Cox ABG Group (COXG) H2 2025 earnings summary

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 Asset Co. and Service Co., with operational improvements and a focus on six strategic regions.

• Landmark acquisition of Iberdrola Mexico approved, expected to close March 2026, set to more than triple EBITDA and enhance cash flow visibility.

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 from €59 million in 2024 (+16% YoY).

• Backlog grew 43% year-over-year to €3,189 million, quadrupled 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.

• Service Co. 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 Mexico acquisition, expected March 2026.

• Pro forma leverage post-acquisition not expected to exceed 3.5x net debt to EBITDA.