• This exercise reflects the consolidation of the Company’s operating model, supported by the sustained growth of Asset Co. and the continuous improvement of Service Co.’s operational efficiency.
• EBITDA increased by 23% to €225 million, with a margin of 20%. The company’s net profit stood at €69 million, 16% more than in 2024, while revenues grew by 62% year-on-year to reach €1,140 million.
• Cox continues its transformation to a water and energy utility with assets that generate predictable cash flow and maintaining financial discipline with a net debt ratio of 0.9x. The company is positioned with a robust balance sheet for its 2026-2028 investment plan presented at its Capital Markets Day.
• The acquisition of Iberdrola Mexico, which will transform the company, is expected to close in March. In pro forma terms, the union of both companies would have reached 2,551 million in revenues and 786 million in EBITDA.
• The results show a strong operational performance of the Group, focused on its six strategic areas: Mexico, Central Arc (Panama, Guatemala, Colombia and Ecuador), Brazil, Chile, Spain and AME (Africa and the Middle East).

Madrid, 26 February 2026. Cox, a global water and energy utility, has reported its results for its fiscal year 2025. The company closed the year with a solid operating performance, driven by the consolidation of its business model in its six strategic areas: Mexico, Central Arc (Panama, Guatemala, Colombia and Ecuador), Brazil, Chile, Spain and AME (Africa and the Middle East). This Group performance has been driven by the sustained growth of Asset Co., with predictable revenue generation and high EBITDA margins; as well as by the improvement of the operational efficiency of the Service Co., supported by a solid financial structure, with the support of first-class financial institutions.  The company is positioned with a robust balance sheet for its 2026-2028 investment plan presented at its Capital Markets Day.

The  company’s net profit stood at €69 million, 16% more than in 2024, while revenues grew by 62% year-on-year to reach €1,140 million, driven mainly by the strong performance of the Services division (Service Co.), which contributed €830 million, doubling the figure for 2024 thanks to the execution of new contracts in the engineering and transmission lines divisions.  They are also increased by the strong recurring contribution of operating assets in Asset Co., which totaled €310 million, up 8%. 

For its part, the company’s EBITDA improved by 23% to 225 million, with an EBITDA margin of 20%. In this regard, the Asset Co. contributes up to €145 million (64%) to the Group as a whole, after an 11% increase in EBITDA last year.

“The annual results confirm the strength of Cox’s model: we closed the year with record revenues, EBITDA, net profit and backlog, while maintaining strict financial discipline,” said Enrique Riquelme, Cox’s Executive Chairman. “In this context, the operation in Mexico is a milestone: it reinforces our presence in a key market and accelerates our international roadmap, providing scale, new opportunities and greater visibility of future activity,” he stresses.

Iberdrola Mexico’s transformational operation

The main strategic milestone of the year was the acquisition of Iberdrola’s assets in Mexico, which transforms the company’s scale and consolidates Mexico as one of the key regions. If the pro forma perimeter is considered, the Group would reach 2,551 million euros in revenues and 786 million euros in EBITDA, doubling and tripling the figures for 2025 respectively, placing the company in a significantly larger dimension and strengthening its position as an international integrated utility.  Likewise, operating cash flow would stand at €592 million, four times more.

The operation is progressing according to schedule and already has regulatory authorizations, as well as secured financing for 2,650 million dollars backed by top-tier international financial institutions. The financing will be completed through equity, with an amount of 850 million dollars, of which Cox will contribute between 300 and 350 million dollars through available funds; while between 500 and 550 million dollars will be articulated through hybrid capital from one or two of top-tier investors. The operation is expected to close in March 2026.

Onboarding New Assets

In parallel to this operation, the company has reinforced the growth of its Asset Co. in 2025 with the incorporation of new assets and concessions under strict investment criteria. Among the most relevant milestones are the acquisition of two solar assets in Panama (24 MW), the expansion of the desalination plant in Agadir (Morocco), which will reach a total capacity of 400,000 m³/day in water and 150 MW in wind energy; and a new water concession in Angola with a capacity of 100,000 m³/day. In Ecuador, the group is moving forward with seven solar plants (~600 MW), a 1,200 MWh BESS storage system and a transmission line concession. In addition, construction began on the concession for the 104 km transmission line in Brazil in March.

The Asset Co. brings predictable revenues and recurring EBITDA with high EBITDA margins to the Group as a whole. EBITDA at Asset Co. reached €145 million, up 11 percent from the same period last year, with a margin of 47 percent. For its part, the Service Co. highlights its operational improvement, which has doubled its revenues to 830 million and recorded an improvement in EBITDA of 54%, standing at 80 million. The company also has a record backlog (contracts signed pending execution): it grew by 43% compared to 2024, to 3,189 million euros, a portfolio that provides predictability to the business. It should be noted that the backlog has quadrupled (319%) since 2023, when it stood at €769 million. 

Strong financial position

The company maintains strong financial discipline. In terms of leverage, the total net financial debt/EBITDA ratio at 0.9x, while operating cash flow reaches €127 million in 2025, with a cash conversion ratio of 56%, reflecting the sustained improvement in the group’s cash generation.