Audax Renovables (ADX) Q2 2024 earnings summary

Executive summary

• EBITDA reached EUR 61.5 million, up 27.7% year-over-year, with net profit at EUR 35.5 million (+262%).

• Revenues were EUR 883.5 million, down 27.5% due to lower energy prices, but above forecasts.

• Customer base grew 8.2%, energy supplied increased 11.2%, and installed capacity rose 8.8%.

• Net financial debt decreased by 11.0% year-over-year, reflecting focus on working capital and debt reduction.

• Shareholder remuneration policy of up to EUR 45 million for 2024-2026 approved.

Financial highlights

• Gross margin increased 13.8% to EUR 121.2 million; EBITDA margin improved to EUR 7.9/MWh.

• Net profit surged to EUR 35.5 million, mainly due to lower financial costs and favorable FX differences.

• Leverage reduced to 57.7% from 68.0% a year earlier.

• Cash and equivalents at EUR 286.5 million, covering 4.8x 2024 debt maturities.

• Market capitalization exceeded EUR 845 million, with a 40% share price increase in the period.

Outlook and guidance

• EBITDA guidance for 2024 raised to over EUR 110 million.

• Shareholder remuneration policy of EUR 15 million per year for 2024-2026, approved by shareholders.

• Focus remains on debt reduction, working capital generation, and growth in renewables.