• In the first six months of the year, the company increased its revenue by 62 %, with EBITDA improving by 63 % compared with the first half of 2024.
• During this period, the company added 12 new concession assets, including 11 power plants and one new transmission-line concession; meanwhile, the services backlog reached €2.7 billion, approaching the target set by the company for 2025 of €3.0 billion.
• Cox has a pipeline of water projects currently out to tender that exceeds 3,950,000 m³/day.
• During the first half, the company obtained an investment-grade rating and maintains a solid financial position with a net financial debt/EBITDA ratio of 0.8×, having closed a five-year US $115 million private placement with Allianz in July.

Madrid, 30 July 2025.  Cox, a water and energy utility, has published its results for the first half of the year, in which it achieved revenue of €498 million and EBITDA of €82 million, with an EBITDA margin of 16 %. The company also recorded a net profit of €13 million, 71 % higher than in the first half of 2024.

Cox continues to execute its business plan successfully and to advance in line with the commitments made at its IPO, with solid performance thanks to the recurrence and stability provided by its concession assets, which contributed more than €113 million, and to the good performance of its services division, which reached €385 million.

According to Enrique Riquelme, Executive Chairman of Cox, “The results we have published show that we are delivering on the commitments we set at our IPO. We have demonstrated the strength and adaptability of our business model, maintaining sustainable and solid growth. We look to the second half with confidence, driven by new opportunities and the firm intention of continuing to create value for our shareholders and the communities in which we operate.”

The company maintains its targets for 2025, forecasting revenue of €1.2 billion, EBITDA of €230 million and net profit exceeding €80 million.

Good performance of its business divisions

The Infrastructure division, Asset Co, which comprises the company’s water and energy concessions and assets and provides recurrence and stability, added 12 new concession assets in the first six months of the year. These include 10 photovoltaic solar plants in Panama, Ecuador and Colombia as well as a new transmission line in Ecuador. This expansion reflects Cox’s ability to identify and develop strategic opportunities for its business.

In the first half of the year, the division’s revenue exceeded €113 million (+14 % compared with the first half of 2024), while EBITDA amounted to €56 million (+10 %), driven by the contribution of the Khi Solar One plant in South Africa and two new facilities in Panama.

The Services division, Service Co, also performed well during the period, with revenue of €385 million, driven mainly by new engineering and transmission-line contracts. The division’s EBITDA reached €25 million and the services backlog rose to €2.698 billion, up 128 %, providing high revenue visibility for the second half of the year and for years to come.

Projects under tender in the water sector

Cox continues to consolidate its leadership in the water sector through key initiatives. For the period 2025-2027, the company has a portfolio of water projects under tender exceeding 3,950,000 m³/day.

Through its strategic alliance with AMEA Power, Cox is promoting desalination and water-treatment projects totalling more than 2 million m³/day in high-growth, water-stressed regions of the Middle East, Asia and Africa.

Specifically in Angola, Togo and Egypt, the company has four projects totalling 550,000 m³/day that are currently in the final stage of negotiation.

In Latin America, Cox is bidding for projects that exceed 1.9 million m³/day of capacity in countries where the company already operates.

Efficiency plan

The company has launched an ambitious efficiency plan aimed at generating €45-50 million in EBITDA between 2025 and 2027, which will have a direct impact on valuation of around €200-300 million. This initiative forms part of its continuous-improvement strategy in operational management, with the aim of strengthening profitability and business sustainability in the medium term.

Financial strength and investment-grade rating

In line with Cox’s commitment to disciplined growth and efficient capital management, the company obtained an investment-grade rating during this period and maintains a solid financial position with a net financial debt/EBITDA ratio of 0.8×.

In July, Cox successfully closed a five-year US $115 million private placement with Allianz. The funds will accelerate the execution of the strategic plan for water and energy infrastructure in the company’s key regions.

During the semester, Cox also deepened its access to sustainable financing through three initiatives:

• Green loan of €30 million granted by CAF (Development Bank of Latin America and the Caribbean), aimed at supporting desalination and solar-hybrid projects.
• €50 million bond issue on the MARF (Alternative Fixed-Income Market), reinforcing Cox’s presence in the Spanish capital markets.
• Green syndicated loan of €32.5 million, structured under the LMA (Loan Market Association) Green Loan Principles, aimed at supporting the asset-rotation strategy and the execution of CAPEX.

Cox continues to build a strong, sustainable and optimised capital structure to support the execution of its integrated water and energy platform in high-growth markets.