Audax Renovables (ADX) Q2 2024 earnings summary

Executive summary

• Achieved record first-half results with EBITDA up 27.7% to €61.5M and net income up 262% to €35.5M year-over-year, despite a 27.5% drop in revenues due to lower energy prices.

• Increased customer base by 8.2%, energy supplied by 11.2%, and installed capacity by 8.8% compared to 1H 2023.

• Approved annual shareholder remuneration policy of €15M for 2024–2026 and completed a €4.4M share buyback program.

• Reduced net financial debt by 11% year-over-year and 14.3% since year-end, with a focus on operational cash generation and debt reduction.

• Maintained a solid financial position, with a BBB- rating confirmed and a stable outlook.

Financial highlights

• Revenues: €883.5M in 1H 2024, down 27.5% year-over-year due to a 40.7% drop in electricity and 34.7% in gas prices.

• EBITDA: €61.5M, up 27.7% year-over-year; EBIT: €50.6M, up 35%.

• Net income: €35.5M, up 262% year-over-year, driven by lower financial costs and favorable FX.

• Gross margin: €121.2M, up 13.8% year-over-year.

• Net financial debt: €299.7M, down from €336.7M in 1H 2023.

• Leverage ratio: 57.7% at June 2024, down from 68% a year earlier.

• Earnings per share: €0.077 basic and diluted (vs. €0.019 in 1H 2023).

Outlook and guidance

• Raised 2024 EBITDA guidance to over €110M, reflecting strong operational performance and cost discipline.

• Continued focus on debt reduction, operational cash generation, and growth in renewables portfolio.

• Shareholder remuneration policy of €15M per year for 2024–2026 confirmed.