EthiFinance reaffirms Audax’s investment-grade rating of “BBB-”, consolidating its financial profile and business strategy

•  EthiFinance reaffirms Audax’s credit strength within the investment-grade category, highlighting the consistency of its business model

•  The agency views positively Audax’s positioning as a leading player in the supply business, highlighting the Market Access agreement with Shell Energy

• Audax has consolidated its profile as an independent power producer (IPP), making progress with the company’s vertical integration strategy

Badalona, 30 April 2026. The credit rating agency EthiFinance has reaffirmed the long-term investment-grade rating of “BBB-” for Audax, an energy group operating in nine countries.

In its report, it highlighted Audax’s position as a leading player in the electricity and gas supply business, both in its key markets, namely Iberia, the Netherlands and Hungary, and in the other countries where it operates. In this segment, the company occupies a prominent position within the sector and enjoys competitive advantages over traditional suppliers. Among these advantages, the Market Access agreement signed with Shell Energy stands out, enabling Audax to better focus its resources on implementing its profitable growth strategy, whilst reinforcing the stability and security of supply.

Furthermore, the rating agency notes that Audax has consolidated its position as an independent power producer (IPP), with an increase in installed capacity and higher generation. This represents a step forward in the company’s vertical integration strategy, as it enables it to use its own generation to supply its retail portfolio, which acts as a natural hedge against price volatility in the wholesale market and provides stability to its results.

In this regard, EthiFinance highlights the company’s solid geographical diversification, which delivers higher profitability and lower turnover, while also promoting the overall balance of the business. It also underscores the company’s shareholding structure, which features a stable and committed shareholder base with a long-term alignment, supported by a highly experienced management team, thereby contributing to the group’s stability.

Furthermore, its status as a listed company ensures not only high standards of transparency but also constant access to capital markets. This long-term shareholder commitment, combined with the flexibility provided by the free float, supports the development and implementation of strategic initiatives. The agency’s rating is set within the context of the active execution of the Group’s growth and transformation plan.

Óscar Santos, General Manager of Audax Group, said: “This new recognition reaffirms our ability to consistently generate value over time. Our sustained growth reflects a solid and well-executed strategy, complemented by a resilient, long-term oriented business model”.

About Audax

Audax is the energy company that helps people and businesses get the most out of their energy. We are a vertically integrated energy group that generates 100% renewable energy and supplies electricity, gas and energy efficiency solutions.

Present in 9 countries with over 800 professionals, we supply electricity and gas to more than 462,000 customers and manage a portfolio of wind and solar power generation with a capacity of more than 1GW.

We are a listed company supported by strong financial results. Our business is built on three cornerstones: data-driven tailored solutions, proven financial solvency and a commitment to transparency. We are energy managers, we are bold, we transform complexity into something simple and efficient, so that our clients can focus on what really matters.