Ladies and gentlemen, first of all, we would like to offer a warm welcome to all of you who have joined us today for our 2024 results presentation. We are going to begin with an overview of the results by the top executive team that is with us: Mr. Enrique Riquelme, Executive Chairman, Mr. Nacho Moreno, CEO, and Mr. José Olivé, CFO. Following this, we'll move to the Q&A session. Now, without further delay, I would like to give the floor to Mr. Enrique Riquelme. Thank you very much. Please, Mr. Riquelme.
Good morning, everyone, and thank you very much for joining the Results Presentation. 2024 has been a key year for Cox and one that has set the foundation for what we think will be a very successful history. As such, in 2024, we reorganized and simplified the company into different divisions: the Asset Co and the Service Co, that regnaled the two different businesses and types of risks that the company managed. We also focused the company in the two key activities that we excelled: water and energy. We rebranded the company, embracing the technical heritage. We grew the business, and we said we were going to do. In our Asset Co, we add water and energy assets throughout the year. Two new desalinization plants for close to 500,000 cu m per day, two T lines in Brazil, and a Key Solar One in South Africa.
In our Service Co, we have built a strong and solid backlog, which has supported our growth in 2024 and will support our growth in 2025. Last but definitely not least, we IPOed the company in the Spanish main market. All of these have set the foundation for what will be not only a successful 2025, but a successful next 10 years. We are ready. We have the experience. We have the equity. We have the people. We have done it before. Let me go to the key highlights of 2024: very positive financial results. Revenues grew by 21% to EUR 702 million. EBITDA grew by 77% to EUR 183 million. Net profit grew by 62% to EUR 59 million.
Our business has grown and has done so in a healthy way, as it is shown in our operating cash flow that stood at EUR 83 million, a 45% cash conversion over EBITDA. We're maintaining a healthy capital structure. Gross debt of EUR 364 million, of which 80% is non-recursive debt. Net financial debt is of EUR 62 million. Net financial debt versus EBITDA of 0.3 times. All of the above is on the back of continued growth at the Asset Co. Not only Chile, 500,000 cu m , but also we are solicited and in final stages of 500,000 cu m of new desalinization tenders. We are pursuing additional 1.3 GW of captive energy, which are attached to those projects. Sustained growth of our backlog with our premium services activity.
It stands at EUR 2.2 billion at a healthy margin of 9% on the back of the generation and transmission ways. I will now hand it over to my CFO, José Olivé, who will go into further detail.
Thank you very much, Enrique. Good morning, everyone, and thank you for coming. As Enrique has said, I will go more into detail on the financial information. Some of these numbers have already been shared with you by my Chairman, but let me go into more detail and into them. As you have seen, we have increased our revenue 21% to EUR 702 million versus the EUR 581 million that we had in 2023. This has produced an EBITDA of EUR 183 million, which has an EBITDA margin of 26% versus the 18% that we had last year. This EUR 183 million of EBITDA is due to the better performing of our assets, and also it has included EUR 54 million of one-offs. This EBITDA has given us a net profit of EUR 59 million versus the EUR 36 million that we had last year, which is a 62% increase.
It has also allowed us to have an operating cash flow of EUR 83 million versus the EUR 37 million that we had last year. Also, at the end of 2024, we enjoy a short-term liquidity of EUR 268 million, which is comprised of cash, cash equivalents, and deposits from financial current investments. If we look at our total gross debt, it ended in 2024 at EUR 364 million. Basically, comprised of EUR 200 million from project finance, non-recursive debt, EUR 40 million from corporate debt, which is recursive debt, and EUR 34 million of IFRS 16. Our short-term liquidity instruments, as I mentioned before, stood at EUR 268 million, EUR 50 million of those coming from assets with project finance, EUR 218 million coming from those assets without project finance.
This gives us a total net debt of EUR 96 million, which gives us a net debt to EBITDA ratio of 0.5 times and a net corporate debt versus Adjusted EBITDA of - 1.5 times. If we go one step further and look at our financial net debt, which is our total net debt minus IFRS 16, we come up with a financial net debt of EUR 62 million and a financial net debt to EBITDA of 0.3 times and a financial net corporate debt versus Adjusted EBITDA of - 1.8, giving us a net financial cash position of EUR 178 million. If we look at the gross debt evolution, as you can see, in 2023, we finalized the year with EUR 280 million. In 2024, we have finalized the year at EUR 364 million.
