• Combined with the bond issuance successfully completed in May, Cox has secured support from institutional investors totaling US$11 billion over the past five months.
• The proceeds will be primarily used to repay Cox Asset México’s US$733 million Term Loan, reducing net leverage from 4.3x EBITDA to below 3.0x, in line with the Company’s target.
• The transaction strengthens the Company’s capital structure, enhances its financial flexibility, and represents a key first step in accelerating the process of obtaining an Investment Grade rating from Moody’s, while already maintaining Investment Grade status with Fitch.
• Achieving Investment Grade status will further position Cox to capitalize on growth opportunities in Mexico, while maintaining financial discipline and credit quality as core strategic principles.

Madrid, September 11, 2026. Cox Asset México, a subsidiary of Cox Infrastructure Group, has successfully completed an US$800 million hybrid capital issuance, targeted at international institutional investors under the U.S. 144A/Reg S format, one of the world’s most demanding capital markets.

The transaction marks the culmination of an initial phase of transformation and financial strengthening initiated with the acquisition of Iberdrola México in April. In less than five months, Cox has fully refinanced the US$2.65 billion bridge loan used to finance the acquisition, accessed international capital markets on two occasions, and delivered strong operating results from Cox Asset México, supporting the investment rationale behind the transaction.

The issuance also represents the first U.S. dollar-denominated hybrid capital placement by a Spanish non-financial company, highlighting Cox’s ability to access international capital markets on a recurring basis and under competitive conditions. Citi, Goldman Sachs and Scotiabank acted as Global Coordinators and Joint Bookrunners, while Barclays and Deutsche Bank acted as Joint Bookrunners.

Strong Support from International Investors

The issuance generated demand exceeding US$2.5 billion, equivalent to an oversubscription of more than three times, with participation from approximately 125 institutional investors from the United States, the United Kingdom, Europe, Asia, and other regions.

The perpetual subordinated hybrid capital instrument will carry an initial annual coupon of 8.75% and includes a first issuer call option beginning on September 17, 2031.

This is the second transaction completed by Cox in the international debt capital markets in less than five months, and in both cases investor support and market reception have been exceptional. In May, Cox Asset México issued US$2 billion of senior debt, attracting demand of nearly US$8 billion (five times the initial size of US$1.5 billion) and participation from more than 200 institutional investors.

“The strong and diversified market response once again confirms investors’ confidence in Cox Asset México and our ability to consistently access leading international capital markets. This transaction broadens our investor base and further strengthens Cox’s recognition as a global operator of critical infrastructure,” said Nacho Moreno, CEO and Executive Director of Cox Infrastructure Group.

A Stronger Balance Sheet and Improved Capital Structure

The proceeds will be used primarily to repay the US$733 million term loan incurred to refinance the acquisition of Iberdrola México. The transaction replaces senior debt with a capital instrument that will be fully accounted for as equity under International Financial Reporting Standards (IFRS).

As a result, Cox Asset México’s net leverage will decrease from 4.3x EBITDA to below 3.0x, in line with the Company’s target, reflecting its commitment to financial discipline and reaching the leverage levels required by Moody’s as part of the process of accelerating its path toward an Investment Grade credit rating.

Additionally, the issuance and repayment of the Term Loan eliminate principal amortizations for approximately the next five years, reduce refinancing risk, and provide greater stability and flexibility to Cox Asset México’s financial structure.

Accelerating the Path Toward a Full Investment Grade Profile

Fitch already assigns Cox Asset México an Investment Grade rating of BBB-. For Moody’s, which currently rates the Company Ba1, the hybrid capital issuance represents the first step in a clearly defined roadmap to achieve Investment Grade status earlier than initially anticipated.

This roadmap includes, in addition to the hybrid capital issuance, maintaining financial discipline by keeping net leverage around three times EBITDA and completing a primary equity issuance of at least US$350 million. Achieving these milestones would support a Positive Outlook from Moody’s and, within the following 12 to 18 months, lead to Investment Grade status from the agency, with the objective of reaching this milestone in 2028, well ahead of previous expectations. “This issuance is a clear demonstration of financial discipline and the first step in a demanding roadmap toward achieving Investment Grade ratings from both agencies. We are reducing senior debt, strengthening our balance sheet, and improving our capital structure to advance into the next stage of Cox’s development from a stronger financial position,” said Enrique Riquelme, Founder and Executive Chairman of Cox Infrastructure Group.

Positioned to Capture Growth Opportunities in Mexico

A stronger balance sheet and Investment Grade ratings from both agencies will enable Cox to diversify its financing sources and pursue Mexico’s growth opportunities from an even stronger position.

Rising electricity demand, the need for new generation capacity, and the evolving regulatory framework are creating a new investment cycle in the country. Cox Asset México is uniquely positioned to participate, as the leading qualified electricity supplier, one of the five largest power generators, and the only integrated generation and commercialization platform in the Mexican market.

The Company operates a diversified generation portfolio of 2.6 GW, complemented by 1.3 GW of long-term contracted third-party capacity, and serves more than 500 customers across multiple economic sectors. Cox will approach these opportunities selectively, maintaining profitability, financial discipline, and Investment Grade status as essential pillars of its strategy.