Audax Renovables (ADX) Q2 2025 earnings summary

Executive summary

• Achieved proforma net profit of €23.2M (+6.0% year-over-year), with revenues up 7.2% to €946.9M and EBITDA at €59.1M (-4.0%).

• Customer portfolio grew 15.1% to 475,000, energy supplied rose 4.6% to 8.2 TWh, and installed capacity increased 21.6% to 325 MW.

• Despite the April 28 Iberian market blackout impacting gross margin and EBITDA, operational performance remained solid.

• Net financial debt/EBITDA LTM stable at 2.7x, supporting ongoing investment in renewable generation.

Financial highlights

• Revenues reached €946.9M (+7.2% year-over-year), gross margin €113.0M (-6.8%), EBITDA €59.1M (-4.0%), and proforma net profit €23.2M (+6.0%).

• Net financial debt at €326.2M (+8.9% year-over-year), leverage at 59.2%.

• Cash and equivalents at €207.2M, with strong liquidity covering short-term maturities.

• OPEX reduced by 9.6%, partially offsetting margin pressures.

Outlook and guidance

• Expects to close a third consecutive fiscal year with EBITDA above €100M.

• Ongoing focus on growth in renewable generation and customer base, with continued investment in project pipeline.