Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — FY2025 Earnings Presentation
40 slides from Cox Abg Group Sa's earnings presentation, Feb 26, 2026
Slide 1: Presentation
Presentation February 26th, 2026 Page 1
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation (the “Presentation”) has been prepared by Cox ABG 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). As a con
Slide 3: Agenda
1. Highlights of the Year Agenda 2. Financial Information 3. Deep Dive into Asset Co. 4. Deep Dive into Service Co. 5. Closing Remarks Appendix 2
Slide 4: Highlights of the Year
01 Highlights of the Year Page 4
Slide 5: Strong operational performance driving shareholder value
HIGHLIGHTS OF THE YEAR STRONG OPERATIONAL PERFORMANCE DRIVING SHAREHOLDER VALUE Consolidation of the Company’s operating model ▪ Continued growth of critical ▪ Ongoing operational infrastructure through Asset Co. improvement in Service Co. Focused on 6 Strategic Regions Sustained growth in Revenues,
Slide 6: Delivering on standalone commitments
HIGHLIGHTS OF THE YEAR DELIVERING ON STANDALONE COMMITMENTS IN LINE WITH €m 2023 2024 2025 2025 GUIDANCE(1) +62% 1,140 Revenues ✓ +21% 702 581 EBITDA Margin 18% 26% 20% +23% 225 EBITDA 183 ✓ IBERDROLA +78% 103 CF Conversion 36% 45% +53% 56% MEXICO Adj. Operating 127 +124% Cash Flow 83 37 +43% 3,189
Slide 7: Iberdrola Mexico contributes to take Cox to the next level
HIGHLIGHTS OF THE YEAR IBERDROLA MEXICO CONTRIBUTES TO TAKE COX TO THE NEXT LEVEL REVENUES EBITDA ADJ. OPERATING CASH FLOW €m €m €m >2x 2,551 >3x >4x 786 592 1,140 225 127 2025 2025 2025 2025 2025 2025 Standalone Pro Forma Standalone Pro Forma Standalone Pro Forma Page 7
Slide 8: Five strategic pillars driving operating performance
HIGHLIGHTS OF THE YEAR FIVE STRATEGIC PILLARS DRIVING OPERATING PERFORMANCE CONTINUED GROWTH IN ASSET CO 1 o Predictable Revenue stream 1 2 o Recurrent EBITDA o High EBITDA margins 4 o High Cash Flow conversion EXPANDING …FOCUSED ON EFFICIENCIES… UNDERPINNED BY CONTINUED OUR ASSET CO… 2 SERVICE CO.
Slide 9: Continued growth in Asset Co
HIGHLIGHTS OF THE YEAR 1 CONTINUED GROWTH IN ASSET CO 4 Growth in Asset Co. ensures a stable Revenue stream and high EBITDA margins Brazil Ecuador Construction started 7 PV Solar 1,200 MWh 1 T- Line 104 km T- Line Concession & substations Plants ~600MW BESS Concession Acquisition of Total Investment
Slide 10: Underpinned by continued Service Co. performance and strong backlog
2 HIGHLIGHTS OF THE YEAR UNDERPINNED BY CONTINUED SERVICE CO. PERFORMANCE & STRONG BACKLOG 4 Solid operational performance in Strong increase in Service Co Backlog the Service Co providing high visibility going forward REVENUES €m 830 +43% €3,189m +100% 415 2024 2025 €2,230m +190% EBITDA €m 12% 10%
Slide 11: Maintaining a solid capital structure, backed by top-tier financial institutions
HIGHLIGHTS OF THE YEAR MAINTAINING A SOLID CAPITAL STRUCTURE, BACKED BY TOP-TIER FINANCIAL INSTITUTIONS 3 MAINTAINING SUPPORTED BY A STRONG POOL FINANCIAL DISCIPLINE OF INTERNATIONAL BANKS Total Net Debt / EBITDA 1.0x Total Net Debt IFRS 16 €235m (€31m) Total Financial Total Financial Net Debt Net D
Slide 12: Resulting in a robust operating performance
HIGHLIGHTS OF THE YEAR 1 2 RESULTING IN A ROBUST OPERATING PERFORMANCE 3 4 …Delivering record Revenues, EBITDA and Net Profit, whilst maintaining financial discipline REVENUES EBITDA NET PROFIT FINANCIAL NET DEBT €1,140m REVENUES, 62%YoY EBITDA €225m, NET PROFIT €69m TOTAL FINANCIAL INCREASE WITH +2
Slide 13: Efficiency programme driving operational excellence and full integration
HIGHLIGHTS OF THE YEAR 1 2 EFFICIENCY PROGRAMME DRIVING OPERATIONAL EXCELLENCE AND FULL INTEGRATION 3 4 EBITDA savings €m €45m in FY 2025 Savings driven by efficiency measures across +70 Implementation Costs initiatives already implemented Net Savings 60+ additional initiatives activated to reach fu
Slide 14: Iberdrola Mexico: what are we acquiring?