This is basically due to the incorporation into the perimeter of Key Solar One, which has added EUR 90 million of project finance debt. As you can see in the breakout of the maturity of the project finance debt, in 2025, we have maturities of EUR 83.6 million. I would like to point out here that EUR 52 million of those are originated from the refinancing of EUR 32 million of Argana projects and the final payment of the project finance of SPP1 of EUR 20 million, after which that project will be free of debt. Further onwards, as you can see, until 2029, which is when the Key Solar One project finance matures, we have similar maturities around the EUR 20 million, slightly above. From then onwards, we are just basically left with the project finance of Agadir, giving us a very lenient maturity schedule.
With no further ado, I will pass it on to my CEO, Nacho Moreno.
Thank you very much, José. Good morning again to everyone. Let me go in further detail through our Asset Co and Service Co divisions. If we were to turn to page 14, we intend to give you a snapshot of something that our Chairman mentioned at the beginning. Not only have we been able to better operate, better manage what we had at the beginning of the year, but we have been able to further increase the number of assets in water, transmission lines, and generation, energy generation that we are managing. We have been able to add two water assets in Chile, one generation asset in South Africa, which is Key Solar One, which has been well talked through, and two T lines in Brazil, which I think we have mentioned before.
Jumping on to the following slide and going into further detail on the financial highlights. As you will see, Asset Co delivered a 33% uptick on its revenues, up to EUR 232 million. That was mainly on the back of a better performance of each one of the assets that were managed. In terms of EBITDA, that turned out to EUR 134 million, which is up 28% as margins are more or less stable, anywhere around 58%-60%. Clearly, what business shows is that we enjoy very solid and stable margins, very predictable revenues and EBITDA, and quite a decent split between water and energy assets. If we turn to the following page, you will see the performance of each water and energy asset.
Worth noting in this slide, the Key Solar One asset that we recently added, which stands only for one month that we've been able to consolidate, which is the month of December. Going forward, that asset is predicted to turn into or to bring around EUR 20 million-EUR 23 million of EBITDA on a constant basis. Last, with regard to Asset Co, but not least, let me talk a bit about what do we intend to do further. As our Chairman mentioned at the beginning of the presentation, we intend to be committing to more than EUR 600 million of CapEx throughout our eight key strategic regions. That CapEx should translate into 80% project finance and 20% equity. That equity will be funded either through proper equity or cash, organic or inorganic cash, as you may have heard me throughout the IPO process a few months ago.
What IRR are we looking for when investing in Asset Co in these types of assets? Again, very consistent with what we said at IPO, 500 basis points above WACC for water assets and anywhere between 200 and 300 basis points above WACC for both transmission and generation, respectively. 200 basis points for transmission, 300 basis points for generation. Turning on to the Service Co division, clearly, Service Co has delivered a much better performance than what we initially expected on the back of a very strong backlog of EUR 2.23 billion, which compares very positively to the EUR 769 million at the end of 2023. That translates into EUR 471 million of revenues, which is up 16% vis-à-vis 2023, and EUR 49 million of EBITDA, which is well above what we delivered back in 2023 or at the end of 2023.
As I said, these positive results are on the back of an improved backlog and definitely the bankability on the back of a further bankability of the group, i.e., we have much better access to financial guarantees, which at the end of the day allow us to contract more engineering and O&M services, and hence increasing our backlog and hence executing and delivering better revenues and better EBITDA. In fact, in page 20, you will see a good detail about the evolution of our backlog since December 2023. You can witness the comparison between the EUR 769 million that I've mentioned at the end of 2023 and the EUR 2.23 billion that I alluded to at the end of 2024.
Going into the closing remarks, I mean, most of which have already been mentioned by my Chairman, but allow me to maybe highlight a few of what I consider to be the key considerations. Clearly, 2024 has been somehow of a key strategic year for the company and one that has set, as my Chairman said, the foundation of not only 2025, but the years to come. We've simplified the company, focused on water energy, reorganized the company mainly by the different businesses that we perform and the different risks that we bear. We've secured new assets, as I said when describing Asset Co, two water assets, two T lines, and Key Solar One on the generation front. We've built a very strong backlog pipeline and, sorry, backlog, and we've successfully executed an IPO in a very tough market environment.
