Audax Renovables reports record EBITDA of over €33 million in the first quarter

Audax Renovables expects to close its third consecutive fiscal year with an EBITDA exceeding €100 million.
Energy supplied grew by 4.4%, reaching 8.2 TWh; installed capacity increased by 21.6%, reaching a total of 325 MW; and the number of customers increased by 15.1%, reaching 475,474.
Audax has increased its total project portfolio from 955 MW to 1,037 MW, strengthening its position as one of the leading players in the renewable energy sector in Europe.

September 30, 2025.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in seven European countries, continues to consolidate the results achieved in previous periods in the first half of 2025, based on improved profitability and growth in key indicators. In this regard, it is worth noting that it achieved a pro forma net profit, excluding financial one-offs, of €23.2 million, up €61% compared to the same period in 2024, when the profit was €21.9 million. This positive result, which comes despite the negative impact resulting from the blackout on April 28, reflects the Group's ability to manage extraordinary events without compromising the stability of its results.

Likewise, operating revenues increased by 7.21% in the first quarter of 2025, taking into account the increase in the average price in the markets where the Group operates compared to the same period of the previous year (40.31% and 43.21% higher for electricity and gas, respectively). Furthermore, due to the increase in the energy supplied by the Group and the pricing strategy (which in some countries affects the following year), these revenues stood at €946.9 million.

Meanwhile, Audax Renovables expects to close its third consecutive fiscal year with an EBITDA exceeding €100 million, after having reached €59.1 million in the first half of the year, of which €111 million in Q3Q corresponds to generation and €89 million in sales.

It's also worth noting that energy supplied grew by 4.41 TP3T, reaching 8.2 TWh; and installed capacity increased by 21.61 TP3T, reaching a total of 325 MW, driven by investment, vertical integration, and a commitment to decarbonization.

Increase in customer base

Also notable during this period was the increase in customers, up 15.11% in 3Q, to 475,474 (there were 413,067 at the end of the first half of 2024). Of the current customers, 358,560 are electricity customers and 116,914 are gas customers, marking the first time this figure has surpassed 100,000. This growth is the result of a commercial strategy focused on efficient acquisition, loyalty, and continuous improvement of the customer experience.

Highlight in 1H2025: Rating upgrade by EthiFinance Ratings

Thanks to the company's strong results, on May 9, 2025, the rating agency EthiFinance Ratings upgraded Audax Renovables SA to Investment Grade "BBB-," changing its rating from Stable to Positive, thus confirming a further upgrade. This third consecutive rating upgrade was primarily based on the company's achievement of the financial projections presented, which have materialized in its current and consolidated competitive positioning, as well as future prospects for solid growth and profitability.

Projects carried out during the first half of 2025

During the first half of 2025, the 57.5 MWp Lucero project (Seville), the Group's largest solar project in Spain, was commissioned. Construction began in December 2023, with the signing of the EPC contract, on the 5.5 MWp El Madroño project in Toledo. Construction work continues on the 4 MWp El Rebollo project in the municipality of Yunquera de Henares (Guadalajara), which is already built and is in the process of being energized. Construction continues on the Navalmoral I, II, III, and IV projects in Extremadura, with a total capacity of 22 MWp.

On June 9, 2025, the 100% renewable energy generation portfolio was updated with the incorporation of the Yechar photovoltaic project with a peak power of 112.2 MWp, located in Campos del Rio, Murcia, and adjustments to projects in Italy with an estimated power of 30.7 MWp, which were in Grid Connection status.

Overall, Audax has increased its total project portfolio from 955 MW to 1,037 MW, strengthening its position as one of the leading players in the renewable energy sector in Europe. Of these, 680 MWp are in an advanced stage of the pipeline, 32 MWp are under construction, and another 325 MW are in operation.

Audax Renovables continues to set the pace in the renewable energy sector with a significant portfolio of projects in Spain, France, Poland, Italy, Portugal, and Panama. Audax continues to operate its existing portfolio and manage the development of its photovoltaic projects in Spain, Italy, and Portugal, strategic markets for the Group where it already operates commercially.

Strategic Sustainability Plan 2023-2025

Audax Renovables continues working on the implementation of the 2023-2025 Strategic Sustainability Plan, which defines the roadmap to achieve the company's ESG objectives and comply with transparency and reporting obligations with its main stakeholders.

The plan is defined in four strategic lines that comprise more than 40 initiatives and projects with specific objectives that contribute to improving the Audax Group's ESG performance.

Given that the plan will expire at the end of the year, Audax is already working on updating its ESG strategy, which is expected to be approved by the company's Board of Directors in the last quarter of 2025.