Slides
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July 28th, 2026 A Different Cox
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Page 2 DISCLAIMER The information contained in this presentation (the “Presentation”) has been prepared by Cox Infrastructure Group, S.A. (“Cox” or the “Company”, together with its subsidiaries and other affiliates, the “Group”) and has not been independently verified (in particular, by the auditors of Cox). As a consequence, thereof, the Presentation may not be disclosed, published or used, either partially or totally, by any other person or entity, without the express and prior consent of Cox. The Presentation is for informational purposes only. The information contained in the Presentation is incomplete and does not purport to contain all information required to evaluate the Company or the Group and/or its financial position and should be completed with publicly available information of the Company. In particular, the Presentation is made in the context of the presentation of financial results of the Group for the first half of 2026. 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In addition, the Presentation may also contain estimated or forward-looking information that has been prepared for illustrative purposes and, therefore, reflect a hypothetical situation that does not represent reality. Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company’s or the Group’s markets; the impact of regulatory initiatives; and the strength of the Company’s or any other member of the Group’s competitors. Forward-looking statements may be generally identified by words such as “plans”, “targets”, “aims”, “believes”, “expects”, “anticipates”, “intends”, “estimates”, “forecast”, “project”, “plan”, “will”, “may”, “continues”, “should” and similar expressions. 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Certain data in the Presentation are simply the Company’s targets and there can be no assurance that these targets can or will be met and they should not be seen as an indication of the Company’s expected or actual results or returns. All subsequent oral or written forward-looking statements attributable to Cox or any of its Representatives or any other person acting on its behalf are expressly qualified in their entirety by the statements above. Except as required by applicable law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Pipeline The definition and classification of the pipeline of the Company and the Group, which comprises “Development”, “Advanced Development”, “Backlog” and “Under Construction”, may not necessarily be the same as that used by other companies engaged in similar businesses. As a result, the expected capacity of the Company and the Group’s pipeline may not be comparable to the expected capacity of the pipeline reported by such other companies. In addition, given the dynamic nature of the pipeline, the pipeline is subject to change and certain projects classified under a certain pipeline category as identified above could be reclassified under another pipeline category or could cease to be pursued in the event that unexpected events occur. Financial Information Certain financial and statistical information contained in the Presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Certain financial information and operating data relating to the Company and the Group contained in the Presentation has not been audited or reviewed by Cox’s auditors or by independent third parties and, in some cases, is based on Cox’s management information and estimates and is subject to change. Therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness in relation to the information, statements or opinions contained therein. Additionally, statements about historical performance or growth rates must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Pro Forma Financial Information This Presentation contains unaudited consolidated pro forma financial information prepared by Cox solely for illustrative purposes, with the objective of providing information on how the acquisition from Hidrola I, S.L. (Sociedad Unipersonal) of the entire share capital of Iberdrola México, S.A. de C.V. (the closing of which was announced in April 2026) might have affected the Company’s consolidated earnings had the acquisition occurred at the beginning of the 2026 financial year (1st January). The pro forma financial information, which may differ in certain respects from the financial information of the Cox Group due to the implementation of certain adjustments required for its preparation, does not represent the actual consolidated financial position of Cox resulting from the aforementioned acquisition, as it reflects a hypothetical situation, nor is it intended to project the operating results or financial position of Cox as of any future date or for any future period. In addition, the pro forma financial information may not be comparable to information prepared using different assumptions. For a proper understanding of the pro forma financial information, such information should be read together with Cox's consolidated financial information for the six- month period ended 30th June 2026. The Presentation contains certain financial measures and ratios that are considered alternative performance measures (“APMs”) as defined in Commission Delegated Regulation (EU) 2019/979, of 14 March 2019 and in accordance with the European Securities and Market Authority (ESMA) guidelines published in October 2015 issued by the (ESMA/2015/1415es). The APMs are presented for a better assessment of the Group's financial performance, cash flows and financial position to the extent that they are used by the Company in making financial, operational or strategic decisions of the Group. However, the APMs are generally not audited and are not required by or presented in accordance with IFRS, and therefore should not be considered in isolation but as supplementary information to the audited financial information prepared in accordance with IFRS. Furthermore, the APMs may differ, both in their definition and in their calculation, from other similar measures calculated by other companies and, therefore, may not be comparable. Non-Financial Information The Presentation also contains, in addition to financial information, non-financial information, including environmental, social and governance-related metrics, statements, goals, commitments and opinions. This information has not been audited nor reviewed by an external auditor and has been prepared with various materiality thresholds, analyses, estimates, assumptions and data collection and verification practices and methodologies, both external and internal, which may differ from those used by other companies, be materially different from those applicable to financial information and, in many cases, are emerging and evolving. Third party information Neither Cox, nor any of its Representatives, either explicitly or implicitly, guarantees that the data provided by third parties included in the Presentation are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, Cox may introduce any changes it deems suitable, and may omit, partially or completely, any of the elements of this document, and in case of any deviation, Cox assumes no liability for any discrepancy.
