Cox ABG Group (COXG) H2 2024 earnings summary

Executive summary

• Revenue grew 21% year-over-year to €702–702.5 million, driven by strong performance in both Asset Co. and Service Co., and major acquisitions in water and energy assets across Chile, Brazil, and South Africa.

• EBITDA increased 77% to €183 million, supported by capital gains and improved operating concessions.

• Net profit rose 62% to €59 million, with €42.2 million attributable to the parent, reflecting operational improvements and one-off gains.

• Service Co. backlog reached €2.23 billion, up 163% year-over-year, providing strong visibility for 2025.

• The company completed a successful IPO on the Spanish main market, debuting in November 2024 and closing the year with a €755 million market cap.

Financial highlights

• EBITDA margin was 26% at Group level; Asset Co. margin at 58–60%, Service Co. at 10%.

• Operating cash flow reached €83 million, with a 45% EBITDA-to-cash flow conversion ratio.

• Gross debt stood at €364 million, with 80% as project finance and 20% as corporate debt.

• Net financial debt at €62 million, with a net financial debt/EBITDA ratio of 0.3x.

• Short-term liquidity exceeded €268 million at year-end.

Outlook and guidance

• 2025 targets include revenue surpassing €1.2 billion, EBITDA above €230 million, and net profit over €80 million.

• Services backlog expected to exceed €3 billion, with over €600 million in CAPEX planned for new water and energy assets.

• Net financial debt/EBITDA ratio expected to remain below 1x.

• Guidance on new water concessions expected by Q3 or early Q4 2025.

• Margin outlook for engineering segment set at 10%, with potential uplift as water projects increase.