Audax Renovables Improves Its Investment Grade Rating Trend to Positive

● EthiFinance Ratings, formerly known as Axesor Ratings, has issued a positive assessment of Audax’s performance, based on improvements in the company’s credit and business profile. This improvement is reflected in the fulfilment of financial projections, growth in customer base and energy supplied, increased geographic diversification, and the continued strengthening of financial results

● The agency also positively values the company’s financial strength, supported by solid profitability, ongoing debt ratio reduction, robust governance policies, and effective risk mitigation—all underpinned by a strong commitment to achieving its ESG goals.

MAY 9, 2025.– Audax Renovables (ADX.MC), an international vertically integrated energy group that supplies electricity and gas, and generates 100% renewable electricity, with presence in 9 countries; maintains its Investment Grade (BBB-) rating by EthiFinance Ratings, with an improvement in the trend moving from Stable to Positive. The third consecutive improvement of its rating has been primarily based on the fulfilment of presented financial projections that have materialized in its current competitive and consolidated positioning, as well as solid growth and profitability prospects for the future.

The rating agency favourably values Audax’s continuous credit improvement, attributable to the progressive strengthening of its business, evidenced by growth in customer base and energy supply volumes. Likewise, it highlights the positive evolution of its financial situation, reflected in the maintenance of margins despite sector volatility, the increase in EBITDA and Net Result, as well as the recurring reduction of financial debt.

EthiFinance Ratings incorporates into its evaluation the strong Governance and ESG policies implemented by the company, which effectively mitigate and manage operational and commercial risks.

From a financial standpoint, the agency emphasizes that in a year marked by significant volatility in the energy market and a complex macroeconomic environment, Audax has shown notable progress in EBITDA growth and debt reduction. Should these positive trends in EBITDA and leverage ratio continue—alongside the realization of projected financials for the coming years—Audax would be well positioned for further upgrades to its credit rating.

For more information, please refer to EthiFinance Ratings’ public report available at:

  https://www.ethifinance.com/en/ratings/company/1431/7447