Audax Renovables closes 2025 with an EBITDA of more than 115 million euros
- International business contributed over 741% to EBITDA
- In the marketing area, the increase in the customer portfolio by 5.8% to 462,000 supply points stands out.
- In the generation division, installed capacity registered a growth of 21.5% to reach 325 MW
Badalona, February 26, 2026.– 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, is consolidating its growth trajectory and closing 2025 with EBITDA exceeding €100 million for the third consecutive year. Specifically, the company achieved an adjusted EBITDA of €115.6 million last year, in line with the €115.3 million achieved in 2024.
The company's revenue reached €1,884 million in 2025, representing a 5.21% decrease year-over-year, as a result of the energy price environment, which impacted unit revenue despite growth in the volume supplied. Meanwhile, adjusted net profit stood at €43.5 million in 2025, in line with the €44 million recorded a year earlier.
The company maintains its strong financial position, closing the year with a net debt/EBITDA ratio of 2.3x. This fulfills its strategic objective of keeping this ratio below 3.0x for the third consecutive year. Gross debt increased by just 1.31% year-over-year following the issuance of a €75 million green bond and the redemption of a €125 million convertible bond in November 2025.
The results show a sustained growth trajectory across the three main financial metrics, with significant positive performance over the period analyzed. Overall, the three metrics demonstrate a robust overall trajectory, aligned with the growth, profitability, and risk mitigation strategy.
Audax presents its 2025 financial results on an adjusted basis to facilitate comparability between periods. This is achieved by neutralizing the extraordinary impact of higher system operating costs in 2025 resulting from the April blackout in Iberia, the effect of the Hungarian forint exchange rate in both years, and the adjustment related to the extraordinary income received last year from the bond amortization carried out in the first six months of the year.
Improvements in business areas
The marketing division achieved adjusted EBITDA of €103.2 million in 2025. The customer base saw significant growth (+5.81% Q3) to 462,000 supply points. During the past year, a total of 15.9 TWh (+2.61% Q3) was supplied, comprising 10.3 TWh of electricity and 5.6 TWh of gas.
Furthermore, the managed energy portfolio registered year-on-year growth of 3.21% to 17 TWh. This improvement is mainly due to the strong performance of the Dutch subsidiary (+10.31%) and the significant increase in Iberia (+20.31%). It is worth noting that the industrial segment (including SMEs and large customers) represents 931% of the total portfolio, demonstrating Audax's commitment to key sectors and a solid customer base.
The generation division contributed €12.4 million to the company's adjusted EBITDA. Installed capacity increased by 21.51% year-over-year to 325 MW, thanks to investment, the vertical integration strategy, and a strong commitment to decarbonization.
The Lucero project, located in Seville and with a capacity of 57.5 MWp, stands out as Audax's largest operational solar project in Spain. Furthermore, the Group has made significant progress in the hybridization process using BESS at its first solar plant in Spain, with the aim of hybridizing its entire solar portfolio in the country, in line with the objectives of its strategic plan.
The project portfolio amounts to 1,037 MW distributed between Spain, Portugal, Italy, France, Poland and Panama, 9% more than in 2024.
Strategic Plan 2026-2030
In November 2025, Audax presented its Strategic Plan 2026-2030. This new roadmap is structured around four key pillars: the growth of the power generation and energy trading businesses, in addition to entering the telecommunications business and boosting the technology business.
With these lines of action, the company expects to register double-digit growth in both its EBITDA and its net profit, reaching 180 million euros and 85 million euros, respectively.
Óscar Santos, CEO of the Audax Renovables Group: “These results demonstrate the consolidation and maturity of Audax Renovables' business in recent years. For the third consecutive year, we have exceeded €100 million in annual EBITDA. And we maintain a balanced financial structure, fulfilling our strategic commitments. In 2026, we will launch a new roadmap with which we expect to achieve double-digit growth in EBITDA and net profit, always maintaining the financial discipline and risk aversion that characterizes Audax Renovables.”.
About Audax Renewables
Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100 % of renewable energy and supplies electricity and gas, with a presence in nine countries.
The group currently has a portfolio of wind and solar farms in Spain, Portugal, Italy, France, Poland, and Panama in operation, construction, and various stages of development, with an installed capacity exceeding 1 GW. In its retail business, the group, chaired by José Elías Navarro, supplies renewable energy and gas to 462,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands, and Hungary.
Audax Renovables began trading on the Spanish secondary market in 2003, and moved to the continuous market in 2007, joining the IBEX SMALL CAP® index in March 2020. Currently, its market capitalization exceeds 600 million euros and it has a team of more than 800 professionals.
For more information visit www.audaxrenovables.com
