Cox

Investor kit

Vertically integrated utility with
innovative solutions around
water and energy

We are world leaders in the development and management of water resources. 

A leading figure in energy generation and transmission.

Key Financial information

Revenues - FY 2023
c.€ 0 m
EBITDA - FY 2023
c.€ 0 m
EBITDA Margin - FY 2023
c 0 %
Net Debt / EVITDA FY 20213
0 x
Adj. Net Debt /
Adj. EBITDA FY 2023
( 0 x)

Key Investment Highlights

Experienced
Water Operator

Transmission & International Renewables Player

Premium Engineering Capabilities

Benefiting from

Financial Profile Positioned to Capture Growth

Our strategic focus

1. Strategy

Vertically integrated utility across renewable technologies in fast growing markets

Focus on build-to-own strategy across water and energy

2. EBITDA

3. Capital Structure

Financial Profile Positioned
to Capture Growth

Corporate presentation
& quarterly results

Note: Abengoa S.A.’s productive units have only been consolidated within the Company’s results since the date on which the acquisition took effect pursuant to the terms of the Share Purchase Agreement (April 18, 2023). Therefore, the Group’s consolidated statement of income and the Group’s consolidated statement of cash flows for the year ended December 31, 2023 include (i) twelve months of operations of the Company and (ii) approximately nine month of operations of the Abengoa productive units.    1) EBITDA is an APM calculated as the sum of Operating profit and Amortization and charges due to impairments, provisions and amortizations. EBITDA excluding corporate costs (-€11m).    2) Adjusted operating cash flow is an APM calculated as EBITDA less changes in working capital, capital expenditures and taxes.  3) Debt with recourse sitting at corporate level, composed of debt with credit institutions and lease liabilities.     4) Debt without recourse sitting on the 2 water concessions and SPP1 energy Project.    5) Net Debt/EBITDA is an APM calculated as Net Debt defined as the sum of the Group’s Debt with credit institutions and others and Project finance debt minus Cash and cash equivalents) divided by EBITDA.     6) Adj. Net Debt/ Adj. EBITDA is an APM calculated as Adjusted Net Debt (comprised of debts with credit institutions, plus lease liabilities and other financial liabilities, less cash and cash equivalents) divided by Adjusted EBITDA (comprised of EBITDA excluding concessions).   7) €103m reported EBITDA includes corporate and other costs (-€11m). EBITDA split by business unit is calculated over EBITDA excluding corporate costs (€114m).   8) Calculated as EBITDA contribution of Agadir’s two water concessions and Brazil bioenergy project, all divided by Group EBITDA excluding corporate costs.   9) Normalized Cash Flow Conversion is an APM calculated as Adjusted Operating Cash Flow minus one-off working capital expenses pertaining to the Centro Morelos, Dewa, Agadir, Salalah, Rabigh and Taweelah projects. These one-off working capital expenses pertain to expenses incurred prior to the acquisition of Abengoa S.A.’s productive units.

Experienced water operator

  • Growth potential underpinned by critical population needs and narrow competitive landscape
  • Top-3 player in desalination
  • Three long-term cash flow generative concessions with attractive project terms
  • >55 years of track record
  • Global reference in the construction of water infrastructure and treatment plants with over 253 project certificates
  • >20 sector awards

Renewable energy player

  • Extensive track record developing energy projects (generation and transmission)
  • 3.6 GW renewables pipeline across fast growing markets
  • Build-to-own strategy (6 generation projects and 2 awarded concessions in transmission) paired with asset rotation in more mature markets
  • Diversified technologies (PV, CSP, Bioenergy, self-consumption)

Premium engineering capabilities

  • Premium industrial engineering brand recognized by clients with international certifications in a variety of technologies
  • Focus on value added engineering provides the company with access to projects with higher EBITDA margins
  • Sizeable addressable market for company projects and for third parties across technologies and geographies

Synergistic set up

  • Cox is a vertically and horizontally utility of water and energy concessions
  • In addition to the water and energy businesses, Cox also provides services including engineering, procurement and O&M, which allow the Company’s business model to encompass the entire water and energy value chains
  • Cox’s activities in the water and energy divisions are synergetic
  • Securing water concessions unlocks multiple value creation opportunities in the energy division
  • This model (Energy Follows Water, is a key pillar of the company’s strategy)

Financial profile positioned to capture growth

  • Strong profitability and free cash flow generation with €103m EBITDA and €37m adjusted operating cash flow in 2023
  • In H1 2024, the company released revenues of € 306 m (+€196m vs H12023); €81m EBITDA (+€24m vs H12023) and delivered a strong increase services contract backlog reaching €1.6bn with a EBITDA margin of 11.7%
  • Disciplined project selection to deliver profitable growth whilst minimizing risk profile
  • Conservative capital structure targeting <1.0x recourse net debt

Highly experienced team

  • Committed management team with vision and experience managing a multinational organization
  • Spain-based organization with on-the-ground diversified operations across Europe, Americas, Middle East and Africa
  • Agile and centralised decision making complemented with local presence and regional execution

2023 Key Financial Highlights

Cash Flow Conversion (€m)

Capital Structure

Líder en el sector de agua

  • Cox es un referente mundial en el desarrollo, gestión y mantenimiento de infraestructuras de agua y plantas de tratamiento de agua con más de 253 certificaciones
  • Un operador de agua con más de 55 años de experiencia y posición de liderazgo
  • Top 3 a nivel global en desalación según la Global Water Intelligence (GWI)
  • Más de 20 galardones de distintas organizaciones de la industria
  • Tres concesiones en operación