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1. H1 2026 Highlights 2. Asset Co. • Cox Asset Mexico 3. Service Co. 4. Group Financials 5. Looking Ahead 6. Closing Remarks Appendix Agenda
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H1 2026 Highlights 01
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Page 5 COX - a play on SCARCITY INFRASTRUCTURE IN CRITICAL ENERGY & WATER ASSETS Plug-and-play from day one, progressing in line with expectations. STRATEGIC DELIVERY: towards an Asset Co business Recurrent Revenues & EBITDA, high margins & CF conversion Continued momentum in our strategy through new awards. Increased BACKLOG at Service Co… …supported by attractive margins Successful acquisition of Iberdrola Mexico MEXICO: operational strength across the board CAPITAL STRUCTURE aligned with maturity profile DELEVERAGING & CASH FLOW generation central priorities Long dated refinancing showed broad investor demand & financial support. ~3.9GW Op. portfolio (owned & contracted) 94.1% Availability #1 Qualified supplier in Mexico >99% Renewal <0.2% Delinquency 10 Op. Assets 27 Op Assets #1 supply business in Mexico €3,346m +24% YoY 52% Group OCF Conversion 11% blended margin Asset Co Service Co 2025 A 2025 Proforma + 10.2TWh Sold GENERATION SUPPLY 17% Water 10% Energy 9% Infra BACKLOG H1 2026EBITDA 4 1 2 3 ~6.5Y Group Average Debt Maturity Profile $2bn Bond Long-5Y & 10Y maturity $733m Term Loan 5Y maturity 4.9x Net Financial Debt/EBITDA
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Page 6 €498m 27 owned H1 2026 €893m Asset CoAsset Co €1,243m (1) 335,000 m3/Day 2.9 GW owned ~1.3 GW contracted WHAT IT MEANS TO BE A DIFFERENT COX A step-change in business profile, becoming a true scarcity infrastructure player in critical energy & water assets Strategy: increasing presence in Asset Co vs Service Co: contracted, long-term, recurrent & Cash Flow generating assets Gaining scale & a solid position in a strategic market with strong growth prospects as the only private vertically integrated player in Mexico OPERATING ASSETS REVENUES FOOTPRINT EBITDA OPERATING CAPACITY(1) €245m (2) 10 H1 2025 335,000 m3/Day 297 MW Asset Co 335,000 m3/Day 297 MW Asset Co X 2.7 €82m X 2.5 X 3.0 (1) Excludes Meseta de los Andes (160 MW), where Cox has a 30% minority interest. Portfolio comprises CCGT, cogeneration, solar, wind and bioenergy assets. (2) Proforma figures include H1 2026 for Cox Asset Mexico. Adjusted EBITDA excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact). Reinforcing our presence in Mexico Service Co Service Co X 14.1
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Page 7 IMPACT FROM COX ASSET MEXICO REVEALS NEW GROUP SCALE €m (1) Proforma figures include H1 2026 for Cox Asset Mexico. Adjusted EBITDA excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact). (2) Excluding H1 2024 positive one-off in Brazil of €31m H1 2024 H1 2025 H1 2026 H1 2026 Proforma EBITDA Margin 16% 11% H1 2024 H1 2025 H1 2026 H1 2026 Proforma 82 94 50(2) 16% 1,184 2,698 3,346 Jun 2024 Jun 2025 Jun 2026 245 20% +15%+80% +24%2.5x (1) *+3.0x 498 894 306 1,243 Corporate Asset Co Service Co REVENUES EBITDA BACKLOG (1) H1 2026 Margin 11% LEVERAGE & MATURITY PROFILEOPERATING CASH FLOW 25 38 (9) 129 H1 2024 H1 2025 H1 2026 H1 2026 Proforma Group Avg. Debt Maturity Profile Group Financial Net Debt/ EBITA ~6.5 Yrs.4.9X 3.4x Recourse >2.5 Yrs. Ring-Fenced >7 Yrs. Project Finance >10 Yrs.
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Page 8 GROUP STRUCTURE Cox Asset Mexico Power Generation + Supply Water Energy Infra Asset Co Critical water and energy assets Service Co Engineering, Procurement and O&M Services for Cox and Third-Party Assets Iberdrola Mexico integrated in Asset Co as Cox Asset Mexico
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Asset Co. 02
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Page 10 STRONG PERFORMANCE of COX ASSET MEXICO: REVENUES +7.7x Adj. EBITDA +5.1x HERITAGE ASSETS - WATER • Agadir: Solid performance despite usual seasonality in the first months of the year • Ghana: ongoing arbitration. Asset reclassified as “Held for Sale” while arbitration is resolved HERITAGE ASSETS - ENERGY • BioBrasil: Performance affected by lower sugar and ethanol prices and FX impact. • SPP1: now debt-free following financing redemption, with an associated non-cash tariff adjustment • Khi Solar One: 87.9% availability despite usual scheduled maintenance outage (availability excluding outage 97.8%) 40 28 73 91 401 H1 2025 H1 2026 H1 2026 Proforma ASSET CO - THE PRINCIPAL SOURCE OF EARNINGS & CASH FLOW REVENUES €869m Proforma H1 2026 ADJ. EBITDA €289m Proforma H1 2026 22 9 35 22 107 H1 2025 H1 2026 H1 2026 Proforma 2.4x 57 4.6x 113 520 Water Energy €m 138 Strong earnings visibility through long-term contracted assets & recurring Cash Flows Cox Asset Mexico 26%50% 869 289 33% EBITDA Margin 7.7x 5.1x Challenging Performance Temporary Headwind Positive Performance (1) Proforma figures include H1 2026 for Cox Asset Mexico. Adjusted EBITDA excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact).
