Audax Renovables expects its EBITDA to reach 81.1 million euros in the third quarter of 2025

Audax expects to close its third consecutive year with an EBITDA exceeding 100 million euros.

The energy supplied has grown by 3.8%, reaching 11.5 TWh; the number of customers has increased by 6.8%, reaching 461,000; and the managed energy portfolio has increased by 2.9% to 16.5 TWh.

Installed capacity has increased by 21.61%, reaching a total of 325 MW. Additionally, Audax has begun construction of Sezze 1, with an installed capacity of 4 MWp, the first photovoltaic plant under construction in Italy.

November 14, 2025.– Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates 1001,000 TW/T renewable energy and supplies electricity and gas to customers in seven European countries, consolidated its positive performance in the third quarter of 2025, building on the results seen in previous years. The company maintains a path of sustained growth in its main indicators, reinforcing its profitability and the strength of its business model.

Audax expects to close its third consecutive year with EBITDA exceeding €100 million. The results for the third quarter of 2025 reflect solid operational performance, although the extraordinary impact of the blackout in the Iberian market and its correlation with "System Operating Costs" affected the net result reported. At the close of this third quarter, EBITDA reached €81.1 million.

In this regard, it is worth noting that the company achieved a pro forma net profit, excluding one-off financial impacts, of €28.1 million, compared to €33.7 million for the same period in 2024. This decrease is primarily due to the increased system operator costs resulting from the blackout that occurred on April 28. Furthermore, the company has implemented the necessary measures to ensure that any future increases in system operator costs do not negatively impact profits.

The Group's strong and consistent results have boosted confidence in the capital markets, enabling the issuance of €75.1 million to repay the €83.6 million convertible bond maturing on November 30, 2025. This issuance has also allowed the Group to optimize debt maturities for the coming years, aligning them with future cash flow generation.

Increase in customer base

During this period, the customer base also grew by 6.81% year-on-year, reaching 461,000 supply points (compared to 431,000 at the end of the third quarter of 2024). Of these, 355,000 correspond to electricity and 106,000 to gas. Likewise, the managed energy portfolio increased by 2.91% year-on-year to 16.5 TWh. This growth is the result of a commercial strategy focused on efficient customer acquisition, customer loyalty through a differentiated value proposition, and continuous improvement of the customer experience.

We started construction of the first photovoltaic plant in Italy

The generation division has increased its installed capacity by 21.61% compared to the previous year, reaching 325 MW. Furthermore, the start of construction on Sezze 1 (4 MWp) in Italy, the company's first project in this country, represents a strategic milestone that reinforces Audax's commitment to renewable generation, the consolidation of its vertically integrated model, and its firm commitment to decarbonization.

Issuance and subscription of a Green Bond of 75.1 million euros

During the third quarter, the company issued green bonds, within its green financing framework rated "Excellent" by Sustainable Fitch, for a total amount of €75.1 million. The funds will be used entirely to repay the convertible bond maturing on November 30, 2025.

The full amortization of the aforementioned convertible bond by November 30, 2025, will place the level of gross financial debt below the closing balance of 2024, a situation that is expected to be maintained until the end of the current fiscal year.

Capital Markets Day November 20, 2025 in Madrid

Audax has invited financial analysts, institutional investors and representatives from the energy sector to its next Capital Markets Day, which will take place on November 20 at 11:30 (CET) at Espacio Telefónica (Madrid).

During the event, the Audax management team will unveil the main pillars of the 2026-2030 Strategic Plan, aimed at consolidating sustainable growth and strengthening its position as a relevant player in the European energy transition.

The meeting will serve to present Audax's long-term vision, its financial and operational objectives, as well as the strategic lines that will guide the expansion in international markets, the management of generation assets and the strengthening of the company's financial structure.

About Audax Renewables

Founded in 2000, Audax Renovables is a vertically integrated energy group that generates 100% of renewable energy and supplies electricity and gas, with a presence in 9 countries.

Currently, it has a portfolio of wind and solar farms in Spain, Portugal, Italy, France, Poland, and Panama, totaling 1.0 GW, in operation, under construction, and at various stages of development. In its retail business, the group, chaired by José Elías Navarro, supplies electricity and gas to more than 461,000 customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands, and Hungary, and leads the SME segment in Iberia.

Audax began trading on the Spanish secondary market in 2003, and in 2007 it moved to the continuous market, where it became part of the IBEX SMALL CAP® index in March 2020. Currently, its market capitalization exceeds 605 million euros, and it has a team of approximately 800 professionals.

For more information visit www.audaxrenovables.com