Madrid, November 5, 2026. The Board of Directors of Cox Infrastructure Group, S.A. has approved a reorganization of the company’s management and business structure with the aim of embarking on a new phase of growth and defining a more ambitious strategic proposal, following the early achievement of its current roadmap. As part of these organizational changes, Nacho Moreno has been appointed a proprietary director of the Cox Group and will lead Riquelme Capital, while Patxi Sáez takes over as the Group’s Chief Executive Officer (CEO).

This restructuring strengthens Cox’s ability to meet the demands of its expanded corporate and operational scale following the growth it has experienced in recent months. It will focus the company’s efforts on consolidating its growth in the United States and Latin America, with particular emphasis on Mexico. The new phase will focus on operational excellence, financial discipline, proximity to priority markets and sustainable value creation for shareholders and investors.

In his new role leading Riquelme Capital, Moreno will drive new strategic projects and investments for Enrique Riquelme. He will also remain involved with Cox as a proprietary director on the Board of Directors, representing the Chairman, to lead and advance the direction and structuring of strategic corporate transactions.

During his successful tenure as Cox’s CEO, Moreno oversaw some of the key milestones in the company’s development, including its stock market listing in November 2024, the strengthening of its financial structure and the progress of its international expansion, culminating in the acquisition of Iberdrola México in April 2026. These achievements have enabled the Group to significantly increase its scale and consolidate its position as an integrated water and energy utility.

Patxi Sáez, for his part, will assume full executive responsibility for the Group as Chief Executive Officer (CEO) and will lead Cox’s next phase of growth. His priorities will be to drive profitable growth, strengthen operational excellence, improve the execution of the investment, construction and services businesses, and align the organization with the company’s current ambitions and scale.

Sáez has more than 25 years of international experience in the energy and infrastructure sectors, with an extensive track record in the development, management and execution of major projects. Before joining Cox, he held senior positions at ACWA Power, where he served as Senior Vice President of Technical & Project Execution and Chief Technical Officer, leading investment in and execution of energy and water projects worldwide. Previously, he was President and CEO of Al Toukhi in Saudi Arabia and held various management positions at Isolux Corsán, Técnicas Reunidas and Mitsubishi Power.

In the words of Patxi Sáez: “Cox has reached a new scale and has a platform with significant potential to continue growing profitably and sustainably. I take on this responsibility with the commitment to strengthen our execution capabilities, foster an increasingly effective, integrated organization that is closer to our priority markets, and move the Group into a new phase of development based on operational excellence, financial discipline and value creation.”

As part of these organisational changes, José Olivé will take on a new role within the Group as Advisor to the Chairman, stepping down as Chief Financial Officer and reporting directly to the Chairman. This appointment will strengthen the Group’s institutional and strategic capabilities while ensuring that José Olivé’s extensive financial and business experience continues to contribute to the organisation. In his new role, he will play an active part in shaping and executing the Group’s strategic corporate transactions, bringing a valuable cross-functional perspective to the development and implementation of the new strategic plan.

The management reorganization follows a 2026 financial year marked by significant progress in implementing the strategy and by corporate and financial milestones that have strengthened the company’s position. These include the acquisition of Iberdrola México, a transaction that has significantly increased the scale, recurring nature and visibility of the business, consolidating Cox’s position as an integrated water and energy utility. Cox has also strengthened its access to international markets through a US$2 billion bond issuance and an US$800 million hybrid capital issuance. Together, these transactions attracted orders of approximately US$11 billion from institutional investors. This market support reflects confidence in the Group’s strategy and its ability to embark on its next phase of growth.

A new business structure organized around three verticals

 Alongside the management changes, Cox will reorganize its business structure around three distinct verticals: Cox México, Cox Latam and Service Co. This model will enable the organization to adapt to the Group’s new scale, strengthen asset management and expand its ability to develop and execute projects, through a structure that is closer to the markets in which it operates.

Cox México will consolidate the Group’s activities in the country, which has become its main strategic market following the acquisition of Iberdrola México. This vertical will manage the Group’s power generation and retail businesses and assets, as well as develop new investment opportunities in energy and water infrastructure. The transaction has added more than 2,600 MW of operating installed capacity to Cox, along with Mexico’s largest private electricity supplier, serving more than 500 major customers, and a generation project pipeline of approximately 12 GW. Building on this platform, the company will drive new investments and leverage synergies between its water and energy businesses to expand its activities in the country.

Cox Latam, headquartered in Panama, will be the vertical responsible for the development, investment and management of critical water and energy infrastructure across the rest of Latin America. Through this structure, the company will promote new concession projects and long-term investment opportunities, strengthening its presence in markets such as Chile, Brazil, Ecuador, Peru, Colombia and Central America. This organization will bring operations closer to countries across the region and facilitate the identification and execution of new growth opportunities.

The third vertical will be Service Co, headquartered in Seville, which will bring together engineering, procurement and construction (EPC), as well as infrastructure operation and maintenance (O&M) activities. This division will continue to develop projects both for the Group itself and for third parties, with the aim of expanding its contract portfolio, strengthening its industrial capabilities and improving operational efficiency.

Spain will remain Cox’s headquarters and global corporate management center, where the Group’s strategy, corporate policies and central services for the entire organization will continue to be defined. On this basis, the company will move towards a more coordinated, results-oriented model that combines a global corporate vision with greater proximity to markets, customers, projects and assets.

Enrique Riquelme, Executive Chairman of Cox, said: “Cox has achieved its roadmap ahead of schedule and exceeded its growth expectations for this financial year. Today, we are a much larger company and have the opportunity to embark on an even more ambitious phase. This reorganization of our management and business structure enables us to strengthen the Group’s leadership, adapt the organization to its new reality and lay the foundations for a strategic proposal focused on the markets where we see the greatest growth opportunities, particularly Mexico and the rest of Latin America.”

In this context, over the coming months the company will put forward a new strategic proposal aimed at consolidating its growth and concentrating its capabilities in the geographies with the greatest development potential. This new roadmap will include a policy of rotating and divesting non-strategic assets, including certain assets in regions such as Africa, in order to optimize capital allocation and direct more resources towards the main investment opportunities in Latin America, while maintaining financial discipline and creating long-term value for shareholders.