Audax Renovables increases its EBITDA to EUR 61.5 million (+27.7%) in the first half of 2024 and raises its year-end forecast.
● Gross margin and net profit stood at EUR 121.2 million (+13.8%) and EUR 35.5 million (+262%), respectively, confirming the positive impact of the strategic decisions implemented in previous years.
● The company increases its closing perspectives for 2024 with an estimated EBITDA exceeding EUR 110 million and will proceed to the payment EUR 15 million to its shareholders on 7 October, in accordance with the shareholder remuneration policy approved at the last Extraordinary General Meeting.
● The number of customers increased by 8.2% to 413 thousand, as well as the energy supplied (+11.2%) and installed capacity (+8.8%) to close a historic first half of the year for the company.
30 SEPTEMBER 2024.- Audax Renovables (ADX.MC), a vertically integrated Spanish energy group that generates 100% renewable energy and supplies electricity and gas, with a presence in 9 countries, reported a net profit of EUR 35.5 million during the first half of the year (+262%) thanks to its improved gross margin and EBITDA optimisation in conjunction with a better financial result.
The commercial strategy and the new business measures adopted has allowed the company to ensure stable margins in the long term, increasing its EBITDA perspectives for the end of 2024 exceeding EUR 110 million.
In general terms, 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 areas, EBITDA in Iberia increased by 18.9% (with a 6.2% increase in gross margin), while in the rest of Europe it grew by 32.7% (being 19.8% the rise of the gross margin in this area).
Despite the generalised reduction in the average energy prices in the markets where the Group operates (-40.7% in electricity and -34.7% in gas), Audax has obtained a revenue above its estimates, mainly due to the increase in the volume of energy supplied (+11.2%), although these revenues were adjusted to EUR 883 million, aligned with the performance of the main companies in the sector.
At the end of the first half of the year, Audax Renovables’ portfolio of supply points stood at 413 thousand, an increase of 8.2% compared to the same period last year. Energy supplied reached 7.8 TWh (+11.2%), while installed capacity also increased by 8.8% to 267 MW.
The energy portfolio (estimated annual consumption of customers belonging to the retail segment) stood at 15.4 TWh (+11%). 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 in the energy portfolio have been concentrated in the target segment of industrial customers (SMEs and large business).
100% Renewable Generation
The Group currently has a portfolio of wind and photovoltaic projects in operation, under construction and in various stages of development in Spain, France, Poland, Italy, Portugal, and Panama. Audax continues to operate and manage the development of photovoltaic projects located in Spain, Italy, and Portugal, strategic markets for the Group in which the retailing activity of the company is already ongoing.
The portfolio includes projects with a capacity of 626 MWp that are at 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 to the distribution, charged to the share premium, of an amount of EUR 15 million, in accordance with the shareholder remuneration policy approved at the Extraordinary General Shareholders’ Meeting held on 30 July, the amount of which will be paid on 7 October of this year. The policy also establishes that, after compliance with certain parameters, EUR 15 million will be distributed in the next two financial years.
Financial debt reduction
Audax’s net financial debt at the end of the first six months of the year stood at EUR 299.7 million, compared to EUR 336.7 million at June 2023, representing a reduction of EUR 37.1 million (-11%).
The ongoing results for the year, together with the registration of the capital increase and the amortization of the 314 convertible bonds maturing in 2025, bring the company’s net equity to EUR 219.9 million, compared to EUR 158.3 million at June 2023 and EUR 173.3 million at December 2023, thus strengthening its equity position. As a result, the company’s leverage decreased to 57.7%, compared to 60.2% at the end of the previous year and 68% at June 2023.
About Audax Renovables
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.
It currently has a portfolio of wind farms and photovoltaic plants in Spain, Portugal, Italy, France, Poland, and Panama in operation, under construction and at various stages of development, totalling 1.0 GW. In its retail business, the Group, chaired by José Elías Navarro, supplies electricity and gas to more than 413 thousand customers in Spain, Portugal, Italy, Germany, Poland, the Netherlands and Hungary, and leads the SME segment in Iberia.
Audax was listed 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 EUR 800 million, and it has a team of approximately 800 professionals.