Tear Sheet: Infraestructura Energética Nova S.A.P.I. de C.V.

This report does not constitute a rating action. What's new: Infraestructura Energética Nova (IEnova) reported net debt to EBITDA of 2.6x in 2025. That's down from 3.2x in 2024, and it extends the gradual decline in the company's leverage in recent years. Supporting the company's deleveraging are its stable EBITDA and EBITDA margin, which are mainly due to its long-term contracts and manageable investment needs. We view IEnova's long-term, take-or-pay, U.S. dollar-denominated contracts with no commodity exposure as a credit strength, resulting in stable, predictable cash flow. The group's strategy is to maintain a strong and healthy balance sheet at IEnova, ensuring financial stability and discipline over time. Also, the company's 320-megawatt Energía Sierra Juárez wind farm expansion and El

...June 26, 2026 This report does not constitute a rating action. What's new: Infraestructura EnergTtica Nova (IEnova) reported net debt to EBITDA of 2.6x in 2025. That's down from 3.2x in 2024, and it extends the gradual decline in the company's leverage in recent years. Supporting the company's deleveraging are its stable EBITDA and EBITDA margin, which are mainly due to its long-term contracts and manageable investment needs. We view IEnova's long- term, take-or-pay, U.S. dollar-denominated contracts with no commodity exposure as a credit strength, resulting in stable, predictable cash flow. The group's strategy is to maintain a strong and healthy balance sheet at IEnova, ensuring financial stability and discipline over time. Also, the company's 320-megawatt Energfa Sierra Jußrez wind farm expansion and El Rosarito gas pipeline expansion entered commercial operation. The pipeline will be critical to operations at the Energia Costa Azul liquefied natural gas (LNG) facility. Meanwhile, IEnova's...

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