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Page 11 COX ASSET MEXICO - VALIDATING THE ACQUISITION THESIS WHAT WE SAID … Availability 2021-2025 ~90% Avg. Renewal Rate H1 25 >99% Delinquency Rate H1 25 <0.2% OPERATIONAL FROM DAY ONE Only private integrated platform, in a structurally growing power sector, with high barriers to entry and a solid market position to benefit from growth opportunities ahead Availability H1 202694.1% Avg. Renewal Rate H1 26>99% Delinquency Rate H1 26<0.2% SUPPLY platform remains resilient GENERATION assets maintain very high availability … WHAT IT HAS PROVED (1) Excludes a recognition of a payment to MIP resulting from the lower acquisition cost of assets sold in 2024: USD -111m (no cash impact). “Resilient consolidated EBITDA” “Solid CF generation” “High client quality” “Recurrent business” “High & improving availability” Proforma H1 25 EBITDA $282m Proforma H1 26 Adj. EBITDA$302m(1) H1 25 OCF Conversion 69% Proforma H1 26 OCF Conversion59% Stable & recurrent performance at COX ASSET MEXICO
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Page 12 $282m $302m H1 2025 H1 2026 COX ASSET MEXICO – RESILIENT OPERATING PERFORMANCE… (1) Net of CENACE sales to avoid artificially overstating revenues due to intermediary participation. (2) Excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact). Total Energy Sold (TWh) Revenues(1) ($m) Adj. EBITDA ($m) Adj. EBITDA Margin (%) 35% (2) $704m $870m H1 2025 H1 2026 Proforma Proforma Proforma Proforma 1.2 1.4 8.2 8.8 H1 2025 H1 2026 Proforma Proforma 9.4 10.2 Self-supply sales Market sales +8% +24% +7% 40%
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Page 13 COX ASSET MEXICO - … ACROSS GENERATION & SUPPLY Generation Supply $176m $220m H1 2025 H1 2026 Proforma Proforma +25% >99% Renewal <0.2% Delinquency 10.2 TWh Energy Supplied H1 2026 >7 years Average portfolio 2.6 GW Owned ~1.3 GW Contracted 6.1 TWh Own Generation H1 2026 94.1% Availability 5.3 TWh 6.1 TWh H1 2025 H1 2026 Proforma Proforma +15% OWN PRODUCTION EBITDA $106m $82m H1 2025 H1 2026 Proforma Proforma 9.4 TWh 10.2 TWh H1 2025 H1 2026 Proforma Proforma +8% ENERGY SOLD EBITDA -22% EBITDA impacted primarily by the reduction in CFE tariffs (used as reference for 30% Cox Asset Mexico supply tariffs) Gas prices roll-over should largely offset in H2 CFE’s tariff reduction impact.Capacity +
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Page 14 COX ASSET MEXICO - STRONG RECURRING CASH FLOW GENERATION Adjusted OCF 21 (118) $302m ; 302 ; 205 ; 151 $178m Adjusted EBITDA Adj. Operating Cash Flow CASH FLOW CONVERSION LEADING TO ORGANIC DELEVERAGING $m H1 2025 H1 2026 Adj. EBITDA 282 302(1) Adj. Operating Cash Flow 195 178 % Adj OCF Conversion 69% 59% (1) Excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact). (2) USD/EUR exchange rates detailed in the Appendix. €258m €152m Adjusted EBITDA Adj. Operating Cash Flow 59% OPERATING CASH FLOW CONVERSION €m(2) H1 2025 H1 2026 Adj. EBITDA 258 258(1) Adj. Operating Cash Flow 178 152 % Adj OCF Conversion 69% 59% $m €m(2) 59% Conversion 59% Conversion
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Page 15 HERITAGE - SOLID FUNDAMENTALS DESPITE MARKET TURBULENCES Operating Assets Inst. Capacity Technology Country H1 2026 Revenues (€m) YoY Chg. H1 2026 EBITDA (€m) YoY Chg. Agadir 275,000 m3/day Desalination Morocco 27.7 (5%) 14.2 5% ▪ Performing in line with expectations, with EBITDA up 5% YoY. ▪ Seasonality typically results in a stronger H2 performance. Accra 60,000 m3/day Desalination Ghana 0 - (4.9) - ▪ Plant inoperative given ongoing arbitration process with the Government. ▪ MIGA PRI(1) coverage in place. ▪ Reclassified as “Held for Sale”. SPP1 170 MW Hybridization solar thermal Algeria 20.7 (24%) 9.6 (43%) ▪ Project Finance debt fully repaid in Q1 2026. ▪ Tariff adjustment following PF maturity impacts reported revenue & EBITDA. ▪ Limited impact on cash distributions Khi Solar One 50 MW Solar thermal South Africa 13.3 (7%) 7.7 (8%) ▪ Scheduled maintenance outage at Khi Solar One during H1 2026 (17 days). ▪ Adverse weather in June. BioBrasil 70 MW Bioenergy Brazil 25.2 (18%) 5.2 (42%) ▪ This business is seasonal, with peak performance between May and October. ▪ Global sugar and ethanol prices weakened. ▪ Sugar production declined as plant operated at 74% availability. Solar Pro I & II 24 MW Solar PV Panama 1.1 108% 0.9 111% ▪ Assets acquired at the beginning of April 2025 CT1 T-Line 104 km T-Line Brazil - - - - ▪ New development ▪ In operation since June 2026 (sooner than expected) ▪ Substation under construction - COD: June 2028 1 2 3 4 5 Underlying asset performance remains solid, supported by high contract visibility and strong cash flow generation. Long-term contracted asset portfolio, with performance affected by the inherent seasonality of certain assets and contractual structures. 