Cox Abg Group Sa · BME:COXG
Cox Abg Group Sa — H1 2025 Earnings Presentation
41 slides from Cox Abg Group Sa's earnings presentation, Jul 30, 2025
Slide 1: Presentation
Presentation July 30th, 2025 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). The Pres
Slide 3: Agenda
1. Highlights of the period Agenda 2. Financial Information 3. Asset Co. 4. Service Co. 5. Closing Remarks Appendix 2
Slide 4: Highlights of the period
01 Highlights of the period Page 4
Slide 5: Executing on IPO commitments
HIGHLIGHTS OF THE PERIOD EXECUTING ON IPO COMMITMENTS FY 2023 H1 2024 FY 2024 H1 2025 2025 GUIDANCE Revenues €581m €306m €702m €498m > €1,200m EBITDA €103m €50m (1) €183m €82m EBITDA Margin > €230m 18% 16% 26% 16% Backlog €769m €1,184m €2,230m €2,698m > €3,000m Financial Net debt / EBITDA(2)(3) 1.4x
Slide 6: Driving shareholder value through strategic delivery
HIGHLIGHTS OF THE PERIOD DRIVING SHAREHOLDER VALUE THROUGH STRATEGIC DELIVERY 1 2 3 4 5 WE ARE DELIVERING …WHILE INCREASING …AND DELIVERING … UNLOCKING FULL …WHILE MAINTAINING NEW ASSETS AND GROWTH STRONG POTENTIAL … FINANCIAL DISCIPLINE CONCESSIONS… OPPORTUNITIES… OPERATIONAL & INVESTMENT …AND THER
Slide 7: New assets in H1 2025
1 HIGHLIGHTS OF THE PERIOD NEW ASSETS AND CONCESSIONS FOLLOWING STRICT INVESTMENT CRITERIA NEW ASSETS IN H1 2025 MOROCCO PANAMA ECUADOR COLOMBIA Water + Energy Energy Energy Energy Energy 2 PV Assets PPA USD PPA USD Total Agadir Project 7 PV Solar BESS 1 T- Line 20 MW Capacity ~24MW 10 Yr Plants ~ 1
Slide 8: Water opportunities under bidding process 3,950k m3/day
2 HIGHLIGHTS OF THE PERIOD INCREASING GROWTH OPPORTUNITIES: WATER WATER OPPORTUNITIES UNDER BIDDING PROCESS 3,950k m3/day (2025-2027) 50% Cox WPA negotiation phase with 50k - 100k Award Angola MIDDLE EAST, 50% AMEA Power the Government. m3/day 2026e AFRICA AND ASIA OPPORTUNITIES WPA precedent condit
Slide 9: Strong operational performance
3 HIGHLIGHTS OF THE PERIOD STRONG OPERATIONAL PERFORMANCE FINANCIAL REVENUES EBITDA(1) NET PROFIT(1) BACKLOG NET DEBT €498m REVENUES, 62% EBITDA €82m, NET PROFIT €13m RECORD BACKLOG FINANCIAL NET DEBT INCREASE WITH + 63% YoY +71% INCREASE YoY REACHING €2,698m OF €144m OUTSTANDING SALES IN ALL DIVISI
Slide 10: Unlocking full potential: €45-50m EBITDA by 2027
HIGHLIGHTS OF THE PERIOD 4 UNLOCKING FULL POTENTIAL 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 Revenue growth Unlocking new revenue str
Slide 11: Financial strength
5 HIGHLIGHTS OF THE PERIOD FINANCIAL STRENGHT SUSTAINABLE CORPORATE PRIVATE PLACEMENT LOAN EUR 30m Corporate Loan 5-Year USD 115m 5.25% - 5.50% 5-Year Funds will be used to boost water Maturity Senior Fixed EUR-equivalent and energy projects in LATAM coupon Maturity Notes GREEN SYNDICATED FACILITY E
Slide 12: Financial Information
02 Financial Information Page 12
Slide 13: Key financial highlights
FINANCIAL INFORMATION 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 base.