That allows us to look at not only 2025, but the years to come with extremely optimism. In the following page, just a reminder, a quick reminder of the results that my CFO has mentioned in detail. EUR 232 million revenues on the Asset Co, up 33%. EUR 471 million revenues in the Service Co, up 16%. That totals EUR 702 million revenues at Group Co, up 21% from 2023. EBITDA-wise, EUR 134 million coming from the Asset Co, that's up 28%. EUR 49 million coming from Service Co, more than six times what we did last year. That totals EUR 183 million at Group Co, up 77%. Worth noting, EBITDA margin at Group Co is 26%, and that's composed of 58% at Asset Co and 10% at Service Co. Net profit stood at EUR 59 million, up 62% on a year-on-year basis.
More importantly than anything to me, not only have we got short-term liquidity instruments of EUR 268 million, as my CFO mentioned, but very importantly, the adjusted operating cash flow stood at EUR 83 million, which is. That gives us a 45% cash conversion over EBITDA. In terms of capital structure, extremely healthy. 80% of the existing EUR 364 million gross debt is project finance. 20% is corporate debt or recursive debt. Key ratios that you guys should bear in mind, should keep in mind. Financial net debt to EBITDA stands at 0.3 at the end of the year and equals to EUR 62 million. Financial net recursive debt on net corporate debt is negative. We enjoy a EUR 178 million cash position or - 1.8 times EBITDA.
More importantly, from an operating perspective going forward, we've grown our Asset Co assets to water assets in Chile, two T lines, and Key Solar One on the generation front. Our backlog stands at a very healthy level of more than EUR 2.2 billion, which is more than one and a half times what it was at the end of 2023. In this year, and I'll finish with this metric, we've been able to close over 50 contracts. That talks a bit about the contracted services performance over the last 12 months. With no further delay, I will hand it on to my Chairman, Mr. Enrique Riquelme, to finish up the presentation.
Thank you very much, Nacho. These results place Cox in the strongest position to accelerate growth in the coming years. Our 2025 targets reaffirm our commitment to sustained growth, operational excellence, and financial strength. In 2025, we anticipate achieving substantial revenue growth, surpassing EUR 1.2 billion. We expect EBITDA to exceed EUR 230 million and net profit to surpass EUR 80 million. With a solid capital structure and continued expansion in both our assets and services businesses, we are well positioned to achieve our ambition and business goals. Our growing services backlog is set to exceed EUR 3 billion, and we are committed to a CapEx investment of over EUR 600 million in a new assets and concession that will bring further recurrent EBITDA. I am incredibly proud of what we have built in 2024 and the history we continue to write every day. We are not just delivering results.
We are creating sustainable prosperity and a better society where water and energy remain the fundamental pillars for generations to come. We remain focused on execution, innovation, and delivering long-term value to our stakeholders. Thank you very much. We are now happy to take any question you may have.
Thank you very much, Enrique. Let's now move on to some of the questions we have received through the platform. First one, when can we expect updates on new water concessions?
Thank you very much, Meritxell, and thank you all for connecting to the results presentation, to the 2024 results presentation. In terms of timing, clearly, I think all the processes, you know, this can be somehow unpredictable, but we expect to be able to provide guidance to the market during Q3 and no later than beginning of Q4. In terms of visibility over specific assets, as I think we mentioned in the presentation, I think we're at the very last stage, call it later stages, call it last stages of different processes which result in more than 500,000 cu m per day. From a geographical perspective, these are, as you would guess, located in our strategic regions, call it Morocco, call it Spain, call it Chile, call it Mexico, and call it Egypt mainly. Bottom line, Q3, no later than beginning of Q4, what should you guys expect?
Visibility over more than 500,000 cu m per day.
Thank you very much, Nacho. Let's go to the next question we've got in the platform. What is the margin outlook for the engineering segment?
Thank you, Meritxell. As you may see in the presentation, or may have seen in the presentation, our input is, or our expectation is of a 10% margin. Let's all bear in mind that the more water or the more weight that we get in water projects, the higher that margin is going to be. When looking at the margin, you should bear in mind, and allow me to be a bit repetitive here from the IPO process, you should bear in mind that when we bought the productive units and we integrated everything, we got rid of the C part of the EPC. That's why you've all heard me before talking about an EP rather than anything else.
