Cox Asset México closed the period ending September 30, 2026 with net losses attributable of $20.6 million (about €18.4 million), according to the documentation submitted in its results presentation. These accounts reflect only five months of activity of the businesses acquired from Iberdrola in Mexico.
The Cox subsidiary completed the purchase of Iberdrola México on April 24, so the financial statements include only the operating contribution of those assets between May 1 and September 30. The company, created in November 2025, does not provide comparable data for the same period of the previous fiscal year because it did not have operations at that time.
During that interval, revenue amounted to $1,265.4 million (€1,131 million). Earnings before interest, taxes, depreciation, and amortization (Ebitda) stood at $276.9 million (€247.5 million), and earnings before interest and taxes (Ebit) reached $185.1 million (€165.4 million), after recording amortization of $91.8 million (€82 million).
The financial result was negative at $163 million (€145.7 million), an impact that the company associates with financing costs linked to the acquisition, including those related to the bridge loan credit, the issuance of bonds, and the term loan contracted for the transaction.
As a result, profit before tax came to $22.1 million (€19.8 million). However, an income tax expense of $36 million (€32.2 million) brought consolidated net results to losses of $13.9 million (€12.4 million), which widened to $20.6 million (€18.4 million) on an amount attributable to the parent company.
Adjusted pro forma Ebitda rebounds by 15%
At the same time, the company released pro forma information for the first nine months of the year, prepared for illustrative purposes to track the evolution of the businesses acquired and to incorporate adjustments linked to the transaction. These figures do not correspond to the consolidated financial statements reported by Cox Asset México.
On this basis, the proforma net profit attributable, before additional management adjustments, was $111.6 million (€99.7 million), below the $246.8 million (€220.6 million) recorded in the same period of 2025. After applying those adjustments, the attributable result rose to $213.4 million (€190.7 million), compared with $209.5 million (€187.2 million) for the previous year.
Proforma adjusted Ebitda advanced by 15%, to $493.5 million (€441.1 million). In 2026, the adjustments exclude a $111 million (€99.2 million) charge associated with MIP, with no cash outflow, and $34.4 million (€30.7 million) for corporate services and brand use, while those for 2025 remove certain extraordinary positive impacts and overhead expenses.
Proforma revenues, which include sales to the Centro Nacional de Control de Energía (Cenace), totaled $2,000.6 million (€1,788.1 million), versus $1,787.3 million (€1,597.5 million) a year earlier. Without considering those sales, comparable billing increased by 7%, to around $1,325 million (€1,184.3 million), with an adjusted Ebitda margin of 37%, two percentage points higher.
In the operating area, own electricity generation grew by 13%, to 9.8 terawatt-hours (TWh), with plant availability of 95.1%. Energy delivered to customers rebounded by 5%, to 14.3 TWh, while the contract renewal rate stood at 99% and delinquency remained below 0.2%, according to the company’s internal figures.
Issue of hybrids for €715 million
On the financial front, Cox Asset México placed in September subordinated perpetual hybrid bonds for $800 million (€715 million), the proceeds of which were used to redeem a $733 million loan (€655.1 million). These instruments were recorded as equity for $782 million (€698.9 million), after deducting issuance costs.
Following the transaction, the company’s reported net financial leverage was reduced from 4.3 times adjusted EBITDA for the last twelve months at the close of June to 2.6 times in September. Net financial debt stood at around $1,756 million ($1,569.5 million in euros), according to the definition used by the company, which excludes hybrids and interest accrued pending payment and incorporates restricted cash when calculating the cash available for this metric.
The operating cash flow recorded reached $179.4 million ($160.3 million in euros) and the cash position, equivalents and restricted cash totaled $348 million ($311 million in euros) at the end of September. The company will not face maturities on its senior bonds until 2032.