 2
Slide 24: Net Debt Position
H1 2025 FINANCIALS NET DEBT POSITION €m Net Debt/ Financial Net Debt/ 0.9x 0.8x EBITDA (1)(9) EBITDA (3)(9) Net Corporate Debt/ Fin. Net Corporate Debt/ (0.7x) (1.0x) Adj. EBITDA (2)(9) Adj. EBITDA (4)(9) 403 229 IFRS-16 30 From Assets w/o Corporate Debt 93 Project Finance 186 174 144 (Recourse Debt
Slide 25: Mexico Transaction
FY 2024 Results Presentation 05 Mexico Transaction Page 25
Slide 26: Strategic Fit
MEXICO TRANSACTION 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 ENGINEERING &
Slide 27: What Did We Acquire?
MEXICO TRANSACTION 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 Dem
Slide 28: A Leading Integrated Utility
MEXICO TRANSACTION 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 Tech
Slide 29: With the Top Generation Platform in Mexico
MEXICO TRANSACTION WITH THE TOP 5 GENERATION PLATFORM IN MEXICO… 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 3,743 2018 ✓ 3,1
Slide 30: A Robust Commercial Strategy and Contractual Framework
MEXICO TRANSACTION …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 V
Slide 31: In an Integrated Platform
MEXICO TRANSACTION … IN AN INTEGRATED PLATFORM 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 LIE
Slide 32: Transaction Structure: Key Components
MEXICO TRANSACTION TRANSACTION STRUCTURE: KEY COMPONENTS Acquisition Financing Acquisition Financing ~75%-80% designed to benefit from a solid credit profile validated by the Rating Agencies Acquisition Financing will benefit from a selected group of Tier-1 international banks (4-7) Rating Equity ~2
Slide 33: Financing Structure
MEXICO TRANSACTION FINANCING STRUCTURE Illustrative Transaction Structure Overview of Acquisition Financing Package ~75%-80% LTV 100.0% Rated Top-1 Preferred Equity NewCo Investor Instrument International Banks 100.0% Acquisition Financing designed to benefit from a Acquisition solid credit profile
Slide 34: Equity Funding
MEXICO TRANSACTION EQUITY FUNDING Simplified Transaction Structure Overview of Equity Funding Sources ~20%-25% LTV 100.0% Common Equity Common Equity to be provided by Cox (equivalent to 60% of Preferred (1) total economic value of the equity) complemented by Preferred NewCo Equity provided by a Top
Slide 35: Timeline
MEXICO TRANSACTION 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 sele
Slide 36: Strategic Roadmap 2026-2028
06 Strategic Roadmap 2026-2028 Page 36
Slide 37: Our Strategic Pillars
STRATEGIC ROADMAP OUR STRATEGIC PILLARS 1 2 …WITHIN OUR KEY Vision 2028 EXPANDING OUR ASSET CO… STRATEGIC • Certainty of execution 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 R
Slide 38: Key Financial Metrics 2025-2028
STRATEGIC ROADMAP 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 Run-Rate Run-Rate Run-Rate Standalone P
Slide 39: Assets Overview
STRATEGIC ROADMAP ASSETS OVERVIEW (1) Today (2025e) Plan 2026-2028 TOTAL Standalone Water +1,000k m3/day - 1,650k m3/day 2,650k 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 - €350
Slide 40: 2026-2028 Investment Plan
STRATEGIC ROADMAP 2026-2028 INVESTMENT PLAN PV BESS Wind Gas Energy Transmission Water CAPEX 500k MEXICO 1,650 MWp 6,300 MWh 250 MW 500 MW - m3/day ~ €2,600m CENTRAL ARC 910 MWp 1,100 MWh 90 MW - €200m - ~ €850m BRAZIL 250 MWp 500 MWh - - €50m - ~ €250m 250k CHILE 450 MWp 1,200 MWh - - €100m m3/day
Slide 41: 2026-2028 Investment Plan: Total Capex
STRATEGIC ROADMAP 2026-2028 INVESTMENT PLAN 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 41
Slide 42: 2026-2028 Investment Plan by Business
STRATEGIC ROADMAP 2026-2028 INVESTMENT PLAN 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 42
Slide 43: Capital Allocation Strategy
STRATEGIC ROADMAP 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 Asset and local Assetstrategic Rotation Flow Finance Rotation investors regions • Financial • Predictable
Slide 44: Closing Remarks
FY 2024 Results Presentation 08 Closing Remarks Page 44
Slide 45: A Conservative Strategic 2026-2028 Plan
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 46: A Transformational Transaction and Growth 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 (RUN RATE) DISCIPLINE Revenues 2028e 6 €6.0bn - €6.5bn EBITDA 2028e €5.5bn
Slide 47: Share Price Performance
CLOSING REMARKS SHARE PRICE PERFORMANCE SHARE PRICE AND VOLUME PERFORMANCE SHAREHOLDING STRUCTURE Free float 200,000 12.00 18.01% 180,000 AMEA Power Enrique €9.64 10.00 3.45% Riquelme 160,000 Velora Investa 59.62% 140,000 4.96% 8.00 120,000 Alberto Zardoya 13.95% 100,000 6.00 80,000 ANALYST T.P. CON
Slide 48: Board of Directors
CLOSING REMARKS BOARD OF DIRECTORS 23% Women in the Independent Board of Lead Director Directors Dámaso Alejandro Mar Gallardo Elena Sánchez Quintana Fernández Enrique Riquelme Alberto Zardoya Executive Chairman Vice Chairman 77% Executive Chairman Independent directors Proprietary Directors Ignacio
Slide 49: Non-Financial Indicators
CLOSING REMARKS NON-FINANCIAL INDICATORS ENVIRONMENTAL European 80 96,6 Aligned with the Corporate Sustainability Reporting Taxonom Directive (CSRD), Cox has faced on: 3,4 0,3 20 • Fight against climate change with the goal of ot eligible carbon neutrality by 2050 Eligibilit 1,2 • Circular economy a
Slide 50: Sustainability Strategy
CLOSING REMARKS 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 re
Slide 51: www.grupocox.com
www.grupocox.com