Cox, a global integrated water and energy utility, has successfully completed the acquisition of Iberdrola México, culminating a strategic and transformational operation that marks a milestone in the Group’s evolution, while accelerating its growth in a key market.
The transaction was executed in line with the announcement made to the market in July 2025, reflecting Cox’s ability to approach operations of this scale with rigor and discipline.
With this acquisition, valued at $4 billion, Cox incorporates a platform of high-quality assets with a solid operational track record, a top-tier customer base, and high revenue stability, as a large part of the activity will be backed by recurring income. These are consolidated businesses with high cash generation capacity, significantly strengthening the Group’s profile.
The operation fully aligns with Cox’s strategy. It reinforces its presence in Mexico, a priority market for the company where it has been operating for more than ten years, and consolidates its vertical integration model by combining generation, retail, and industrial capabilities under a single platform.
In proforma terms, the Group would have achieved revenues of €2,551 million and an EBITDA of €786 million in 2025, multiplying the 2025 figures by two and three, respectively. Furthermore, operating cash flow would stand at approximately €592 million, a fourfold increase, reinforcing its cash generation capacity and long-term financial profile. This operation is fully consistent with the Group’s announced strategy of focusing its growth on a limited number of priority regions, particularly strengthening its presence in the Americas, where Mexico constitutes one of the central pillars of the 2026–2028 plan.
In business terms, the scope of the transaction includes an operational installed capacity of more than 2,600 MW, a generation project portfolio of 12,000 MW, and the largest private supplier in Mexico, which holds a market share of more than 25%, with 20 TWh of energy sales and more than 500 large customers with the highest credit ratings. This position establishes Cox as a leading energy supplier in Mexico.
