The operation reinforces Cox’s positioning as an integrated utility, with greater scale, visibility of results, and cash generation capacity

• The transaction has been executed in accordance with the terms, schedule, and structure communicated to the market when the agreement with Iberdrola was announced in July 2025.
• The acquisition, which represents a perfect strategic fit for the Group, incorporates a generation platform with an operational installed capacity of 2,600 MW and the largest energy supplier in Mexico, with a market share of over 25%. It also adds a pipeline of approximately 12,000 MW of renewable projects in various stages of development and a team of more than 800 professionals, decisively reinforcing Cox’s execution capacity and future growth in Mexico and its strategic regions.
• The operation is transformational for Cox, whose 2025 proforma results would have reached €2,551 million in revenue and €786 million in EBITDA.

• Cox maintains its solid financial discipline, as the transaction structure combines equity, hybrid capital, and bank financing.

Madrid, April 24, 2026.

Cox, a global integrated water and energy utility, has successfully completed the acquisition of Iberdrola México, culminating a strategic and transformational operation that marks a milestone in the Group’s evolution, while accelerating its growth in a key market.

The transaction was executed in line with the announcement made to the market in July 2025, reflecting Cox’s ability to approach operations of this scale with rigor and discipline.

With this acquisition, valued at $4 billion, Cox incorporates a platform of high-quality assets with a solid operational track record, a top-tier customer base, and high revenue stability, as a large part of the activity will be backed by recurring income. These are consolidated businesses with high cash generation capacity, significantly strengthening the Group’s profile.

The operation fully aligns with Cox’s strategy. It reinforces its presence in Mexico, a priority market for the company where it has been operating for more than ten years, and consolidates its vertical integration model by combining generation, retail, and industrial capabilities under a single platform.

In proforma terms, the Group would have achieved revenues of €2,551 million and an EBITDA of €786 million in 2025, multiplying the 2025 figures by two and three, respectively. Furthermore, operating cash flow would stand at approximately €592 million, a fourfold increase, reinforcing its cash generation capacity and long-term financial profile. This operation is fully consistent with the Group’s announced strategy of focusing its growth on a limited number of priority regions, particularly strengthening its presence in the Americas, where Mexico constitutes one of the central pillars of the 2026–2028 plan.

Scope of the transaction

In business terms, the scope of the transaction includes an operational installed capacity of more than 2,600 MW, a generation project portfolio of 12,000 MW, and the largest private supplier in Mexico, which holds a market share of more than 25%, with 20 TWh of energy sales and more than 500 large customers with the highest credit ratings. This position establishes Cox as a leading energy supplier in Mexico.

Enrique Riquelme, Executive Chairman of Cox: “The closing of this operation marks a decisive step in the evolution of Cox. We are incorporating a high-quality platform in a market we know well, and we are doing so while maintaining our focus on discipline, integration, and long-term value creation. This acquisition reinforces our profile as an integrated utility and places us in a position of greater scale and strength to face the Group’s next stage of growth.”

Additionally, the Chairman stated: “This operation is framed within the vision of President Claudia Sheinbaum and her Government to turn energy and water into authentic state policies at the service of inclusive and sustainable development for all Mexicans. With an integrated platform that combines efficient power generation and advanced water management solutions, Cox aligns fully with the Mexican Government’s priorities, which are aimed at reinforcing energy security, water sovereignty, and long-term investment in strategic infrastructure under a clear and fair regulatory framework, with national planning capable of attracting international investment. I have full confidence in President Sheinbaum’s management and her team, something they have demonstrated in an exemplary manner throughout this entire process.”

The acquisition consolidates Latin America as the group’s main geographical focus and positions Mexico as a strategic hub for its growth and expansion in the region, supported by sustained energy demand, solid macroeconomic stability, and high potential for infrastructure development. This makes the country a key platform for scaling operations toward other markets, backed by the conviction that Mexico possesses the resources, talent, and development vision capable of driving a more efficient and sustainable energy model.

Mexico thus reinforces its weight within Cox’s perimeter, both due to the relevance of the incorporated assets and the strategic complementarity with the activities the Group already carries out in the country. The company will retain the Iberdrola México management team and will integrate its entire workforce, consisting of more than 800 professionals.

In the framework of this operation, Cox has had the support of top-tier international investors such as Allianz Global Investors, Gramercy, and GMO. It has been advised and financed by Citi, Barclays, BBVA, CIFI, Deutsche Bank, Goldman Sachs, Scotiabank, Santander, and Milbank, and received legal support from DLA Piper, Juan Aznar de la Haza, Paul Weiss, PwC, and Chevez.