Cox Energy América S.A.B de C.V

What it is

Cox Energy is a Mexico City-based company in the electric power industry, whose main activity is generating solar photovoltaic energy through the development, promotion, and operation of photovoltaic plants across Latin America. It also distributes and sells that energy.

It holds the distinction of being the first photovoltaic solar energy company to be listed on a Latin American stock exchange. Its shares trade on Mexico’s BIVA under the ticker COXA*, and since July 2023 also on Spain’s BME Growth segment under the ticker COX (now COXE).

Who owns it

As of 31 December 2024, the controlling shareholder is Cox ABG Group, S.A., which holds a 74.415% direct stake in the company. Enrique Riquelme Vives — the founder — controls 65.1% of Cox ABG Group itself, giving him an indirect stake of approximately 48.4% in this issuer.

Riquelme Vives exerts this control through a web of holding companies — Inversiones Riquelme, S.L., Lusaka Investments S.L., and Riquelme Capital Group, S.A. — which together hold stakes of 59.9%, 3.9%, and 1.3% in Cox ABG Group. The free float — shares held by everyone else — is roughly 25.6% (our calculation: 100% minus the 74.4% block).

Who runs it

Enrique Riquelme Vives, founder of the company (founded 2014–2015), chairs the group as Executive Chairman of Cox ABG Group, a role he assumed formally in 2024. He was appointed President and CEO of the company in November 2023, bringing over 40 years of experience in the energy sector.

José Antonio Hurtado de Mendoza has served as the operating CEO of Cox Energy. Raquel Alzaga joined as CFO of the listed issuer Cox Energy América in July 2022, after serving as CFO for Unión Fenosa International and later as a director at Naturgy.

The money, in plain words

The top line has exploded. In the first nine months of 2024 alone, sales reached MXN 3,796.7 m (US$216 mn) — compared to just MXN 436.1 m (US$25 mn) in the same period a year earlier.

On a trailing-twelve-month basis, revenue reaches MXN 10.18 bn (US$579.8 m) — a business that was barely visible in 2023 (our calculation from EODHD).

Profit, however, is thin for now: the company keeps just under 1.5 pesos of every 100 it earns in sales — a net profit margin of 1.47%, modest and typical of a capital-intensive infrastructure builder still in rapid expansion. Where the numbers are more encouraging is return on equity: for every peso shareholders own, the company earns back about 16.6 cents a year — a return on equity of 16.58%, which is respectable for a growth-stage utility.

What it is doing now

The most consequential move of mid-2026 is a rebranding and a buyout. The company formally renamed itself Cox de México, S.A.B.

de C.V. in June 2026 and simultaneously announced a deferral of a restructuring prospectus.

On the Spanish market, the parent launched a formal acquisition offer on its BME Growth-listed shares — a step toward delisting from Spain and consolidating ownership.

In 2024, the parent Cox ABG Group debuted on Spain’s main stock market (Mercado Continuo), raising €175 m in an IPO at an opening price of €10.23 per share. The Mexican subsidiary’s portfolio continues to span solar projects across Mexico, Panama, Guatemala, Algeria, Brazil, Switzerland, Colombia, Chile, Central America, Spain, and the Caribbean.

What to watch

• Margin recovery: Revenue is scaling fast but the net margin of 1.47% leaves almost no room for error; watch whether completed plants generate steadier contracted cash flows that widen profitability.
• The Spanish delisting: The parent’s buyout offer on BME Growth — if completed — would concentrate equity further under Riquelme and reduce public-market scrutiny; its terms and outcome matter to all remaining minority investors.
• Name and structure change: The June 2026 rename to Cox de México signals a broader corporate reorganisation; investors should track whether the Mexican listing’s governance or share structure changes alongside it.
• Project pipeline: The company’s BME Growth filings show a regular cadence of capital increases tied to new solar assets; each new plant either validates or stresses the balance sheet.

This is news, not investment advice.