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We develop a conservative, second-order accurate fully implicit discretization of the Navier–Stokes (NS) and Cahn–Hilliard (CH) system that has an associated discrete energy functional. This system provides a diffuse-interface description of binary fluid flows with compressible or incompressible flow components [R. Soc. Lond. Proc. Ser. A Math. Phys. Eng. Sci. 454 (1998) 2617]. In this work, we focus on the case of flows containing two immiscible, incompressible and density-matched components. The scheme, however, has a straightforward extension to multi-component systems. To efficiently solve the discrete system at the implicit time-level, we develop a nonlinear multigrid method to solve the CH equation which is then coupled to a projection method that is used to solve the NS equation. We demonstrate convergence of our scheme numerically in both the presence and absence of flow and perform simulations …