• EBITDA improves by 77% to €183 million compared to the previous period due to the good performance of both the concession business (Asset Co.) and the services business (Service Co.).
• Net profit grows by 62% to €59 million.
• Short-term liquidity exceeds €268 million at the end of 2024.
• The concession business (Asset Co) has increased in 2024 thanks to the incorporation of new assets in water (Morocco and Chile), energy (Khi Solar One), and transmission lines (new concessions in Brazil).
• The Services division (Service Co.) has based its growth on the extraordinary development of the backlog (signed contracts pending execution), reaching €2.23 billion at year-end, compared to €749 million in the previous period. More than €2 billion were signed in the last twelve months.
• Thanks to good business visibility, the company expects to exceed €1.2 billion in revenue, €230 million in EBITDA, and more than €80 million in net profit in 2025, with a financial debt/EBITDA ratio below 1x, and a services backlog clearly expanding to €3 billion.
• The company expects to invest more than €600 million in assets through its Asset Co. division under the Apollo Plan.

Madrid, March 3, 2025. Cox has presented its first annual financial results as a publicly traded company for the fiscal year 2024, in which EBITDA improved by 77% to €183 million, with a margin of 26%. Likewise, the net profit of the Spanish multinational stood at €59 million, 62% more than in 2023, thanks to business optimization and operational efficiencies achieved in the last twelve months.

The company generated €702 million in revenue (+21%), reflecting the clear strength of its businesses, based on the good performance of the company’s divisions (Asset Co and Service Co), as well as the optimization of the engineering, operation, and maintenance (O&M) services division. Meanwhile, net financial debt is €62 million, representing an adjusted net financial debt-to-adjusted EBITDA ratio of 0.3x.

Additionally, the company exceeded €268 million in cash and equivalents at the end of the period, and operating cash flow reached €83 million, with an EBITDA-to-cash flow conversion ratio of 45%. The company places special emphasis on cash generation through profitable growth.

Enrique Riquelme, Executive Chairman of Cox, emphasizes: “Our first annual results as a publicly traded company reflect the consolidation of our business model based on three pillars: the growth potential of the water market, the reorganization of our assets, and the simplification of our corporate structure.” Additionally, Riquelme stresses that “the stock market debut has contributed to strengthening our financial structure and has allowed us to add additional sources of financing to invest in strategic projects in high-growth markets worldwide.”

These annual results include the simplification of the operational structure into two divisions: water and energy concessions are integrated into the Asset Co. division, while engineering and O&M services for assets are grouped into the division called Service Co. The company expects to invest more than €600 million in assets through its Asset Co. division under the Apollo Plan.

Good performance of its business divisions

Asset Co. holds the company’s concession assets and is therefore synonymous with recurrence and stability. As Enrique Riquelme explains, the division is an example of the key to the company’s business, “our Energy Follows Water pillar, where water concessions open new opportunities in the energy market.”

During 2024, this division recorded a 33% increase in revenue, while EBITDA improved by 28%. Regarding operating water concessions, revenue increased by 52%, while EBITDA was 25% higher than in 2023. SEDA and AEB, the desalination plants located in Agadir (Morocco), accounted for 54% and 15%, respectively, while Accra (Ghana) accounted for 31%.

Meanwhile, operating energy assets (including power generation and transmission) contributed 25% more than in 2023. The bioenergy plant in Brazil represented 63% of the revenue generated by energy assets, followed by SPP1 in Algeria, while the South African solar thermal plant, Khi Solar One, which was incorporated into the perimeter in December, contributed 2% of revenue and is estimated to contribute approximately €23 million in additional annual EBITDA.

Cox has incorporated new assets in recent months. This includes the expansion of the Agadir plant in Morocco, with an additional 150,000 m³ of water, which also includes the development of an adjacent energy plant; or another 485,000 m³ in Chile, through two owned assets. The first, of 85,000 m³, will begin construction in 2025. In addition, the Khi Solar One solar thermal plant in South Africa began operations in December, as well as two new transmission concessions in Brazil, which will start operations in the coming years and were secured by the company throughout the year.

“The assets of this Cox division are strategic and critical infrastructures for sustainable development,” explains Riquelme, “and that is why the company focuses its activity on markets with high growth potential.”

Meanwhile, Cox’s Services Backlog (signed contracts pending execution) stood at €2.23 billion at the end of 2024, ensuring the company’s future growth and providing excellent visibility for the 2025 fiscal year. More than €2 billion were signed in the last twelve months.

Visibility for 2025: the growth path continues

Cox forecasts that revenue for 2025 will reach €1.2 billion; and estimates that EBITDA will exceed €230 million, with net debt/EBITDA ratios below 1x; while net profit is expected to be around €80 million.

From Asset Co., more than €600 million in CAPEX investment is planned for water and energy assets under the Apollo Plan. Additionally, the backlog is expected to expand to €3 billion.

Cox continues to make great strides in fulfilling its strategic plan and strengthening its water and energy pipeline. The company is in very advanced phases to secure more than 500,000 m³ in 2025 in high-growth regions. These projects will bring more than 1.3 GW of energy projects linked to water concessions, under the “Energy Follows Water” model.