Audax Renovables increases its EBITDA by 47%

The company increases its gross margin by 41% during the first three months of the year, up to 50.9 million euros, while its net result increases by 18%, reaching 2.4 million.

The Board of Directors approves the 2023-2025 Strategic Sustainability Plan that defines more than 40 initiatives and projects with specific objectives that will contribute to achieving the ambition of leading the energy transition.

11 MAY 2023.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies 100% renewable electricity and gas with a presence in 9 countries, has registered an EBITDA of 23.1 million euros during the first quarter of 2023, which represents a an increase of 47% with respect to the same period of the previous year, mainly due to the improvement in results in the European markets where it is present and the gross margin assurance policy in Iberia.


The commitment to the strategy of vertical integration and optimization of the client portfolio, together with an increase in installed capacity (+9%) and a greater volume of energy generated, place its gross margin at 50.9 million euros, which represents an increase of 41% in relation to the same period last year, thus confirming the correct strategic decisions made in the previous year. Despite a drop of 5% in revenue, up to 697 million euros, as a result of the general decrease in prices in the markets in which it operates, the company has registered an increase of 18% in its net result, reaching 2, 4 million euros.


Net financial debt stands at 367 million euros compared to 527 million euros in the same period of the previous year, resulting in a decrease of 160 million euros. For its part, Audax's leverage decreased to 71.3%, compared to 73% at the end of the previous year and 78% in March 2022.


Increase in production thanks to the contribution of Spain


In relation to its generation projects, thanks to the contribution of the new photovoltaic plants commissioned in Spain in recent months, where 8 GWh more than the previous year (+23%) have been produced, Audax Renovables has increased the energy production during the first quarter of 2023 globally, standing at 76 GWh (including the production of the park in Panama, this figure increases to 72%).



Grupo Audax has a portfolio of 1.4 GW, taking into account wind and photovoltaic technology. During the first quarter of the year, the company has continued with its development, construction and start-up operations of its generation portfolio, despite the delays in carrying out administrative procedures by some agencies.


The company has invested an accumulated total of 191 million euros in generation assets since 2020, thus continuing its commitment to generation with its own plants.


The total energy supplied by Audax in this first quarter of 2023 has been 3.9 TWh, in line with the previous year, where the electricity delivered to its customers represents 62% of the total while gas deliveries represent 38%. In this quarter, Audax's focus on the business segment has made it possible to maintain the volume of energy supplied, despite the 3% reduction in supply points compared to the end of 2022, as a result of the measures aimed at maximizing profitability and risk minimization. As a result of this reorientation towards the business segment, the average energy volume for each supply point has increased by 29% compared to the same period of the previous year, going from an average of 28.6 MWh/CUPS to the current 36.9 MWh/ CUPS, demonstrating the clear focus on a segment with the highest unit volume of energy for each supply point. Currently, the industrial sector represents 54% of the energy portfolio and SMEs represent 39% of the total. With regard to the domestic customer segment, it continues to decrease its weight, now representing only 7% of the total, reflecting that it is not a target segment of the Group. In aggregate data, the company has 376,000 supply points among the countries in which it operates (Spain, Italy, the Netherlands, Hungary, Portugal, Poland and Germany).


New Strategic Sustainability Plan 2023-2025


The Board of Directors of Audax Renovables has recently approved the 2023-2025 Strategic Sustainability Plan. The Plan is articulated around 4 strategic lines: environmental leadership, environmental protection, together we add and culture of compliance. This Plan defines more than 40 initiatives and projects with specific objectives that will contribute to improving its sustainability performance and achieving the ambition of leading the energy transition in the renewable energy sector, adding value to society and the planet.


The Strategic Sustainability Plan establishes as main environmental objectives to double the installed capacity of Audax's generation portfolio by 2025 and achieve climate neutrality by 2050. At the social level, it defines a series of objectives to promote diversity, equality, integration and conciliation, while maintaining a firm commitment to the development and well-being of its human team, as well as the local communities in which it operates. Within the scope of the model compliance, the integration of ESG aspects into internal policies and procedures is prioritized to ensure proper functioning and promote an ethical culture in the organization and with the main interest groups.



 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 stages of development in Spain, Portugal, Italy, France, Poland and Panama, reaching 1.4 GW. In its trading activity, the group chaired by José Elías Navarro supplies electricity and gas to approximately 380,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, and leads the SME segment in Spain as an independent retailer. Audax began trading on the Spanish secondary market in 2003, and in 2007 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 reaches 500 million euros, and it has a team of approximately 800 professionals.


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