Audax doubles its EBITDA as of September 2023, exceeding 77 million euros

▪ Audax Renewable closes the third quarter of the year with an increase in gross margin of 69% (EUR 174 m) and achieves a net result of 25 million euros compared to 2 million euros in the same period of the previous year.

▪ With 349 million euros of cash and equivalents, the company achieves a reduction in its net financial debt of 37% compared to the same period of the previous year.

November 13, 2023.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group with 100% renewable generation and supply of electricity and gas to customers in 7 European countries, closes the third quarter of 2023 doubling its EBITDA compared to the same period of the previous year, exceeding 77 million euros and reaching a net result of 25 million euros.
The company has achieved an improvement in gross margin (+69%) to 174 million euros, in line with the results of the first half of the year, consolidating the actions carried out during recent years to increase the profitability of the business.
In commercialization, the volume of energy supplied has increased (+4%) to 10.1 TWh. The company maintains its focus on business customers, mainly SMEs, and as a result increases the volume of energy supplied per supply point (+10%) to 37.2 MWh/CUPS.
The installed power has increased (+9%) to 245 MW and the energy generated in the period has increased (+8%) to 214 GWh as a consequence of the greater photovoltaic power installed in Spain.
Audax Renovables has continued its operations in the development, construction and start-up of its generation portfolio, for which it has invested more than 200 million euros in the last three years, mostly with funds from its own resources. The company has generation projects located in Spain, France, Poland, Italy, Portugal and Panama with projects in a very advanced state of processing for 126 MWp with a favorable Environmental Impact Declaration (DIA) and 373 MWp in a state very close to Ready to Build, adding between both concepts 499 MWp, in addition to the current 26 MWp under construction and 245 MW in operation.

Higher net result with lower net financial debt
As a consequence of the general reduction in wholesale energy prices in Europe, with falls greater than 50% in electricity and gas, the company reflects a reduction in its operating income (-12%) to 1,788 million euros. The company's net result amounts (x10) to 25 million euros at the end of the third quarter.
The group remains focused on its strategic objective of debt reduction and closes the third quarter with 293 million of net financial debt, which represents a reduction of 171 million compared to the 464 million in September 2022.
This reduction of 37% is the result of the good results of the year and the actions taken by the company to improve its liquidity position.

Greater sustainability and more efficiency
The group maintains its firm commitment to sustainability and continues working to ensure that its activities are based on sustainable development by integrating ESG aspects into the corporate strategy. As an example of this commitment, the Board of Directors approved the Strategic Sustainability Plan 2023-2025, which defines the roadmap to achieve the company's objectives in terms of ESG and comply with transparency and information obligations with our main groups. of interest.
Likewise, the company has been rated by Morningstar Sustainalytics ESG Rating as an “ESG Low Risk Company.” The rating confirms the leadership position in ESG performance and recognizes that the risk of the group suffering negative impacts derived from ESG factors is low, placing it in the TOP10 of independent energy producers and marketers.

For more information:
Gines Canabate | (+34) 649 214 470
Patricia Gonzalez | (+34) 915 915 500

About Audax Renewables
Founded in the year 2000, Audax Renovables is a vertically integrated Spanish energy group that generates energy from 100% renewable sources and supplies electricity and gas, with a presence in 9 countries.
Currently, it has a portfolio of wind and photovoltaic projects in operation, under construction and in different phases of development in Spain, Portugal, Italy, France, Poland and Panama, which reaches 1.4 GW. In its marketing activity, the group chaired by José Elías Navarro provides electricity and gas to more than 373 thousand customers in Spain, Portugal, Italy, Germany, Poland, Holland and Hungary, and leads the SME segment in Spain as an independent marketer. Audax began trading on the Spanish secondary market in 2003, and in 2007 it made the leap to the continuous market. Currently, it is part of the IBEX Small Cap® and MSCI World Small Cap indices. Its market capitalization exceeds 500 million euros, and it has a team of approximately 800 professionals.

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