Cox ABG Group
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Cox ABG Group (COXG) investor relations material

Cox ABG Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record financial results in 2025 with revenues of €1,140 million (+62% YoY), EBITDA of €225 million (+23% YoY), and net profit of €69 million (+16% YoY), consolidating the operating model and delivering on all commitments to stakeholders.

  • Significant growth driven by AssetCo and ServiceCo, with a focus on six strategic regions and operational improvements.

  • Acquisition of Iberdrola México approved, expected to more than triple pro forma EBITDA and enhance cash flow visibility, with closing anticipated in March 2026.

Financial highlights

  • Revenues increased 62% year-over-year to €1,140 million, nearly double 2023 levels.

  • EBITDA rose 23% year-over-year to €225 million, with margin improving to 20%.

  • Adjusted operating cash flow up 53% year-over-year to €127 million, with cash flow conversion at 56%.

  • Net profit reached €69 million, up 16% from 2024.

  • Backlog grew 43% year-over-year to €3,189 million, quadrupling since 2023.

Outlook and guidance

  • Pro forma revenues post-acquisition expected above €2,551 million, EBITDA close to €786 million, and adjusted operating cash flow near €600 million.

  • ServiceCo revenues and backlog expected to continue increasing, supported by a €3,189 million backlog.

  • Efficiency program to deliver €30–40 million net savings in 2026.

  • No delays anticipated in closing the Iberdrola México acquisition, expected March 2026.

  • Positioned for a 2026–2028 investment plan with a robust balance sheet.

Iberdrola México organic growth plan details
Reconcile leverage policy with post-acquisition debt
Future AssetCo growth beyond Iberdrola Mexico?
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Frequently asked questions

Cox ABG Group S.A. is a Luxembourg-based company engaged in investment and asset management activities across various sectors. The company focuses on acquiring, managing, and developing businesses and assets in industries such as real estate, technology, and industrial services. Its operations include strategic investment planning, portfolio oversight, and financial structuring aimed at long-term value generation. Cox ABG Group serves both institutional and private investors through its diversified investment approach. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the Börse Frankfurt.

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