- Cox completed the acquisition of Iberdrola Mexico during the first half of the year, significantly increasing its scale and strengthening its position as an operator of critical energy and water infrastructure.
- Including six months of contribution from Mexico, Group revenues reached €1.243 billion in the period, 2.5 times higher than in the same period last year.
Operating profit (EBITDA), including six months of contribution from Mexico, reached approximately €245 million, tripling the figure reported in the first half of 2025 and increasing the EBITDA margin to 20% (compared with 16% in the same period last year).
Asset Co (the infrastructure business) has been consolidated as the Group’s growth and value-creation engine, providing scale, recurring revenues, and cash flow visibility, while Service Co achieved a record backlog of €3.346 billion, 24% higher than a year ago, with margins above 10%.
Operating cash generation, with €129 million in operating cash flow, has become one of the Group’s key financial performance indicators and reinforces its strategy of strict capital allocation discipline and deleveraging, which remains a top priority for the Group.
Madrid, July 28, 2026. Cox has announced its financial results for the first half of 2026, a period marked by the integration of the assets acquired from Iberdrola in Mexico (now Cox Asset Mexico) and continued progress in its strategic transformation toward a business model with a greater weighting of long-term assets. The company closes the first six months of the year with increased scale, greater revenue recurrence, and enhanced cash generation capabilities, further strengthening its unique position in critical energy and water infrastructure.
Group revenues reached €1.243 billion, including six months of contribution from Mexico, representing a 2.5-fold increase compared with the first half of 2025. Similarly, EBITDA rose to €245 million, tripling the previous year’s figure, while the EBITDA margin improved to 20%, compared with 16% one year earlier. In addition, adjusted net income reached €66 million, 5.3 times higher than in the same period of the previous year.
Cox continues to demonstrate the strong cash-generating capacity of its business. Including six months of contribution from Cox Asset Mexico, adjusted operating cash flow reached €129 million, more than tripling the amount generated in the first half of 2025, with a cash conversion rate of 52% of adjusted EBITDA. This result further establishes cash flow as one of the Group’s key performance metrics, supporting a clear path toward deleveraging, disciplined capital allocation, and long-term value creation.
“The first results following the integration of Mexico confirm the strength of our investment thesis and demonstrate the new era we have begun with the new Cox. Today, we operate at a different scale: we are a larger company, with a stronger asset base, greater revenue recurrence, and significantly enhanced cash-generation capabilities. Mexico not only reinforces our leadership in water and energy but also accelerates our transformation toward a more resilient, predictable model that delivers greater value creation for our shareholders,” said Enrique Riquelme, Executive Chairman of Cox.
Increasing Weight of Assets
The company is also accelerating its transition toward a business model with a greater share of concession-based and long-term contracted assets. Asset Co has become the Group’s primary value-creation engine, reporting, including six months of Cox Asset Mexico, revenues of €869 million and adjusted EBITDA of €289 million, representing increases of 7.7 times and 5.1 times, respectively, over the previous year, clearly illustrating the significant increase in business scale.
The integration of Cox Asset Mexico is progressing as planned and confirms the strategic rationale of the transaction. The platform operates 16 assets, with approximately 3.9 GW of installed capacity, 94.1% availability, and contract renewal rates above 99%, consolidating its position as one of the country’s leading private operators and the only vertically integrated one.
During the first half of 2026, the Mexican business generated approximately US$870 million in revenues, an increase of 24% compared with the same period last year, and adjusted EBITDA of US$302 million, up 7%, while energy commercialized reached 10.2 TWh, an increase of 8%.
The acquisition has significantly strengthened Cox’s competitive position in one of its priority markets and increased the proportion of contracted and recurring revenues within the Group, providing greater operational stability, financial visibility, and cash-generation capacity. It has also positioned Cox as one of Mexico’s leading integrated private operators of energy and water infrastructure.
Meanwhile, Service Co reported a backlog of €3.346 billion, up 24% year-on-year, supported by a diversified portfolio and attractive margins above 10%, demonstrating the strength of underlying demand. Operational results were negatively impacted by the international geopolitical environment and delays in the execution of certain projects.
Stable, Long-Term Capital Structure
Just two weeks after completing the acquisition of Iberdrola Mexico, Cox replaced its short-term bridge financing with a stable, long-term financial structure by successfully refinancing the acquisition-related debt in the capital markets. The company issued US$2 billion in bonds, attracting demand more than five times the initial offering size, and secured a US$733 million Term Loan. As a result, its capital structure is now aligned with the long-term nature of the business, significantly reducing short-term financial risk.
Following the refinancing of the debt associated with the acquisition of Cox Asset Mexico, the company now has a stable, long-term capital structure with an average debt maturity of approximately 6.5 years. Net financial debt stood at approximately €3.3 billion, equivalent to a Net Financial Debt/EBITDA ratio of 4.9x.
The company expects to continue advancing its deleveraging process through the strong cash generation of its assets, portfolio optimization and selective asset rotation, a disciplined investment policy, and other initiatives currently under evaluation that will further reduce leverage.
