Cox / Cox approves agenda items with 100% of votes at its first An...

Cox approves agenda items with 100% of votes at its first Annual General Meeting

Enrique Riquelme, executive chairman of Cox, presented the objectives achieved in 2024 and the roadmap for 2025.

The shareholders endorse the exchange planned by the company, which includes the delivery of one share of the parent company (Cox ABG Group S.A) for every five shares of Cox Energy to enhance liquidity

Among other agreements, the shareholders support the appointment of Dámaso Quintana as proprietary director and Larry Coben as an independent director.

Madrid, 30 May 2025. Cox, a water and energy utility, has held its first General Shareholders’ Meeting as a listed company, in which the items on the agenda have been approved with 100% of the votes.

Thus, the shareholders have approved a capital increase through the non-monetary contribution of Cox Energy’s shares to the parent company. This will be articulated in an exchange ratio consisting of the delivery of one share of Cox ABG Group S.A. for every five shares of Cox Energy, S.A.B. de C.V. that are contributed in the exchange. The implementation of this process aims to increase the liquidity of the parent company and strengthen the capital structure.

Likewise, the General Shareholders’ Meeting has endorsed the appointment of Dámaso Quintana, chairman of Cunext, as proprietary director and Larry Coben, chairman and CEO of NRG Energy as an independent director.

Enrique Riquelme addressed shareholders to stress that “the challenge in 2025 is to continue to evolve and lay the foundations that guarantee recurring and sustainable growth over the coming years”. In this regard, he stressed that the roadmap involves “a regional focus of the company in the Americas, Europe and the Africa and Middle East (AME) region, in which we have a significant presence, as well as executing our strategic investment plan and taking advantage of the synergy that exists between water and energy; all while maintaining a solid and sustainable capital structure over time”.

During the General Shareholders’ Meeting, Enrique Riquelme presented the financial results for 2024, a year in which Cox obtained an EBITDA of 183 million euros (+77%), a net profit of 59 million (+62%) and revenues of 702 million (+21%). Net financial debt stood at €62 million (0.3x adjusted EBITDA), with cash flow of €268 million and operating cash flow of €83 million. These results, as he explained, consolidate the group’s strategy based on cash generation and sustainable growth.