Cox ABG Group (COXG) Q2 2025 earnings summary

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 significant international operations.

• EBITDA rose 63% to €82 million, with net profit increasing 71% to €13 million, reflecting operational efficiencies and margin improvements.

• Service segment revenues surged 86% to €385 million, while Asset segment revenues grew 14% to €113 million; backlog reached €2.698 billion (+128% YoY).

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

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

Financial highlights

• Revenues: €498 million (+62% YoY); EBITDA: €82 million (+63% YoY, margin 16%); Net profit: €13 million (+71% YoY); adjusted operating cash flow: €38 million (46% cash conversion).

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

• Backlog increased to €2.698 billion, with new orders in 2025 totaling €1,110 million.

• Total assets at €1,407 million and equity at €301 million as of June 2025.

• Market capitalization at €724 million, share price at €9.30 as of June 2025.

Outlook and guidance

• On track to meet or exceed 2025 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.

• Forecasts average annual revenue growth of 40% over five years, targeting revenues above €3.8 billion and 20% EBITDA margin by 2029.

• Strategic focus on expanding water and energy concessions and growing the renewable energy project portfolio.

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