Spanish energy company Cox reported consolidated EBITDA of €245 million in the first half of 2026, three times its result for the same period in 2025. The surge marks the first full reflection of the acquisition of Iberdrola's assets in Mexico, closed in April for $4 billion.
The transaction, announced in 2023 and completed in late April 2026, transferred 16 generation facilities (including combined-cycle gas plants and wind farms) with 3.9 gigawatts of installed capacity to Cox Asset México, the group's Mexican subsidiary. For Mexico, the integration of these assets under a new private operator confirms that the electricity sector retains appeal for international investment. Enrique Riquelme, executive chairman of Cox, described the results as a confirmation of "the strength of the investment thesis" in the country, according to a statement issued on July 28.
The group's consolidated revenues reached €1,243 million, 2.5 times the figure for the first half of 2025, while the EBITDA margin rose from 16 to 20 percent. Adjusted net income was €66 million, 5.3 times higher than a year earlier. The Mexican subsidiary contributed €869 million in revenues and €289 million in adjusted EBITDA. On a standalone basis, Cox Asset México recorded sales of $870 million, 24 percent above the prior year, and commercialized 10.2 terawatt-hours of energy, an increase of 8 percent. Plant availability stood at 94.1 percent and the contract renewal rate exceeded 99 percent, according to Forbes México.
With 3.9 gigawatts of installed capacity, 16 assets in operation, and a model anchored in long-term contracts, the company positions Mexico as its primary growth engine for the years ahead. The group refinanced the acquisition debt through a $2 billion bond issuance that attracted demand five times the offer, and a $733 million term loan.
This article was written with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.