Audax Renovables (ADX) CMD 2025 summary

Strategic vision and business model

• Entering a new era with a 2030 strategic plan focused on sustainable growth, vertical integration, and diversification across geographies, customers, and commodities.

• Four business pillars: 100% renewable energy generation, diversified energy supply, efficiency-driven value-added services, and technology as a backbone for future energy tech transformation.

• Diversified revenue streams from energy generation, supply, services, and technology ensure resilience and stable long-term growth, with risk mitigation through balanced exposure across countries, technologies, and customer segments.

• Focus on vertical integration, asset repowering, and BESS hybridization for generation growth.

• Expansion into digital multi-utility services and SaaS tech platform for operational efficiency.

Financial performance and guidance

• Consistently achieved over €2.1 billion in revenues and €113 million EBITDA as of H1 2025, maintaining a debt ratio below 3x.

• Double-digit revenue and EBITDA CAGR expected through 2030, with a target EBITDA of €350 million and gross margin of €220 million by 2030.

• 2030 targets: installed capacity over 500 MW, energy supply portfolio to grow from 16.6 TWh to 25 TWh, and net result over €85 million.

• Commitment to financial discipline, with less than 3x net financial debt/EBITDA and strong operating cash flow conversion above 70%.

• Announced a 12-month share buyback program for up to €20 million and a recurrent dividend policy of €15 million/year until 2026, scaling with growth.

Business line evolution and growth strategy

• Generation: 325 MW in operation, aiming for 500 MW by 2030, with a 712 MW development pipeline across 9 countries.

• Supply: Core business with 16.6 TWh supplied across seven countries, targeting 25 TWh by 2030, and maintaining a balanced mix between electricity and gas.

• Growth driven by reinforcing SME leadership, expanding into mid-market, and launching value-added and tech-enabled services.

• No major CapEx required for supply growth; generation investments funded through operating cash flow and opportunistic asset rotation.

• Focus on digitalization and bundled services, including telecom and SaaS offerings.