Audax closes 2021 with recurring EBITDA of 69.5 million euros, a higher 39%

The company achieved better than expected results, especially thanks to a second half of the year in which it practically doubled its EBITDA compared to the first half, and closed a year of great volatility and demand with a record gross margin (€128m). and a positive net result (€2.8m).

In 2021, the company increased its installed power by 1,50%, invested 77 million euros in new plants and reached a generation portfolio of 2,536 MW serving 518 thousand customers.


Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas to customers in 7 European countries, has announced its results for the 2021 financial year.

The solid management measures adopted by Audax in the first half, together with the vertical integration of the Group, have led to excellent performance, in a year in which there has been a simultaneous increase in the price of raw materials, especially marked in the last quarter of the year, and an increase in energy consumption in a context of faster-than-expected post-pandemic recovery.

During 2021, the company recorded an increase in its sales of the 74% compared to the previous year, reaching 1,690 million euros. This is a record figure in the history of Audax, driven by the higher price of raw materials, but also by the increase in the energy supplied by the company (+48%) and its number of customers. Spain and Portugal represented 62% of these revenues, while the remaining 38% came from the rest of Europe – especially from its Hungarian subsidiary, which now incorporates a full year into its scope.

Audax's gross margin in 2021 also reached its all-time high, with 129 million euros representing a year-on-year increase of 121TP3Q, and EBITDA stood at 53 million euros. Likewise, considering the recurring EBITDA corresponding to this year of €69.4 M, compared to the same magnitude of the previous year, this would represent an increase of 39%. Due to the exponential improvement in this EBITDA in the second half of the year compared to the first, it practically doubled that of the first six months of the year (91%), reaching 34.7 million.

This good performance in the second half of 2021, and, above all, in its last quarter, also allowed the company to close a highly complex year for the energy sector with a positive net result of 2.8 million euros.

Audax also has a solid cash position of 329 million euros, which will allow it to comfortably meet all its present and future financial commitments, and with a debt/EBITDA ratio of 2.7x.

For José Elías Navarro, president of Audax Renovables, “having recorded record turnover and gross margin in a year of so much demand and volatility for all links in the energy sector is great news and an endorsement of our strategic plan, which we have just finalized. renew with a horizon of 2026. The completion of our vertical integration process, the focus on the most profitable operations or the improvement in our management and control tools are some of the causes of these solid results, of which we hope you will take note the market and that give rise to a stock market valuation in line with our performance and our privileged position in the field of energy generation and distribution in Europe.”

Solid customer portfolio and 150% increase in installed renewable power

Regarding its number of customers, in 2021 Audax reached 518 thousand supply points: 1% more than the previous year, of which 43% are also located outside Spain – notably, in Hungary, Italy and the Netherlands. This volume of customers exceeds the 305 thousand supply points it had in 2018 by 70%, and supports the commercial and internationalization strategy of the Spanish multinational.

In total, Audax supplied 15.4 TWh of energy to its customers in 2021: 48% more than in 2020, and of which 75% correspond to the sale of electricity and the remaining 25% to the gas sale activity.

Regarding its operations, last year Audax continued to develop, build and launch photovoltaic projects, increasing its installed renewable power by 150% compared to 2020, hand in hand with an investment of 77 million euros in new generation plants. .

In total, in 2021 the company added projects totaling up to 1,968 MW in Spain, Italy and Portugal to its generation portfolio, which will be developed and commissioned over the coming months and which place the company's total portfolio at 2,536 MW.

As of today, Audax has 226 MW of power already installed, 150% more than in 2020 and of which almost half (112 MW) is located outside Spain.

For Elías Navarro, “the 77 million euros that we have allocated to the construction of new generation assets reflect our determined commitment to photovoltaic energy. "Very few companies have a generation portfolio of more than 2,500 MW, which positions us solidly to consolidate and expand our leadership in the field of green energy in Europe over the coming years."

Among these new projects in 2021, the 35 MWp grid connection of the Cañamares (Cuenca), Carolinas I and II and Zarzuela I, II, III and IV (Toledo) plants stands out, and the authorization for the entry into operation of the Alberizas I, II, II and IV plants (Guadalajara), with 20 MWp. The company has also completed the works on the Calañas (Huelva), Los Arenales and El Toconal (Toledo) plants, which total 14.5 MWp, and in December it completed the acquisition of the Zaratán 1 and 2 photovoltaic project, of 12.36 MWp, in the municipality of Ciguñuela (Valladolid). In Panama, the Toabré wind farm project, participated in a 30% by Audax, has completed the execution of the works, and has already started test production of its wind turbines,

Firm commitment to environmental sustainability and diversity

Faithful to its solid commitment to sustainability, Audax plans to promote its ESG strategy and fully implement its Sustainability Plan throughout 2022. Last year, its current activity already avoided the emission of 132 tons of CO2, and its activity of generation was once again 100% renewable. At the governance level, the company has 59% of women on staff, and they represent a third of its Board, in which independent directors also have 33% representation.


About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated Spanish energy group that generates and supplies renewable 100% electricity and gas to customers in seven European countries. Currently, it has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different phases of development that amounts to 2,536 MW. In its marketing activity, the group chaired by José Elías Navarro provides renewable energy and gas to more than 518 thousand clients in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Spain. Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. In 2021 its turnover reached 1,690 million euros , and has a team of more than 800 professionals.

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