Cox ABG Group (COXG) Corporate Presentation summary

Business overview and strategy

• Vertically integrated utility operating across water and energy value chains, with a focus on concessions and premium engineering capabilities.

• Operates in 8 strategic regions, including Americas, Europe, Middle East, and Africa, with a diversified portfolio in both water and energy sectors.

• Business model leverages synergies between water and energy, optimizing project returns and enabling sustainable infrastructure development.

• Strong track record with over 55 years of experience, 253 project certificates, and a top-4 global position in desalination.

• Strategic partnership with AMEA Power to accelerate water and energy projects in the Middle East and Africa.

Asset Co. performance: water and energy

• Water segment delivered €75.5m revenues and €45.1m EBITDA in 2024, with 945k m³/day desalination capacity and three main concessions in Morocco and Ghana.

• Two new desalination projects in Chile (485,000 m³/day) to supply mining and agriculture, with phased commissioning through 2026.

• Energy segment generated €156.6m revenues and €88.9m EBITDA in 2024, with 6 generation assets and 2 awarded transmission concessions.

• Generation portfolio includes solar PV, solar thermal, bioenergy, and transmission lines in Chile, Brazil, Algeria, and South Africa.

• Integrated approach maximizes project returns, with water projects yielding WACC +500bps and energy generation WACC +300bps.

Service Co. performance and growth

• Service Co. focuses on engineering, procurement, and O&M, outsourcing construction except for transmission projects.

• Identified over €108bn in engineering and O&M opportunities, with a strong presence in water and energy infrastructure.

• Services backlog grew from €769m to €2,230m in 2024, providing strong visibility for 2025.

• Contracts signed in 2024 totaled €2.0bn, with a blended EBITDA margin of 9% and significant exposure in LATAM and the Middle East.

• Service Co. revenues reached €471m in 2024, up 16% year-over-year, driven by improved backlog and financial guarantees.