Half Year 2025 Cox Abg Group SA Earnings Call Transcript
Key Points
- COX ABG Group SA (XMAD:COXG) achieved a record-high service backlog of nearly EUR 3 billion with a contracting margin of 10%.
- The company has expanded its management and ownership of water and energy infrastructure assets, including 11 new concessions in Panama, Ecuador, and Colombia.
- COX ABG Group SA successfully completed a private placement with Allianz, enhancing its investment-grade rating and financial partnerships.
- The company reported a significant revenue increase of 62% to nearly EUR 500 million in the first half of 2025, compared to the same period in 2024.
- COX ABG Group SA maintained a healthy financial net debt to EBITDA ratio below one, demonstrating strong financial discipline.
- The company experienced a decrease in EBITDA from its water assets due to seasonality, impacting overall performance.
- There was a negative impact of EUR 9 million from foreign exchange fluctuations, affecting net profit.
- The engineering margin was lower than expected in H1, attributed to a lack of water projects which typically have higher margins.
- COX ABG Group SA's share price, although above the IPO price, is not considered satisfactory by management, indicating potential undervaluation.
- The company faces challenges in achieving its efficiency program goals, which aim to deliver EUR 45 million to EUR 50 million in EBITDA improvements over three years.
Good morning, everyone and welcome to CO H12025 results presentation. My name is Meritxell Perez, director of investor relations. This session will be led by our President Enrique Riquelme Vives, followed by our CEO Nacho Moreno Vicente and our CFO Jose Oliver.
After the presentation, we will open the floor for Q&A.
With that, I'll hand over to our President Enrique Riquelme, who will walk us through the main highlights for the first half of the year.
Thank you.
Thank you, Meritxell. Good morning, everyone and thank you for joining us today.
Let me start by focusing on H12025 results.
Today, I am delighted to share with you the key highlights of the first half of the year which reflect.
Thus, COGS is delivering.
Our delivery is fully aligned with our strategic plan and our commitments with the investor community.
And this delivery
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