Audax Renovables reports record EBITDA of over €33 million in the first quarter
● The company's gross margin rose to €63 million (+41% Q3 TP) and EBITDA to €33.3 million (+61% Q3 TP), consolidating the positive impact of the strategic decisions implemented in previous years.
● The increase in energy supplied to 4.9 TWh (+8%) is key to the new boost in the company's EBITDA.
● Audax achieves its highest level of financial solvency and improves its credit profile, materializing a rating upgrade by EthiFinance to BBB- with a positive trend.
March 14, 2025.– Audax Renewables (ADX.MC), a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas to customers in 7 European countries, has closed its best first quarter in history consolidating the results of the last two years.
The improvement in gross margin (+41% Q3 3rd quarter), EBITDA (+61% Q3 3rd quarter), and pro forma net income (+42% Q3 3rd quarter) was achieved thanks to an increase in the volume of energy supplied by +81% Q3 3rd quarter, from 4.6 TWh to 4.9 TWh, driven by customer growth of +161% Q3 3rd quarter, reaching 455,000 supply points.
Since its merger in 2018, Audax Renovables has achieved its highest level of financial stability, achieving record net worth of over €234 million. This strengthening of its capital resources allows it to comfortably meet its financial commitments. As a result of this development, EthiFinance has raised the company's credit rating to BBB-, with a positive outlook.
Greater international presence, higher volumes of energy supplied, and more supply points: the keys to another historic quarter for the group.
The growth in energy supplied and the increase in the customer base have been consistent across all geographic areas where the Group operates, consolidating its international position and emphasizing the solidity of its commercial policies.
Strict adherence to its commercial, coverage, and risk policies has been key to the Group's stable, long-term improvement in its financial results.
Audax promotes renewable energy in Europe.
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. The company continues to operate its renewable generation portfolio, comprised of wind and photovoltaic assets, while managing the development of its photovoltaic portfolio in strategic markets such as Spain, Italy, and Portugal.
This generation expansion strategy, in countries where it already has sales activity, strengthens its vertical integration model, allowing Audax to maximize the efficiency and sustainability of its operations.
Audax's generation project portfolio is robust: 604 MW are in an advanced pipeline, 84 MW are currently under construction and expected to come online during 2025, and 267 MW are already in operation. These developments underscore Audax's commitment to a cleaner and more sustainable energy future, consolidating its position as a leader in the renewable energy sector.
The company's financial solvency is consolidated
As a result of the Group's liquidity management policies and cash generation capacity, gross recourse financial debt continues to gradually decline (-41% Q3Q compared to March 2024). Non-recourse financial debt is increasing, entirely due to the development of new generation projects.
Compliance with the sustainability plan
The Group maintains its firm commitment to sustainability, integrating ESG aspects into its corporate strategy as a fundamental foundation for business growth and value creation. In this way, Audax contributes to social well-being and environmental protection.
As a demonstration of this commitment, Audax continues to implement its 2023-2025 Strategic Sustainability Plan, which defines the roadmap for achieving the company's ESG objectives and complying with its transparency and reporting obligations to its main stakeholders.
As a result of this effort, Audax Renovables has been rated as a medium ESG risk company according to the Morningstar Sustainalytics ESG Risk Rating. The ESG rating recognizes that the Group's risk of negative financial impacts due to ESG factors is medium, with no critical risks or significant controversies identified. The results place Audax in 12th place among the 87 independent energy producers and marketers assessed by the rating.
