Audax Renovables obtained an adjusted net profit of 22.8 million euros in the first nine months of the fiscal year, which represents a 38.2% decline compared with the same period of the previous year, mainly weighed down by the evolution of the gross operating profit (Ebitda) result and by the increase in financial expenses linked to its new financing structure.
As the energy company reported this Thursday to the National Securities Market Commission (CNMV), the revenue figure rose between January and September to 1,470.5 million euros, 6.8% higher than in the first nine months of the prior year.
The company emphasized that this growth is supported by the increase in activity volumes, the evolution of energy prices and the 'mix' of 'commodities' traded, in a European context of strong volatility, rising gas and emission rights prices, higher demand and lower wind and hydro generation in certain markets.
The group indicated that it has presented its financial statements on an adjusted basis to facilitate comparison between periods, isolating in 2026 an impact of 6.3 million euros due to higher system operator costs linked to the blackout in the Iberian market and 400,000 euros due to adverse effects of the exchange rate.
Audax’s adjusted Ebitda stood, up to September, at 83.6 million euros, 7% below that recorded in the first nine months of 2025, while the adjusted gross margin fell by 6.2%, to 158.7 million euros, pressured by the reduction in unit margins in an environment of higher wholesale price levels.
The company stated that it has partially cushioned this impact through a 5.4% cut in its operating costs, which were reduced to 75.1 million euros.
Refinancing and debt
In the financial area, the ratio of net financial debt to Audax’s adjusted Ebitda stood at the end of September at 3.1 times (2.6 times in the case of debt with recourse), very close to its reference target of 3 times.
The group detailed that this evolution is explained by the temporary increase in working capital needs associated with commercial growth and the higher cost of energy, covered through short-term financing.
In these months, Audax completed the refinancing of its liabilities through the placement of a senior bond of 350 million euros, with an annual fixed coupon of 7.5% and maturity in 2031, intended to amortize in advance the issues that were expiring in 2027 and 2028.
In addition, it expanded and diversified its short-term funding sources through promissory note programs on the MARF and AIAF and a revolving line of 75 million euros.
In the stock market, the company closed September with a market capitalization of 504.2 million euros, equivalent to 1.112 euros per share.
Operational momentum and storage
On the operational front, the energy supplied increased by 3.8%, to 11.9 terawatt hours (TWh), split into 7.9 TWh of electricity (+4.1%) and 4 TWh of gas (+3.1%).
Supply points advanced by 4.4%, to 480,873, driven by the Netherlands (+14%), Hungary (+12.7%), and Iberia (+5.1%), while the energy portfolio grew by 3.5%, to 17.1 TWh.
In renewable generation, Audax has a total portfolio of 1,035 megawatts (MW), of which 329 MW are in operation (+1.2% after incorporating 4 MW of photovoltaics in Guadalajara), 31 MW are under construction, and 675 MW are in an advanced permitting phase.
Renewable production increased by 23.3%, to 496.7 gigawatt hours (GWh), driven by the performance of Spain (+30.4%, to 204.4 GWh) and Panama (+31%, to 226.4 GWh).
The company has accelerated its energy storage strategy with batteries (BESS), raising its development portfolio to 86 MW, more than double the 35 MW recorded at the close of the first half-year, with 3 MW in a very advanced phase and the update of its Italian project Sezze 2 to add 5 MW of batteries to its photovoltaic plant.
In parallel, it has continued to move forward in the telecommunications and energy services business, relying on its alliance with MasOrange announced last April.