Cox ABG is rapidly re-rating from engineering contractor to undervalued global water-and-energy utility, powered by desalination scarcity, Mexican scale, and integrated renewable infrastructure.
Overview
Cox ABG has transformed into an integrated water-and-energy utility with operations across Europe, Latin America, Africa, and other growth markets. Its Energy, Water, and Service Co. divisions generated €1.14B standalone 2025 revenue, while the Iberdrola Mexico acquisition lifts pro forma revenue to €2.55B. The company combines desalination, renewables, thermal generation, transmission, EPC, and O&M under a differentiated “Energy Follows Water” model, supported by long-term contracts, creditworthy counterparties, and inherited Abengoa expertise that positions Cox among global desalination leaders.