Cox Energy América (COXA) Q2 2026 earnings summary

Executive summary

• Completed a major corporate restructuring, consolidating all Mexican operations and divesting international subsidiaries through carve-out and carve-in transactions effective June 30, 2026.

• Acquired Iberdrola México, significantly expanding asset base and operational scope in Mexico.

• Financial statements reflect the new perimeter, with results for the first half of 2026 excluding the newly incorporated entities' results.

Financial highlights

• Total revenues for 6M 2026 were $3,947 million, down 22.5% year-over-year.

• EBITDA for 6M 2026 was $851 million, a 27.4% decrease compared to 6M 2025.

• Net loss for 6M 2026 was $472 million, compared to a net profit of $244 million in 6M 2025.

• Administrative expenses increased 12% year-over-year to $682 million.

• Financial expenses rose 57.8% to $453 million, with a significant FX loss due to the carve-out of foreign subsidiaries.

Outlook and guidance

• Management aims to maximize value by consolidating Mexican operations and leveraging the expanded asset base post-acquisition.

• Focus on operational efficiency, internal control, and access to diversified capital sources.