HIGHLIGHTS OF THE YEAR 1 IBERDROLA MEXICO: WHAT ARE WE ACQUIRING? 4 SIZABLE WELL ROBUST COMMERCIAL LEADING PERFORMING STRATEGY AND RESILIENT AND INTEGRATED GENERATION CONTRACTUAL GROWING MEXICAN SOLID FINANCIAL UTILITY PORTFOLIO FRAMEWORK POWER MARKET FUNDAMENTALS Integrated platform 2.6 GW Generati
Slide 15: Iberdrola Mexico: why are we acquiring it?
HIGHLIGHTS OF THE YEAR 1 IBERDROLA MEXICO: WHY ARE WE ACQUIRING IT? 4 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-leadi
Slide 16: Iberdrola Mexico: how are we acquiring it?
HIGHLIGHTS OF THE YEAR 1 IBERDROLA MEXICO: HOW ARE WE ACQUIRING IT? 4 Acquisition Financing Equity $2,650m $850m Secured with Top-1 Common Equity International Banks to be provided by Cox: $350m ✓ Funds already available Tier-1 Hybrid Capital(1) Investors Rated Instrument $500m 2 partners Next step:
Slide 17: Financial Information
02 Financial Information Page 17
Slide 18: Delivering strong financial performance in 2025
FINANCIAL INFORMATION DELIVERING STRONG FINANCIAL PERFORMANCE IN 2025 REVENUES EBITDA ADJUSTED OPERATING CASH FLOW €m €m EBITDA Margin €m 62% 26% 20% 1,140 23% EBITDA 225 702 225 183 Changes in Working Capital (75) 2024 2025 2024 2025 ADJ. OPERATING NET PROFIT CASH FLOW €m €m Taxes (23) 53% 16% 127
Slide 19: Financial structure on a standalone basis
FINANCIAL INFORMATION FINANCIAL STRUCTURE ON A STANDALONE BASIS Short-Term Total Financial Debt ratios Total Total Liquidity Net Debt Gross Debt Net Debt Instruments (Ex-IFRS-16) €524m €288m €235m IFRS: €31m €204m Total Net Debt / EBITDA Corporate Recourse Debt 1.0x Debt €203m €233m Net Corporate IF
Slide 20: Deep Dive into Asset Co.
Deep Dive into 03 Asset Co. Page 20
Slide 21: Asset Co. highlights
DEEP DIVE INTO ASSET CO. ASSET CO. PROVIDING STABILITY AND RECURRING RESULTS Asset Co. HIGHLIGHTS REVENUES EBITDA • Revenues grew 8% YoY and EBITDA €m €m +11% YoY: EBITDA 46% 47% 8% Margin • Energy growth supported by the 11% 310 first Full Year of contribution from 287 Khi Solar One (South Africa)
Slide 22: Water key highlights
DEEP DIVE INTO ASSET CO. WATER KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS REVENUES EBITDA 2024 LTM Jun2025 25 Water Water Revenues €76m €75m 24% 25% EBITDA €45m €36m % of Asset Co. EBITDA 59% 48% Margin WPA “Take or Pay” 3 Operating Concessions Tier-1 Offtakers: 335,000 m3 / day Public (Concessions) REVENU
Slide 23: Energy (generation, transmission and supply) key highlights
DEEP DIVE INTO ASSET CO. ENERGY (GENERATION, TRANSMISSION AND SUPPLY) KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS REVENUES EBITDA 2024 LTM Jun2025 25 Revenues €212m €234m Energy Energy 76% 75% EBITDA €86m €109m % of Asset Co. EBITDA 41% 47% GENERATION TRANSMISSION Margin PPA “Take or Pay” Tier-1 Offtakers:
Slide 24: Deep Dive into Service Co.