Slide 14: Net debt position
FINANCIAL INFORMATION 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 D
Slide 15: Gross debt structure
FINANCIAL INFORMATION 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 202
Slide 16: Capital structure and cash flow conversion
FINANCIAL INFORMATION CAPITAL STRUCTURE AND CASH FLOW CONVERSION Strong profitability and Free Cash Flow Balance Sheet flexibility to support Group’s growth generation with €82m EBITDA and €38m story (0.8x Financial Net Debt /EBITDA(3)(4)) Adjusted Operating Cash Flow ADJUSTED OPERATING CASH FLOW GR
Slide 17: Asset Co.
Executing on IPO ‘2025 ev Commitments H1 Results Asset Co. CCX
Slide 18: Asset Co. key financial highlights
ASSET CO: WATER AND ENERGY (GENERATION AND TRANSMISSION) 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 Sou
Slide 19: Asset Co.: Water
ASSET CO.: WATER KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS Agadir Agadir ACCRA €m H1 2024 H1 2025 %Chg. SEDA AEB Country Morocco Morocco Ghana Revenues 35.8 39.8 11% Type of use Drinking Irrigation Drinking EBITDA 24.0 22.0 (8)% 125k m3/day + Capacity 150k m3/day 60k m3/day 125k m3/
Slide 20: Asset Co.: Energy (Generation & Transmission)
ASSET CO.: ENERGY (GENERATION & TRANSMISSION) KEY HIGHLIGHTS FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS GENERATION €m H1 2024 H1 2025 %Chg. Meseta de los San Javier Solar Pro SPP1 Khi Solar One Sao Joao(6) Andes Solar Thermal Energy /Hybridization Revenues 63.1 72.9 15% Solar PV Bioenergy with ST E
Slide 21: Service Co.
04 Service Co. Page 21
Slide 22: Service Co. key financial highlights
SERVICE CO. KEY FINANCIAL HIGHLIGHTS Service Co. HIGHLIGHTS €m TBD 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 currently being execu
Slide 23: Record services backlog and strong visibility for 2025
SERVICE CO. RECORD SERVICES BACKLOG AND STRONG VISIBILITY FOR 2025 SERVICES BACKLOG(1) NEW ORDERS: 121 NEW CONTRACTS €m 10% €m 1,110 Margin 654 128% 300 YoY 2,698 O&M 15% FY 2023 H1 2024 H1 2025 2,230 CONTRACTS WATER GEN. TRANS. O&M OTHER SIGNED H1 2025 1,558 EP €6m €18m €1,110m €370m 1,184 1,064 85
Slide 24: Closing Remarks
Executing on IPO Sesmsimenss, 112938 Closing Remarks CCX
Slide 25: Walking towards 2025 priorities and executing on IPO commitments
CLOSING REMARKS WALKING TOWARDS 2025 PRIORITIES AND EXECUTING ON IPO COMMITMENTS Asset Co. Service Co. COX +14% +86% +62% REVENUES €113m YoY €385m YoY €498m YoY €57m +9% €25m +27m(1) €82m +63%(1) EBITDA YoY YoY YoY EBITDA Margin: 50% EBITDA Margin: 6% EBITDA Margin: 16% +71% NET PROFIT €13m YoY ADJ.
