Cox ABG Group (COXG) H1 2026 earnings summary

Executive summary

• Completed the acquisition of Iberdrola México (now Cox Asset México), transforming the group’s scale and earnings profile, and establishing a leading position in energy and water infrastructure with 16–27 assets and 3.9 GW generation capacity.

• Transitioned to an Asset Co model focused on long-term, contracted, cash flow-generating assets, with Service Co maintaining a robust backlog despite project delays from geopolitical volatility.

• Integration of Mexican assets effective from April 2026, with international operations accounting for over 90% of total sales.

• Service Co faced a challenging first half but increased backlog by 24% year-over-year to €3.34 billion at an 11% margin.

Financial highlights

• Pro forma H1 2026 revenue reached €1.243 billion, up 2.5x year-over-year; adjusted EBITDA €245 million, up 3x; EBITDA margin improved to 20% from 16%.

• Reported H1 revenue was €884–894 million, adjusted EBITDA €94 million, and adjusted net loss €42 million to net profit of €66 million, reflecting only two months of Mexico and transaction-related financing effects.

• Operating cash flow rose to €129 million, more than tripling year-over-year, with cash conversion rates of 44–52%.

• Net financial debt increased to approximately €3.3 billion, with net debt/EBITDA at 4.9x and average debt maturity extended to 6.5 years.

• Service Co revenues declined 3% year-over-year to €374 million, with EBITDA impacted by cost inflation and project delays.

Outlook and guidance

• Focus on execution, backlog conversion, cost absorption, margin recovery, and rapid deleveraging through strong cash generation and disciplined capital allocation.

• No specific full-year 2026 guidance provided for EBITDA or net income.

• Growth to be concentrated in six key regions: Mexico, Central Arc, Chile, Brazil, Africa & Middle East, and Spain.