Audax Renovables improves its Investment Grade rating trend to Positive
▪ EthiFinance Ratings, formerly Axesor Ratings, positively assesses Audax's performance, based on the improvement in its credit and business profile, due to the materialization of the financial projections presented, the growth in the number of customers, energy supplied and consolidation of geographic diversification, as well as the continuous improvement of its financial results.
▪ The agency also positively assesses the company's financial strength, based on robust profitability and a continuous reduction in its debt ratio, supported by solid governance policies as well as risk mitigation, with an inescapable commitment to achieving its ESG objectives.
May 9, 2025.– Audax Renovables, Vertically integrated international energy group that supplies electricity and gas, and generates 100% renewable electricity, with a presence in 9 countries; maintains its rating Investment Grade (BBB-) rated by EthiFinance Ratings, with a improvement in the trend passing this from Stable to PositiveThe third consecutive rating upgrade was primarily based on the company's achievement of its financial projections, which have resulted in its current competitive and consolidated positioning, as well as its future prospects for solid growth and profitability.
The rating agency favorably assesses Audax's continued credit improvement, attributable to the progressive strengthening of its business, evidenced by the growth in its customer base and energy volumes supplied. It also highlights the positive evolution of its financial situation, reflected in the maintenance of margins despite sector volatility, the increase in EBITDA and Net Income, and the ongoing reduction in financial debt.
EthiFinance Ratings values in its rating the solid policies of Governance and ESG implemented in the company, which allow it to mitigate and control the operational and commercial risks of its activity.
In the financial field, EthiFinance Ratings Audax believes that, in a year marked by high volatility in the energy market and a complex macroeconomic environment, both the progressive improvement in EBITDA levels and the subsequent reduction in the company's debt are noteworthy. If the positive trend in both indicators, EBITDA and debt ratio, continues, along with the materialization of financial projections for the coming years, this should allow Audax to continue on the path to improving its rating in the coming years.
For more information, you can consult the public report from EthiFinance Ratings on its website: https://www.ethifinance.com/en/ratings/company/1431/7447
About Audax Renewables
Founded in the year 2000, Audax Renovables is a vertically integrated Spanish energy group that generates 100 % energy from renewable sources and supplies electricity and gas to customers in 7 European countries.
Currently, it has a portfolio of 955 MW of wind and photovoltaic farms in Spain, Portugal, Italy, France, Poland, and Panama, in operation, under construction, and in various stages of development. In its marketing activities, the group, chaired by José Elías Navarro, supplies renewable energy and gas to more than 460,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands, and Hungary, and leads the SME segment in Iberia, representing a portfolio of more than 16 TWh of energy supplied annually.
Audax was listed on the Spanish secondary market in 2003 and entered the continuous market in 2007. It is currently part of the IBEX SMALL CAP® index. Its market capitalization reaches €700 million, and it has a European team of more than 900 professionals.