Now, getting rid of that C part had an impact, obviously, on revenues, but had a positive impact on margins, whilst at the same time, it allowed us to reduce risks. That results in a higher margin, hence the 10%. As we start inputting water projects into the system, into the equation, that margin starts growing. Bottom line, expect an uplift on that 10%. The model is done at 10%, but you should, guys, you should expect an update, sorry, an uplift on that 10% as we start getting water projects or more water projects into the situation.
Thank you, Nacho. Next question is regarding 2025 targets. How confident are you in achieving them?
I think we've somehow been a bit disruptive in being specific on the 2025 margins, but you should allow us to do so because we feel extremely confident about what we've put on paper. I mean, let's just start with our asset company. Our asset company is extremely predictable and recurrent. And we envisage certainly EUR 250 million revenues, at least, as we said in the papers, and that should translate in EUR 150 million of EBITDA. When talking about our Service Co division, and if you look at the backlog, we're talking about in excess of EUR 2.2 billion.
If you think that that EUR 2.2 billion more or less covered two times a year of EUR 1.1 billion of revenues, and applying the same margin of 10%, you come to a conclusion that we should be delivering, or we're comfortable in saying that we will be delivering an EBITDA above the EUR 230 million that we mentioned over there. Answering your question, quite comfortable, and that's why we've been a bit disruptive.
Next question is regarding the EUR 54 million included in capital gains, included in the EBITDA. Could you provide more details? Will they be fully realizing cash at some point?
Okay, let me give you a detail on the EUR 54 million capital gains, as I think that's somehow the elephant in the room. Out of those EUR 54 million capital gains, EUR 25 million coming from Brazil should translate into cash. That is cash. In fact, you guys have seen a 31 number being thrown. That 31 number already showed that's 25, not 31, and that is because the EUR 6 million difference has already been realized in cash. EUR 25 million should become cash. The EUR 20 million that come from the Key Solar One, you guys should take into consideration that that translates into recurrent EBITDA of around anywhere between EUR 23 million-EUR 25 million coming over the next few years or up until the maturity of the concession. EUR 25 million will be cash realized.
20 million of Key Solar One will be translated into EUR 23 million of EBITDA over the forthcoming years.
Which are the expected debt levels by year-end?
We will always abide by our target or our commitment of one times underneath or below one times net adjusted debt over Adjusted EBITDA. I mean, that is a hard commitment that my Chairman has undertaken, and it's a hard commitment that the company has undertaken. We will always abide by it.
Next question is regarding the backlog, Services Backlog. How is Services Backlog evolving in 2025? What trends have you observed in this first part of the year?
In order to answer this question, allow me to take a bit of hindsight and take a step back and a bit of hindsight of what we've delivered so far. 2023, as you may have seen in the presentation, EUR 769 million of backlog. 2024, EUR 2.23 billion of backlog. 2025, our contracted capacity or contracted record is quite on track in order to keep on increasing that backlog. We've not noticed any trend that should indicate otherwise. I think over here, what we're telling the market, what we're showing to the market is that we're over-delivering in terms of achieving backlog. The margin on which we achieve that backlog or upon which we achieve that backlog is quite healthy, quite solid and sustainable, and we will continue doing so. We have not seen any trend that would tell us otherwise, and we're totally confident upon our capability.
The last question we've received through the platform is the next one. Are you considering share buyback or potential shareholder distribution to provide more liquidity?
Clearly, the liquidity of the share is something that is of the utmost concern for, I think, my Chairman and every one of ourselves. We are working on different alternatives within the market abuse directive that would enable us to increase liquidity. We are not expecting any shareholder distribution to provide more liquidity, but bear with me, we are looking into every single alternative and every single tool that we have to increase the liquidity on the share because we totally acknowledge it is not only not ideal, but less than ideal.
Thank you very much, Nacho. We have no more questions today. Let me please give the floor to Mr. Riquelme to conclude this event.
Thank you very much for taking part of this conference. My team will be available for any additional information you may require. Thank you very much and see you soon.