Audax achieves adjusted net profit of €16.1 million in the first quarter of 2026, 11% more than in the previous year

  • Audax
  • 23/06/2026
  • Audax achieves adjusted net profit of €16.1 million in the first quarter of 2026, 11% more than in the previous year
 
  • Adjusted EBITDA stood at €33.4 million (+0.6%)
  • In the retail business, the customer portfolio totals 16.9 TWh (+4.6%), driven by growth in both electricity and gas, mainly in Iberia and the Netherlands
  • Renewable generation activity maintains a global portfolio of 1.04 GW at the end of the quarter, with 325 MW in operation (+21.7%) and production of 179 GWh (+12.4%)
  • These are the company’s first financial results under its new 2026-2030 Strategic Plan, with which it expects to record double-digit growth in both EBITDA and net profit
  • Audax has successfully completed the issuance of a new €350 million bond in the international market, in a transaction that has allowed the company to extend its maturity profile to 2031 and provided it with greater financial flexibility to focus on its growth

 

 

Badalona, 22 June 2026. Audax, an energy group present in nine countries, closed the first quarter of 2026 with an adjusted net profit of €16.1 million, 11% more than in the same period of the previous year.

Audax presents its results for the first quarter of 2026 on an adjusted basis in order to facilitate comparability of figures between periods. To this end, it neutralises the extraordinary impact of system operating costs recorded during the quarter, amounting to €5.2 million and resulting from the blackout in Iberia, as well as foreign exchange effects in both periods.

Adjusted EBITDA for the first three months of the year stood at €33.4 million, in line with the same period of the previous financial year (+0.6%), evidencing the consistent and solid management of commercial margins and operating costs (OPEX), which allows the company to undertake commercial growth policies without a relevant impact at EBITDA level.

Revenues exceeded €534.3 million, 6.5% less than in the same period of the previous year, despite supplied energy increasing by 2.8%, reflecting the decline in market prices.

Audax maintains its financial discipline and closed the quarter with a net financial debt / adjusted EBITDA ratio of 2.7x, below the 3.0x target set out in its Strategic Plan.

 

Operating indicators

Audax’s retail division continued to grow in the first quarter of 2026. The company increased its customer base by 6.2%, reaching 483,379 supply points, mainly supported by the good performance of the Netherlands and Iberia, which continue to consolidate their position as its main markets alongside Hungary.

The managed energy portfolio totals 16.9 TWh, 4.6% more than in the same period of the previous year, driven by growth in both electricity (+5.7%) and gas (+2.7%). By country, the increases recorded in Iberia (+13.2%) and in the Netherlands (+10.1%) are particularly noteworthy.

Audax has power generation projects in Spain, France, Poland, Italy, Portugal and Panama, totalling a project portfolio of 1,037 MW. Of these, 676 MW are at a very advanced stage of permitting, 36 MW are under construction and a further 325 MW are in operation. In addition, at the end of 2025, the Group began the process of hybridising its first photovoltaic plant in Spain using BESS.

In the first quarter of 2026, Audax’s generation area produced 179 GWh, 12.4% more than in the same period of the previous year. This performance is explained, among other factors, by the greater contribution of renewable assets in Spain, where production increased by 14.1 GWh and installed capacity grew by 37% compared with the first quarter of 2025.

 

Key milestones

 At the beginning of 2026, the company made progress in the execution of its 2026-2030 Strategic Plan, with which it aims to record double-digit growth in both EBITDA and net profit. In this regard, the agreement reached with MasOrange is particularly noteworthy, as it will allow the company to evolve towards a digital multi-service company, expanding the product ecosystem around the customer and strengthening its value proposition beyond energy supply.

As a subsequent event after the period-end, Audax also completed the largest bond issuance in its history, amounting to €350 million. The transaction, which was almost three times oversubscribed, highlights the market’s interest in Audax’s business model, financial evolution and execution capacity. This new bond issuance has received a credit rating of ‘BB-’ from S&P Global Ratings and Fitch Ratings, agencies which have also rated Audax at corporate level as ‘BB-’ and ‘B+’, respectively. These ratings add to the recent reaffirmation of the company’s rating by EthiFinance at ‘BBB-’.

Óscar Santos, Group General Manager of Audax, stated: “The first-quarter results build on Audax’s profitable growth trajectory consolidated in recent years and reflect the robustness of our integrated business model. The positive performance of our main operating and financial indicators, together with the diversification of the business, the growth of renewable generation and the reinforcement of our value proposition, allows us to face the coming years with confidence and with the capacity to generate sustainable and profitable growth”.