• Cox has placed $2.0 billion in the U.S. market in 144A/Reg S format, after increasing the initial size of a planned $1.5 billion issuance, in response to investor interest of approximately $8.0 billion.
• The transaction generated unprecedented interest and represents a clear endorsement by the U.S. market of Cox’s acquisition of Iberdrola México, as well as validation of its strategy, financial discipline, and future outlook.
• The initial transaction was more than five times oversubscribed, leading Cox to increase the initial issuance size from $1.5 billion, achieve improved pricing across both tranches, and allocate orders to more than 200 top-tier institutional investors, primarily U.S.-based and long-only.
• Just two weeks after closing the acquisition of Iberdrola México, Cox has secured the refinancing of the entire $2.65 billion bridge loan, fully replacing short-term debt with long-term financing of 5 to 10 years, aligned with the business’s cash flow generation.

Madrid, May 6, 2026. Cox has successfully completed its first bond issuance in the U.S. market for a total amount of $2.0 billion. This transaction marks Cox’s entry into the U.S. debt market in 144A/Reg S format, one of the most selective and demanding globally, where access is reserved for issuers with proven scale, credibility, and execution capabilities.

Given the strong demand received, Cox increased the size of the issuance from the initial $1.5 billion to $2.0 billion, with bonds maturing in 5 and 10 years and carrying coupons of 7.125% and 7.75%, respectively. At its initial size, the issuance was more than five times oversubscribed, with participation from more than 200 top-tier institutional investors, primarily U.S.-based and long-only. Following allocation, approximately $6.0 billion of demand remained unmet, demonstrating strong support from the U.S. investor community.

The depth of the order book, the quality of participating investors, and the company’s ability to upsize the transaction reflect strong market endorsement of Cox’s strategy and financial profile. Moreover, this level of demand, in a highly selective market and amid a volatile geopolitical environment, highlights Cox’s differentiated positioning and the attractiveness of its growth and cash flow profile. The transaction generated unprecedented interest and ranks among the largest issuances backed by Latin American assets in the history of the U.S. corporate bond market.

With this issuance, Cox refinances approximately two-thirds of the $2.65 billion bridge loan used to acquire Iberdrola México. The remaining third has already been fully secured through a long-term loan (Term Loan), in which the seven financial institutions that led the initial financing are already participating, with an approximate maturity of five years.

Thus, just two weeks after closing the acquisition of Iberdrola México (April 24, 2026), the company will have fully replaced short-term bridge financing with a debt structure ranging from 5 to 10 years, fully aligned with cash flow generation and the business’s deleveraging capacity.

Cox México: a differentiated platform with growth and visibility

The acquisition of Iberdrola México has been recognized by the market as a unique opportunity for Cox, incorporating one of the most comprehensive and well-positioned energy platforms in the country.

It is the only vertically integrated utility in Mexico, combining a top-tier generation platform—with 3.9 GW diversified across technologies and regions and an average asset life exceeding 27 years—with the country’s leading qualified supplier, holding more than a 25% market share, enabling true integration between generation and supply.

This integrated model allows optimization of margins in both generation and supply businesses, eliminating inherent market risks. It is unique in Mexico and provides a competitive advantage over other participants, with high barriers to entry in both generation and supply.

The supply platform also features a commercial base of more than 500 clients, mostly investment-grade, with renewal rates above 99%, delinquency levels below 0.2%, and contracts with an average duration exceeding 7 years, resulting in high revenue visibility.

All of this is within the context of a Mexican electricity market with particularly strong fundamentals, characterized by growing demand—expected to double by 2039—and structurally limited supply.

This positioning, together with a highly experienced operating and management team and a strict financial policy, enables Cox to maintain a platform with stable and predictable cash flow generation, capable of organically supporting its deleveraging process and capturing new growth opportunities.

A transformation in scale, visibility, and ambition

The refinancing of the bridge loan and the integration of Iberdrola México mark a turning point in Cox’s evolution toward an integrated utility model. The company now combines a large-scale energy generation platform with its water concessions business, consolidating a more diversified, visible, and recurring revenue profile.

On a pro forma basis, Cox would have reached an EBITDA of €750 million in 2025, compared to approximately €225 million without the acquisition, reflecting the incorporation of the Mexican assets. Following the transaction, the assets business represents more than 90% of pro forma EBITDA, strengthening Cox’s positioning as an energy and water infrastructure operator with recurring and highly visible cash flows.

Enrique Riquelme, Executive Chairman of Cox, stated: “The integration of Iberdrola México and the new capital structure significantly strengthen our operational and financial profile. We have a solid capital base to execute our strategic plan with discipline and continue generating long-term value.”

Discipline, credibility, and execution capability

Since its IPO in November 2024, Cox has consistently delivered on the key milestones of its strategic plan, including the international expansion of its concessions business, the development of its asset platform, and the acquisition of Iberdrola México.

At the same time, the company has strengthened its financial profile, including achieving an investment-grade rating and accessing international markets, consolidating a policy based on capital discipline, cash flow visibility, and strengthening its financial position.

Nacho Moreno, CEO of Cox, added: “The execution of this transaction in the U.S. market and the level of demand reflect the strong positioning Cox has built in a very short period of time. There is no better way to debut in the U.S. market—the most difficult to access—than by receiving $8.0 billion in demand, having to increase the size, tightening pricing, and having the ability to select the investors with whom we will share our journey into the future.” He added: “In just two weeks, we have completed the transition from bridge financing to a long-term capital structure, with the support of top-tier investors and financial institutions.”