2 (1) Political Risk Insurance. Coverage includes: Senior project finance debt, subordinated debt and contributed equity. 6
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Service Co. 03
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Page 17 REVENUES EBITDA GEOPOLITICAL VOLATILITY IMPACTS PROJECT EXECUTION TIMINGS In H1 2026, decrease in Revenues and EBITDA, due to: ENGINEERING & PROCUREMENT • Iran conflict : • Delays to project execution • Cost inflation • Lower capacity to absorb fixed costs • Other particular impacts: • Guillena: €13m negative impact due to execution issues • Dewa: €3.5m negative impact from additional costs related to inclinometer replacement • Strategic expansion into the U.S. and Mexico: €3m increase in overheads not absorbed by business given lower Revenues • Tougher H1 2025 comparison base: €18m positive one-offs in H1 2025 from insurance proceeds (€10m) and supplier settlements (€8m) O&M: O&M has shown greater resilience despite being impacted from gas prices (which explain the declining revenues). Service Co impacted by project execution delays on the back of international geopolitical uncertainty, however supported by a healthy backlog €m 341 356 44 18 H1 2025 H1 2026 Engineering O&M 24 (19) 8 4 H1 2025 H1 2026 (3%) 374 (15) 385 32 Africa & Middle East 25% Spain 18% Central Arc 2% Brazil 17% Chile 26% Other 12% PER GEOGRAPHY
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Page 18 SOLID BACKLOG WITH HEALTHY MARGINS SERVICE CO BACKLOG 2,698 Jun '25 Contracted Executed Jun '26 3,346 MARGINS MAINTAINED ACROSS TECHNOLOGIES Water Generation Transmission 17% 10% 9% % €m 580 1,737 1,029 Margin Engineering 83% Spain 15% Middle East & Africa 38% Central Arc 18% Brazil 6% Chile 18% United States 5%O&M 17% Recurrent O&M provides resilience BY GEOGRAPHY €m EXECUTION PLAN (1) BY SERVICE +24% YoY 2026 2027 2028+ (1) Assuming current calendar and no further geopolitical-uncertainty–led delays
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Group Financials 04
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Page 20 P&L OVERVIEW: COX ASSET MEXICO CHANGES GROUP PROFILE 2.5x 3.0x 2.9x 5.3x REVENUES (1) ADJ. EBITDA(1) ADJ. EBIT(1) ADJ. NET INCOME(2) (1) Proforma figures include H1 2026 for Cox Asset Mexico. Adjusted EBITDA excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact). (2) H1 2026 Proforma Net Income excludes one-off financial expenses (€71m) linked to the acquisition of Iberdrola Mexico 113 869 385 374 H1 2025 H1 2026 Proforma 57 289 32 (15)(7) (29) H1 2025 H1 2026 Proforma 245498 1,243 82 H1 2025 H1 2026 Proforma 147 51 H1 2025 H1 2026 Proforma 66 13 Corporate Asset Co Service Co €m
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Page 21 Total Financial Net Debt / EBITDA 4.9x 3,714 331 654 IFRS: 31 178 507 Total Gross Debt(1) Cash & Short- Term Liquidity Instruments Total Net Debt 3,383 €3,299m Net Corporate Debt IFRS: 31 477 Total Financial Net Debt (Ex-IFRS-16) 2,385 104 2,334 2,281 Net Financial Corporate Debt IFRS: 84 RESILIENT CAP STRUCTURE WITH MATCHING MATURITY PROFILE DELEVERAGING IS NOW THE GROUP’S PRINCIPAL FINANCIAL PRIORITY Leverage ratio & deleveraging capacity Organic Cash Flow generation Asset Rotation Other options being analysed by Company (1) The Group’s debt is measured at amortized cost in accordance with IFRS 9 (2) Hybrid capital with strategic investors: Allianz Global Investors, Gramercy and GMO 286 49 237 237 Group Avg. Debt Maturity ~6.5 Yrs. Debt maturity IFRS: 54 IFRS: €54m 304 Recourse >2.5 Yrs. Ring-Fenced >7 Yrs. Project Finance >10 Yrs. Corporate Debt €m Hybrid Capital(2) 304 Hybrid Capital(2) 304 Hybrid Capital(2) Project Finance Project Finance Project Finance Ring-fenced Debt Ring-fenced Debt Ring-fenced Debt
