Audax achieves an EBITDA of 88.3 million until September, 141% more than in the previous quarter

September 30, 2024.–  Audax Renewables (ADX.MC), a vertically integrated Spanish energy group that generates renewable energy and supplies electricity and gas, with a presence in 9 countries, has recorded a net result of 35.5 million euros during the first half of the year (+262%) thanks to its improvement in gross margin and optimization of EBITDA together with a better financial result.

The commercial strategy and the new business measures adopted allow the company to ensure stability in its margins in the long term, increasing your EBITDA outlook by the end of 2024 exceeding 110 million euros.

Overall, during the first six months of the year, the Group's three main geographies (Iberia, the Netherlands and Hungary) have improved their performance compared to the same period of the previous year, being the drivers of the improvement in gross margin, EBITDA and net income. By geographic area, EBITDA in Iberia has increased by 18.91 TP3Q (with an increase of 6.21 TP3Q in the gross margin), while in the rest of Europe it has grown by 32.71 TP3Q (with the gross margin growth in this area being 19.81 TP3Q).

Despite the general reduction in average energy prices in the markets where the Group is present (-40.71 TP3T in electricity and -34.71 TP3T in gas), Audax has obtained a turnover above its estimates, mainly due to the increase in the volume of energy supplied (+11.21 TP3T), although this turnover has been adjusted to 883 million euros, in line with the performance of the main companies in the sector.

At the end of the first half of the year, Audax Renovables has a portfolio of supply points at 413 thousand, which represents an increase of 8.21 TWh compared to the same period of the previous year. The energy supplied has reached 7.8 TWh (+11.21 TWh), while the installed capacity has also registered an increase of 8.81 TWh, up to 267 MW.

The energy portfolio (estimated annual consumption of customers in the retail segment) currently stands at 15.4 TWh (+111 TW3T). This increase is due, among other reasons, to the excellent performance of the Group, as well as to the improvement of all commercial processes. Both the increase in the number of supply points and the growth of the energy portfolio have been concentrated in the target segment of industrial customers (SMEs and large customers).

Generation 100% renewable

The Group currently has a portfolio of wind and photovoltaic projects in operation, under construction and in different stages of development in Spain, France, Poland, Italy, Portugal and Panama. Audax continues to operate its portfolio in operation and manage the development of its photovoltaic projects located in Spain, Italy and Portugal, strategic markets of the Group in which the commercial activity is already taking place.

The portfolio includes projects with a capacity of 626 MWp that are in a very advanced stage of processing, in addition to 62 MWp that are in the construction phase and another 267 MW in operation, totalling 1.0 GW.

Shareholder remuneration

The company will proceed with the distribution, charged to the issue premium, of an amount of 15 million euros, in accordance with the shareholder remuneration policy approved at the Extraordinary General Shareholders Meeting held on July 30, and whose amount It will be effective on October 7th of the current financial year. The aforementioned policy also establishes that, after meeting certain parameters, 15 million euros will be distributed in each of the following two financial years.

Reduction of financial debt

 Audax places its net financial debt, at the end of the first six months of the year, at 299.7 million euros, compared to 336.7 million euros in June 2023, representing a reduction of 37.1 million euros (-111Q3Q).

The current results of the financial year, together with the registration of the capital increase and the amortization of the 314 convertible bonds maturing in 2025, mean that the company's net worth stands at 219.9 million euros, compared to 158.3 million euros in June 2023 and 173.3 million euros in December 2023, thereby strengthening its equity position. The company's leverage thus decreases to 57.71 TP3T, compared to 60.21 TP3T at the close of the previous year and 681 TP3T in June 2023.

 About Audax Renewables

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

The Group currently has a portfolio of wind and photovoltaic parks in Spain, Portugal, Italy, France, Poland and Panama in operation, under construction and in different stages of development, totalling 1.0 GW. In its marketing activity, the Group headed by José Elías Navarro supplies electricity and gas to more than 413,000 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 made the leap to the continuous market, where it became part of the IBEX SMALL CAP ® index in March 2020. Currently, its market capitalisation exceeds 800 million euros, and it has a team of approximately 800 professionals.

For more information visit www.audaxrenovables.com