Cox ABG Group (COXG) H1 2025 earnings summary

Executive summary

• Achieved record revenue of €498 million in H1 2025, up 62% year-over-year, with strong contributions from both Asset and Service divisions.

• EBITDA rose 63% to €82 million, with a 16% margin, and net profit increased 71% to €13 million, reflecting operational efficiencies.

• Services backlog reached €2.7 billion (+128% YoY), supporting future revenue growth and high visibility.

• Expanded asset base with new concessions in Panama, Ecuador, Colombia, and 12 new assets including 11 power plants and a transmission line.

• Maintained investment-grade rating and completed a $115 million private placement with Allianz, enhancing financial flexibility.

Financial highlights

• Revenue: €498 million (+62% YoY); EBITDA: €82 million (+63% YoY, margin 16%); Net profit: €13 million (+71% YoY).

• Adjusted operating cash flow: €38 million; cash conversion over EBITDA: 46%.

• Net financial debt: €144 million; net financial debt/EBITDA: 0.8x; short-term liquidity: €229 million.

• Backlog increased from €1.3 billion to €2.7 billion, on track for €3 billion by year-end.

• Market capitalization at 30 June 2025 was €724 million, with a share price of €9.30.

Outlook and guidance

• On track to meet 2025 targets: revenue of €1.2 billion, EBITDA of €230 million, and net profit above €80 million.

• Efficiency program aims to deliver €45–50 million in EBITDA improvements by 2027.

• High revenue visibility supported by a €2.7 billion backlog and a pipeline of new contracts worth €35 billion.

• Expanding growth opportunities in water and energy, with significant projects under bidding in Latin America, Middle East, and Africa.