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Page 22 COX ASSET MEXICO - ELIMINATION OF SHORT-TERM FINANCIAL RISK Closing of the acquisition Announcement of the acquisition of Iberdrola Mexico Jul 31st 2025 IBE Mexico ACQUISITION Jan 2026 Apr 2026 May 2026 Jun 2026 TAKE-OUT Bridge financing secured with top-tier financial institutions Take-Out Phase 1: $2bn Bond issuance Take-Out Phase 2: $733m Term-Loan Transaction delivered fully in line with the timeline, structure and conditions announced at agreement (July 2025). Rapid & successful capital markets take-out executed just two weeks after closing 7.2Y maturity From short term acquisition financing to a stable long-term capital structure Lower Financial Risk
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Page 23 COX ASSET MEXICO - FROM ST BRIDGE TO LT CAPITAL STRUCTURE Long-Term Capital Structure Bond – $2.0bn • Demand of close to $8.0bn (5x initial size) • Public Ratings of BBB- and Ba1(1) • Manageable maturities: long-5Y & 10Y Term Loan - $733m • 5-year maturity profile (Jun 2031) • Same 7 financial institutions that supported the acquisition financing + new financial institutions • Execution closed in June (1) Public Ratings by Fitch and Moody’s, respectively, on May 8 th 2026. Bridge Facility $2.73bn • Short-term refinancing needs were addressed • Rapid execution of the refinancing plan upon closing of acquisition • Clear visibility on long-term capital structure Equity $850m • Common Equity $500m • Hybrid Capital $350m Following Bridge Loan refinancing, leverage is structured, long-term, aligned with CF and supported by a disciplined financial framework Issued in May Closed in June Largest debut corporate issuance in Latam
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Page 24 STRONG OPERATING CASH FLOW AT GROUP LEVEL €245m €129m 16 (81) (58) Adjusted EBITDA Adj. Operating Cash Flow €m H1 2025 H1 2026 Adjusted EBITDA(1) 82 245 Adj. Operating Cash Flow 38 129 % Adj OCF Conversion 46% 52% ADJUSTED OPERATING CASH FLOWKey CASH FLOW Items (Proforma H1 2026) (1) Proforma figures include H1 2026 for Cox Asset Mexico. Adjusted EBITDA excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact). 52% OCF Conversion (2)
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Looking ahead 05
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Page 26 GENERATION + SUPPLY INTEGRATION = DIFFERENTIATION & RESILIENCE GENERATION Top-5 Generation Platform SUPPLY Leading Qualified Supplier 94.1% Availability H1 2026 Stable Performing Assets Long-Term Contracted Capacity 2.6 GW own-generation ~1.3GW third-party agreements Others 25% 24% 51% Market Share of Qualified Suppliers (Supplied energy in 2025) +50 Market Participants Mexico Clientes (4) Ranking by Capacity(1) (MW) Platform Establishment Renewable Energy Focus Strong Supply Division xFIEMEX 2024 2018 2017 1997 1999(2) ✓ ✓ 2018 ✓ 1996 ✓ 2018 ✓ 2000 ✓ 2014 ✓ Thermal Renewable 8,494 3,388 3,381 2,446 1,368 625 1,055 103 130 234 1,233 1,723 1,041 1,394 306 1,326 8,597 3,518 3,381 2,680 2,601 1,723 1,666 1,394 1,361 1,326 Direct sale of electricity to customers through supply division, capturing the full generation-to-supply margin >500 blue-chip clients >99% average Renewal rate <0.2% Delinquency rate CCGT Wind Cogeneration Solar 45% 23% 25% 7% 2.6 GW Technology Breakdown ONLY PRIVATE INTEGRATED UTILITY IN MEXICO Source: Company’s public information. Figures as of 3Q25. (1) Firm capacity refers to energy supply which is less dependent u pon external factors (i.e., weather) and helps supporting other intermittent energy technologies. (2) Related to Iberdrola Mexico
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Page 27 STRONG MEXICO MARKET: DEMAND GROWTH MEETS LIMITED SUPPLY A rising private consumption index reflects the strength of Mexico’s domestic demand Reserve margin(5) of the national interconnected system (SIN) at critical levels In the next 15 years, installed capacity is required to double to attend demand Strong Fundamentals… …In a Tight Energy Sector… …With Capacity Expansion Opportunity Source: Latest available information from US Bureau, INEGI, Banco de Mexico, PLADESE, CENACE, and CFE. (1) Data as of December 31, 2025. (2) Data as of December 31, 2025. (3) National Interconnected System. (4) Excludes batterie s and CC Green Hydrogen, based on the National Energy Plan. (5)The reserve margin indicates the extra supply available above expected peak demand. 