Cox ABG Group (COXG) Q4 2024 earnings summary

Executive summary

• 2024 marked a strategic transformation with a reorganization into Asset Co and Service Co, a focus on water and energy, and a successful IPO on the Spanish main market, closing the year with a €755M market cap.

• Revenues grew 21% year-over-year to €702.5M, driven by strong performance in Energy and Water segments and supported by major acquisitions including Khi Solar One and Ibexia Cox Energy Development.

• EBITDA increased 77% to €183M, including €54M in one-off capital gains, and net profit rose 62% to €59M, reflecting operational improvements and one-off gains.

• Service Co. backlog reached €2.23B, up 163% year-over-year, providing strong visibility for 2025.

• The company built a strong backlog and positioned itself for sustained growth in 2025 and beyond.

Financial highlights

• Revenues grew 21% year-over-year to €702.5M; EBITDA increased 77% to €183M, with a 26% margin; net profit rose 62% to €59M.

• Operating cash flow reached €83M, a 45% cash conversion over EBITDA.

• Short-term liquidity stood at €268M at year-end, supported by IPO proceeds.

• Total assets grew to €1,389M from €995M, and equity increased to €332M from €109M year-over-year.

• Net financial debt stood at €62M, with a net debt/EBITDA ratio of 0.3x.

Outlook and guidance

• 2025 targets include revenues surpassing €1.2B, EBITDA above €230M, and net profit over €80M.

• Service Co. backlog expected to exceed €3B, with over €600M in CapEx planned for new assets and concessions.

• Strategic plan targets growth in concession business and expansion of 3.3 GW renewable pipeline.

• Guidance on new water concessions expected by Q3 or early Q4 2025.

• Margin outlook for engineering segment set at 10%, with potential uplift as water projects increase.