Audax doubles its EBITDA during the first half of 2023, exceeding EUR 48 million

  • Audax Renovables closes the first six months of the year with a gross margin increase of 64% (EUR 106 m), 4 times its net result (EUR 10 m) and reduces its net financial debt by 31% to EUR 337 million.

  • The company has supplied a greater volume of energy (7 TWh) with a higher unit EBITDA, reaching 7 EUR/MWh compared to 3.5 EUR/MWh the previous year, showing its focus on profitability and the business segment.

  • The installed capacity has increased by 9% (245 MW) and the energy generated has risen by 12% to 148 GWh.

  • The accumulated investment in generation assets, which have been carried out mostly with own resources, totalled 198 million euros (since 2020), as a result of its firm commitment to generation in own plants.


SEPTEMBER 28, 2023.- Audax Renovables (ADX.MC), a vertically integrated Spanish energy group with 100% renewable generation and electricity and gas supply to customers in 7 European countries, has announced its results for the first half of 2023, in which it has doubled its EBITDA compared to the same period of the previous year, exceeding EUR 48 million and a net result of EUR 10 million.

The improvement in the company’s gross margin (+64%) to EUR 106 million was the result of the measures implemented by the company in recent years, which can be summarised as follows: focus on own generation, increasing installed capacity by 9% (245 MW); commercial margins have been doubled compared to the same period of the previous year, from a unit EBITDA of 3.5 EUR/MWh to 7 EUR/MWh; improvement of demand and consumption forecasting processes, minimising the risks of volatility in wholesale markets and diversification of risks by country, commodity and type of customer.

As a result of this reorientation strategy towards the business segment, the volume of energy in the portfolio per supply point has increased by 15% compared to the same period of the previous year, going from an average of 31.8 MWh/PODS to the current 36.4 MWh/PODS, demonstrating the group’s clear focus on the SME and large business segment.

Energy production during the first half of the year amounted to 148 GWh (excluding Panama), representing an increase of 12% compared to the same period of the previous year. This increase is mainly due to the contribution of energy from the new photovoltaic plants commissioned in Spain, which produced 22 GWh more (51%) compared to the first half of 2022.

Audax Renovables has continued its operations in the development, construction and commissioning of its generation portfolio, for which it has invested 198 million euros in the last three years, mostly with funds from its own resources. The company has generation projects located in Spain, France, Poland, Italy, Portugal and Panama, with a total of 1,415 MW of power in different phases. The portfolio includes projects in a very advanced stage of processing for 126 MWp with a favourable Environmental Impact Statement (EIS) and 373 MWp very close to Ready to Build status, totalling 499 MWp, in addition to the 26 MWp currently under construction and 245 MW in operation.


More energy supplied, more energy generated and higher unit margin to raise company’s results to record highs.

The company recorded revenues of EUR 1,219 million, 8% less than in the same period of the previous year, as a result of a generalized reduction in energy prices in the markets where the group operates, with average decreases in these markets of 44% in electricity prices and 54% in gas ones.

At the end of the first half of the year, the group’s net financial debt stood at EUR 337 million compared to EUR 487 million in June 2022, a reduction of EUR 150 million, representing a 31% decrease. It should be noted that the company’s financial debt is mainly at a fixed interest rate, so the company is not significantly affected by changes in market interest rates in the current context of rising interest rates.

The signing of the Market Access agreement with Shell in Spain has enabled the company to achieve its objectives of improving its liquidity position, stabilising its cash flow in the face of possible variations in wholesale market prices.


Greater sustainability and efficiency.

The group remains firmly committed to sustainability and continues working to ensure that its activities are based on sustainable development by integrating ESG aspects into its corporate strategy.  As a sign of this commitment, the Board of Directors approved the Strategic Sustainability Plan 2023-2025, which defines the roadmap for achieving the company’s ESG objectives and complying with transparency and reporting obligations with our main stakeholders.


The company has also been rated by Morningstar Sustainalytics ESG Rating as an “ESG Low Risk Company”. The rating confirms the leading position in ESG performance and recognises that the risk of the group to suffer negative impacts from ESG factors is low.



For more information: Roman

Ginés Cañabate | (+34) 649 214 470

Patricia González | (+34) 915 915 500



About Audax Renovables

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


It currently has a portfolio of wind and photovoltaic projects in operation, under construction and at different stages of development in Spain, Portugal, Italy, France, Poland and Panama, totalling 1.4 GW. In its retail activity, the group chaired by José Elías Navarro supplies electricity and gas to around 382 thousand customers in Spain, Portugal, Italy, Germany, Poland, The Netherlands and Hungary, and leads the SME segment in Spain as an independent marketer. Audax began trading on the Spanish secondary market in 2003, and in 2007 made the leap to the continuous market. It is currently included in the IBEX Small Cap® and MSCI World Small Cap® indexes, has a market capitalisation of more than EUR 550 million, and employs a team of approximately 800 professionals.