143.5 80 100 120 140 160 10.2 % 15.7 %14.5 % 9.0 % 17.4 % 11.2 % 8.2 % 4.3 % 0.0 % 5.0 % 10.0 % 15.0 % 20.0 % Mexico China Canada Japan 59,500 73,236 34,713 91,562 3,830 6,873 2024A 2039E (Internal Private Consumption, Index) 1.8% Increasing exports to the US as trade reconfigures (US commercial partners, Share imports%) (Evolution of operating reserve in the SIN 3%) (Mexico Total Installed Capacity Evolution(4) 2024 – 39, MW) 64% 43% 32% 53% 4% 4% 98,043 171,671 3.8% 1.4% 6.7% CAGRPrivate consumption • Mexico faces a structural power supply deficit, resulting in suboptimal reserve margins • Significant investment is required to maintain reliability given grid stress during peak demand ’24-’39E CAGR Fossil Fuel Other Clean EnergiesRenewables 18.0 % 11.0 % 8.0 % 6.0 % 10.0 % Efficient Reserve Margin: 21.3 % Critical Threshold: 6.0 % 2021A 2022A 2023A 2024A Jul-25 YTD
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Page 28 STRONG MEXICO MARKET: DEMAND GROWTH MEETS LIMITED SUPPLY Energy Consumption Growth vs. GDP Growth CAGR (%) (2014A-2024A) Energy Consumption GDP Growth Energy Demand Historically Rising Driven by Economic Growth... ... And Expected to Continue Growing at a Faster Pace vs. GDP… …with Supply Failing to Keep up with Demand, Creating Structural Undersupply Unmatched Position to Capitalize • Low levels of Operating Reserve Margin • Electricity system facing constraints to meet demand • Mexico's generator-driven market favors suppliers like Cox Asset Mexico with contracted electricity • This competitive advantage enables lower supply prices for end users • Limited energy, capacity and hedging options deter new supplier entry Energy Consumption Growth vs. GDP Growth CAGR (%) (2025E-2039E) Energy Consumption Growth vs. Installed Capacity Growth CAGR (%) (2020A-2024A) Energy Consumption GDP Growth Energy Consumption Installed Capacity Historically, energy consumption has grown at faster pace vs. installed capacity (3.4% vs. 2.2% between 2020 and 2024) 3.4 % 2.2 % 0 2.8 % 2.5% 0 2.9 % 1.3% 0 Source: Latest available information from INEGI, PLADESE and CENACE
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Page 29 CMD: A STRATEGIC DIRECTION, NOT A SHORT-TERM YARD-STICK CMD STRATEGIC PILLARS REMAIN AS DESCRIBED 01 02 EXECUTION TO FOLLOW CLEAR PRINCIPLES ALIGNED WITH STRATEGY DISCIPLINED CAPITAL ALLOCATION Growth aligned with balance sheet strength & long-term value creation. EXECUTION DRIVEN BY FINANCIAL CAPACITY & INVESTMENT DISCIPLINE Our growth Investment Plan is not bound by a specific timeline DELEVERAGING Company's immediate priority at Cox Asset Mexico & Cox Group ALL REGIONS FINANCIALLY SELF-SUFFICIENT CLEAR FUNDING SOURCES: • Organic OCF • Financial/local partners • Asset rotation 03 CMD RUN-RATE FIGURES ILUSTRATE PROFITABILITY Indication of profitability of identified opportunities (in Oct 2025), not short-term targets. EXPANDING OUR ASSET CO… …WITHIN OUR KEY STRATEGIC REGIONS… …FOCUSED ON EFFICIENCIES… 1 2 3 4 … LEVERAGING ON AN ACTIVE ASSET ROTATION POLICY… 5 …WHILE MAINTAINING FINANCIAL
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Page 30 DELIVERYDELEVERAGEDISCICIPLINEDIGESTION ▪ Natural strategic fit ▪ Immediate reinforcement of scale, visibility & cash flow generation ▪ Operational from day one, with same team in place ▪ Strict financial policy and capital allocation discipline ▪ Focus on financial strength and balance sheet flexibility ▪ Strong cash flow generation to drive rapid deleveraging ▪ Rapid & successful capital markets take- out executed just two weeks after closing ▪ Transaction completed in time, structure and conditions as announced at agreement ▪ Strong operation performance in Cox Asset Mexico continues to validate the acquisition thesis Operating a strategic acquisition Disciplined capital allocation Clear and focused deleveraging path Delivering on our commitments ASSET CO SERVICE CO ▪ Cox to continue increasing the overall weight of Asset Co ▪ Sustain Cox Asset Mexico’s strong performance from recurring operations ▪ Advance with Ghana resolution ▪ Improved performance across remaining assets as temporary effects unwind ▪ Strategy will lead Cox to become more Service Co light ▪ Margins restored once temporary impacts are over ▪ Accelerate backlog conversion H2 2026 PRIORITIES FOR COX
