Cox has presented its results for the first half of 2026, a period marked by the integration of the assets acquired from Iberdrola in Mexico (now Cox Asset Mexico) and by the progress of its strategic transformation toward a model with a greater emphasis on long-term assets. The company thus closes the first six months of the year with greater scale, more recurring revenue, and a strengthened cash generation capacity, reinforcing its competitive position in critical energy and water infrastructure.
The Group's revenue reached €1.243 billion, including six months in Mexico, representing a 2.5-fold increase compared to the first half of 2015. Similarly, EBITDA rose to €245 million, tripling the figure for the previous year, while the EBITDA margin improved to 20%, compared to 16% a year earlier. Furthermore, adjusted net income stood at €66 million, 5.3 times higher than that recorded in the same period of the previous year.
Cox demonstrates the strong cash generation capabilities of its business. With six months of Cox Asset Mexico's adjusted operating cash flow reaching €129 million, more than tripling the figure for the first half of 2025, representing a 52% conversion rate to adjusted EBITDA. This result consolidates cash flow as one of the Group's key performance metrics and supports a clear path of deleveraging, disciplined capital allocation, and long-term value creation.
“The initial results following the integration of Mexico confirm the strength of our investment thesis and demonstrate the new era we have begun with the new Cox. Today we have a new dimension: we are a larger company with a stronger asset base, more recurring revenue, and significantly enhanced cash generation capacity. Mexico not only reinforces our leadership in water and energy but also accelerates our transformation toward a more resilient, predictable model that creates greater value for our shareholders,” said Enrique Riquelme, CEO of Cox.
Greater weight of assets
The company is also accelerating its transition to a model with a greater emphasis on concessionary and long-term leased assets. Asset Co is consolidating its position as the Group's main driver of value creation, with Cox Asset Mexico reporting revenues of €869 million and adjusted EBITDA of €289 million in the first six months, representing increases of 7.7 and 5.1 times, respectively, compared to the previous year, clearly demonstrating the business's significant growth in scale.
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The integration of Cox Asset Mexico is progressing as planned and confirms the strategic fundamentals of the operation. The platform has 16 operating assets, approximately 3.9 GW of installed capacity, 94.1% availability, and contract renewal rates exceeding 99%, solidifying its position as one of the country's leading private operators and the only one with vertical integration. In the first half of 2026, the Mexican company recorded revenues of US$870 million, a 24% increase compared to the same period of the previous year, and adjusted EBITDA of US$302 million, a 7% increase, while energy traded reached 10.2 TWh, an 8% increase.
The acquisition has significantly strengthened Cox's competitive position in one of its priority markets and increased the weight of contracted and recurring revenues within the Group, providing greater operational stability, financial visibility and cash generation capacity, while also becoming one of the leading integrated private operators of energy and water infrastructure in Mexico.
Service Co, for its part, has recorded an order backlog of €3.346 billion, 24% higher than a year ago, supported by a diversified portfolio and attractive margins above 10%, demonstrating the strength of underlying demand. Operating results have been negatively impacted by the international geopolitical situation and delays in the execution of some projects.
Stable, long-term capital structure
Just two weeks after closing the acquisition of Iberdrola México, Cox moved beyond short-term bridge financing to a stable, long-term financial structure, successfully refinancing the initial debt in the capital markets. The company issued $2 billion in bonds, with demand five times the initial offering, and secured a $733 million term loan . This aligned the capital structure with the business, significantly reducing short-term financial risk.
Following the completion of the debt refinancing associated with the acquisition of Cox Asset México, the company has a stable, long-term capital structure, with an average debt maturity of approximately 6.5 years. Net financial debt amounted to approximately €3.3 billion, equivalent to a Net Financial Debt/EBITDA ratio of 4.9x. The company expects to continue its deleveraging process by leveraging strong cash flow generation from its assets, selective portfolio optimization and rotation, and a disciplined investment policy, in addition to other avenues the company is exploring to reduce leverage.