Cox Accelerates Transformation: A New Dimension in Water and Energy

Cox is embarking on a new phase of business evolution, marked by a more consolidated international presence and a robust asset base, with a strategy focused on long-term value creation. This transformation is significantly bolstered by the integration of assets acquired from Iberdrola in Mexico, a $4 billion deal that has substantially expanded the group's scale and solidified its standing as a critical operator in water and energy infrastructure.

The expansion of its Mexican operations aligns with Cox's strategy of combining long-term assets with its own industrial capabilities to design, build, and operate in high-growth markets. Following the integration, Cox reported a tripling of its operating profit to $282 million in the first half of the year. Group revenues reached $1.431 billion, a 2.5-fold increase compared to the same period last year.

Enrique Riquelme, executive president of Cox, highlighted the company's significant scaling in 2026. "The initial results after the integration of Mexico confirm the solidity of our investment thesis and show the new era we have begun with the new Cox," Riquelme stated. "Today we have a new dimension: we are a larger-scale company, with a more solid asset base, greater revenue recurrence, and a significantly strengthened cash generation capacity. Mexico not only reinforces our leadership in water and energy but also accelerates our transformation towards a more resilient, predictable model with greater value creation for our shareholders."

The transformation extends beyond quantitative growth, reshaping the nature of the business itself. Cox has increased the proportion of concession assets and long-term contracts within its operations, moving towards a more stable, predictable, and resilient model against economic cycles. This shift is primarily driven by Asset Co, the division housing the group's infrastructure assets, which has become the main engine of growth. The Mexican acquisition has significantly expanded the operational energy asset base and recurring revenue volume, further enhancing the company's cash generation capabilities. Cox's platform in Mexico now includes 15 plants with approximately 3.9 GW of capacity (owned and contracted), a 94.1% availability rate, and contract renewal rates exceeding 99%.

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The initial results after the integration of Mexico confirm the solidity of our investment thesis and show the new era we have begun with the new Cox. Today we have a new dimension: we are a larger-scale company, with a more solid asset base, greater revenue recurrence, and a significantly strengthened cash generation capacity. Mexico not only reinforces our leadership in water and energy but also accelerates our transformation towards a more resilient, predictable model with greater value creation for our shareholders.