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Closing remarks 06
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Page 32 FINAL REMARKS Cox investment case strengthened, on successful acquisition of Iberdrola Mexico & solid performance of Mexico across the board Advancing in our strategy of becoming an Asset Co business which leads to recurrent Revenues & EBITDA, high margins & CF conversion Healthy Backlog at Service Co, with attractive 11% blended margin Resilient cash generation across the portfolio, with cash flow becoming the Group’s key performance metric Focus on a clear deleveraging path, disciplined capital allocation and long-term value creation Cox is larger, stronger - a play on SCARCITY INFRASTRUCTURE IN CRITICAL ENERGY & WATER assets
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Appendix
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Page 34 € ‘000s H1 2025 H1 2026 H1 2026 Proforma Revenues 497,878 893,849 1,243,176 Changes in inventories (5,833) (7,573) (7,547) Other operating income 33,046 22,830 24,999 Raw materials (225,465) (498,491) (658,447) Employee benefits expense (114,703) (149,560) (169,287) Other operating expenses (103,420) (166,701) (187,507) Adj. EBITDA(1) 81,503 94,354 245,387 Depreciation and amortization (27,035) (58,381) (98,832) Impairment (charge) / reversal and others (3,648) 204 187 OPERATING PROFIT 50,820 36,177 146,742 Financial Income / (Expenses),Net (20,597) (106,614) (108,069) Foreign Exchange Rate Changes, Net (9,368) (9,663) (17,323) Other Net Financial Expenses / Income (8,778) (23,673) (68,289) Associates (423) (216) (216) EBT 11,654 (103,989) (47,156) Tax 916 (9,439) 42,479 Net Income / (loss) 12,570 (113,428) (4,677) Adj. Net Income / (loss)(2) 12,570 (42,382) 66,369 P&L (1) Proforma figures include H1 2026 for Cox Asset Mexico. Adjusted EBITDA excludes a payment to MIP from lower acquisition cost of assets sold in 2024: $111m (no cash impact). (2) H1 2026 Proforma adj Net Income excludes one-off financial expenses (€71m) linked to the acquisition of Iberdrola Mexico. .
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Page 35 € ‘000s Jun 2025 Jun 2026 Jun 2026 Proforma Net Income 12,570 (113,428) (4,677) Amortization & depreciation 27,035 57,973 98,458 Impairment 3,648 204 187 Financial expenses / income 20,597 106,614 108,069 Exchange rate differences 9,368 9,663 17,323 Other financial expenses / income 8,778 23,673 68,289 Associates 423 216 216 Taxes (916) 9,439 (42,478) EBITDA 81,503 94,354 245,387 Working Capital (34,515) (57,557) 14,767 Taxes (9,000) (36,972) (51,700) Other Non-Monetary Items - (8,540) (79,853) Operating Cash Flow 37,988 (8,715) 128,601 CASH FLOW
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Page 36 Assets in € ‘000s Jun 2026 Dec 2025 Non-current assets 5,471,756 786,209 Intangible assets 1,976,563 40,253 Property, plant and equipment 2,213,942 43,623 Assets in projects 628,318 579,843 Investments accounted for using the equity method 10,388 12,464 Financial investments 154,671 41,684 Deferred tax assets 487,874 68,342 Current assets 1,157,699 788,037 Inventories 52,388 53,504 Trade receivables and other accounts receivable 721,129 394,085 Financial investments 163,711 188,195 Cash and cash equivalents 220,471 152,253 Total Assets 6,629,455 1,574,246 Equity & Liabilities in € ‘000s Jun 2026 Dec 2025 Equity 394,421 362,444 Share capital 8,490 8,490 Share premium 219,548 219,548 Reserves (16,583) (2,451) Conversion differences (17,004) (35,321) Accumulated earnings (losses) 5,082 115,289 Non-controlling interests 194,888 56,889 Non-current liabilities 4,887,024 626,227 Project finance 233,867 231,356 Lease liability and credit institutions debt 3,046,972 168,691 Long-term debt 530,113 122,702 Provisions 303,484 61,658 Deferred tax liabilities 761,660 41,019 Derivative Financial Instruments 915 - Obligations for employee benefits 10,013 801 Current liabilities 1,384,010 585,575 Project finance 51,985 57,574 Lease liability and credit institutions debt 380,960 66,002 Trade payables and other accounts payable 612,437 373,397 Deferred tax liabilities 108,245 87,860 Derivative Financial Instruments 194,245 668 Provisions 67 74 Total Equity & Liabilities 6,629,455 1,574,246 BALANCE SHEET
