Cox ABG Group (COXG) Corporate presentation summary

Business overview and strategy

• Vertically integrated utility focused on water and energy, operating in high-growth countries with a strong presence in six core regions.

• Asset Co. manages water concessions, desalination, water treatment, and energy generation (solar, wind, CCGT, BESS, transmission lines).

• Service Co. provides premium engineering and O&M services, enhancing operational synergies and economies of scale.

• Strategic alliances and asset rotation in non-core regions support international diversification and technological breadth.

• Consistent delivery on commitments since IPO, including new assets, efficiency programs, and improved margins.

Financial performance (H1 2025)

• Revenues grew 62% YoY to €498m, driven by Service Co. and asset base expansion; EBITDA rose 63% to €82m with a 16% margin.

• Net profit reached €13m, up from €7m, despite a €9m negative FX impact; adjusted net profit would be €22m.

• Asset Co. revenues were €113m (+14% YoY), with a 50% EBITDA margin; Service Co. revenues €385m (+86% YoY), EBITDA €25m.

• Net debt/EBITDA at 0.9x, with €229m in short-term liquidity and a strong financial position.

• Efficiency program delivered €20m savings by Sep 2025, targeting €45-50m EBITDA improvement over three years.

Water and energy asset highlights

• Water: 3 operating concessions (Morocco, Ghana), 3 awarded (Chile, Angola), and 3,900k m³/day under bidding (2025-27).

• H1 2025 water revenues €40m, EBITDA €22m (55% margin); expected 2025 revenues €70-80m, EBITDA €45-50m.

• Energy: 7 operating generation projects, 3 transmission concessions, 5.5GW pipeline, and 11 new projects awarded in 2025.

• H1 2025 energy revenues €73m, EBITDA €35m (47% margin); expected 2025 revenues €160-170m, EBITDA ~€110m.