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Cox ABG Group (COXG) investor relations material

Cox ABG Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Achieved record H1 2025 revenues of €498 million, up 62% year-over-year, with strong contributions from both Asset and Service segments and 76% of sales from outside Spain.

  • EBITDA rose 63% to €82 million, with net profit increasing 71% to €13 million, reflecting operational efficiencies and margin improvements, though impacted by higher financial expenses and currency effects.

  • Service segment revenues surged 86% to €385 million, while Asset segment revenues grew 14% to €113 million; services backlog reached €2.7 billion (+128% YoY).

  • Launched a 3-year transformation/efficiency program targeting €45–50 million EBITDA improvement by 2027.

  • Maintained investment grade rating, enhanced financial flexibility with new financing, including a €115 million private placement.

Financial highlights

  • Revenue reached €498 million (+62% YoY); EBITDA: €82 million (+63% YoY, margin 16%); Net profit: €13 million (+71% YoY).

  • Adjusted operating cash flow: €38 million; cash conversion over EBITDA: 46%.

  • Financial net debt: €144 million; net debt/EBITDA: 0.8x; short-term liquidity: €229 million.

  • Service backlog increased to €2.7 billion, with new contract awards of €1.1 billion in H1 2025.

  • H1 2024 figures exclude €31 million one-off from Brazil; negative FX impact of €9 million in H1 2025.

Outlook and guidance

  • On track to meet full-year revenue guidance above €1.2 billion and EBITDA over €230 million.

  • Backlog projected to surpass €3 billion; financial net debt/EBITDA targeted below 1.0x.

  • Management expects average annual revenue growth of 40% over the next five years, targeting over €3.8 billion in revenue and a 20% EBITDA margin by 2029.

  • Expanding growth opportunities in water and energy, with significant projects under bidding in LATAM, Middle East, and Africa.

  • No significant working capital needs or changes in net debt expected for H2.

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Frequently asked questions

Cox ABG Group S.A. is a Luxembourg-based company engaged in investment and asset management activities across various sectors. The company focuses on acquiring, managing, and developing businesses and assets in industries such as real estate, technology, and industrial services. Its operations include strategic investment planning, portfolio oversight, and financial structuring aimed at long-term value generation. Cox ABG Group serves both institutional and private investors through its diversified investment approach. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the Börse Frankfurt.

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