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Page 37 € ‘000s Jun 2026 Dec 2025 Recourse - Gross Debt (Inc. IFRS – 30,574) 685,022 234,693 Recourse - Short-Term Liquidity Instruments -177,707 -233,413 Recourse - Net Debt 507,315 1,280 Recourse - IFRS -30,574 -31,473 Recourse - Financial Net Debt 476,741 -30,193 Hybrid Capital(1) – Gross Debt 304,259 - Hybrid Capital - Short-Term Liquidity Instruments - - Hybrid Capital - Net Debt 304,259 - Hybrid Capital – IFRS - - Hybrid Capital - Financial Net Debt 304,259 - Ring-Fenced - Gross Debt (Incl. IFRS – 53,546) 2,438,651 - Ring-Fenced - Short-Term Liquidity Instruments -104,496 - Ring-Fenced - Net Debt 2,334,155 - Ring-Fenced - IFRS -53,546 - Ring-Fenced - Financial Net Debt 2,280,609 - Project Finance - Gross Debt (Ex-IFRS – 30,574) 285,852 288,931 Project Finance - Short-Term Liquidity Instruments -48,507 -55,003 Project Finance - Net Debt 237,345 233,928 Project Finance - IFRS - - Project Finance - Financial Net Debt 237,345 233,928 Total – Gross Debt 3,713,784 523,624 Total - Short-Term Liquidity Instruments -330,710 -288,416 Total - Net Debt 3,383,074 235,208 Total – IFRS -84,120 -31,473 Total - Financial Net Debt 3,298,954 203,735 NET DEBT
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Page 38 EXCHANGE RATES Period USD/EUR Form of use Avg. Jan-Jun 2026 0.85727 Cox Asset Mexico Proforma EBITDA (May-Jun 2026) Avg. Jan-Jun 2026 0.85727 Cox Asset Mexico Proforma CF (H1 2026) Avg. Jan-Apr 2026 0.85427 Cox Asset Mexico EBITDA (Jan-Apr 2026) Avg. Jan-Jun 2025 0.9161 Cox Asset Mexico Proforma CF (H1 2025) Avg. Jul-Dec 2025 0.85735 Cox Asset Mexico Proforma EBITDA (Jul-Dec 2025) 30 Jun 2026 0.87558 Debt denominated in USD
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Page 39 COX ASSET MEXICO - SIZABLE & WELL PERFORMING GENERATION PORTFOLIO CCGTWind CogenerationSolar Asset Inst. Capacity (MW) COD Permit Type Remaining Useful Life Stake Availability PIER 86.5 Jul-2020 Self-Supply 25 yrs 51% 97.8% PIER IV 133.5 Aug-2020 Self-Supply 25 yrs 51% 96.8% PIER II 66 Nov-2015 Self-Supply 20 yrs 51% 98.5 % Santiago 105 Sep-2023(1) LIE 25 yrs 100% 98.5% Bii Nee Stipa 26 Apr-2010 Self-Supply 15 yrs 100% 94.1% PEM 102 May-2009 Self-Supply 13 yrs 100% 94.6% Dos Arbolitos 70 Dec-2014 Self-Supply 19 yrs 100% 95.9% Cuyoaco 274 Dec-2020 LIE 25 yrs 100% 99.4% Hermosillo 137 Dec-2018 LIE 23 yrs 100% 99.6% Santiago 232 Sep-2023(1) LIE 23 yrs 100% 99.7% El Carmen 866 Sep-2019 LIE 34 yrs 100% 88.3% Dulces Nombres II 300 Jan-2024(1) LIE 31 yrs 100% 91.2% Ramos 52 May-2016 Self-Supply 11 yrs 100% 99.4% Monterrey 41 Mar-2025(1) LIE 13 yrs 100% 98.1% Altamira 57 Jan-2018 Self-Supply 22 yrs 100% 97.3% Bajío 52 Jan-2018 Self-Supply 13 yrs 100% 96.7% Total 2,601 1 2 3 4 5 6 8 9 10 11 12 13 14 15 16 Own Generation 7 Notes: Data as of H1 2026. (1) Started operations under LIE (Ley de la Industria Eléctrica – Electric Industry Law) regime Plant Contracted Capacity (MW) % of Capacity Term (years) Start Date Maturity Guaranteed Availability Tamazunchale II 514 41% 20 Feb-24 Feb-44 96% Monterrey III 255 20% 5 Aug-24 Aug-29 92% Monterrey IV 250 20% 5 Aug-24 Aug-29 92% Enertek 130 10% 5 Feb-24 Feb-29 92% Escobedo 35 3% 5 Feb-24 Feb-29 - Baja California 30 3% 5 Feb-24 Feb-29 - Topolobampo 30 2% 5 Feb-24 Feb-29 - Total 1,244 100% 2A 1 2B 3 4 5 6 Third-Party Generation
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Page 40 (1) Qualified Suppliers include CFE Calificados, DeAcero and other Qualified Suppliers 15 to 20 years 3 to 4 years >7 yrs avg. >500 blue-chip clients 42% 53% 5% Credit Worthiness (Rating breakdown by Energy Supplied in H1 2026) Investment Grade Non IG Others / Unrated 21% 79% Client Base by Type (Breakdown by Energy Supplied in H1 2026) Qualified Suppliers(1) Industrial clients Average Contract Tenor Qualified Suppliers (DeAcero & CFE Calificados) Qualified Clients (Industrial Clients) Portfolio >99% Renewal Rate on the back of a proactive renewal planning <0.2% Delinquency Rate Rigorous onboarding and risk monitoring +143 MW New Clients Supplied +195 GWh of additional energy sold YTD COX ASSET MEXICO – LEADING SUPPLY BUSINESS, HIGH-QUALITY CLIENTS
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Thank you