Spain · Delayed Price · Currency is EUR Cox Infrastructure Group Earnings Call Transcripts
Fiscal Year 2026
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The group completed a transformational acquisition, shifting to a contracted Asset Co model with pro forma H1 revenue up 2.5x and EBITDA up 3x year-over-year. Leverage remains elevated at 4.9x net debt/EBITDA, with deleveraging a top priority, supported by strong cash flow and potential asset rotation.
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Acquisition of Mexico's only integrated utility platform brings stable, predictable cash flows and transforms the company’s scale and market position. Financing was secured through oversubscribed U.S. bonds and strategic equity partners, with a clear path to deleveraging and investment grade status.
Fiscal Year 2025
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Record 2025 results with 62% revenue growth, 23% higher EBITDA, and a major Iberdrola México acquisition set to triple EBITDA and boost cash flow. Leverage remains disciplined, with pro forma net debt/EBITDA not expected above 3.5x.
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H1 2025 saw revenue up 62% to nearly EUR 500 million and EBITDA up 63% to EUR 82 million, with a record EUR 2.7 billion backlog and strong liquidity. The company is on track to meet full-year guidance, supported by robust asset and service core growth, and a major efficiency program.
Fiscal Year 2024
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2024 saw 21% revenue growth, 77% EBITDA growth (including EUR 54M one-offs), and a 62% rise in net profit, driven by asset expansion and a strong services backlog. 2025 targets include over EUR 1.2B in revenue and EUR 230M+ EBITDA, with robust liquidity and a healthy capital structure.