Audax Renovables maintains its Investment Grade (BBB-) rating


EthiFinance Ratings, formerly Axesor Ratings, bases its rating on a competitive situation in the energy sector thanks to a solid position in the marketing segment and a growing international vocation that mitigates concentration risk.  

The agency positively values the company's ability to generate profits even in unfavorable macroeconomic scenarios.


Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates and supplies renewable 100% electricity and gas with a presence in 9 countries, maintains its Investment Grade rating (BBB-) qualified by EthiFinance Ratings, the former Axesor, based on its consolidated positioning in a mature industry. 

The rating agency has favorably assessed the consolidated competitive positioning in the energy sector and the growing international vocation that mitigates the risk of concentration in the marketing activity and provides the group with greater resilience in the face of unfavorable scenarios.

The agency highlights that the group operates in a mature and highly regulated sector that, despite the positive long-term prospects, is currently conditioned by a complex context. The energy industry, as a whole, offers favorable long-term prospects, which will pivot on renewable energies. However, currently, the sector is being affected by high energy prices with historical highs and significant delays in the execution of renewable projects due to the slowness in obtaining permits from administrations, factors whose future development will condition evolution in the medium term.

Axesor values very positively the ownership structure committed to the business, the high involvement of the founder and main shareholder José Elías Navarro, who controls 66,62% of the capital, and highlights the presence of one of the reference family offices in the Spanish market, such as the Domínguez family (Mayoral group), which participates in 7,24%, favorably valuing a more diversified ownership structure.

The agency also considers adequate capacity to meet its payment commitments and for this the agency is supported by an operating result that is expected to improve under more normalized contexts and especially a solid liquidity position, cash of €244.1M plus financial instruments liquid assets of €250.3M, and a debt maturity schedule that suggests that the group will not present difficulties in the short term.

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