Deep Dive into 04 Service Co. Page 24
Slide 25: Service Co. highlights
DEEP DIVE INTO SERVICE CO. SERVICE CO. DELIVERING IMPROVED OPERATING PERFORMANCE Service Co. HIGHLIGHTS TBD REVENUE SPLIT CAort FLOW REVENUES EBITDA BY GEOGRAPHY GENERATION €m €m €m OPERATING • LEVERAGE Strong operational performance EBITDA 12% 10% Margin doubling Revenues in Service Co. 100% 830 Ch
Slide 26: Backlog continues to increase, providing strong visibility for 2026
DEEP DIVE INTO SERVICE CO. BACKLOG CONTINUES TO INCREASE, PROVIFING STRONG VISIBILITY FOR 2026 BREAKDOWN BREAKDOWN SERVICE CO. BACKLOG €m BY ENGINEERING & O&M BY REGION First project United States Spain awarded 6% 18% 10% O&M Margin 17% Chile +43% 21% Africa & YoY Engineering Middle Brazil East 83%
Slide 27: Closing Remarks
FY 2022 Closing Remarks CCX
Slide 28: Strong operational performance driving shareholder value
CLOSING REMARKS STRONG OPERATIONAL PERFORMANCE DRIVING SHAREHOLDER VALUE Consolidation of the Sustained operating Company’s operating performance Maintaining While taking a step forward model: financial in scale and cash flow Revenues visibility supported by a €1,140m (+62% YoY) discipline · Continu
Slide 29: ESG commitment: key performance indicators
ESG COMMITMENT KEY PERFORMANCE INDICATORS ENVIRONMENTAL 4.6 M MWh Energy Consumption 236.6 M m3 91.9 M m³ Desalinated water 970 GHG emissions 10% Water Consumption Intensity (tons of produced Hazardous waste 1,104.7 ktons of CO2 CO2eq) / (M €) relative to total waste CM Mwharbon footprint PEOPLE 8.3
Slide 30: Strategic sustainability plan
ESG COMMITMENT STRATEGIC SUSTAINABILITY PLAN Strategic Targets Energy and Climate Environmental Water and Marine Resources Environmental Change Management Key player in the solutions of legacy adaptation plans in areas of water Carbon neutral, guaranteeing A model of reuse, recycling and the profita
Slide 31: Appendix
FY )#928 Appendix COX
Slide 32: P&L
APPENDIX P&L € ‘000s 2025 2024 Revenues 1,139,592 702,459 Changes in inventories (750) (989) Other operating income 94,362 105,930 Raw materials (516,223) (241,353) Employee benefits expense (254,414) (193,432) Other operating expenses (237,074) (189,301) EBITDA 225,493 183,314 Depreciation and amor
Slide 33: Balance sheet
APPENDIX BALANCE SHEET Equity & Liabilities in € ‘000s Dec 2025 Dec 2024 Assets in € ‘000s Dec 2025 Dec 2024 Equity 362,444 332,328 Non-current assets 786,209 732,267 Share capital 8,490 7,790 Share premium 219,548 174,226 Intangible assets 40,253 41,556 Reserves (2,451) 4,139 Conversion differences
Slide 34: Cash flow
APPENDIX CASH FLOW € ‘000s Dec 2025 Dec 2024 Net Income 68,810 59,133 Amortization & depreciation, provisions and impairments 80,785 68,205 Financial expenses / income 44,529 29,424 Share of profit / loss of associates 915 1,285 Income tax expenses 12,498 17,588 Other Non-Monetary Items & other adju
Slide 35: Net debt
APPENDIX NET DEBT € ‘000s Dec 2025 Dec 2024 Total Gross Debt 523,624 363,875 Project Finance (Non-Recourse Debt) 288,931 289,550 Corporate Debt (Recourse Debt) 234,693 74,325 Debt with Credit Institutions 49,171 19,540 Leases 39,509 40,422 Other Liabilities 146,014 14,363 Short-Term Liquidity Instru
Slide 36: Recourse debt and EBITDA
APPENDIX RECOURSE DEBT AND EBITDA RECOURSE DEBT € ‘000s Dec 2025 Dec 2024 Corporate Debt (Recourse Debt) 234,693 74,325 Short-Term Liquidity Instruments Excluding Assets with Project Finance Debt (233,413) (218,435) Net Corporate Debt 1,280 (144,110) IFRS 16 (31,473) (33,667) Financial Corporate Net
Slide 37: Water concessions & assets
APPENDIX WATER CONCESSIONS & ASSETS 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 2027) Accra 60,000 m3 / day 56% Ghana + 2 new wat
Slide 38: Energy generation assets
APPENDIX ENERGY GENERATION ASSETS Cox Operating Generation Capacity Mexican Operating Capacity Energy (Generation, Transmission & Distribution) Inst. Capacity Asset Technology Ownership Inst. Capacity (MW) Asset Technology Ownership Country (MW) 1 PIER 221 Wind 51% 2 PIER II 66 Wind 51% 1 Khi Solar
Slide 39: Glossary of terms
APPENDIX GLOSSARY OF TERMS All figures are expressed in Euros Service Co Backlog Backlog: Contracts signed, pending execution. Cash Flow metrics Adjusted Operating Cash Flow: EBITDA minus changes in Working Capital and Taxes. Adjusted Cash Conversion: Adjusted Operating Cash Flow divided by EBITDA.
Slide 40: www.grupocox.com
www.grupocox.com