Slide 26: Strong catalysts ahead – the moment is now
CLOSING REMARKS WALKING TOWARDS 2025 PRIORITIES AND EXECUTING ON IPO COMMITMENTS STRONG CATALYSTS AHEAD – THE MOMENT IS NOW +62% REVENUES STRONG OPERATIONAL INCREASING PERFORMANCE EFFICIENCIES AND AND GROWTH FINANCIAL STRENTH OPPORTUNITIES +63% $115m EBITDA USPP NEW CONCESSIONAL ASSETS IN WATER FINA
Slide 27: Share price performance
CLOSING REMARKS SHARE PRICE PERFORMANCE STRONG GROWTH POTENTIAL 10,4% 4,6% Revaluation Revaluation YTD since IPO 200,000 12.00 35% growth potential T.P. consensus €14.4 11.50 Increasing volumes 11.00 150,000 €10.7 +c.20% Q2 vs Q1 2025 10.50 4% increase Free Float 10.00 Capital increase from Cox Ener
Slide 28: Capital Markets Day
CAPITAL MARKETS DAY TBD Page 28
Slide 29: ESG commitment: Board of Directors
ESG COMMITMENT 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 30: ESG commitment: Key performance indicators
ESG COMMITMENT KEY PERFORMANCE INDICATORS ENVIRONMENTAL 1.94 M MWh Energy Consumption 105 M m3 1.09% GHG emissions Water Consumption 44,310,844 m³ 7 years without Intensity (tons of 542 ktons of CO2 Desalinated water environmental CO2eq) / Revenue Carbon footprint produced sanctions (thousands €) PE
Slide 31: 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 32: Appendix
Executing on IPO 2025 ees enens 11> A028 Appendix COX
Slide 33: P&L
APPENDIX P&L € ‘000s H1 2025 H1 2024 Revenues 497,878 306,399 Changes in inventories (5,833) (6,240) Other operating income 33,046 51,426 Raw materials (225,465) (98,613) Employee benefits expense (114,703) (87,985) Other operating expenses (103,420) (83,739) EBITDA 81,503 81,248 Depreciation and am
Slide 34: Balance sheet
APPENDIX BALANCE SHEET Equity & Liabilities in € ‘000s Jun 2025 Dec 2024 Assets in € ‘000s Jun 2025 Dec 2024 Equity 300,755 332,328 Non-current assets 728,378 732,267 Share capital 7,790 7,790 Share premium 168,425 174,226 Intangible assets 41,440 41,556 Reserves (666) 4,139 Property, plant and equi
Slide 35: Cash flow
APPENDIX CASH FLOW € ‘000s Jun 2025 Jun 2024 Net Income 12,570 38,325 Non-Cash Items Adjustments 20,613 11,891 Amortization & depreciation, provisions and impairments 30,683 24,751 Financial expenses/income 20,597 12,129 Share of profit/loss of associates 423 933 Income tax expenses (916) 1,458 One
Slide 36: Net debt
APPENDIX NET DEBT € ‘000s Jun 2025 Dec 2024 Total Gross Debt 403,129 363,875 Project Finance (Non-Recourse Debt) 279,907 289,550 Corporate Debt (Recourse Debt) 123,221 74,325 Debt with Credit Institutions 43,698 19,540 Leases (1) 36,670 40,422 Other Liabilities 42,853 14,363 Short-Term Liquidity Ins
Slide 37: Adjusted EBITDA
APPENDIX ADJUSTED EBITDA € ‘000s H1 2025 FY 2024 EBITDA 81,502 183,314 EBITDA associated with assets with project finance (1) (47,640) (84,433) Adjusted EBITDA (excluding assets with project finance) 33,862 98,882 (1) Assets with project finance: Agadir (Morrocco), Accra (Ghana), SPP1 (Algeria), Khi
Slide 38: Asset Co.: Water
ASSET CO. WATER Water 3 Operating Concessions 1 Concession Expansion 2 Owned Assets 335,000 m3/day 125,000 m3/day 485,000 m3/day SEDA (Drinking Water) – Agadir AEB Expansion (Irrigation) - Agadir Morocco Morocco 125,000 m3/day WPA 150,000 m3/day (51% Own.) COD 2026-27 AEB (Irrigation) – Agadir Chile
Slide 39: Asset Co.: Energy (Generation & Transmission)
ASSET CO. ENERGY (GENERATION & TRANSMISSION) Energy GENERATION Energy TRANSMISSION 7 Energy Generation Operating Assets 3 Transmission Lines Awarded Concessions Hybridization Solar Thermal Lot 10 SPP1, Algeria 150 MW(1) (51% Ownership) Brazil 104 Km (100% Ownership) Under construction Solar Thermal
Slide 40: Asset Co. energy pipeline 1,076 MW
ASSET CO. ENERGY PIPELINE COD BACKLOG RECENTLY AWARDED 1,076 MW Ecuador 650 MW 7 Solar PV Plants Wind Solar PV Chile 329 MW Ecuador Morocco Spain 650 MW + 1,200 48MW - 7 PV Plants MWh BESS Agadir Spain 97 MW (100% Own.) >150 MW Gross Capacity (MW) ADVANCED UNDER COD BACKLOG TOTAL DEVELOPMENT DEVELOP
Slide 41: www.grupocox.com
www.grupocox.com