• Revenues increased significantly to almost 700 million euros.
• Gross Margin reached 54 million euros in the first half of 2021, while EBITDA stood at 18.2 million euros.
• The outstanding increase in its customer portfolio enables Audax Group to maintain its position as the leading independent electricity supplier in the SME segment in Spain.

Audax Renovables (ADX.MC), the energy group that integrates the businesses of generation and supplying of 100% renewable electricity and gas, has increased, in the first half of the year, its revenues by 71% compared to the same period of the previous year, up to 692 million euros. In this period, the Group’s EBITDA stood at 18.2 million euros, 20% lower, obtaining a negative result of 3.6 million euros, all taking into account the current exceptional circumstances of the markets.

In a context still marked by the effects of the COVID-19 pandemic, the first half of 2021 continues to encompass a gradual improvement in economic sentiment worldwide, mainly explained by the continued advance of vaccination. However, and in the face of an evident gradual increase in consumption, the expectations of recovery and world growth have caused, among other factors, a very marked increase in the price of raw materials.

In relation to the generation activity, with a portfolio of 2.5GW, the Group has continued its operations in the development, construction and commissioning of its projects, despite the slow progress made by some organisations in the completion of the commissioning procedures.

Regarding supplying activity, the company increased its customer base by 43% in the first half of the year to 549 thousand, in a clear commitment to gaining market share in the future, both in terms of customers and energy supplied, with a view to improving its market position, which, in the short term, means giving up part of the margin in view of the current situation of rising prices. This outstanding increase in its customer portfolio enables the Audax Group to maintain its position as the leading independent electricity retailer in the SME segment in Spain. Furthermore, as a result of this increase, the Group has been able to increase the energy supplied by 80% over the same period of the previous year, reaching 7.9 TWh. All this despite continuing to face an extremely complicated year, not only due to the impacts of COVID-19, which still persist, but also to the difficult market context with rising prices in which we find ourselves.

Despite the difficult situation described above, and given the measures adopted by the Group in this complicated context, we expect the situation to normalise during the second half of the year, and we are confident that we will be able to meet the expected figures at year-end. In the words of José Elías, Chairman and majority shareholder, “the advantages of the vertical integration together with the strategic shift made by the company in 2020, the financing obtained at the end of the previous year and the subsequent TAP bond for 100 million euros this year, as well as the positioning in terms of market share, put the Group in a privileged position to face the difficult market circumstances in which we currently find ourselves with greater success, as well as to undertake the generation investments and financial commitments for the next five years with guarantees, allowing us to face our future with greater peace of mind. I am convinced that this vertical integration will be a differentiating factor in relation to our competitors”